Insurance thread

**Peuty** · 10-06-2019, 08:41 AM

Hello everyone

So I got my renewal from Shannon's for the XR8 this week and the cheeky buggers are charging me almost 10% of the value of my car in premiums per year.

~$600 a year for just over 7k worth of cover. I want to look around but am conscious that a lot of insurers don't really want to be involved with our cars anymore so want to see who everyone is with.

So if you are comfortable sharing, what do you pay per year? Who are you with? What's the excess etc?

Surely I'm being stitched up!

**Peuty** · 10-06-2019, 09:24 AM

Aaand i posted this in the wrong area - can a mod pretty please put this in the main AUFalcon.com subforum?

**fordomatic** · 10-06-2019, 09:59 AM

I just third party my XR8 as they all want around $70 a month for agreed value of 10k, not worth it for me.

The T3 is with Lumleys, 5000km a year, agreed value of 28k and $60 a month with salvage rights and choice of repairer. I’ll be changing to enthusiast insurance which is 4000km a year and $45 a month.

I’d comp insure the XR8 but why would I pay more for 1/3rd the value of the T3 it’s actually rediculous. It costs me $12.50 a month for third party and unless it got written off bad I’d recoup 5k easily in parts. I’ve taken the gamble.

**Peuty** · 10-06-2019, 10:09 AM

Thanks mate, this is exactly the intel I was after. Going third party was also a consideration and your thought process does make sense.

Reality is if I crashed the XR8, even in a minor way, Shannon's would probably write the thing off anyway. In which case I'd part the thing out.

**GasoLane** · 10-06-2019, 11:05 AM

This isn't my patch Dan but I've asked another Mod to move it.

I'm with Coles, which used to be Wesfarmers but is now owned by the NRMA group. Car is insured for agreed value $17,760 and costs $684 pa with a $700 excess.

I bumped into a Roo last year causing $10,500 damage. Policy was renewed in January this year with no price increase.

RE: 3rd party property ins. With the Kangaroo population around here I'm not at all interested

Edit....monthly is $57

**fordomatic** · 10-06-2019, 11:20 AM

Gaso, the problem is AUXR8’s you won’t get agreed value higher than 5k on the cheap insurance companies. On top of that if you go market value and you get hit you’ll get 3k and they get your car.

I delved pretty deep into my decision, like all things it’s a gamble.

**PG2** · 10-06-2019, 11:26 AM

To insure my car it costs me effectively $37.50 per month for an agreed value of $6000.

If it does cost you $12.50 for third party property then effectively it is costing me $20 per month to insure my XR8 comprehensively.

For $20 per month, I don't have to worry about if someone hits me and trying to get them to pay for it. If I have an accident, I give my version of events to the insurance company and they look after it all.

As you say, it is a risk whether you insure it or not.

**fordomatic** · 10-06-2019, 11:57 AM

Quote:

Originally Posted by PG2

To insure my car it costs me effectively $37.50 per month for an agreed value of $6000.

If it does cost you $12.50 for third party property then effectively it is costing me $20 per month to insure my XR8 comprehensively.

For $20 per month, I don't have to worry about if someone hits me and trying to get them to pay for it. If I have an accident, I give my version of events to the insurance company and they look after it all.

As you say, it is a risk whether you insure it or not.

It all depends on where you live as well, of course, I can’t even get close to that figure, closest I could get is $50 a month with no salvage rights. I want salvage rights, a lot of money in parts on my car I’d want off.

I’m not trying to sell third party either, I have comp on the T3. For me $800 a year for 10k agreed is crazy. With my third party I get $5500 if the other party is at fault and no insurance. Any hit in these cars is going to write them off pretty much.

Strattos · 11-06-2019, 07:21 PM

Good timing with this thread, as I've just received my Shannon's renewal and definitely looking to review as it's getting ridiculous.

Renewal for me is $928 for agreed value of $7000. Excess is $650.

Seems a bit rich compared to the figures you guys have been quoting. I've informed Shannons of the mods to my car in the previous quote when I signed up - would that have increased it this much?

I live in country Victoria. Am 45 and have no accidents, traffic infringements or claims in the past five years.

**Peuty** · 12-06-2019, 11:59 AM

Well it's nice to know that it isn't just me being stitched up on full comp with Shannons.

I called them up and asked what the go was, they managed to trim the premium a little bit, but not by much. As far as I am concerned, $600 a year for a nearly twenty year old Falcon is a bit steep.

**PridenJoy** · 12-06-2019, 02:47 PM

All my cars are with Enthusiast.

My XR8 is insured for $20k and roughly $45 a month with salvage rights.

galaxy xr8 · 12-06-2019, 04:36 PM

Mine is with Lumleys I think for memory around $50 a month, with an agreed value of 18k, it's one of the four vehicles I own that I don't have to each year when renewal time comes round , that I have to ring up and bump up the agreed value, I have been with them for a few years now and they have maintained that agreed value throughout the whole process.

Strattos · 12-06-2019, 07:16 PM

Based on your deals Sam and Galaxy, think I'll be giving Enthusiast and Lumleys a bell....

falcongt4me · 13-06-2019, 10:16 AM

Famous is another one to consider and is comparative to Enthusiast mileage to mileage.

Just be aware that Enthusiast stipulate mileage (km) per year and their premium is based on that. If you go over it during the insured period you will have to fork out more accordingly or you won't be covered.

Enthusiast are cheap if you do little km's per year whereas Famous allow a little more flexibility ie weekend driver not daily.

fyi

Strattos · 13-06-2019, 07:44 PM

Got a quote from Enthusiast today, and what a difference.

Just under $398 premium, for agreed value of $10,000. $650 excess. I chose 6000kms/year for the quote. Looking into some of the finer print but looks the goods given the kms I normally do each year - one of the things I'm checking for is the need to keep a log book to record kms.

Not sure how much the premium goes up with additional kms a year, but I might get revised quote for 8000 for a bit of a buffer and see how much the premium goes up.

But so far night and day compared the Shannons renewal quote in my earlier post.

Just on Enthusiast though - was digging around while researching today and found the following story, which relates to Enthusiast's parent company. I know nothing about the finance/insurance world and how it works - is this of any concern?

https://www.insurancenews.com.au/cor...nder-new-owner

Whitey-AMG · 13-06-2019, 08:42 PM

Quote:

Originally Posted by Strattos

Got a quote from Enthusiast today, and what a difference.

Just under $398 premium, for agreed value of $10,000. $650 excess. I chose 6000kms/year for the quote. Looking into some of the finer print but looks the goods given the kms I normally do each year - one of the things I'm checking for is the need to keep a log book to record kms.

Not sure how much the premium goes up with additional kms a year, but I might get revised quote for 8000 for a bit of a buffer and see how much the premium goes up.

But so far night and day compared the Shannons renewal quote in my earlier post.

Just on Enthusiast though - was digging around while researching today and found the following story, which relates to Enthusiast's parent company. I know nothing about the finance/insurance world and how it works - is this of any concern?

https://www.insurancenews.com.au/cor...nder-new-owner

Reputable underwriters are APRA registered. It gives you some peace of mind that they are legit and functioning correctly and to a standard.

https://www.apra.gov.au/register-general-insurance

**FTE217** · 13-06-2019, 10:05 PM

Ryno is my go to after I got the pooops with Shannons.

**Peuty** · 01-10-2019, 05:45 PM

Just to bump this thread - I finally got around to switching my cover from Shannons to Enthusiast. $200 cheaper premium, with salvage rights and 5000km per year. I'm fairly happy with that.

Shannons weren't terribly interested in keeping me as a customer when i called up to compare the quote from Enthusiast, despite them pointing out I had been with them since 2008.

**fordomatic** · 01-10-2019, 08:27 PM

Quote:

Originally Posted by Peuty

Just to bump this thread - I finally got around to switching my cover from Shannons to Enthusiast. $200 cheaper premium, with salvage rights and 5000km per year. I'm fairly happy with that.

Shannons weren't terribly interested in keeping me as a customer when i called up to compare the quote from Enthusiast, despite them pointing out I had been with them since 2008.

Yeh, all my AU's are now with enthusiast. One of the T Series Club members just had a claim with them and couldn't praise them enough. No other insurance company could even come close to the price I got with enthusiast.

macman · 02-10-2019, 11:50 AM

My AU2 Ghia is with SGIO 3rd party for $200 a year, but this also includes up to $5,000 damage to my vehicle if the other driver is at fault and uninsured.

Like fordomatic says above, I figure this is the most logical choice for any of my cars worth >$5,000. At the end of the day, although my AU Ghia is a nice car, I would be struggling to sell it for $2,500 on a good day.

If I cause repairable damage to my car, I will bear the cost. If I write it off, I know I should be able to get $2,500 back from parts (give or take).

Obviously if someone else hits my car and IS insured, their insurance sorts it out anyway so I think that effectively covers me well.

**Peuty** · 02-10-2019, 03:27 PM

Thats a decent strategy too macman

**73 4V XB** · 02-10-2019, 03:49 PM

What’s the go with the km limits on Lumley insurance. I’ve been with them for ~5 years and never been asked or told about limited km’s. Could it be that I’m on club reg maybe

ebv8 · 22-10-2019, 03:09 PM

i have my AU1 Futura insured for $7k with shanons and pay about $600pa
to get to the agreed value i listed all mods and work done and they came to that figure
i think if you have low km's they will insure high

My BA GT is insured with enthusiast for $30k with salvage rights laid up for about $400pa, shannons would only insure for $18k and that was $500pa, shannons didn't care it was a 1of1 or any of that