Insurance values - Always check your renewals

[OzriderXR8]

Just got my Woolworths insurance renewal on the AU2 XR8.....I always check them after being in the business for many years.

Agreed value has dropped from a maximum $11000 to $7800, Insurance company quotes Glass's Guide as downgrading the price on these cars.

So $7800 including a set of aftermarket wheels and tyres.

I'll be shopping around for a better deal.

[XB GS 351 Coupe]

Not sure whet they are worth where you live, my workmate just sold his AU XR8 for $1200, so your probably not doing to badly really.

[OzJavelin]

"Agreed Value" doesn't seem to be a literal term for insurance companies .. seems to be a value they agree on, not one ratified by both parties.
My old SV8 was agreed value, which in the end meant I agreed to keep paying the same premiums for a vehicle they kept reducing the value of.

[OzriderXR8]

Originally Posted by XB GS 351 Coupe

Not sure whet they are worth where you live, my workmate just sold his AU XR8 for $1200, so your probably not doing to badly really.

If their only worth $1200 then I'm doing real well.

[CyberWasp]

I can understand that over time the value of the car can drop, but why doesn't the insurance premium also?

[commodorenutt]

Numerous factors drive premiums. Older cars get harder to source parts for, so repairs are more costly, or take longer (which also adds cost).
They also fall into socio-economic brackets where people don't maintain them as well - another risk, and on the same topic, you get a lot of younger drivers attracted to cheaper models - once again, up go the premiums for that entire model, regardless of the owner.

It's simply the life cycle of a car, and it repeats over & over throughout generations of cars. I pay nearly as much now for our VE V8 CalaisV, and it's dropped to less than 1/3 the value it was when I was paying a lower premium.

In 2000 I did a comparison between V8 VS Calais, Stato & Caprice - the Caprice V8 was cheaper to insure than a V6 Calais. The V8 Calais was nearly double the Caprice. The reason I was given: the demographic of the typical Caprice driver means they are a lower risk vehicle, backed up by their claims history for the various models. That all changed once those models reached the affordability range for P-plate drivers. And they got even worse when they relaxed the V8 rules and the power/weight ratios allowed the long wheelbase models to be driven on Ps.

[El Venom]

I am with shannons and mine is at $7000 for an el wagon and has actually increased every year I have had it

[commodorenutt]

So do my Brocks.

[Mercury Bullet]

My BA XT was more expensive to insure than my supercharged FGX.

It was cheaper to insure it 3rd party in the end and take the risk.

[mike_nofx]

It seems hard to understand why premiums go up but think from an insurance companies point of view. If making a complete generalisation, who is more likely to be involved in an accident. The owner of a new XR6? Or the owner of a 20 year old AU XR6?

[MITCHAY]

Always call up around renewal time for a better deal.

Depending on what insurer you're with it is not uncommon to get a renewal more expensive than an online quote for a new customer. I think I got $400 off one year just giving them a call and also increased my agreed value another.

[XR Martin]

My FGX doesnt cost any more to insure than my EL and ED combined.

So the value of the car has little to do with the premium.

[OzriderXR8]

One of the insurance companies renewal traps is to make changes to price or cover at renewal time knowing full well that most people will not even check.

My house insurance went up by $30 a month, a quick call to the company and they applied a loyalty discount and took $29 back off. If I hadn't checked I'd still be paying $30 extra every month.

[Blue Shadow]

Originally Posted by OzriderXR8

Just got my Woolworths insurance renewal on the AU2 XR8.....I always check them after being in the business for many years.

Agreed value has dropped from a maximum $11000 to $7800, Insurance company quotes Glass's Guide as downgrading the price on these cars.

So $7800 including a set of aftermarket wheels and tyres.

I'll be shopping around for a better deal.

Originally Posted by Junkyard-Dog

Well I am not really that interested in debating OS vs. OS but for starters you're much less likely to suffer from viruses/malware with a Mac compared to a pc with a Windows OS.

OZ, let me know when you find a deal I'm due in about 4 weeks

[OzriderXR8]

Originally Posted by Blue Shadow

OZ, let me know when you find a deal I'm due in about 4 weeks

No worries, mates with multiple cars and bikes have suggested Shannons, I'm looking at the house and contents, 3 cars and a bike all up. Waiting for them to get back to me.

[commodorenutt]

Got 5 cars (2 dailys, 1 laid up, 2 limited-use), house & contents, and building insurance for a rental with Shannons, and they have always been the lowest, or close to the lowest premiums. (All are in suburban Sydney).

Their values are pretty accurate too - I've never had to ask them to increase them on the daily drivers in the 10+ years I've been with them, as they have always been a fair market value each time they've reduced the value on the annual renewal.

[GO FURTHER]

It was cheaper to insure my brand new $45,000 FG MKII XR6 turbo 2 years ago with the same insurance company (RACV) than my then 10 year old BA XR6 worth $7,000.... And my 5 star driver rating had not changed.

When I asked why this was, I mean, if my XR6T was completely written off or stolen compared to the BA, they would have to give me a brand new XR6T under the policy for the first two years rather than an agreed $7,000 for the BA.

Their answer was... "There was more chance of me having an accident and the car being repaired than it being stolen or completely written off, and older cars like the BA cost more to repair than newer cars"

[barrys123]

I just insured my BF RTV with Woolworths yesterday, for agreed value $10,420, annual cost $422 with no excess windscreen cover, switched from HBF and saved $197.

[alvin]

I just checked my insurance renewal an i thought since i have a new car i would get a new for old car.

1..... policy now has a amount way less than it would cost to replace my car
2.... also policy states new for old

[commodorenutt]

Usually the new for old has a very clear clause stating that you must be the original purchaser of a new vehicle, it must be under 12 months old, and there must be the same make/model still available from the manufacturer.

But new for old (NFO) is not all it's cracked up to be either. A workmate got a brand new up-specc'd 4WD in July, and at just 2 days old, was written off by a drunk in a landcruiser, whilst parked (luckily he wasn't in it).

Took 8 weeks to finally get confirmation they'd do the NFO - despite it being a clear-cut case, and then they tried to give him a more basic spec 4WD - not the "full fruit" extras & accessories he'd negotiated into a great deal in late June on the original one, as they couldn't supply a replacement for the same cost.

Eventually he spoke to the original selling dealer himself - explaining the problem, and he negotiated the same deal again, and eventually got a like-for-like replacement, just in a different colour.

[LTDHO]

Does anybody actually read the PDS?

[xxx000]

Shannons for my multiple cars, AAMI for our house and contents.
Got a Shannons quote for the house but they were way too expensive plus couldn't match the unlimited cover that AAMI offers.

[Ben73]

I wouldn't know if my car is insured since I don't have sticker telling me the expiry date.

[aussie muscle]

Originally Posted by OzJavelin

which in the end meant I agreed to keep paying the same premiums for a vehicle they kept reducing the value of.

basically that's how it goes. same premium for less and less payout. i've been watching mine dwindling and wondering why they hell i haven't bailed.

[Seasoned One]

Originally Posted by xxx000

Shannons for my multiple cars, AAMI for our house and contents.
Got a Shannons quote for the house but they were way too expensive plus couldn't match the unlimited cover that AAMI offers.

+1 for me too

[OzriderXR8]

Finally got round to getting a quote from Shannons.

They are competitive on the FG and the house but way more expensive on the XR8 and the Elantra. This is due to their discounts being based on frequency of use rather than klms. Their Excess is only $550 on all policies so that's less than current insurer.

On the upside, no hesitation in offering $11k agreed value on the XR8.

[csv8]

My i20 Allianz renewal is $60 increase .. $415..Rang around AAMI was the cheapest at $311 and NRMA the dearest at $767!!! I have a 60% NCB. This is an agreed value policy of $14k..it does pay to shop around...

[b0son]

Originally Posted by OzJavelin

"Agreed Value" doesn't seem to be a literal term for insurance companies

The agreed part isn't with respect to the value, its that you both agree they are screwing you.