Insurance Policies :)

[Shaun]

So... I just called up Shannons (I am turning 21 this year) and just got insured with them under my name at $1800 p/a. Agreed valued of $20000 and all mods. I think this was pretty solid!! A lot better than Just car fk yeah.

Might have a look into this....

[teee94]

Everyone, I work in insurance. Coles is backed by Wesfarmer's & Wesfarmer's buys their insurance from an international insurer in the UK which is why their's is so cheap. Keep in mind that all these new insurers are only cheap because they're buying their insurance from an international source & selling it in Australia. Right now, the AUD isn't as bad so they're making their profit. But when you lodge a claim, it will be really annoying because it'll be a long process having to contact the insurer in the UK. As opposed to insuring with an Aussie insurer such as NRMA, AAMI, GIO, RAC/RACQ/RACV.. You're claim will be processed much quicker because the insurer is based in Australia.

About the mods, Coles will ONLY cover it if it's road legal & if your car is road legal with the modification installed. For instance, a cai kit that isn't boxed in or covered is a defect which makes your car not road legal hence, the insurer can possibly knock back the claim. This rule also applies for NRMA, AAMI, GIO & other insurers (as far as I'm aware, don't quiet me please). Although, insurers such as progressive insurance & budget don't cover mods at all (please check on this, last time I checked at work they didn't cover).

As for the agreed value on integra's, civic's, s2000's & preludes.. An agreed value can only be taken up by a max of 30% of it's market value if it's a general insurer insuring the car such as NRMA, AAMI, GIO, RACV/RACQ/RAC. Such as the DC5R/S & DC2R; the market value on a DC5R is between $10k-$13k as of yesterday's figures. Why? Well they're about a 10-11 year old vehicle with a high demand in the car scene. Higher demand results in more dc5r owners which results in more incidents happening which also results in more claims being lodged AND the value of the car going down. Hence why integra's market value isn't as high as it is on the actual streets. Same thing with the EP3R, FN2R & other honda's.

If you're after a high agreed value to cover all your mods, best insurer to go for is Just Car Insurance or Shannon's. They specialize in insuring modified vehicles & they can insure your mods no doubt! AND Just Car is owned by AAMI (Aussie insurer= better claims experience), Shannon's is owned by an Aussie company as well (not 100% sure who!).

So here's my spill on car insurance, I can write up way more but I'm more than happy to answer questions so go ahead!

P.S. Sorry for the essay, I hope you guys don't mind!

I should have met you earlier... Maybe could of gotten a better price.

[PENUT]

Hell yeah! Was stoked!

Did you negotiate with them or is the price FIRM?

[eLtrix]

Did you negotiate with them or is the price FIRM?

Originally they quoted me 163 p/m they made it 160 p/m for me. Sooo haha. Their price is pretty firm though I managed to knock a few dollars off...

Every dollar counts though! Spent towards mods! HAHA

[PG_DC5]

I went the more dangerous way

insured under AAMI, agreed value of $21k.
Pay 925/year for comprehensive under my father's name (not listed as driver).
Im 23, and the price goes up to over 2k if I am listed (much more if I am primary driver), I have had the car for 3 years now, so I figured I have saved 3k in insurance costs, and thus would cover the extra 1k in excess I would pay as an under 25 unlisted driver.

this is a more risky way of going about it, but the math made sense to me

[Parvez]

back when I still own my DC5R

Car: DC5R
Insurer: NRMA
Price: $1600 p/a
Insurance Type: Comprehensive mods included
Insured under: Myself
Agreed Value: $19,000

it may sound cheap - however I have 2 cars, home and home content, road side membership with NRMA

Yup, that's the cheapest NRMA goes. They're a general insurer so the market aim is the individuals with average cars used for the daily commute.. Not really enthusiast man. They do vintage car insurance though but that's if your car is 25 years old or elder!

[Parvez]

Did you negotiate with them or is the price FIRM?

You can't really negotiate a price for insurance bro.. I mean after all, the company is insuring an asset for close 80% more than the value of the asset, get me?

[Parvez]

I should have met you earlier... Maybe could of gotten a better price.

More than welcome to pm me or Facebook pm for any questions bud

[pbk1776]

Yup, that's the cheapest NRMA goes. They're a general insurer so the market aim is the individuals with average cars used for the daily commute.. Not really enthusiast man. They do vintage car insurance though but that's if your car is 25 years old or elder!

Like I said only advantage is that I have multiple policies with NRMA which helps
if I also include business insurance it will go down further - also what I like
with NRMA is that you do need to register other drive as long you pay the bracket
excess when accident happens.

I suggest to everyone to shop around and check PDS before committing

[eLtrix]

I went the more dangerous way

insured under AAMI, agreed value of $21k.
Pay 925/year for comprehensive under my father's name (not listed as driver).
Im 23, and the price goes up to over 2k if I am listed (much more if I am primary driver), I have had the car for 3 years now, so I figured I have saved 3k in insurance costs, and thus would cover the extra 1k in excess I would pay as an under 25 unlisted driver.

this is a more risky way of going about it, but the math made sense to me

That's what I did with Just car. I just thought the head ache wouldn't be worth it if I was at fault for an accident. Just peace of mind I guess. Espeically why you really start to modify your car, it would be somewhat hard to "prove" that my 60 y.o man drives this honda hahaha.

[Parvez]

Like I said only advantage is that I have multiple policies with NRMA which helps
if I also include business insurance it will go down further - also what I like
with NRMA is that you do need to register other drive as long you pay the bracket
excess when accident happens.

I suggest to everyone to shop around and check PDS before committing

That's right, NRMA has the open driver's policies which gives them the advantage!

[PENUT]

You can't really negotiate a price for insurance bro.. I mean after all, the company is insuring an asset for close 80% more than the value of the asset, get me?

I meant things like saying you've completed safety courses and the like. AAMI gave me 10% off my policy when I was 18 for doing their course, but RACV won't budge even a dollar when I told them. Wonder if shannons would take those things into consideration

[ZIPPIE Type-S]

That's what I did with Just car. I just thought the head ache wouldn't be worth it if I was at fault for an accident. Just peace of mind I guess. Espeically why you really start to modify your car, it would be somewhat hard to "prove" that my 60 y.o man drives this honda hahaha.

have seen plenty of 60+ males driving highly modified cars.... working in the trade you see a lot of unexpected things..

[ZIPPIE Type-S]

Am pretty happy with what i got from coles insurance...

[PENUT]

Shannons agreed to insure me being 20, but for $2400/yr

think racv at 2110 might be the way to go if i can keep the mods minimal