Insurance rip offs

[Pistol]

Just rang shannons about my cover for my GTP i paid $1100 in 2006 for $70.000 the following year it drop to $62000.oo it's now due they want $815.00 and for $44,700.00 only done 6,ooo kms in three years they said they pay the full amount only for the first year and market value after that .RED book value I then threw another question i brought a ford F150 2007 model 4 door lariat fully optioned market value is $120,000 in the red book , and guess what they only want to insure it for what i paid see how the story changed now why wont they insure this car for red book value .any one got good deals with other companys please let me know

[sgt_doofey]

Tried an insurance broker? They'll do the running around for you and come up with the best price.

[Mr Hardware]

there's this little magical thing called agreed value.
you can get most companies to do it for you, but it'll cost ya.
I think you'll find insurance companies will know what your vehicle is worth better than you do.

redbook is not the car values bible, its far from it in fact.

[FPV+fteT3]

Have got my BA fpv Super Pursuit 3years old in jan 09 insured for agreed value not red book or market value thru RYNO insurance got put on to them by Paul aka GTP370 car has 50,000km insured for $44k cost me $1100 ask for Faye ph1300 650 670 previously insured with AAMI full NCB 60% wanted
$1480 to insure the car fo $43k so did a bit of shopping and came up with a realistic value and premium I can live with after all I don't bend them.

[Pistol]

I thought $815.00 for $44700 was a high price

[Iggypoppin']

Try shannons- my fathers best friend insures his statesman through them and loves the price as well as agreed value and not much fluctuation in the premium

[fordomatic]

ahhh he is with shannons, read original post

[AdzT3-146]

Originally Posted by SLWXR6

Try shannons- my fathers best friend insures his statesman through them and loves the price as well as agreed value and not much fluctuation in the premium

pretty the sure the OP is annoyed with shannons value on his car hence the creation of this thread.

[Pistol]

Originally Posted by AdzELXR

pretty the sure the OP is annoyed with shannons value on his car hence the creation of this thread.

Thank you at least someone know's what i'm talking about

[Pistol]

Originally Posted by SLWXR6

Try shannons- my fathers best friend insures his statesman through them and loves the price as well as agreed value and not much fluctuation in the premium

HELLO

[snappy]

looks like the xr6 is not the only thing thats slow ( sorry just having a laugh)

But for the op go a broker saved me 5k when i first got my xr8 . ( on my p's my insurance company wanted 6.5k) obviously you wont save that much but they will do the work for you a should not cost you for there service.

[Donny]

Ok fellas, I just re-insured my GT-P this week.

Did all the ringing around etc. I used to use a broker, but they only dealt with the mainstream companies, not the specialised ones.

Renewal with Suncorp was $1200 thru the broker for market value, and $1100 directly for same policy. Basic Excess is 1050.
Thats why I wanted to switch. Its their standard excess for performance cars.

Allianz did $1300, but at agreed value 61.1k, but their excess setups diffrent, basic excess is 450, but if car stolen its a 2k excess. Also got full choice of repairer.

Just cars was $1295 with 56k agreed value, but NO choice of repairer and $400 excess.

So I rang RYNO. Got onto an extremely helpfull lady there and got my policy for $880 all up, agreed value 57.9k excess of 500.
plus hire car and 1 free windscreen annualy, plus they have honored my protected no claim bonus free of charge where as the others wanted to charge extra for that.
I also get full choice of repairer as well etc.

My car is down as a daily driver with no limitations, all drivers over 30 discount etc etc.

Shannons wanted the same fee as their quote when I bought the car a year ago, which was 1600, first year insured for 62.5k purchase price, the renew the second year was for somthing like 50k max for the same cost premium.

So for me its the thumbs up for RYNO. Underwritten by Lloyds, so they are backed by a good underwriter.

As far as a classic goes, they quoted me on my XY GT as well and it was around 100 cheaper than shannons for the same level of features, so I may be changing that one over soon too once I sort a bunch of other things out.

My car is a 12/07 GT-P 6 sp man sedan with boss 302. Paid 62.5k for it new, so if the worst happens and its a total loss, at least I have enough of a payout to get into a new FG GT without really having to be out of pocket to do it, which is what I was aiming for value wise.

Hope that helps.

[GTPete]

Originally Posted by Donny

Ok fellas, I just re-insured my GT-P this week.

Did all the ringing around etc. I used to use a broker, but they only dealt with the mainstream companies, not the specialised ones.

Renewal with Suncorp was $1200 thru the broker for market value, and $1100 directly for same policy. Basic Excess is 1050.
Thats why I wanted to switch. Its their standard excess for performance cars.

Allianz did $1300, but at agreed value 61.1k, but their excess setups diffrent, basic excess is 450, but if car stolen its a 2k excess. Also got full choice of repairer.

Just cars was $1295 with 56k agreed value, but NO choice of repairer and $400 excess.

So I rang RYNO. Got onto an extremely helpfull lady there and got my policy for $880 all up, agreed value 57.9k excess of 500.
plus hire car and 1 free windscreen annualy, plus they have honored my protected no claim bonus free of charge where as the others wanted to charge extra for that.
I also get full choice of repairer as well etc.

My car is down as a daily driver with no limitations, all drivers over 30 discount etc etc.

Shannons wanted the same fee as their quote when I bought the car a year ago, which was 1600, first year insured for 62.5k purchase price, the renew the second year was for somthing like 50k max for the same cost premium.

So for me its the thumbs up for RYNO. Underwritten by Lloyds, so they are backed by a good underwriter.

As far as a classic goes, they quoted me on my XY GT as well and it was around 100 cheaper than shannons for the same level of features, so I may be changing that one over soon too once I sort a bunch of other things out.

My car is a 12/07 GT-P 6 sp man sedan with boss 302. Paid 62.5k for it new, so if the worst happens and its a total loss, at least I have enough of a payout to get into a new FG GT without really having to be out of pocket to do it, which is what I was aiming for value wise.

Hope that helps.

Been using Ryno for a couple of years now. Made a claim this year for $2500 worth of repairs to the front spoiler and they came thru without issue. Great company to deal with. Just got my renewal and the price is the same as last year, no increase even after a claim.

[myxr6]

Well I pay $800 for a 97 XR6 ,because my insurance company told me people are giving older Falcons to their kids , and they are having accidents.So I wouldn't complain about $800 for a $44 000 value.

[GT69]

I Use just cars, being only 24 i've had good experiences with them......well kind of. i've never made a claim. The cortina is insured under them for agreed value of $15,000. Got the FG insured through them for $1200 (something, i couldnt tell you an exact figure) for agreed value of $45,000. No market value or red-book value. Agreed value all the way. Excesses are ridiculous though, once again being only 24 i get thoroughly raped by insurance companies :(

[Yaw]

Originally Posted by Pistol

Just rang shannons about my cover for my GTP i paid $1100 in 2006 for $70.000 the following year it drop to $62000.oo it's now due they want $815.00 and for $44,700.00 only done 6,ooo kms in three years they said they pay the full amount only for the first year and market value after that .RED book value I then threw another question i brought a ford F150 2007 model 4 door lariat fully optioned market value is $120,000 in the red book , and guess what they only want to insure it for what i paid see how the story changed now why wont they insure this car for red book value .any one got good deals with other companys please let me know

From Redbook

* Private Price Guide $42,400 - $46,300

* Trade In Price Guide $34,800 - $38,700

* Average Km 45,000 - 75,000

* Price When New (RRP) $70,410


Sounds pretty spot on to me.
I don't see why you are complaining, simple fact cars depreciate.

You put foward an argument about a hypothetical F150 with a red book value of $120000 but they only want to insure it for what you paid.
Since you did not actually state what your purchase price was I am assuming it was lower than the redbook price.
The reason they would insure it for what you paid is that insurance is not about making a profit, its about putting you back in the same position you were prior to an accident or event. If for instance you paid $100000 for it, that is what you would be out of pocket, not the $120000. So therfore what they have told you is 100% correct. Making a profit from insurance is what is looked at as an indicator of fraud.

[qwiksix]

Yes, cars depreciate, and the price guide is based on a car with 45-75K kms.

He has already stated it's only done 6K.

qs

[pauljh74]

Originally Posted by myxr6

Well I pay $800 for a 97 XR6 ,because my insurance company told me people are giving older Falcons to their kids , and they are having accidents. So I wouldn't complain about $800 for a $44 000 value.

Shannons charge me $1000/year for my 98 XR6 with agreed value of about $8k and other bigger insurers charge more. I'm rating 1 but a higher risk suburb. The car is 98% stock - just a cat back exhaust. If it was stock I'd go to Allianz for about $200 less. The insured agreed value has a small effect on the premium, so might as well keep it higher as it costs little extra for a couple of extra thousand cover. My car's not outstanding, but is in better than average condition and I want the agreed value to reflect this.

[Pistol]

In 1992 i had a black convetible 69 stang highly modifed lowerd ect ect shannons insurerd it for agreed value at the time and for 3 years it stayed the same price we agreed on till i sold it some how now agreed value to shannons is only for the first year see how times have changed

[Sorted]

Originally Posted by Pistol

I then threw another question i brought a ford F150 2007 model 4 door lariat fully optioned market value is $120,000 in the red book , and guess what they only want to insure it for what i paid see how the story changed now why wont they insure this car for red book value .any one got good deals with other companys please let me know

No the story doesnt change............

For agrument sake lest just say you paid $60,000 for a car which has an market value of $120,000

Why would an Insurance Company insure your car for $120,000 when you just paid $60,000, how is it worth $120,000.

Doesn't that make it worth $60,000? as thats what you paid?

So the insurer thinks there must be some reason you paid so little foir it?

You thne have to proove its worth $120,000, if you take the Said vehicle to Shannons they can assess its true vlaue.

Glasses Guide and Red Book are "GUIDES" to estimate what the car is worth

How is it a RIP OFF?

Did all the ringing around etc. I used to use a broker, but they only dealt with the mainstream companies, not the specialised ones.

Depends what Broker

We deal with
"Lumely Special Vehicles"
"Dawes Underwriting Agencies"
"MB Insurance Group"
"Oamps"
"Freeman McMurrick"

With the mainstream insurer's we dont use AAMI. RACV. GIO as they are direct marketers and only deal with the public direct.

We use another 30 plus insurer's

So saying Brokers only deal with mainstream insurer's is wrong

[Donny]

No, I said MY broker only daels with mostly mainstream insurance companies.

I asked them when I bought my GT-P new, and thats all they could do. I had a choice of Suncorp or another mob through them, cant remember their name, but this other place insisted on a full in vehicle tracking system to be fitted as a condition of insurance.

They didnt deal with any of the specialised ones like Shannons, Ryno, LSV etc.

[Pistol]

Originally Posted by Yaw

From Redbook

* Private Price Guide $42,400 - $46,300

* Trade In Price Guide $34,800 - $38,700

* Average Km 45,000 - 75,000

* Price When New (RRP) $70,410


Sounds pretty spot on to me.
I don't see why you are complaining, simple fact cars depreciate.

You put foward an argument about a hypothetical F150 with a red book value of $120000 but they only want to insure it for what you paid.
Since you did not actually state what your purchase price was I am assuming it was lower than the redbook price.
The reason they would insure it for what you paid is that insurance is not about making a profit, its about putting you back in the same position you were prior to an accident or event. If for instance you paid $100000 for it, that is what you would be out of pocket, not the $120000. So therfore what they have told you is 100% correct. Making a profit from insurance is what is looked at as an indicator of fraud.

Sounds to me like you work for a insurance company what if the f 150 was given to me for $1.00 then what ? we insure it for what i paid or for what is in the red book answer that question

[Pistol]

Originally Posted by Sorted

No the story doesnt change............

For agrument sake lest just say you paid $60,000 for a car which has an market value of $120,000

Why would an Insurance Company insure your car for $120,000 when you just paid $60,000, how is it worth $120,000.

Doesn't that make it worth $60,000? as thats what you paid?

So the insurer thinks there must be some reason you paid so little foir it?

You thne have to proove its worth $120,000, if you take the Said vehicle to Shannons they can assess its true vlaue.

Glasses Guide and Red Book are "GUIDES" to estimate what the car is worth

How is it a RIP OFF?

Depends what Broker

We deal with
"Lumely Special Vehicles"
"Dawes Underwriting Agencies"
"MB Insurance Group"
"Oamps"
"Freeman McMurrick"

With the mainstream insurer's we dont use AAMI. RACV. GIO as they are direct marketers and only deal with the public direct.

We use another 30 plus insurer's

So saying Brokers only deal with mainstream insurer's is wrong

Sorry mate you are either missing the point or you work in insurance

[Pistol]

Let me start again i ring shannons for my renewal they tell me $815.00 for my car i ask is that still for $70,000 they say no thats $44,700.00 i question them why they tell me thats what the market value is in the red book okay. next i ask them about a f150 i'm buying i allready know that the f 150 is insured for $120,000 market value I know they need to know what i paid thats fair enough but why is it that for my GTP there looking in the red book. shouldn't they be doing the same and look in the red book and see what the f 150 is worth. whats good for one is good for the other maybe i should tell a lie and say i paid $120,000 for it.

[4Vman]

Originally Posted by Pistol

Let me start again i ring shannons for my renewal they tell me $815.00 for my car i ask is that still for $70,000 they say no thats $44,700.00 i question them why they tell me thats what the market value is in the red book okay. next i ask them about a f150 i'm buying i allready know that the f 150 is insured for $120,000 market value I know they need to know what i paid thats fair enough but why is it that for my GTP there looking in the red book. shouldn't they be doing the same and look in the red book and see what the f 150 is worth. whats good for one is good for the other maybe i should tell a lie and say i paid $120,000 for it.

Sounds fair to me.. why do you think your 3 year old GT-P still worth new price? Do some research on market values.. id suggest 44K is generous...
So you're trying to convince them to reduce the cover on a F150??!!!
What's market value for the 150?

[Pistol]

Originally Posted by 4Vman

Sounds fair to me.. how is your 3 year old GT-P still worth new price? Do some research on market values.. id suggest 44K is generous...
So you're trying to convince them to reduce the cover on a F150??!!!

Not saying my gtp is worth $70k i was under the in presion that agreed value stay the same but it's ovious that the insurance companys changed there ways as i said in an early post i had a stang and the agreed value stayed the same for 3 years that was back in early 1990.$44k might be generous to you, my car has 6,000 ks never driven in the rain and lives in a carcoon to me its worth more than 44k and i'm sure others agree again we are missing the point as for the f150 no all i'm saying is shannon is useing the red book as a guide for the gt, so i'm saying use it for the f 150 as well

[RG]

Maybe you aren't talking to the right people at Shannons. I've had my XR8 insured for the same agreed value for the last 2 years, they tried to change it and I said no, they tried to up my premium and I said no.

I won, they left my premium as it was and they left the value up at what I wanted.

[Pistol]

Originally Posted by RG

Maybe you aren't talking to the right people at Shannons. I've had my XR8 insured for the same agreed value for the last 2 years, they tried to change it and I said no, they tried to up my premium and I said no.

I won, they left my premium as it was and they left the value up at what I wanted.

Your probably right I'll give you another example i bought a misubishi triton gls brand new in july 2005 insured with aami in july last year i rang aami about the renewal why it's gone up in price with out making a claim they gave me a cok and bull story i ask them how much it was insured for and they tell me $34k mind you i paid $36k and i new damm well that a 2 year old ute was never going to be worth that kind of money the dealers would only give me around $20k i said to aami i want to insure it for much less and they would not agree.. why? so i went else where much cheaper and insured for $28k

[4Vman]

"Agreed value" has to work 2 ways.. you both have to agree. Id imagine that that "agreed" value is only valid for the period of the insurance i.e 12 months, upon renewal a new agreed value would need to be negotiated.
Shannons are largely dealing with classics and collectibles so values rarely drop.
You're trying to apply a "collectible" mentality to contemporary cars that depreciate.
Your car might only have 6000k's on it but its 3 years old now and will have depreciated like the rest of them.
Id imagine insurance companies get very nervous and suspicious when people try to over insure their vehicles....

[AUXRVIII]

I'm no insurance guru and I may be missing something but your not really comparing apples with apples here. The GTP is a car sold new in Australia with with a RRP, full ADR's and insurance category predetermined, the F150 is imported and modified to ADR's by private companies, no predetermined insurance category and no RRP, it's basically a custom vehicle, how can they possibly use redbook as a guide on replacement value?