Just cancelled my (comp.) insurance.... here's why

Hi all,

Just switched from comprehensive to third party property on the car.

Not what I'd advise everyone to do but it's got to the point where the cost of insuring has outgrown the value of the Zed (for me at least).

Had it insured for over 5 yrs with the RAA's H2P (Hard to Place) insurance division and even after pointing out the fact that I have multiple policies,a rating one, am over 50, and do minimal km's per year; I couldn't convince them to review a price hike of 30%.

That takes it from about $860 to just over $1200 / yr.

Along with a slide in the 'agreed value' to a miserable $9000 it's enough to
make me say "enough".

Third party/property is only $150 and I'm willing to carry the risk and pocket over a grand...... it won't go astray on maintenance for the old girl.

Their explanation FWIW was along the lines of too many claims on these vehicles ( theft was highlighted), and too expensive to fix.

If there's an upside to this it's the thought that if I did have an accident while the car was comprehensively insured it wouln't take much damage to have it written off.

This way at least I will get to say what happens to it!

Cheers

Andy.

 

I just increased my excess which lowers the yearly fee it's insured for more than 9k with justcar. Rating 1 22yrs old

 

Might be worth a look. Thanks for the tip. I'm going to leave it as it is for the moment.
Down the track I might consider chasing a few quotes, Just sick of jumping through hoops to please bloody insurance companies.

Andy.

 

I get exactly where you are coming from AndyZ32 and in your situation, I would do the same. It's there loss if they can't see the value of keeping you happy in having comprehensive insurance...and your gain as you've pointed out

Has anyone successfully increased their excess to bring down their premium through Shannons? I just tried after reading about it for other insurers it but this guy at Shannons said they don't offer that with their services, I got a feeling though after talking for a while that he just didn't want my premium to budge at all so it would be great to see if other people have managed to do this through Shannons.

Cheers,

Craig

 

I have my zed insured for a rather large agreed value, will be interesting to see what they do when the renewal comes around...

 

Nothing happens - or appears to happen as they don't specifically notify you, you just notice by accident (because you don't expect it) that the agreed value has dropped significantly and you then spend the next hour to a few days trying to argue it back up to what you both AGREED last year.

Basically every year at policy renewal you have to re-negotiate with them for the next years policy agreed value, regardless that you may have actually improved the car. If you don't do anything, it will steadily go back down year by year to something of a market value.

Sucks...but thats the way it is

Cheers,

Craig

 

Yeah I don't intend to renew my comp insurance with my TT (only had it this year as I took out a loan for the car). Although I managed to get an agreed value of 15k I pay a 3k premium with just car (19 years old/best rating I can have for a 2 year license). I don't think I'll invest in 1st party insurance until I'm into my 20's somewhere.

I like my NA's premium a lot better... $500 for 3rd party,fire and theft - agreed value is $9000

 

I'm with just car and my TT is covered for $15500.
Last year i pay'd $1500 this year it went down to $1100 and the value stayed the same.
Yesterday i did a quote online for a NA i just bought and told them i've already got a car with them and they want $1200 and will only cover it for $7000

It's like they just throw random figures at you.

 

5 years on third party for the zed. saved a fair bit of kesh in the process too.

you guys shouldn't complain so much... i'm paying a whopping $1200 AUD equivalent here in japan for 3rd party on the type R. it's total bullshit.

 

Mine is only insured at 3rd party..... Like you andy the premium they wish to charge me is so high that in 4 years time I would have paid for the value of the car should it be written off.

Second problem is I only found 2 companies who will insure me as 3rd party let alone as comprehensive.

So as a 22yo female $226 for 3rd party a year is all I spend and I put $100 a month away into a savings fund just in case!

 

Both Renee and I have found that a lot of the time it depends on who you talk to within the company...get someone that knows what they are doing and have some digressional power and you can walk away very happy with the policy. Get someone that plugs the details into the computer and leaves it like that, you most likely wont have a great result. So when ringing to re-negotiate agreed value, if you do no good just ring another day to get someone else...most times you will eventually get someone that understands and can appreciate your worth in keeping you a happy, valued customer.

I am with Shannons on $960 per annum for a 1989 R32 GTR, agreed value $34,000 at the age of 26 with a rating 1 and $500 excess (there are below 25 excesses as well, but since im above - no worries ). 25 years of age is the golden age for insurance companies, a lot of them like Shannons won't insure you till you are 25 and others significantly lower your premium after 25. I did have to fight again to retain the agreed value but was lucky and got a good bloke that loved his GTRs and had actually met Mark Skaife (Group A 1992 Bathurst winner in the Gibson R32 GTR) and after seeing some photos of the GTR, he and his manager were happy to agree to $34K.

Renee had to call about 3 different people before finding someone that understood what her car was and valued the years of loyalty and incident free history and gave her very close to what she wanted for agreed value, at a decent price.

Cheers,

Craig

 

I find full insurance on these cars a rip off..

I've saved close to $15000 over the past 10 years by not having full insurance. (cost of a race engine or another 2 zeds )

Obviously if you leave your car on the street or park it in public places ..not a good idea

for me insurance doesn't cover you at the track anyway.

 

I'm with HBF, and they dropped the agreed value down from $9,000 to $7,100 at renewal... Though they said that if i can get the car "valued", they will keep the agreed value at whatever it's apparently "worth".

So basically as long as i have the car valued, they won't keep trying to lower the price each year.

Also, it's interesting to note that i just today got a quote from Just Car, and they were not willing to insure me for more than $8,500, with the annual premiums at $2,300. With HBF, i'm currently paying less than $1,200 per year, and i've only just turned 21!

 

Theres definitely a point where it is no longer cost effective to ensure them with comprehensive, ultimately depends on how much you have invested in the car, how much you're paying in premiums and how much you drive the thing. You are right about the race bit though, no point insuring it to the max and crashing it on the track as you arent covered.. just have to take that risk..:br:

 

I went through this recently and chose to ditch comprehensive for third party property as well. Once you add up the cost of the premium, consider the low market value of these cars now, then add the one or many excesses attached when you make a claim it quickly starts to look crap. My third party property was $150 with AAMI. Add fire and theft and it goes up to $360. That also includes cover for my car up to $5000 even though its not comprehensive. Now the difference between that and what they finally pay you if you have comprehensive is very little. And if you can avoid a bad accident for just a couple of years you'll end up in front.

 

I'd definately give Shannons a call, I have 2 cars insured with them, Im in your category being 50+ and low ks driving and Rating 1, I have both cars insured for just over $600 premium total!, and the combined value of vehicles is $30,000. And that is full comprehensive cover on both cars. If you do low Ks and the vehicle is securely garaged then they will do good deals for loyal customers.

 

in the 4 yrs i had my z i managed to save $6000 by not having the insurance lol, gets to a point were you could buy a second Z after a few yrs, flame away!

 

Over 40, no accidents, no speeding tickets, NA, always garaged, $9500 value.

Oh, and it's less than an extra $100 per year for a TT the same age.

$550 per year comprehensive. RAC. Gotta love living in WA.

 

I just switched over my TPFT from AAMI to Just Car because AAMI like to offload imports to their sister company. The Max value insured for fire/theft was $5,000 with AAMI but with Just car it's $10,000! And it was cheaper too!

A-Bris-Z you might want to look into this!

 

Thanks all for the feedback...

I know its a subject that gets done to death, but it was handy to know the current state of things
when you're weighing up insurance

All in all a fairly balanced arguement...

Summed up best by," You're damned if you do- You're damned if you don't":zlove:

Cheers

Andy.