Heya guys. I recently got my renewal for my insurance with Shannons - and they lowered the "agreed" value by $4,000. I see that some others on this forum have had similar situations happen to them. I rang them to query this, and was told that due to the market apparently falling out of japanese imports, etc, that they were comfortable with that figure. They did tell me that I could send in photos, and a list of all of the mods on the car, and they would consider revising the figure. So I promptly did that, and a couple of days later I got a fairly condescending email from Shannon's telling me that they weren't willing to raise the "agreed" value of my car. :bash: Well, I thought that Shannons are the insurer of choice for the motoring "enthusiasit"? And that if you insure with them, you are able to insure your vehcile for an "agreed" value, rather than a fairly arbtirary "market" value, as is used by standard car insurers. Anyhow. I have rung around, and ended up getting a really good quote from Lumley Special Vehciles. They are prepared to give me the agreed value that my car is worth, for a premium that is actually about $300 a year cheaper than Shannons (and remember that Shannons would only insure it for $4,000 less). So, if anyone else is annoyed with Shannons, and is thinking of trying somewhere else, than I recommend you give Lumley's a go.
never heard of lumley's are they backed by another insurence company? like just cars is backed by aami
lumleys have been a big insurer for yonks .. do not know whether they remain 'stand alone' or are self contained .. a late thought .. could be that they are brokers ...???
Well, they are quite right. The values have dropped. But, without telling us what the agreed value was, we can't really make any valid comments. Realistically, $6000-$12000k would be what they see a 19 year old zed is worth, maybe less, maybe a tiny bit more. A poorly maintaned zed is worth even less. What was the agreed value and what did they drop it to ?
I renewed my Shannons policy last week... my agreed value is $17,000. There you go, I've shown you mine, time to show us yours or are you a bit too shy?
Been with lumleys "LSV" for years now... Got both the Z and vette insured with them and never had a drama..
mine has been agreed at $15,000 for three years .. just wish i had jacked it up when first insuring it (with shannons) ...
mines agreed at $15K (what i paid for it) will be interesting to see if they try this one with me when it comes to renewal To be honest... if someone steals my car I will hope to god they write it off (without hurting anyone but themselves) so I can buy a better example with the money
Dont say you weren't warned Lets look at a few issues with this. 1.what is the current market on the car (glasses guide has this one at 9600) 2.what modifications are on the car? oh and the big one 3.what would you realistically get for the car on todays market (NOT what you hope to get) look at your fine print and see what is covered, there are a lot of insurers out there who offer agreed value or market value whatever is less at time of claim we all pour buckets of money into a car , it doesnt make it worth that OH and for the record i am an insurance underwritter.
im with just car and im on third party.. i cant get a agreed market value so i have to get the their market value.... its wait for it............7500 for a 1990 na stock....
shannons did something similar to me this year, dropped the agreed value & actually increased the premium, but all it took was to take the car down for a visual inspection & they reinstated the agreed value & reduced the original premium. cant argue with that!
Interesting, Lumley's dropped my agreed value from $16,000 to $9500 and want $200 more / year for it. They've tried the same thing every year and I'm tired of having to screw around to sort it out. I got a better quote from Shannon's but I'm tempted to just take the risk of having no insurance altogether rather than deal with these crooks.
lol 2009 the year of epic thread digs. this one was only a year old. but atleast search was used i guess
This is what makes our policies go up each year!!! hheelllloooo! you have an accident... no insurance to cover your arse... our premiums go up.... NO THANKS... There are now plenty of companies offering insurance for imports...just do some research....
I think that third part property insurance premium should be included in registration charges. I think it would take a lot for me not to strangle someone after my pride and joy was smashed due to their mistake only to approach you and say "no insurance" Seriously, we are forced to cover our mistakes for injuring someone, why not cover damaging others property as well.
