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    Car insurance is becoming Ike medical insurance

    Got my insurance renewal. Decided to shop around and seeing I could get a better deal with premium and value.

    My car is 2015 model with fairly low km, approx 45000. In VGC, always garaged etc etc.

    ​​​ GIO and NRMA value is max $26780 (new price was $40K).
    NRMA premium is $20 more a month.

    On Carsales there are a few cars same model as mine from $22K (195000km) through to $34K (46000km).

    I rang GIO about this and $26780 is best they can do. Two main reasons. First is they don't want to encourage people to do dodgy insurance jobs on their cars and second don't want to drive the prices of used cars up.

    First reason I understand. Second not so much. Used car prices are going through the roof because of (lack of) supply of new vehicles due to Covid. People can't buy the new vehicle they want so they buy a used one instead. Can't really see insurance driving prices up. It's supply and demand. If used cars are selling superfast then opportunistic people will mark them up and make profit. Good for sellers, bad for buyers.

    So that leaves me with a ~$7K out of pocket expense if my car is stolen or written off.

    GIO chick said they use Redbook values ($25K for my car) because they are based off actual sales not just asking prices like Carsales.

    Most of the Carsales ads are dealers,. Even with their inflated prices I doubt I could walk into a dealer and negotiate a $9K discount. So shirley they are selling them for at or near asking prices, it is not in car dealer's interest to have a vehicle sitting in the yard any longer than necessary.

    It's getting like medical insurance. Even with top of the line medical insurance you can still be out of pocket thousands of dollars.

    #2
    Try Shannons, insured my Xr8 Sprint for $95k no issues, guy on the phone was happy to use carsales as a reference.

    Nrma wouldn't insure it for more than $50k.

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      #3
      Im with Enthusiast. Good so far. Run by some ex-Shannons guys.
      "If you can make black marks on a straight from the time you turn out of a corner until the braking point of the next turn, then you have enough horsepower." - Mark Donahue Penske Porsche 917

      "In Japan we no give fark for Subaru" - Trust Japan Technical Director
      (TM - AVENGE)

      "You can never have enough power. I remember when we had Group B cars... THEN we had enough power!"
      Juha Kankkunen - Rally of Argentina '02

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        #4
        Originally posted by itsnotagsr View Post
        Im with Enthusiast. Good so far. Run by some ex-Shannons guys.
        for me enthusiast didnt want to insure a daily driver tho so keep in mind
        www.holditflat.com

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          #5
          I had something similar with my SS - NRMA wouldn't value it on their online portal at anywhere near its market value. Got a quote from Shannons who were happy to do so for a hefty price, but then talking to NRMA got them to get close enough to what I reckon I could buy another one for with a little negotiation, with only a slight premium increase. Simple fact is that the insurance companies aren't keeping up with market conditions.

          Comment


            #6
            NRMA was more expensive than Shannons for our Commode, and wouldn't go above their 6-month-old (ie.way out of date) Glass's Guide value.
            Plus NRMA wants extra for a loaner if something happens, and with Mum's policy you don't get a choice of repairer (dunno if that's a standard thing for all NRMA policies?).

            Frankly, the whole setup with insurers is currently wrong.
            Our deal with Shannons only works because the Volvo is insured with them, and it's definitely an anorak's car ... I reckon if you lobbed to Shannons with a generic Commode like ours yet nothing Stupid also insured with them, they'd ream you a new one (this was the case with my Liberty RS as it was stock).
            But for the vast majority of people, the insured values can barely go over the outdated price-guide (under)values. The majority of people are under-insured.
            Having said that - insurance for Mum's 18-month-old Yaris was no problem at all, cost $20k at a dealer & insured for the same. So I guess for near-new stuff that wasn't worth that much in the first place, it's not too bad. But I imagine any upper-spec German luxobarge would be a shocker to insure at the moment, given how hard they usually depreciate.
            Soft roaders represent an excellent compromise between the needs of the hardcore 4x4 user and the convenience of a city hatchback. Its clear to see why they have become so popular in todays society.

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              #7
              Another vote for Shannons, not for the house though.
              Gimme mah $50 ya cunts.

              Comment


                #8
                I just checked rebook for the daughters swift. Purchased new 18 900 (haggled down from 19 690), currently has 30k on the clock, which is the lowest kilometre value on RB, rough guide for private $17,800 - $19,900 ($14,600 - $16,700 trade). Had it for two years. Prices are crazy.
                "It takes beer to make thirst worth while."

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                  #9
                  Originally posted by itsnotagsr View Post
                  Im with Enthusiast. Good so far. Run by some ex-Shannons guys.
                  Not sure the car is performance/unique enough for companies like Enthusiast (never heard of them until now) or Shannons.

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                    #10
                    I’m picking up a new Patrol next month and Shannons want more to insure it than the Lambo. WTF? I had assumed normal cars like Patrols were low risk/generic but I’m obviously way off there.

                    Comment


                      #11
                      Originally posted by Captain_Slow View Post
                      I had something similar with my SS - NRMA wouldn't value it on their online portal at anywhere near its market value. Got a quote from Shannons who were happy to do so for a hefty price, but then talking to NRMA got them to get close enough to what I reckon I could buy another one for with a little negotiation, with only a slight premium increase. Simple fact is that the insurance companies aren't keeping up with market conditions.
                      This was my experience as well. Had to twist some arms to get them to cover me for what i wanted but they eventually agreed.

                      Ended up insuring mine for 95k with NRMA for almost exactly 1k less than what Shannons wanted for the same coverage.
                      The older i get, the better i was...

                      Comment


                        #12
                        Originally posted by womblesti View Post
                        I’m picking up a new Patrol next month and Shannons want more to insure it than the Lambo. WTF? I had assumed normal cars like Patrols were low risk/generic but I’m obviously way off there.
                        SUV / 4x4 mob are massively overrepresented in claims costs and insurance mobs are only just recently starting to figure that out and adjust for it in a big way.

                        Also shouldn't really be that much of a surprise. Think of what you see your average Patrol / Patrol owner doing vs Lambos. The amount covered is a very small part of cost breakdown. A $200k Lambo vs a $50k Patrol, odds on which one would cost the insurance company more over the life of a policy? If you said Lambo you'd likely be wrong...
                        Last edited by leothedrummer; 01-10-21, 09:28 PM.
                        BMW E21 Racer

                        ATCC & V8SC Results, Data, Statistics and Discussion from 1960 to now

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                          #13
                          Originally posted by leothedrummer View Post

                          SUV / 4x4 mob are massively overrepresented in claims costs and insurance mobs are only just recently starting to figure that out and adjust for it in a big way.

                          Also shouldn't really be that much of a surprise. Think of what you see your average Patrol / Patrol owner doing vs Lambos. The amount covered is a very small part of cost breakdown. A $200k Lambo vs a $50k Patrol, odds on which one would cost the insurance company more over the life of a policy? If you said Lambo you'd likely be wrong...
                          Honestly, I hadn’t thought at all about it or the reasons why. Just wasn’t the outcome I was expecting when I put the call in.

                          It wouldn’t take much to do big $ damage to the Lambo with things like bumpers at $15k etc, but they are the experts with the claims data that spits out the premiums.

                          Comment


                            #14
                            Originally posted by Sturmovik View Post
                            Try Shannons, insured my Xr8 Sprint for $95k no issues, guy on the phone was happy to use carsales as a reference.

                            Nrma wouldn't insure it for more than $50k.
                            The OT post is the reason I left Shannons. Wasn't getting any traction with them on vehicle value nor premiums. I'm happy to pay, but I actually want cover

                            Originally posted by itsnotagsr View Post
                            Im with Enthusiast. Good so far. Run by some ex-Shannons guys.
                            +1 Enthusiasts. Daily and two rarer cars with them. Asked questions and were easy to deal with. Haven't made a claim with them

                            Originally posted by Falc&Send View Post
                            Not sure the car is performance/unique enough for companies like Enthusiast (never heard of them until now) or Shannons.
                            Have my daily with them. On par with other insurance companies prices but Enthusiasts were pretty spot on with value and had better features for me

                            I think it is a case of comparing a few firms and seeing what suits you then ask for their best price, so they make money and you're covered
                            "Keep lowering your standards until you achieve a goal" - Mike Finnegan

                            Comment


                              #15
                              Originally posted by womblesti View Post
                              I’m picking up a new Patrol next month and Shannons want more to insure it than the Lambo. WTF? I had assumed normal cars like Patrols were low risk/generic but I’m obviously way off there.
                              Read the PDS very carefully for what is and isn't covered with the Patrol. Many policies limit the amount of coverage of accessories and modificiations as well as limit which areas are covered in the policy.

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