Thursday, January 20, 2011 - 08:03 pm, by: Shaun Luckhurst(Pornus)
Hi,
My current insurer H2P (a subsidiary of RAA) has just increased my premium from $1100 to $2100 ($1000 excess and car valued at $8000) - absolute joke - only reason they give for the hike is the same old line "costs in the insurance industry have increased blah blah".
Now I think i've got an immobiliser fitted but probably not an Aussie standard one. If I turn the remote alarm on (Viper make) and just open the car without disengaging it (the alarm doesn't seem to work anyway since about 2 years ago - very quiet) I cannot fire up the car as it won't turn over when I turn the ignition, until I actually disengage the alarm using my remote then it fires up - I'm assuming thats because I have an immobiliser but maybe not? There's a flashing blue light under the dash when I engage the remote alarm.
What insurance company's should I be talking to that insure TT imports fully comp for reasonable prices?
Will these insurance companys all require an Aussie immobiliser to be fitted as H2P doesn't, which is why I went with them >5 years ago. And if yes how much approx. will an immobiliser cost to buy and fit by a qualified auto electrician?
I'm trying to work out what best to do as do not have too much disposable cash at the moment but I'm not prepared to pay $2100 fully comp as a 40yo with a rating #1 and no previous claims at all.
Thursday, January 20, 2011 - 08:41 pm, by: David Grima(Maltezr)
Shaun I suggest you fk them off immediately mate cause your getting ripped off hard! there are so many options out there now so have you tried to look around? I have never heard of H2P to be quite honest.
I currently am with LSV (Lumley Special Vehicles) formerly known as Torque Insurance and have been happy with them so far.... but saying that when my renewal comes in again for this year I may check out and compare Shannons as I have heard of only good things about them.
My last renewal (in 2010) jumped up about $100 bucks compared to the year before to just over $900 for full comprehensive cover to the AGREED value of 12,400 on my TT to give you an idea and I am 31 years old.
Have a read of this thread too to give you more ideas from other members insurers
just ring around, surf the websites and compare quotes and policies before you decide, but yeah get rid of the insurer your with cause for a 40 year old you should be paying peanuts compared to someone younger! Good luck with it all Shaun
Thursday, January 20, 2011 - 10:08 pm, by: Brett Cutts(Boof390)
My v8 is about $450 and my tt was about $520 both agreed value for 12k with no alarms with shannons at age 37 with a couple of theft claims, mind you I do have 9 cars and a car trailer insured with them We should all drive vintage cars for cheap insurance my 1927 chev went down to $72 dollars a year this year for $16000 agreed value including the club rego racing extension option.
Wednesday, June 08, 2011 - 12:20 am, by: John O'Brien(Ziggy)
It may be of interest to some to know that many insurance companies ( including the NRMA ) do not consider a car to be fully insured until the last monthly payment of the year is made. They like it if you pay by the month cos if you crash your car and you've only made two payments they need only pay out 2/12ths of the agreed sum.
Wednesday, June 08, 2011 - 12:34 am, by: Brett Cutts(Boof390)
I have had a couple of claims with shannons with monthly payments and have had no problems with a total loss payout. The outstanding balance for the premium on that vehicle was deducted from the final payout figure as well as excess but there was never any question of the pay out value
Wednesday, June 08, 2011 - 03:04 pm, by: Steven Anderson(Cusscuss)
David Grima wrote on Wednesday, June 08, 2011 - 12:30 am:
It may be of interest to some to know that many insurance companies ( including the NRMA ) do not consider a car to be fully insured until the last monthly payment of the year is made. They like it if you pay by the month cos if you crash your car and you've only made two payments they need only pay out 2/12ths of the agreed sum.
Uhh, thats a pretty wild claim, do you actually have any personal experience with something like that.
Joshua Rao Goo Roo WA TT (for sale $5.2k), 97 Blk UZZ31, 97 JZZ30 vvti turbo white manual, 96 vvti turbo manual, Legnum VR4, MR2 sw20, Alfa 156
Wednesday, June 08, 2011 - 07:34 pm, by: Craig Webber(Soarr)
I have all three cars with Shannons. 1984 Wb V8 ute ,2005 Astra & full mod soarer all agreed value, all up cost for the lot just on $1,400 dollars. And also have house & cont/insurance with them.
Thursday, June 09, 2011 - 04:21 pm, by: Matthew Sharpe(Madmatt)
Never heard that one before! I did get screwed over once when I wrote off my Nissan at the start of a new year and lost $1000 for the rest of the years insurance, gone with the car - so I moved to monthly payments specifically to avoid that situation again.
Friday, June 10, 2011 - 07:16 pm, by: Daniel Clarke(Dieseltrain)
Mathew , that wont fix the problem . If you have 10 months left on your policy at time of accident/claim , you will then have the 10 months worth of repayments deducted from your payout .
Doesnt work in the way your thinking . Otherwise it would be a monthly policy , which doesnt exist . You still have a 12 mth policy , but are paying by installments .
Monday, June 13, 2011 - 08:13 am, by: John O'Brien(Ziggy)
Hmm ok it's been a while since I had anything to do with insurance companies. I've done a bit of research and it isn't at bad as I made out. These days the general practice seems to be to deduct the remaining installments from the final payout. Still the main point is there, that they are not required to pay out the full agreed sum until the last payment has been made.
Monday, June 13, 2011 - 12:05 pm, by: Daniel Clarke(Dieseltrain)
Thats crazy Matthew though . Buy a car for a bargain , insure it fro crazy price , pay 1 mth , write it off , claim payout , BIngo , thousands in front ???
Tuesday, June 14, 2011 - 10:26 am, by: Matthew Sharpe(Madmatt)
I wouldn't be that far ahead, my annual insurance bill even back then was only something like $700 a year - $60ish a month - now its more like $500 a year. Remember I'm an old bugger :-) I would have been 29 when then UZZ30 was written off.
May even be some part of my policy from having had insurance with them for so long? For example one I have "earned" is no loss of no-claims on own fault accidents, simply because I've been insured with them forever, and have hardly made any own fault claims.
Sunday, June 26, 2011 - 12:47 am, by: Tim Ross(Retox)
Seems the quote button doesnt want to work for me... However in response to Johns statement of "Still the main point is there, that they are not required to pay out the full agreed sum until the last payment has been made."
An insurance policy is a binding contract between the insurer and the policy holder.
The insurer agrees to cover the vehicle as outlined on the policy schedule for a period of 12 months in return for a premium.
Pay by the month is nothing more an a option to assist clients with budgeting this expense. As mentioned above, it certainly does not mean you have a 'monthly' insurance policy. The term remains 12 months.
The fact is that if a vehicle is written off, the policy has served its function, and you have got exactly what you paid for.
If you had paid in full at the renewal/inception, you wouldnt be entitled to a refund of pro-rata premium... so what would make you think you dont need to pay the outstanding instalments? It is crazy for an insurer to demand owed monies from you (excess/remaining instalments) only to hand it back to you again in the form of a write-off payout, hence why the practice of deducting any amounts owed from the payout is widely adopted