Insurance recommendations

[exanVZ]

Looking for recommendations for insurance providers, currently with RAC and agreed value (bit low but ~$18k) and my premium is going up by about $200 this year. They seem fine with my mods and have been good to deal with, but I don't drive my car much so looking for recommendations for a cheaper provider if anyone has any suggestions, has to be available in WA. Have looked a couple of budget providers but they rejected me based on mods. Thanks.

 

[Derekthetree]

Apparently insurances have bene hit in the new tax year by "something". I was seeing it in commentary about inflation re. RBA interest rates. Power and insurances were namechecked as being incremented.

 

[J_D 2.0]

Looking for recommendations for insurance providers, currently with RAC and agreed value (bit low but ~$18k) and my premium is going up by about $200 this year. They seem fine with my mods and have been good to deal with, but I don't drive my car much so looking for recommendations for a cheaper provider if anyone has any suggestions, has to be available in WA. Have looked a couple of budget providers but they rejected me based on mods. Thanks.

Shannons. I was with Youi previously but they wouldn’t give me any more than about $18k agreed value on my SSV when market value from what I can tell was about $20-25k.

Shannons estimated the agreed value at $25k (I didn’t tell them in advance what I wanted) and their policy with one free windscreen per annum and hire car after event had a lower premium than I was paying with Youi without those things.

My car has extractors, exhaust, CAI and tune which they were fine with.

 

[exanVZ]

Shannons. I was with Youi previously but they wouldn’t give me any more than about $18k agreed value on my SSV when market value from what I can tell was about $20-25k.

Shannons estimated the agreed value at $25k (I didn’t tell them in advance what I wanted) and their policy with one free windscreen per annum and hire car after event had a lower premium than I was paying with Youi without those things.

My car has extractors, exhaust, CAI and tune which they were fine with.

thanks, always thought Shannons would be more expensive but got a quote from them for ~$1100 a year at 20k agreed value which is pretty close to RAC, my fully comp was only $690 last year but gone up to $880 this year so that's why I'm shopping around. Would like to keep it as low as possible since I don't drive the car much.

 

[Derekthetree]

thanks, always thought Shannons would be more expensive but got a quote from them for ~$1100 a year at 20k agreed value which is pretty close to RAC, my fully comp was only $690 last year but gone up to $880 this year so that's why I'm shopping around. Would like to keep it as low as possible since I don't drive the car much.

I use Enthusiast, they do good discounts for limited kms. Not claimed though, but they always come up recommended on the HSV FB group.
They also didn't mind when I had an at fault low speed fender bender in my other car and claimed on that policy.


RACQ and NRMA are also good apparently, but not in Vic....

 

[exanVZ]

I use Enthusiast, they do good discounts for limited kms. Not claimed though, but they always come up recommended on the HSV FB group.
They also didn't mind when I had an at fault low speed fender bender in my other car and claimed on that policy.


RACQ and NRMA are also good apparently, but not in Vic....

I just got a quote from them earlier and does look pretty good, could pick agreed value and low km, 25-28k agreed and below 5k km per year was about $850 so not bad at all, 10k more agreed value than RAC and cheaper. Thanks

 

[Drawnnite]

I think there was some fine print with Enthusiast that is worthwhile reading up about (ie finer details on how worn things were and so on)
Remember looking into it a while ago for one of the cars and came across that side of it.
But there was also a requirement for 30+ age at the time so wasnt able to go further anyway.

Did find a big difference with Shannons going to Limited and then Extreme Limited usages.
And they were fine with the Mods.

 

[exanVZ]

I think there was some fine print with Enthusiast that is worthwhile reading up about (ie finer details on how worn things were and so on)
Remember looking into it a while ago for one of the cars and came across that side of it.
But there was also a requirement for 30+ age at the time so wasnt able to go further anyway.

Did find a big difference with Shannons going to Limited and then Extreme Limited usages.
And they were fine with the Mods.

they asked for pictures of the car inside and out and a full list of mods and odometer reading before they can approve the quote which nobody else has asked for, but I don't have the car with me for about 2 weeks so will sort that out in future if i go with them, still have about another month on my current insurance before it runs out.

compared to shannons these guys are several hundred cheaper and I can select at least 5-8k more agreed value but may not include stuff like hire car which i don't need anyway.

 

[Anthony .]

I’m curious here, but what happens if you don’t declare modifications? Nothing major like a turbo or supercharger.
Will they “tear up” or void the insurance contact entirely, or just not pay out the cost of modifications?
I have heard that the modifications must have contributed to the accident, but then again I hear/ read so many other opinions?

Because if that is the case, how would a P-plate drive with basic modifications be covered by insurance since performance enhancing modifications are illegal?

 

[J_D 2.0]

I’m curious here, but what happens if you don’t declare modifications? Nothing major like a turbo or supercharger.
Will they “tear up” or void the insurance contact entirely, or just not pay out the cost of modifications?
I have heard that the modifications must have contributed to the accident, but then again I hear/ read so many other opinions?

Because if that is the case, how would a P-plate drive with basic modifications be covered by insurance since performance enhancing modifications are illegal?

Only a fool wouldn’t declare everything to the insurance company. They aren’t in the business of paying out, they are in the business of collecting premiums and not paying out.

Best to not give them an excuse to not pay out in the first place. Nearly all insurance PDSs will say that modifications can void your insurance entirely so you’re running a big risk by not telling them everything that you know is modified. There’s no laws determining what gets paid out and what doesn’t, it’s up to the discretion of the insurance company via their PDS.

Its possible that if you bought a car secondhand and it had pre existing modifications that aren’t visible or otherwise obvious (say a camshaft) you could plead ignorance if it was ever picked up.

It probably wouldn’t be picked up in the event of a claim unless the insurance company has a compelling reason to do a full investigation, which becomes more likely the higher the value of the claim, leaving you on the hook when you definitely want them to pay out.

A crash with say a Bugatti Veyron (or many other expensive cars or infrastructure) could easily leave you bankrupt so best not to give your insurance company any excuse to deny the claim.