shannons insurance

[losh1971]

I was in my car when I called. Wish I could have followed.

 

[keith reed]

Talking to a mate just recently about Shannons. He has changed from Shannons to NRMA Vintage and Classic car insurance.
He reckons the cover is like for like but the premiums were a pleasant surprise. He was able to increase the agreed values on his cars and still saved money on the premiums at the same time.

Would you know if NRMA insure modified cars?

 

[someguy360]

Would you know if NRMA insure modified cars?

Only if it's engineered and on a case by case basis.

 

[losh1971]

I get the feeling Shannons is not as agreeable as they once were?
I say that because my old VR V6 was insured for $7.5k where all NRMA would give me is $2.3k.

 

[someguy360]

I think they are still reasonably agreeable from my experience. But at the same time their team are trained to see trends in the car market etc.

They won't overcommit if they can see a chance that the cars value is going to soon drop or stabilise.

All about risk analysis at the end of the day, theres going to be a lot of written off insurance "claims" all of a sudden if a car thats insured for 50k is suddenly worth 30k.

 

[losh1971]

That would explain why. Some V8s are not selling when prices are jacked up to the max price. I've noticed a number of SS sitting not sold after months, yet six months ago the same car might have moved.

 

[someguy360]

Yep and unfortunately at the moment they are getting inundated with morons wanting to insure the cars for the covid tax they paid.

Just because someone paid an overinflated 40k for a car that was selling for 25k a year earlier, doesn't mean that they can then go and insure it for 40k.

Shannons are smart enough to see past that to the cars value once the market stabilises again (which it's doing now) and has to take that into account.

 

[DevlChsr]

They used CarSales when I called them for a quote. They look at similar cars with similar mileage and work from there. They told me which cars they were looking at so I could follow along.

Interesting comment about using CarSales. When I spoke to RACQ about my quote he (real human in Oz) checked them out and was amazed at how much similar vehicles were potentially going for. They'll insure me for any amount but the cost rises quickly. On a similar topic, I had my ute in to the smash repairers today. The little lady needs a nip'n tuck here and there. Ol' mate told me he sold his beloved VY Maloo several years ago for $14000 to get a house deposit. It's been sold now for a total of 3 times with the last buyer paying $32000. Now he regrets selling, hates the house and his wife. Me, I'll just stick with my ute and forgo the other complications.

 

[NORTI]

Interesting comment about using CarSales. When I spoke to RACQ about my quote he (real human in Oz) checked them out and was amazed at how much similar vehicles were potentially going for. They'll insure me for any amount but the cost rises quickly. On a similar topic, I had my ute in to the smash repairers today. The little lady needs a nip'n tuck here and there. Ol' mate told me he sold his beloved VY Maloo several years ago for $14000 to get a house deposit. It's been sold now for a total of 3 times with the last buyer paying $32000. Now he regrets selling, hates the house and his wife. Me, I'll just stick with my ute and forgo the other complications.

I sold my VZ Maloo for $10K in 2017 to start a business and I had to beg to get someone to buy it, now they are $45K+ and I closed the business during pandemic.
So now I have no business and no Maloo. stupid stupid.

 

[vc commodore]

They used CarSales when I called them for a quote. They look at similar cars with similar mileage and work from there. They told me which cars they were looking at so I could follow along.

I walked into Shannons office when I got quotes for my VC.

I asked for $5K to $6K, without mentioning mileage and they countered my offer with one for $20K agreed

I did tell them all my modifications and they found one with less mods than mine and showed me the ones they were comparing mine to....The majority were stockies....

IMA this was 2 years ago...Whether their operating procedures have changed, I can't say