Shannons Insurance Premium Rise

I know we are in a time where everything just continues to increase in price, but my recent Shannons Insurance renewal was a bit of a shock. All four of our vehicle policy's went up by over $200 per annum for a total of $806 increase (25 percent). Anyone else experience this recently and think this is normal? I am going to give them a ring today and query, but just curious to see if this is just what I have to accept or whether it is time to shop around after being with them for nearly 20 years.

My recent renewal went up by approx $200- pa (for a 2 car combined policy). Back during covid lockdown Shannons reduced my premiums by $15- per month ($180- pa) - due to reduced usage. I figured they have adjusted things now that we are free to travel etc ..

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Originally Posted by BLACK 346

I know we are in a time where everything just continues to increase in price, but my recent Shannons Insurance renewal was a bit of a shock. All four of our vehicle policy's went up by over $200 per annum for a total of $806 increase (25 percent). Anyone else experience this recently and think this is normal? I am going to give them a ring today and query, but just curious to see if this is just what I have to accept or whether it is time to shop around after being with them for nearly 20 years.

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recently after 3 years with them, the Shannons renewal premium for my R8 Tourer rose by 38% (!) to well over $3k a year .. with no claims, no change of address and they also REDUCED the agreed value of the vehicle by 25%... like huh?

I thought this strange as the missus' BMW is with them (won't be as of tomorrow though) as is the race car and trailer combo.. so I rang them.

Nope .. that is what it is, like it or lump it was the message I got.

So dropped Shannons and moved the HSV to GIO (approx the same premium and better agreed value than the previous Sahnnons numbers)
and
they have just done the same sort of thing with the wif'e's car.. and same story. As of tomorrow when the Shannons policy for her BMW expires
it will not be renewed as the message was the same.. so she will too have her BMW coupe insured with GIO

really dunno what the hell Shannons are doing as other HSV owners I know are getting the same story and they are off to RACV, GIO, AAMI type
insurers or Enthusiasts...

I have heard that Enthusiast insurance are getting popular & Shannons have gone downhill.

https://www.enthusiast.com.au/

I had been a loyal customer with RAA for over 30 years without claim but they have gone well downhill these days,
the values at renewal time have been dropping like rocks but the premium is always rocketing up.

I also have house / contents with RAA, found it funny that the value of my house & contents goes up heaps each year
so they can charge higher premiums, my house is 20 years old & still on a current brochure with prices of the builder who built it
& last year the building insurance was for around 3 times the replacement new build price. :doh:

With Shannons, I have found that my old classic Corvette seems to automatically get updated with around 5% extra value on the policy each year.
My SS Commodore which is listed on an "extreme limited use" as "highly modified" has stayed at the same value on the policy for the last few years.

I think my vehicle premiums jumped heaps
Not much choice out there when dealing with modified vehicle insurance.
I am hoping that as my next birthday is a milestone one that I move into a less risky bracket
Fingers crossed
I also have problems with agreed value for my ute, at less than 58,000 kms they cannot find anything to compare it to.

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Originally Posted by amckiwi

I think my vehicle premiums jumped heaps
Not much choice out there when dealing with modified vehicle insurance.
I am hoping that as my next birthday is a milestone one that I move into a less risky bracket
Fingers crossed
I also have problems with agreed value for my ute, at less than 58,000 kms they cannot find anything to compare it to.

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Compare the market gave me a few options that were a lot cheaper than Shannons. I agree on the Modified vehicle options, most don't want to touch them, especially once you start talking blowers and meth injection lol. I really like how Shannons have treated me at claim time over the years and not keen to find out the hard way that others are not as good. What is your issue with agreed value with your ute mate, having trouble getting it insured for enough? For comparison sake my VU SS is insured for 30k agreed and my Calais with a long list of mods is agreed for 50k with Shannons.
I ended up ringing Shannons and was basically told without dropping values or upping excesses there is no wiggle room for discount. This is with 6 policies (4 Cars, building and contents).

I am on hols so do not have the info in front of me
I think I have the Ute at 43k and they were reluctant at that
They said cannot be worth more than a VF

the insurance premium on my redline went up by $200 as well, but the agreed value dropped by around $1K. This is with the NRMA.

I did question it through various channels with them, but gave up when: (1) the response via direct message was an insulting form reply and (2) I had waited around 15 mins on a call with no end in sight to the hold.

customer service in the financial/insurance industry is woeful at best.

last year, I tried to shop around for insurance on my wife's Mini JCW convertible. almost all insurance companies expected me to call to provide a quote. stuff that, I'm not waiting on hold for the rest of life!

Well, funny thing after this thread started yesterday I got my renewal from Shannons for the SS & the Corvette Stingray.

I was little bit worried about opening it & was relieved to see on font page in bold large print it said "Your Monthly Instalment Has Not Changed"


so reading on I noticed that the "Agreed Value" of the SS had not changed & the Corvette Stingray had not gone up either this year as it had in the past.


I am just going to call this as a lucky win for myself. :yup:

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Originally Posted by whitels1ss

Well, funny thing after this thread started yesterday I got my renewal from Shannons for the SS & the Corvette Stingray.

I was little bit worried about opening it & was relieved to see on font page in bold large print it said "Your Monthly Instalment Has Not Changed"


so reading on I noticed that the "Agreed Value" of the SS had not changed & the Corvette Stingray had not gone up either this year as it had in the past.


I am just going to call this as a lucky win for myself. :yup:

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I would go buy a lottery ticket on the basis of that :)

Yes, premiums are not going down, that's for sure.
But Goggles mentioned "customer service" had gone down in the financial sector.
For sure it has, but IMHO, it's not only the financial sector,.....just trying to speak to a real person is a battle these days.......I feel that the days of being able to pick up the phone and speak to a real person with virtually no delay are long gone.
Pickles.

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Originally Posted by Pickles

...................just trying to speak to a real person is a battle these days.......I feel that the days of being able to pick up the phone and speak to a real person with virtually no delay are long gone.
Pickles.

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yes to that Martin.

work and private bat phones are with Telstra.. work isn't an issue if there is a problenm
we have 2 senior account managers (and we should with a +$5m spend!) but private?

the missus (it is her phone we have hassles with... the plan, the pricing, the messages (or lack of))
she will NOT try ringing Telstra these days.. total waste of time in her opinion

she grabs the phone and goes to the local Telstra shop (at Southland) and talks to a real
customer service human. Works everytime.. the issue is understood and fixed!

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Originally Posted by Smitty

yes to that Martin.

work and private bat phones are with Telstra.. work isn't an issue if there is a problenm
we have 2 senior account managers (and we should with a +$5m spend!) but private?

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I’ve had success in the past getting private issues resolved by mentioning it to our Telstra account manager. They have access to a seperate contact to deal with issues outside of their account.

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Originally Posted by Smitty

yes to that Martin.

work and private bat phones are with Telstra.. work isn't an issue if there is a problenm
we have 2 senior account managers (and we should with a +$5m spend!) but private?

the missus (it is her phone we have hassles with... the plan, the pricing, the messages (or lack of))
she will NOT try ringing Telstra these days.. total waste of time in her opinion

she grabs the phone and goes to the local Telstra shop (at Southland) and talks to a real
customer service human. Works everytime.. the issue is understood and fixed!

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Agree, & that is probably one of the main reasons we've always been with Telstra,...if we have a problem, then we visit the Southland Telstra shop!
Regards, Martin.

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Originally Posted by whitels1ss

Well, funny thing after this thread started yesterday I got my renewal from Shannons for the SS & the Corvette Stingray.

I was little bit worried about opening it & was relieved to see on font page in bold large print it said "Your Monthly Instalment Has Not Changed"


so reading on I noticed that the "Agreed Value" of the SS had not changed & the Corvette Stingray had not gone up either this year as it had in the past.


I am just going to call this as a lucky win for myself. :yup:

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A slightly similar story here.
I'm with Shannons for 3 cars.
When I got my yearly renewal last Sept, it had gone up a bit, can't remember by how much but it wasn't that much. The agreed values were unchanged but were PRE-COVID values, so all 3 cars were under-insured.
I decided to increase the agreed values, it ended up being about $250 more for the 3 cars. Most increase was the SS which was insured for $9k, but I upped it to $22k. That premium rose about $160 alone.

I've shopped around a bit over the years, I find Shannons fairly reasonable, never had a problem with claims, I think you'll find premium hikes are everywhere.