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Well, another year has passed and no real surprises again, massive price rises, :vpo: not just Shannons either.
Got it down a bit again with the usual yearly :bow: phone call, but overall still a 15% (down from 25%) increase across 2 insurance companies. (Shannons and Enthusiast).
Well I didn’t really want to add to this thread but here we are. Had to make a claim on the Monaro tonight due to it being vandalised. Shannon’s are towing the car to be assessed but told me that due to the age of the car, 20 years the car will more then likly be written off. This was after they took payment for the excess from me. I supposed I just want some advise on how best to approach this as I have told them under no circumstances will I accept the car to be written off, agreed value is $11800 as I never got around to adjusting it. I’m not accepting $11k for a Monaro. I don’t know what it costs to respray a car but I’m hoping only a couple of thousand. There is no panel damage just paint damage.
Cheers.
Wow why so under valued mate , might have a big problem there as the wreck would be the price insured for
Mate was in the same position with his monaro didnt go well for him insurance obligations were met they said
Is that agreed value insured? At what point did they ever market value that low?
Anyway, a decent paint job you probably won’t get much change from 10k these days. I’d find out from Shannon’s if you get the option to continue with repair or not after it’s assessed. Before repairs it’s till your car, so I’m guessing you can cancel the claim
Yes, as mentioned, you don't have to continue with the claim. If they want to write it off, just cancel the claim and find someone to paint it. Even if it's just a real basic (cheaper) job. Then re-insure it elsewhere. It would be crazy to proceed at an $11,800 value !
Cheers for the responses guys. To be clear I have. I intention of proceeding with claim in the event of a write off. I was after clarification on what my options would be, spoke with them today, they told me pretty much the same that I can choose to cancel the claim at anytime, obviously I would have to incur any costs involved like the tow etc.
I’m no expert so will wait for the assessor to contact me and go from there however there is no panel damage so no replacement parts required. Bonnet and roof are really the only things that would need to be resprayed as there is only a small amount of spray on the tops of the quarter panels which may come off with a buff/clay bar. This thing does not need a full respray. In regards to the low value of the car, I will take responsibility for it as ultimately it is my fault however I haven’t had any communication with them apart from the renewal letter I get each year. They had an old email for me, so if they were ever reaching out that way I never got the emails. Obviously you get your renewal letter and if you choose not to act then it just takes effect. I’m on monthly direct debits so never had to action it so it just rolled over each year. It probably wasn’t until this thread where it prompted me to look at it properly and I was aware. It was on my list of things to do and I did get other quotes I just never got around to cancelling the insurance and accepting the new quote. I also don’t have time to sit on hold for 60mins at a time to wait to cancel or change the policy.
I’m not usually that person that says it will never happen to me but obviously that was the gamble I took.
I also have the original non fluted bonnet for it still so worse case scenario I can put that back on clean up the quarters myself and clean the windshield and I’m not out of pocket anything and I can choose to restore the car down the track which was always my plan anyway.
I was going to ask if the car really needs a full respray, but you have answered that question. Roof and bonnet will come in well under you 11k agreed value I would think. Get that done and then tell Shannons to insure the fkn thing for what it is worth, around 30-40k depending on condition.Quote:
Originally Posted by Toddler78
was exactly my plan.Quote:
Originally Posted by BLACK 346
What Im really hoping to get out of this by running it through insurance , is if the police charge the offender then insurance can go after him. Im hoping his decision will effect him a lot more then it will effect me
How does Market Value work with these cars now? The market went up during Covid and seems to have calmed a bit, but prices are still high. If it was insured at Market Value, would it be more like $40-50k? I'm expecting my renewal in the mail soon, so will have to check my coverage.
If you don't mind me asking, how much are Shannons charging you for this massive under insure? I know it is hard to compare vehicles, but they had no issues insuring my VU SS for 30k at a cost of $1042 per annum up $200 on previous year. That is a full use policy, not limited or layed up which would push it down a bit. The ute is in excellent condition and I had to supply photos to get that value.
From memory approx $880. I think where I and most probably others go wrong is the loyalty tax they show you your premium and you go ok I don’t have to do anything just let it tick over. I did get a comparable quote from a competitor and the premium was slightly better. Obviously the value was better. But it all fell into the too hard category to change over. What shocked me however was that for insurance companies that I had delt with in the event they offer agreed value, that have also offered market value which ever was higher at the time. Something Shannon’s don’t offer and something that was a shock to me when I found out and I wonder if others are aware of that fact.
Thats not a bad price at all My vz calais costs me more
ha... market values are aged based, not demand based and so are in the gutterQuote:
Originally Posted by korrupt
I use various vehcile price guides at work (being the fleet manager) and they are just silly for our sort of cars..
VF SSv are in the 20k numbers.. Shannons quoted me mid 30s for the R8 Clubbie as that is what
Redbook and Glass's state, used as an excuse to drop what I would get paid but still hey... increasing
premiums by a ridiculous amount
Market value is the starting bottom value in my opinion
Market Value is not what is advertised retail (eg Carsales). It a wholesale type price is my understanding. Agreed value premiums usually cost more than market value.
How is the claim going mate?Quote:
Originally Posted by Toddler78