Yes, we've discussed this before but times are-a-changing with other insurers now entering this niche market to attract more business.
Just seeing what you guys have experienced and what thoughts are going through your minds? I suppose my question is two-fold:
1. Has anyone ever had their car written off and bought it back from the insurer? what kind of price/percentage do insurers usually ask for the written off vehicle?
2. Does anyone have modified car insurance with another company? ie Justcars, Custom Car etc. and how does it compare to Shannons?
Id like to read about other peoples experiences and see what kind of things are going on out there.
My Scenario:
Ive been with Shannons insurance for 3 years now and my car went from $18,000 value in 2009 to $15,000 in 2012.... now I get a letter saying its dropping to $14,000 for 2013. (My Genuine yellow plate EVO III was insured at $16k last year). The insured value of the car is dropping significantly, yet the price for the policy has gone up over the years! Im > 30 yrs old with no driving offences in the last 5 years.
Its now costing $562pa for $14k cover. Not bad, but I was paying less than that at $18k cover with them 3 years ago!
They have photos and receipts and evidence that Ive spent over $50k (now $60k) on the car and the last time I spoke to them I got a bit pissed off with the Shannons rep and asked 'how much will the value drop to?'. I even contemplated if its even worth insuring anymore. Remember, many modified cars are custom built (and some engineered and legit) and they can NEVER be replaced simply by looking for a replacement in a Carsales ad. Sure for $14k you might pick up a dodgey EVO IV, V or VII, even a bog stock 2010 CJ Lancer.... but thats not the point - those cars are a dime a dozen and not unique. They will never replace our custom built car and will certainly not replace the time and money many have poured into their projects and genuinely looking for long term insurance cover.
Shannons do offer a buy-back option in case your car is written off but Im a bit worried about that as I dont know anybody who has gone through the process. As part of my first application for cover, Shannons requested that I send them evidence of how much Ive spent and what its worth to me (with photos, receipts etc). Therefore under this 'buy back' policy, who knows what ransom they might hold me to if it ever gets written off and completely not at my fault. e.g. Lets say your car is Insured for $15k, some dikhead runs a red light and smashes your car and they write it off. Would Shannons want say $10k to buy the wreck and only pay out $5k minus the excess? Hardly seems insuring at all especially for cars that are rarely driven at all.
Im thinking fuk insurance altogether as the only thing we're doing is lining their pockets with more and more money and if ever our cars get written off, you could probably end up selling the parts for more than what it would cost you to buy it back and get paid out in the long run anyway. Ive always never insured cars under $10k value (other than 3rd party property damage) as its simply not worth it.
Just seeing what you guys have experienced and what thoughts are going through your minds? I suppose my question is two-fold:
1. Has anyone ever had their car written off and bought it back from the insurer? what kind of price/percentage do insurers usually ask for the written off vehicle?
2. Does anyone have modified car insurance with another company? ie Justcars, Custom Car etc. and how does it compare to Shannons?
Id like to read about other peoples experiences and see what kind of things are going on out there.
My Scenario:
Ive been with Shannons insurance for 3 years now and my car went from $18,000 value in 2009 to $15,000 in 2012.... now I get a letter saying its dropping to $14,000 for 2013. (My Genuine yellow plate EVO III was insured at $16k last year). The insured value of the car is dropping significantly, yet the price for the policy has gone up over the years! Im > 30 yrs old with no driving offences in the last 5 years.
Its now costing $562pa for $14k cover. Not bad, but I was paying less than that at $18k cover with them 3 years ago!
They have photos and receipts and evidence that Ive spent over $50k (now $60k) on the car and the last time I spoke to them I got a bit pissed off with the Shannons rep and asked 'how much will the value drop to?'. I even contemplated if its even worth insuring anymore. Remember, many modified cars are custom built (and some engineered and legit) and they can NEVER be replaced simply by looking for a replacement in a Carsales ad. Sure for $14k you might pick up a dodgey EVO IV, V or VII, even a bog stock 2010 CJ Lancer.... but thats not the point - those cars are a dime a dozen and not unique. They will never replace our custom built car and will certainly not replace the time and money many have poured into their projects and genuinely looking for long term insurance cover.
Shannons do offer a buy-back option in case your car is written off but Im a bit worried about that as I dont know anybody who has gone through the process. As part of my first application for cover, Shannons requested that I send them evidence of how much Ive spent and what its worth to me (with photos, receipts etc). Therefore under this 'buy back' policy, who knows what ransom they might hold me to if it ever gets written off and completely not at my fault. e.g. Lets say your car is Insured for $15k, some dikhead runs a red light and smashes your car and they write it off. Would Shannons want say $10k to buy the wreck and only pay out $5k minus the excess? Hardly seems insuring at all especially for cars that are rarely driven at all.
Im thinking fuk insurance altogether as the only thing we're doing is lining their pockets with more and more money and if ever our cars get written off, you could probably end up selling the parts for more than what it would cost you to buy it back and get paid out in the long run anyway. Ive always never insured cars under $10k value (other than 3rd party property damage) as its simply not worth it.
