How does Just Cars make any money?

[aybee]

got a quote today from Famous, 2020 for a 21 year old male driving a modded 92 r32 gtst at a value of 16,000 (even though im paying 12,500 plus on roads) with an excess of 1000 plus age excess of 500. they cover everything including personal belongings inside the car.

compared to Just Cars who quoted 6300 with a total excess on 2150 and they only cover the amount that i payed minus the import tax, which was decided was 10,000. so if my car is stolen i have to pay 2150 after paying 6300, which is 8450 then they give me my 10,000 so im one car down and only get 1550 from Just Cars, once the other costs are deducted.

no one in there right mind would get this insurance, and their 3rd party f+t only covers up to 4000 so after youve payed the premium and the excess your a car down and 1200 from them.

this is rediculus! who are the suckers that are insuring through them?!?!?!?!

HOW ARE THEY MAKING ANY MONEY????????????????

[TSTG33R]

Who are famous backed by?

[hippy]

just cars will insure people with really bad driving records ... i guess that includes most of us hehe ...

[aybee]

Originally posted by TSTG33R

Who are famous backed by?

not sure, there is a big thread about it in general discussion

[Guest RedLineGTR]

they are Backed by AAMI

[aybee]

you sure? cause just cars is backed by aami

[Munro]

Just cars quoted me $12,500 pa + $20,500 excess & would only insure it for 80% of what it's worth!!!

I dont think I'll be insuring my R34 GTR through them.

After 9 years at that premium I could have bought another one as a spare - who are they kidding???

[cooks44]

"Famous Classic Car Insurance is underwritten by Heritage Motor Vehicle Insurance Limited, St. Peter Port, Guernsey" as at Feb 2003. (says so right here on my policy! England, from memory... )

Famous is an underwriting agency, I've heard & read (& had) very good reports on dealing with them. Currently paying $1600 for 23 y/o rat. 1 on '93 R33 GTS-T.

See thread:

http://www.skylinesaustralia.com/forums/sh...&threadid=12142

[aybee]

thats the thread i was talking about.

someone brought up the conract where it says something about it being an oversees company and cannot trade here but they get around that because they are an undewriting company, then how can they actual insure cars? confusion setting in...

cooks44, how long have you been with famous?

have you made a claim?

what are you experiences?

[cooks44]

Haven't made any claims personally, I've only had my 'line for about 6 weeks.... been with Famous from the start. A friend of mine has made a claim, no probs, just friendly efficient service.

They offer "free" windscreen replacement also, I've read in related threads that others have had no problem getting this, even through a different company then they are associated with (Novus).

I was a little dubious at first myself, re the overseas underwriting, but during every step when getting my 'line (looking for vehicle, speaking to others, loan, etc) Famous was always brought up and given high marks for their excellent service. It's the only insurance company that has called me in the first few weeks to ask how my car was... nothing else, just to ask if I was happy! Very happy.

Only thing you've gotta watch is tell them EVERYTHING (fmic, bov, 1,200rwkw...) and read the conditions. Only conditions I really have to worry about are that all drivers must be nominated on the policy and vehicle is not insured on the street between 10.30pm & 7am. (Must be in driveway or private car park.)

[aybee]

Originally posted by cooks44

Only conditions I really have to worry about are that all drivers must be nominated on the policy and vehicle is not insured on the street between 10.30pm & 7am. (Must be in driveway or private car park.)

i heard that before but hoped that it was just for someones particular coverage they organised. i think thats rediculous, especially considering i work nights until 1.30 or 2 in the morning. it seems almost no point. i guess thats why they are cheap.

can you get insurance twice. like famous for full comp then just cars for 3rd party for when you drive at night? that would be good

[predator]

I have heard there is a km limit per year if you use Famous?? Is that right? So you can't travel more than xxx km in one year??

Justcars is simply another arm of AAMI, separating themselves to make it easier for them. They will insure anything, but they will make you pay. I've noticed their premiums going up and up, and some figures are just ridiculous - 1/3 the value of the car?? I mean come on ! That is assuming you're gonna write your car off every 3 years!! Its just stupid..

My recommendation, is that you can find somebody else USE THEM - justcar doesn't deserve people's business i don't think.. if people start going to other places then hopefully they'll start to lower their premiums again. They must be making an absolute fortune pretending they are doing it for the customer and their "we'll insure anything policy"..don't be fooled- it just comes down to one thing, making as much money as possible from those that pay...and people do..

And I remember when i called Justcar when i first got mine.. they only will give you "market value" so you will get not much for your car in the case of an accident.. and generally they exclude all the mods (like wheels, kit, etc). If you wrote your car off you would most likely be deep out of pocket.

[rs73]

Well, I'm with JustCar and my premium is $2291 for a $19K R33 GTS-t. But I'm 30yo and rating 3, perfect driving record for the past 10 years except one speeding fine 5kph over the limit.

If you include your mods in your policy (like stated in mine), then they will cover everything listed in case of any events...

[predator]

pft.. i always get busted for speeding.. and yet i have been rating #1 for 2 years and never ever had an accident that is my fault (touch wood!).. that shouldn't factor into it...and i do pay $900 less than you per year to insure mine with all its mods

[rs73]

I think it all come down to driving history and age and gender... plus the different suburb/postcode you live in, could be a huge difference in premium. I read about a quote somewhere in a magazine, two nearby postcodes can have a couple thousand $$ difference. Something to do with crime rate on that postcode.

[cooks44]

Originally posted by rs73

I think it all come down to driving history and age and gender... plus the different suburb/postcode you live in, could be a huge difference in premium. I read about a quote somewhere in a magazine, two nearby postcodes can have a couple thousand $$ difference. Something to do with crime rate on that postcode.

Yup, I've found the same. Depending on where you live it changes. And of course age/driving record...

Regarding kms with Famous, you have the option of insuring it as a "classic" car, in which case you do have the kms (and I think time) limits. Would bring the premium down accordingly. But mine's insured as a daily driver so I have no worries there.

I do worry about the night time limit, but lately I've only been at work or home (hence I haven't made it to any cruises/meets...) It's primarily just a "park off-street" limit. Doesn't worry me, I always try to park my car off the street anyway.

[Dragon18]

i got my quote from famous classic for my car 95 180sx

iam 19 with no rating at all bloody shit coz i was nominted driver with racv and they quoted me $2900

i was preety happy about that i asked about that leaving your car outside bit

and they said yea its ussualy irresponsible things like getting drunk and leaving your car outside the city on the street.

i said what happends if iam at my girflriends place and my car is outside her place?

she goes its ok theres a limit of like 5 meters or somthing to where to are =)

not 100% sure is there anything else i should know ?? =)

[rs73]

Well, we talked about the night time limit on the other thread as well. Famous seems to have this limit, while Just Cars will cover my car anytime anyday anywhere. This will justify the added insurance cost with Just Car compared to Famous.

I think it's very unfair for this thread to pound hard on Just Cars, especially just because they give you a high insurance quote. They may have reasons or added value compared to the current policy you have.

Each insurance company has their own policy, some like RACV doesn't even insure imports for a reason. Whichever suits you, you go with one company or the other. If you only drives your car during the day, has off street parking at all time, then maybe you can use Famous and save you heaps of $$$. But if majority of the time you will have to park on the public street, well beyond 12 midnight 30km away from home, then probably you should look at Just Car or other company for that added protection.

This is what I think is fair. But again, if you have very bad driving records, dont start whinging around if you get sky high insurance quote. It's only your own fault coz if you have had good records, then you'd be enjoying low premiums.

[aybee]

Originally posted by rs73

This is what I think is fair. But again, if you have very bad driving records, dont start whinging around if you get sky high insurance quote. It's only your own fault coz if you have had good records, then you'd be enjoying low premiums.

the problem is for younger drivers more than for people with poor driving records. I think your getting ripped off if your paying thousands to insure your car for market value. market value for newly imported cars doesnt include the import tax, which is about 25% of what you pay for the car, so it is a significant amount.

for me it is a toss up between 2500 for full comp at famous during the day plus 3 party property with just cars to cover other times. or, simply 3rd party fire and theft all the time for 800.

tough choice, but first option is better for peice of mind, especially to cover theft.

[rs73]

Originally posted by aybee

market value for newly imported cars doesnt include the import tax, which is about 25% of what you pay for the car, so it is a significant amount.  

Are you saying they will only insure you the market value price in Japan less import tax and other compliance cost?

My 93 GTS-t was valued as $19k by Just Cars, so it should include all the importation cost, compliance, etc then. Coz if something ever happens (touch wood never happens), with $19k I should be able to import another S1 GTS-t.