Famous Classic Car Insurance

[Jay95R33]

Meshmesh - yepp, very true. I have always told my insurance companies everthing about the car and mods I have. The last thing you want is for a claim to be held up cause you didn't tell them something... But I've got a feeling that their records will show that an RS-Four is a turbo

Demon - Yepp, I was told that from Robin. Robin deals with quotes and policy changes.. In my case I was at fault, so maybe if your not at fault then there's no problem.

[ian]

As I've posted before - I'm not negative on famous in particular, but do be carefull with all these 'offshore' insurance companies. They will keep probably keep paying claims if there are only a few, but if something like a hail storm hits there is nothing to stop them just packing up and not paying...

This will change soon, and I'm not sure if the likes of famous will still exist ie from the Australian Financial Review 28/5/2004 ->

XXXXXXXX

APRA to check on foreign insurers

Lisa Murray

KEY POINTS

· The government will implement the Potts recommendations.

· Policyholders were in danger of being issued worthless insurance cover.

Australia's prudential regulator will get increased powers to crack down on unauthorised foreign insurers that sidestep tough capital rules imposed following the HIH collapse.

Only foreign insurers from nations with similar regulations to Australia's will be exempt from the tough rules, although the industry is confused about which countries will qualify.

Local players have complained that they were disadvantaged by the favour-able treatment of foreign insurers and the Australian Prudential Regulation Authority (Apra) was forced to issue consumer warnings about some of them.

Consumer groups have been con-cerned that policyholders were in danger of being issued worthless insurance cover by companies set up in places such as eastern Europe, Vanuatu or the Solomon Islands, where there is little to no regulation of the sector.

As it stands, direct offshore foreign insurers (DOFIs) that sell policies through brokers do not have to meet Apra requirements. Offshore insurers, such as Lloyd's, which have branches in Australia, are required to operate under Apra's rules.

Yesterday, the government said it would implement recommendations contained in an independent review headed by Gary Potts in a bid to address the inconsistencies.

The Potts review recommended that DOFIs marketing insurance in Aust-ralia be exempted from the post-HIH rules only if Apra considered they were domiciled in a country that had "com-parable prudential regulation" - sub-ject to a "market significance thre-shold" to prevent established authorised insurers from moving off-shore to escape the rules.

The Potts review also recommended that Apra be given "enhanced enforce-ment and investigative powers to establish whether DOFIs required auth-orisation and that it collect data in relation to them.

"We believe Australia is the world leader in prudential regulation so we certainly have reservations about the idea of mutual recognition," said Insurance Council of Australia spokes-man Rod Frail. "We need to under-stand what Apra would regard as a comparable regulation system."

Mr Frail said that after an initial look at the recommendations, ICA was not convinced that policyholders who dealt with DOFIs would be on an equal footing with other policyholders.

Unauthorised foreign insurers have been a dilemma for the local insurance industry and regulators.

On the one hand, they are necessary to increase competition and ensure that a number of providers are offering policies in all classes of insurance. On the other, they seem to have slipped through the regulatory cracks.

XXXXXXXX

I hope that helps.

Ian

[famous]

Ian, you suggest we could "pack up & not pay" if claims blow out due to a hailstorm, etc. This is a risk covered by Re-Insurance, and in any event, $4 million paid in claims during the last 12 months hardly represents a "few claims" and we are still here!!

As for the Potts review, we regard that as an endorsement of our credentials! It is most welcome because it will rid the industry of unscrupolous companies set up with no financial background, structure or expertise-weed out the cowboys!

Companies like ours represent legitimate off shore insurers who are regulated in full in their own juristiction will flourish. Don't forget. Just because a company is not regulated in Australia, it doesn't mean it is completely unregulated. Trustworthy juristictions have extreamly active regulatory powers!!

Regards

Famous

[famous]

Ian, you suggest we could "pack up & not pay" if claims blow out due to a hailstorm, etc. This is a risk covered by Re-Insurance, and in any event, $4 million paid in claims during the last 12 months hardly represents a "few claims" and we are still here!!

As for the Potts review, we regard that as an endorsement of our credentials! It is most welcome because it will rid the industry of unscrupolous companies set up with no financial background, structure or expertise-weed out the cowboys!

Companies like ours represent legitimate off shore insurers who are regulated in full in their own juristiction will flourish. Don't forget. Just because a company is not regulated in Australia, it doesn't mean it is completely unregulated. Trustworthy juristictions have extreamly active regulatory powers!!

Regards

Famous

[Demon]

Ok guys, about the progress on my claim....

So far Famous have been great....except for me needing to call them for a few things.

I had to call them on Friday to learn that I also needed to mail my claim form through, not just fax it. Once they received it they advised me that they were waiting for the assesors report and Salvage values. The assessor was unable to send his report immediatley as he was waiting for a salvage value first.

Famous called me yesterday to advise that they needed a police report number or to speak to the officer who wrote the report. I provided them with the information. I then called Famous today to find out what had happened. They advised me that they recevied the report and salvage values today and that they tried to speak to the officer regarding the incident but were unsuccessfull as the officer is away till Thursday. The claim can't proceed till famous speak with the officer on Thursday. I was told that they just need to clarify exactly what happened from the police report.

Also, Jay95r33, u r right about their policy of not re-insuring. I am not able to re-insure with them due to this at fault claim...

[2rismo]

If anyone has any sense at all, I think that the Potts review will work to can un-trustworthy insurers with little or no backing whatsoever. This should do two things:

1/ Make us all feel better about insuring with companies like famous and;

2/ Stop dodgy operators from giving a bad name to a top notch company like famous.

I honestly couldn't be happier with the service I have received from famous. They crap all over the phone-monkeys at J*** C*** that I used to deal with!

Adrian

[[[d a n n y]]]

so how much is to b expected for a 32GTR

under famous? full compo?

[Jay95R33]

Danny - best to ring them up and get an offical quote straight from them. There's too many factors that can change the amount.

J

[mickr33]

Hi everybody. First of all i received my quote from JCI for $1078 not too bad. But the thing is that this only took 1 day. Where as famous received a requested quote the same day. Oh by the way this was a week ago. Customer service A+ NOT............................

[mickr33]

If you want the business chop chop with the quote and ya better beat $ 1078 for my waiting. Reguards Still waiting.........................

[JimX]

Hi everybody. First of all i received my quote from JCI for $1078 not too bad. But the thing is that this only took 1 day. Where as famous received a requested quote the same day. Oh by the way this was a week ago. Customer service A+ NOT............................

Maybe there was something dodgy with your application, because I got my quote on the spot.

[mickr33]

Yeah when i rang them the guy said i would have to go and apply for a quote online.

[EnricoPalazzo]

well im with famous and happy, a fellow SAUer trick has a gtr that was crashed and they fixed everythin pretty good i think.

[mickr33]

Rang them today and they said they never received it. So i did exactly the same thing again and oh what a suprise they got this one. Anyway they rung about 2 hours after receiving the online quote and the best they could do for me was $1300 compared to JCI of $1078. That's rating 1 no accidents 11 years driving. Now i would have to politely say to Famous GFY.. GO F**k Yourself.

[JimX]

Rang them today and they said they never received it. So i did exactly the same thing again and oh what a suprise they got this one. Anyway they rung about 2 hours after receiving the online quote and the best they could do for me was $1300 compared to JCI of $1078. That's rating 1 no accidents 11 years driving. Now i would have to politely say to Famous GFY.. GO F**k Yourself.

Famous was more than $300 cheaper for me than JCI. So if I was like you, I'd ring up JCI and politely tell them to "GFY" too.

[Demon]

Well guys it seems like my claim has come to an end....

Famous spoke to the police last week for the police report. I spoke to famous and they asked if I wanted the wreck. I agreed to purchase it back and then they mailed out the total loss statement offering me the value of the car less the wreck value. I have signed and mailed back the letter today. They advised me that once they received this letter, they will send me a cheque and allow me to pick up the wreck....

So all I can say is that Famous have been great with handling my claim....I can't reinsure with them because of the at fault claim, but what can you do....Just gotta wait for the cheque now and decide on what to do with the wreck....

[meshmesh]

Well guys it seems like my claim has come to an end....

Famous spoke to the police last week for the police report. I spoke to famous and they asked if I wanted the wreck. I agreed to purchase it back and  then they mailed out the total loss statement offering me the value of the car less the wreck value. I have signed and mailed back the letter today. They advised me that once they received this letter, they will send me a cheque and allow me to pick up the wreck....

So all I can say is that Famous have been great with handling my claim....I can't reinsure with them because of the at fault claim, but what can you do....Just gotta wait for the cheque now and decide on what to do with the wreck....

That's a very fast turn-around, I'm quite suprised. Good to hear Famous are on the ball and by the sounds of your claim, actually try to look after their customers, considering they're going to loose your business and re-insure you again.

I might give Famous a try when our policy runs out. Anyone have any ideas on whether Famous will Insure an R34 GTR in Victoria?

[2rismo]

Awesome! I know it should be the rule and not the exception but this should can the notion that because Famous are underwritten ex-Australia, that they don't pay claims.

Nice work.

Adrian

[famous]

Famous would like to announce that we are now insuring young drivers again in all states. Also, in the near future we will be posting some reports on the claims we have been receiving, so everyone can get an idea as to why we charge the premiums and excesses we do.

If you wish to obtain a quote, please visit our website at www.famousinsurance.com.au and complete an online quote.

[Abo Bob]

But don't try ringing the 1800 number on their home page cos it doesn't work.