Car Insurance Renewal In Victoria....

[stealth01]

It's that time of year for me to renew my insurance and to my surprise, a $1000 increase for the same cover, insured amount and no claims (1994 BNR32 GTR, Male, 27 Years Old - $1600 Full Comp last year to $2600 this year).

This seemed very odd to me so I called them to ask if it is correct.. Spoke to a representative and was told that this new increase in Victoria was due to the cost of running a business has gone up because of Hail Damage claims...

I am dumbfounded that a single individual would be slung an extra $1000 per year (62.5% Increase)....

Have other Victorias experienced the same sorta increase?

[R31Nismoid]

lol increase because of hail damage?

That's what insurance is FOR in the first place. You don't just then go and up costs because of it, that's a joke.

Insurance companies using that as justification for a rise just means call another company... I've had no such increase with Shannons.

[joeyjoejoejuniorshabadoo]

shannons didn't increase mine... i know jci increased krysisisisiu's

[llama_au]

With Shannons, never had an increase in premium only decreases

[(OO)SKYLINE(OO)]

It's that time of year for me to renew my insurance and to my surprise, a $1000 increase for the same cover, insured amount and no claims (1994 BNR32 GTR, Male, 27 Years Old - $1600 Full Comp last year to $2600 this year).

This seemed very odd to me so I called them to ask if it is correct.. Spoke to a representative and was told that this new increase in Victoria was due to the cost of running a business has gone up because of Hail Damage claims...

I am dumbfounded that a single individual would be slung an extra $1000 per year (62.5% Increase)....

Have other Victorias experienced the same sorta increase?

That premium seems excessively high for your age.

Last year, I was on $1208 with a high agreed value.

Then this year, it went up $200+ and the agreed value dropped drastically.

Now I switched to Shannons, cheaper premium with a high agreed value.

[GirlTORQUE]

Hi,

Can I recommend you get a quote from LSV (Lumley Special Vehicles) ? (Underwritten by Wesfarmers)

They've done mine & it was 1300 less than Suncorp (They wanted $2300!!), Justcars (1800) & Shannons.

Beat them all. Paying about $900 now for 12 months , Got Agreed value with all the extras (hire car, windscreen free excess & no claims bonus protect)

Standard 500 excess. No hidden fee's or exclusions.

(My background is Insurance myself)

Check out :

http://www.lsvinsurance.com.au/contact-us.html

Cheers

[alr33x]

Just cars tried putting mine up $250, said they re-evaluate the post code annually and it was high risk therefore the increase. (westside seems legit) politely suggested they get fkd or I'm switching company they did same rate as last year.. Stil to much IMO but nobody else is cheaper >.<

[blah_blah]

My car insurance only went up a little bit this year. I think about $50-$100. I'm with just cars and pay around $800 per annum.

[R31Nismoid]

LSV stopped doing Imports for a while, but then started again recently.

However their premium for me, was well over $300 higher than Shannons and their agreed value was a problem - which for me was the mitigating factor as it was significantly lower.

Also one thing to consider, which isn't always a factor for some... Choice of repairer. This for me is the deal breaker in almost every instance.

Having recently made a claim through Shannons, I was shocked at how straight forward the process was vs other companies who require multi-quotes, using their "preferred" workshops and so on.

End of the day it pays to shop around. Get a quote from one place, then call back the other - good old price war will eventually see you with a better deal

[GTRRKT]

Shannons reduced my agreed value by around $8K and increased my premium by $100 on renewal. Best thing to do is get a new quote with the same company (or other companies) and check price difference. Insurance companies use something called Capping, which is a % each year that your premium will increase to align with the going Book Rate. New policies tend to be lower/discounted to lure the customer in and then each year capping is applied to decrease the amount of discount originally applied.

[some_cs_student]

LSV stopped doing Imports for a while, but then started again recently.

However their premium for me, was well over $300 higher than Shannons and their agreed value was a problem - which for me was the mitigating factor as it was significantly lower.

<cut>

Weird, Shannons quotd me around $1800, LSV around ~650 ($1500 excess) and Enthusiast special vehicle a little lower than LSV with a $750 excess.

Justcars quoted $1500 and RACV $1000.

LSV, Enthusiast & Shannons are limited or very limited use policies

[Hadouken]

Your getting raped. Im with just car,

Dropped $100

R33 GTR $1400 age:23

[AGE]

With Shannons, never had an increase in premium only decreases

Agreed!!!

I'm on Full comp @ $70 a month with Shannons with a JDM modded EVO 7.... but yeah i'm rating 1 and 40yr

[R31Nismoid]

Weird, Shannons quotd me around $1800, LSV around ~650 ($1500 excess) and Enthusiast special vehicle a little lower than LSV with a $750 excess.

Justcars quoted $1500 and RACV $1000.

LSV, Enthusiast & Shannons are limited or very limited use policies

mine is not limited use policy that im aware of, that said i never drove it daily anyway.

I was paying $1,700, agreed value of $40,000 and ALL my mods listed. I had to send through a word doco... lol.

LSV couldn't come close with all my mods listed... Which does make quite a difference.

[some_cs_student]

I'm not sure why Shannons was so expensive for me. RACV was offerring the same agreed value & didn't require a list of mods or limited use and was $800 / year cheaper.

[llama_au]

Agreed!!!

I'm on Full comp @ $70 a month with Shannons with a JDM modded EVO 7.... but yeah i'm rating 1 and 40yr

Age would help *budum tish* My Cube works out about $65 per month daily use cover for $20,000.

They have quoted me a ridiculous premium for the 86/BRZ I want to insure next year. Currently quoting $1500 insured for $43,000. Really it should be around $1000 at my age with a rating one and other policies with them I would think. By the time I want to insure it I'll be 28/29. I want to stay with them if I can as they're good to deal with. I should be able to haggle them down, having friends who work for them is a bonus.

[macdog]

Just car is great I reckon.

[joeyjoejoejuniorshabadoo]

haven'd had a crash yet have you

[w34ponGT]

age: 22

car: 34 vspec

rating: 1

i pay monthly and they increased it by 120 a month and decreased the valvue by 6g

absolute peasants i called up and they decreased it because im a loyal customer but still getting shafted

[BeEnAr]

I'm with LSV too and they jacked it about $300 to $1850 full comp, performance modified 1994 BNR32 VSpecII

Dropped it to non performance modified as they don't class coilovers, filters, exhaust or a NISTune as performance modifications. this dropped it to $1200. Switched to limited use (3 days per week no limit on KMs) and it's now $960 with $500 premium, no claim Glass cover and rating protection.

When I first took it out 4 years ago with them they even gave me salvage rights which meant if it got written off, they gave me the wreck.