Have you checked your insurance policy recently?

Lokiel · Postby **Lokiel** » Thu Apr 22, 2021 10:15 pm

My Shannon's car insurance was due this week and I was having issues accessing their website because it didn't accept my password and the website wasn't sending me the "Reset Password" mail message that it told me it had sent.
I had to call them up to sort the issue out and am I glad I did.

I've been insuring Gina with Shannons for the last 4 years and initially they would only insure her for A$16,000.
While I wasn't impressed with that, it did give me the option to be the first to "buy the wreck" which was definitely worth it given all my modz and the car wasn't going to be on the road much anyway.

The guy from Shannons informed me that my policy only valued the car at A$11,000 now due to the automatic yearly decrement in vehicle price which he said was ridiculous given all the modz and that NAs and NBs are holding their value better than many cars their policies cover.
Since I rarely drive the car, and won't DD it anyway once I've installed my latest modz, I re-negotiated the policy to $27,000 for a car that's dríven infrequently and it didn't cost me any more.

Bottom Line: It's definitely worth re-negotiating your car insurance annually if it's not a regular DD boring car. NAs and NBs are now being considered more valuable by some insurance companies than they were even 5 years ago.

greenMachine · Postby **greenMachine** » Thu Apr 22, 2021 10:29 pm

Heartily endorse this.

:mrgreen:

lucmor444 · Postby **lucmor444** » Thu Apr 22, 2021 11:45 pm

Interesting- I had the same password reset problem today but didn’t chat about the devaluation. I’ll give them another call tomorrow to follow this up (do you remember who you were talking too?).

bruce · Postby **bruce** » Fri Apr 23, 2021 9:18 am

They probably got hacked, like a lot of other big businesses.

CrazyRacer · Postby **CrazyRacer** » Fri Apr 23, 2021 9:23 am

Just did this with Shannons too. Negotiated to nearly double the agreed value on my SE and the premium only went up by $4 per month.

Shannons seem to be one of the few companies recognising the value increase in older MX5s. My son just changed the insurance on his NB8B and most insurance companies would only go to a value of $5k. Shannon were prepared to go to $12K.

ManiacLachy · Postby **ManiacLachy** » Fri Apr 23, 2021 9:43 am

I have both my cars (and 3 cars for a short time) with Shannons, and keep it on "agreed value", though I'm not sure what the SE is at currently. The SE is currently on "laid up" policy, which means it's not driving any where but still covers it in case of theft or damage.

Once (eventually) I get it back from the turbo install I will be calling Shannons to flag the new mods, increase the agreed value and update the usage. Shannons are really good at discussing what you're doing with your car, and I find their premium's quite competitive.

greenMachine · Postby **greenMachine** » Fri Apr 23, 2021 10:25 am

My rego/insurance is coming up too, I have a tortoise and hare comprehensive policy with Shannons, covering the Falcon wagon and the SE (coincidentally, both 2004 models!). I need to do some research on values and have the same conversation with them.

:mrgreen:

Lokiel · Postby **Lokiel** » Fri Apr 23, 2021 12:20 pm

lucmor444 wrote:Interesting- I had the same password reset problem today but didn’t chat about the devaluation. I’ll give them another call tomorrow to follow this up (do you remember who you were talking too?).

Sorry, did not catch the name.Do give them a call regarding this though.

bruce · Postby **bruce** » Fri Apr 23, 2021 1:19 pm

Even if there is nothing to update/change, if you ring them they can still shave a couple of bucks off the premium (just say 'it was cheaper last year'). You just gotta ask.

lucmor444 · Postby **lucmor444** » Fri Apr 23, 2021 2:00 pm

Lokiel wrote:
lucmor444 wrote:Interesting- I had the same password reset problem today but didn’t chat about the devaluation. I’ll give them another call tomorrow to follow this up (do you remember who you were talking too?).

Sorry, did not catch the name.Do give them a call regarding this though.

Just called them - bumped up my value by $5K and had a slight premium reduction however during the discussion I clarified that I didn't have salvage rights on my 96NA8 so got that added for an extra $5 a month.

bruce · Postby **bruce** » Fri Apr 23, 2021 2:26 pm

How does any industry work like that? It seems they are 'overcharging' customers until they ring to enquire, then they happily reduce the premium (in full knowing that the other 99% of their customers will happily pay the inflated amount). And then they claim the kudos/goodwill for the minor reductions.
They are obviously in the same league as the Banking Industry (lots of shady practices).

ManiacLachy · Postby **ManiacLachy** » Fri Apr 23, 2021 2:29 pm

That's how banking, insurance, power, water, foxtel, telecommunications and plenty others work. You don't get the best rate as a loyal customer, you have to ask for a better rate and be willing to walk. It's BS, but that's the way it is sadly.

bruce · Postby **bruce** » Fri Apr 23, 2021 2:40 pm

I think I need to charge my customers more as using the insurance industry rule they should be happy to pay; if not, they will be rapt if I give them a small discount!
(in my dreams.....)

Postby **Okibi** » Sat Apr 24, 2021 4:46 pm

A lot of the time I chat to someone on the phone to Shannons they have been a forum member

greenltd · Postby **greenltd** » Sat May 29, 2021 12:19 pm

It's even worth a bit of shopping around. As my NB is no longer a DD I compared Shannon's to my existing Youi policy, cover went from $3k to "sorry can only do $10k" and the premium halved.

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