So for those that have been following this thread http://www.aus300zx.com/forum/showthread.php?t=295518 ... I have been chasing insurance for my car, and after calling shannons/just cars/etc the best deal seemed to be with Lumley Special Vehicles. They previously advised they could insure the car for $35k, or go as high as $50k if I obtained a certified valuation that put the car at that figure. So after weeks of looking around and not to mention paying the valuation fee, I was finally able to forward a certificate of valuation to LSV yesterday that put market value of the car at $50,500 and replacement value significantly higher. I just now got off the phone with LSV, after "careful consideration" by his manager, the highest agreed value that the rep can offer me is $25,000???? What a complete waste of time. So it's back to square one for me, and I categorically retract the positive rap I have previously given LSV
Thought of employing an insurance broker to do all the leg-work on this one? Theoretically the premium would reflect the risk of a claim and the magnitude of the claim. Surely if insurance is absolutely needed, the premium would be able to be adjusted to reflect the claim value...
sorry to hear this but I had a feeling you would get F--K around like I did All I can say to others is give LSV a big miss Have a great Christmas MIKEA
Step one is I will go back to Shannons and Just Cars with the valuation and see if they will come to the part... but failing that yes a broker might be a good option. Paying a higher premium is not an issue if I can get the coverage I require. EDIT Just got email back from Just Cars, and their underwriting conditions prevent them from insuring a Z32 for more than $20k regardless of valuation and money spent. I suspect Shannons will have a similar ceiling but I'll keep you posted... Not often... Yeah I saw your other post... I was just amazed that they would give me a written quote with agreed value $50k pending my supplying supporting documentation as requested only to reneg when I came back with the valuation. Apparently the manager at LSV knows "alot about imports" and $25k is the absoloute most the car is worth. What a bunch of **** heads.
My impression of LSV is they don't like insuring daily drivers, they are more into the limited use older/special vehicle type. I know people who have got very good deals from them for those sorts of vehicles. They should not have messed you around though, not good.
So they quoted you before valuation, pending valuation??? Sounds binding to me. Call the insurance ombudsman for their opinion. The bloke who apparently knows his stuff is probably no more than a shift manager grunt working on the call centre floor. I would not take this as their final position before making further enquiries.
Try Famous Insurance... Performance, Imported & Modified Car Insurance Quotes http://www.famousinsurance.com.au/
I have mine thru LSV, offered me 15.5k with all the mods for 8000km per year use. Cost is about $400 per year. No buy back option tho until the car is 25years old (classic)... They don't insure daily use cars anymore for new customers
Thanks for the suggestions guys, and I will give Famous a shot. Yeah they quoted me on a $50k policy, but there is a clause in the quote to the effect that the maximum payout will be at market value pending further documentation. Agree the manager is probably an idiot but I am undecided as to how far I want to take it with LSV... Assuming I could push them to honour the original quote they may well be a pain in the arse in the event of a payout. Car is definately NOT a daily driver and will never be! LSV are well aware of this. My frustration with Lumley's is not that they won't insure at $50k (they're not alone there!) but that having agreed to a certain figure they have now backpeddled big time, after I have spent the time and money making sure their terms were met.
damn thats not cool man but i guess they have reason behind it try get someone more reasonable and go through it with them
I have both my Z and vette insured through LSV... Just make sure you are talking to the main guy who does quotes...
I'd previously been with LSV. They upped my premium from $550 to $720 from one renewal to the next. This was because (as they put it), they are not really interested in insuring our type of car. I went back to shannons and got a good deal, about $50 per month. So good luck with anyone renewing or starting new business with LSV.
2nded. Shannons I've always found excellent to deal with. Go see them in person, show them the car, show you're an enthusiast and not a hoon and they should look after you. Ben
Copy that. I was denied shannons insurance over the phone, but caught up with a sales rep at a car meet and was arranged from there. Getting personal with the insurer really helps.
Shannons aka AAMI have been known to not pay out claims and/or pay them out and refuse to insure you afterwards... I know of a few ppl this happend to, with both at fault and not at fault claims. http://www.shannons.com.au/pages/policy-wording/motor-policy/page-13.jsp Alot of the policy points are very subjective.
Not with shannons anymore. They were not impressed when I moved to a residence without a garage, only a secured carport with swipe-card electronic access. Wankers.