Insuring a modified car?

[NTF6]

Originally Posted by cat007

That's something that annoys me. I'm one of those owners. Other than my rear tyres getting a bit low from time to time, I make sure my car is VERY well maintained and any sort of knock, shake, noise or rattle I investigate and repair immediately.

Something 99% of the public here would never do.

I'm a Kiwi and we have 6 monthly road worthys (which we call 'warrant of fitness'). If the car is less than 3 years old its every 12 months I think.

It means you know, for the most part, that the cars on the road have been tested at worst 6 months ago for a road worthy. Blows my mind that this isn't a thing anywhere here in Aussie


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In the NT a brand new car doesn't need a roadworthy for 5 years after registration. Any car over 5 years old and a roadworthy is required every two years.

In saying that there are some serious ****boxes on the road as the "locals" will buy one that is roadworthy and then run it into the ground and when it's trashed and due for it's next roadworthy it is dumped on the side of the road and then they will go out and buy another one that has recently passed a roadworthy.

[pundit]

I have my modified BA Fairlane Turbo insured with Shannons, they were great and let me go for a semi decent agreed value, hopefully I never have the pleasure of finding out what they are like come claim time though.. I have claimed a windscreen thats it.. I have everything on my policy, when I told them it was tuned they weren't overally fussed about that..



My stock as a rock daily BF2 Ghia is insured with RAA, and when making a not at fault claim they were pretty good about it all..

[ljf12]

If you contact the relevant government department and detailed your planned modifications, then ask if the vehicle can still be legally registered . From what I have read it would appear the answer in most cases would be no (unless modifications engineered etc).

So you modify your vehicle without engineering(or what ever is required for compliance etc) , would any insurance company cover you if you told them the full story ?

[Bossxr8]

Originally Posted by pundit

I have my modified BA Fairlane Turbo insured with Shannons, they were great and let me go for a semi decent agreed value, hopefully I never have the pleasure of finding out what they are like come claim time though.. I have claimed a windscreen thats it.. I have everything on my policy, when I told them it was tuned they weren't overally fussed about that..



My stock as a rock daily BF2 Ghia is insured with RAA, and when making a not at fault claim they were pretty good about it all..

I'm with Shannons as well and have found them excellent. Told them all my mods and they were happy to cover them. Have only made one claim when a truck reversed into me but it was painless and fast. They handled it very well.

Wouldn't bother with RACV. They wouldn't even cover the purchase price on my G6ET. Shannons were fine with it.

[GT0132]

Originally Posted by cat007

That's something that annoys me. I'm one of those owners. Other than my rear tyres getting a bit low from time to time, I make sure my car is VERY well maintained and any sort of knock, shake, noise or rattle I investigate and repair immediately.

Something 99% of the public here would never do.

I'm a Kiwi and we have 6 monthly road worthys (which we call 'warrant of fitness'). If the car is less than 3 years old its every 12 months I think.

It means you know, for the most part, that the cars on the road have been tested at worst 6 months ago for a road worthy. Blows my mind that this isn't a thing anywhere here in Aussie


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Ahh the old WOF....I remember when I lived in NZ the dreaded WOF every 6 months. Back in the day there used to be so many rust buckets on the road over there it’s a wonder a lot of cars passed the test. I guess they have tightened it up now

[hayseed]

Originally Posted by NTF6

In the NT a brand new car doesn't need a roadworthy for 5 years after registration.

Same here in N.S.W. The you need an annual RWC ..


As for insurance..
Speaking as someone Who has operated (& insured) a fair Few Semitralers & heavy Trucks over the Years, I can say that .. you shouldn't buy insurance cover based on Premium price alone..

Have a yarn to your local Smash repairer, & they'll soon tell you which companies are Pedantic Rsoles to deal with..

getting you Vehicle repaired in a Timely & Stress free manner can be worth far more than a few Bucks (Apparently) Saved up front...

Just my 2 cents.....

[GO FURTHER]

Why I decided to pay more and stick with the RACV.

Some years ago, my modded and tuned FG XR6T was parked outside an Autobarn store.
As I come out of the store, some guy who had hired a 'rent-a-truck', which was bigger than he could handle, reversed into the back of my car, scraping the bumper and rear spoiler.

We exchange details, I have witnesses, and he admits fault.

An hour later, back home, I ring the RACV to put in a claim.
No forms to fill in, the whole claims process is done over the phone.

The claims advisor, asks when I would like my car repaired?

I say as soon as possible of course.

She books me in for 2.00pm that afternoon at their RACV 'state of the art' repair centre a few kilometres from my home. (They have many in Vic).

I take the car there, a beautiful 5-star reception awaits me, and the pretty hostess asks if I'd like a nice cup of brewed coffee and biscuits while I wait for the accessor.
I sit and wait sipping my latte while watching TV in their comfy lounge room.
(They also have work desks if you prefer to do some work on a laptop or plug in your phone to recharge, etc).

If she asked me if I wanted a massage, I would have jumped at it... She looked like the Toyota girl currently on TV.

Accessor comes out, accesses the car, and books it in for repair... Will be ready in a week.

They then arrange a Taxi to take me to Hertz. (Paid for by the RACV).

I get to Hertz, the RACV have already arranged and paid for a hire car for me.

One day before my Falcon is due to be ready, the RACV repair centre rings me to say my car is available and finished earlier than expected, and I can pick it up if I want to.

I drive the hire car back to Hertz... The RACV arrange and pay for a Taxi to take me to the repair centre.

My car is ready and I drive away knowing that my repair and the workmanship is guaranteed by the RACV for life.

I'm a happy camper.

The moral of the story...

There are no free lunches in this world and you get what you pay before.
The true test of an insurance company is when you need to make a claim and get your car repaired or replaced, not how cheap you can buy it for.

Car insurance is the one product you buy that you hope you never have to call on.

Having an accident can be stressful, what you don't want is further stress and frustration getting everything taken care of.

Beware of bargains in parachutes, fire extinguishers and insurance.

I no longer worry about accident repairs... I am in good hands.

[GT0132]

Good write up Go Further.


In days gone by the RACV (or the equivalent NRMA in NSW) and the GIO had a virtual monopoly on car insurance. There was none of this space age start of art repair centre, no pretty girls offering coffee and any other extras and no office to plug your lap top into. They've had to do all that to differentiate themselves from the rest of the pack who have come into this space offering cheaper insurance without the frills. They asked you when you would like the car repaired ?…silly question really – more pertinent is "where would you like your car repaired ?", rather than when. Most insurers offer a rental car if you tick the box but it doesn't come free , the premium rises accordingly.

What's important to me is choice of repairer, covers listed mods, and allows for a cheaper premium for lower kms travelled per annum. My BA GT is lucky to do 5,000 kms a year (and will be less now that I have the Mustang) and the Mustang about 8,000kms based on the monthly average since buying it, so I need an insurer who recognises usage - the big players still don't . For both my cars Ryno ticks all those boxes for me..

A few years ago my wife backed her BMW out of the garage into my FPV GT. Advised Ryno, claim done over the phone, went to my repairer, damaged assessed and car fixed within a week. Only a minor scrape but around $2,000 worth of damage.

[cat007]

That does sound like a good experience from RACV.
From my dealings with them today, unless Shannon's can present a better offer, I will most likely go with RACV. My premium actually doesn't change all that much between Real and RACV. It will be an extra $156 per year - which is not bad considering they cover a modified vehicle, which Real Insurance do not.
Do you have any other insurance with RACV? We're thinking of getting a second car so will probably have that with them as well. Has that brought down your premiums if you have 2 vehicles and/or house/contents as well?

[GO FURTHER]

Originally Posted by cat007

Do you have any other insurance with RACV? We're thinking of getting a second car so will probably have that with them as well. Has that brought down your premiums if you have 2 vehicles and/or house/contents as well?

Yes, one other car, and house and contents insurance.

That gives me a 'multi-policy' discount of $148 per year off the premium.

I also have Silver membership (10 - 24 years of membership with them) so that gives me another 10% discount off the premium amounting to $133.

The biggest saver though is if you increase your excess if its your fault.
Increasing it by $300 saved another $250.

[GO FURTHER]

Originally Posted by GT0132

Most insurers offer a rental car if you tick the box but it doesn't come free , the premium rises accordingly.

With the RACV, the standard comp policy includes a hire car for you up to
$60 a day for a maximum of 21 days if your car has been stolen or damaged as a result of theft or attempted theft.

But yes, I ticked the 'extra box' and I do pay $71 extra on the premium for a hire car for up to 14 days if my car is involved in an accident, even if it is my fault.

[Bossxr8]

I would be wary of any insurance company that has their own repair shop. You know they will do the absolute cheapest repair possible and cut corners where they can. I much prefer choice of repairer.

And pray you don't have a car stolen with racv. They sent private investigators to interogate me and wanted my phone records etc when my XR8 was stolen. Even went and questioned my mechanic. Pricks. Still no explanation why either.

[cat007]

Originally Posted by Bossxr8

I would be wary of any insurance company that has their own repair shop. You know they will do the absolute cheapest repair possible and cut corners where they can. I much prefer choice of repairer.

And pray you don't have a car stolen with racv. They sent private investigators to interogate me and wanted my phone records etc when my XR8 was stolen. Even went and questioned my mechanic. Pricks. Still no explanation why either.

Who do you use now then?

[Bossxr8]

Originally Posted by cat007

Who do you use now then?

Shannons.

[NTF6]

Originally Posted by arronm

Shannon's. They insure all my vehicles. Most are modified.

I've just switched to Shannon's, I'm saving a bucket load and they didn't car what mods you have they just list them, all in all it was quite a pleasant experience dealing with them.

Allianz outright refused to insure my Mustang because it was a high performance vehicle, a bit strange because they insured my modified F6. So I cancelled my policy with them and saved a heap to boot.

[cat007]

After hours of research and quotes and a spreadsheet with all the details in I've moved to RACV.
Shannon's were super expensive compared to RACV.
A lot of others just didn't want to touch my FGX XR6T with an intercooler and cold air intake/sports air filter modification (their words not mine lol).
RACV were cheaper all round and allowed me to change excess to reduce premiums and had a better multi policy discount (contents) as well as an offer for cheap household power and gas.

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[ratter]

This is from Shannons PDS

MODIFICATIONS You can ask us to insure modifications and after market accessories. Modifications are alterations or additions to your vehicle that alter its safety, performance, handling or appearance. Modifications include but are not limited to body, exhaust, transmission and suspension. If we agree to cover them, the modifications will be shown on your certificate. We do not insure any accessory or modification that is not legal.

[GasoLane]

Where it gets complicated is that IAG own, or are major shareholders in....

• NRMA
• RACV
• SGIO
• SGIC
• CGU
• Swann
• WFI (Coles)
• Lumly

[cat007]

Originally Posted by ratter

This is from Shannons PDS

MODIFICATIONS You can ask us to insure modifications and after market accessories. Modifications are alterations or additions to your vehicle that alter its safety, performance, handling or appearance. Modifications include but are not limited to body, exhaust, transmission and suspension. If we agree to cover them, the modifications will be shown on your certificate. We do not insure any accessory or modification that is not legal.

Even before mods and their value included they were way off the mark for me.

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[Bossxr8]

Originally Posted by cat007

After hours of research and quotes and a spreadsheet with all the details in I've moved to RACV.
Shannon's were super expensive compared to RACV.
A lot of others just didn't want to touch my FGX XR6T with an intercooler and cold air intake/sports air filter modification (their words not mine lol).
RACV were cheaper all round and allowed me to change excess to reduce premiums and had a better multi policy discount (contents) as well as an offer for cheap household power and gas.

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Did you go agreed value?

RACV wouldn't even cover anywhere close to the purchase price of my G6ET, even though it was low km. They were thousands off. The value they offered me would only buy a high km one in average condition.

[cat007]

Originally Posted by Bossxr8

Did you go agreed value?

RACV wouldn't even cover anywhere close to the purchase price of my G6ET, even though it was low km. They were thousands off. The value they offered me would only buy a high km one in average condition.

I went agreed value of $30K which is about $2K less than what it was with Real Insurance.

Market value according to RACV was around $26K so I bumped that up a bit to take into account cost of modifications.

Mine is in pretty good nick - but it is high km's - approaching 100K

[raised by monkeys]

Originally Posted by cat007

but it is high km's - approaching 100K

[cat007]

Originally Posted by raised by monkeys

I know I know - she's only just run in