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The Pub For General Automotive Related Talk |
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#1 | ||
Regular Member
Join Date: Dec 2015
Location: West of Melbourne
Posts: 488
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Just got my Woolworths insurance renewal on the AU2 XR8.....I always check them after being in the business for many years.
Agreed value has dropped from a maximum $11000 to $7800, Insurance company quotes Glass's Guide as downgrading the price on these cars. So $7800 including a set of aftermarket wheels and tyres. I'll be shopping around for a better deal.
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Cheers Ozrider AUII XR8 200KW FG MK2 XR6 Mini 850 Rover P5 3 Litre Mk1 |
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#2 | ||
FF.Com.Au Hardcore
Join Date: Oct 2010
Location: Mid North Coast
Posts: 6,443
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Not sure whet they are worth where you live, my workmate just sold his AU XR8 for $1200, so your probably not doing to badly really.
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave |
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#3 | ||
FF.Com.Au Hardcore
Join Date: Jun 2005
Posts: 3,633
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"Agreed Value" doesn't seem to be a literal term for insurance companies .. seems to be a value they agree on, not one ratified by both parties.
My old SV8 was agreed value, which in the end meant I agreed to keep paying the same premiums for a vehicle they kept reducing the value of. |
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#4 | ||
Regular Member
Join Date: Dec 2015
Location: West of Melbourne
Posts: 488
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If their only worth $1200 then I'm doing real well.
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Cheers Ozrider AUII XR8 200KW FG MK2 XR6 Mini 850 Rover P5 3 Litre Mk1 |
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#5 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: In Front of a Monitor
Posts: 1,645
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I can understand that over time the value of the car can drop, but why doesn't the insurance premium also?
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2004 Mercury Silver Falcon XR6T - 5 Speed 2017 Platinum White Mustang GT - 6 Speed 2022 Blue Thai-Special for Daily Duties - Auto |
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#6 | ||
FF.Com.Au Hardcore
Join Date: Jul 2007
Location: Sydney
Posts: 2,530
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Numerous factors drive premiums. Older cars get harder to source parts for, so repairs are more costly, or take longer (which also adds cost).
They also fall into socio-economic brackets where people don't maintain them as well - another risk, and on the same topic, you get a lot of younger drivers attracted to cheaper models - once again, up go the premiums for that entire model, regardless of the owner. It's simply the life cycle of a car, and it repeats over & over throughout generations of cars. I pay nearly as much now for our VE V8 CalaisV, and it's dropped to less than 1/3 the value it was when I was paying a lower premium. In 2000 I did a comparison between V8 VS Calais, Stato & Caprice - the Caprice V8 was cheaper to insure than a V6 Calais. The V8 Calais was nearly double the Caprice. The reason I was given: the demographic of the typical Caprice driver means they are a lower risk vehicle, backed up by their claims history for the various models. That all changed once those models reached the affordability range for P-plate drivers. And they got even worse when they relaxed the V8 rules and the power/weight ratios allowed the long wheelbase models to be driven on Ps. |
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#7 | ||
normality is boring
![]() Join Date: Jun 2006
Location: Up in the hills on the QLD/NSW boarder
Posts: 1,803
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I am with shannons and mine is at $7000 for an el wagon and has actually increased every year I have had it
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Factory v8 with turbonetics 67mm turbo, haltech ecu, aeromotive and raceworks fuel system, cobra intake and a few custom bits thrown in |
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#8 | ||
FF.Com.Au Hardcore
Join Date: Jul 2007
Location: Sydney
Posts: 2,530
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So do my Brocks.
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#9 | ||
FF.Com.Au Hardcore
Join Date: Feb 2008
Location: WA
Posts: 3,705
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My BA XT was more expensive to insure than my supercharged FGX.
It was cheaper to insure it 3rd party in the end and take the risk.
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www.bseries.com.au/mercurybullet 2016 Falcon XR8. Powered by the legend that is - David Winter. XC Cobra #181. 1985 Mack Superliner, CAT 3408, 24 speed Allison. |
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#10 | ||
FF.Com.Au Hardcore
Join Date: Jan 2006
Posts: 2,125
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It seems hard to understand why premiums go up but think from an insurance companies point of view. If making a complete generalisation, who is more likely to be involved in an accident. The owner of a new XR6? Or the owner of a 20 year old AU XR6?
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#11 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,392
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Always call up around renewal time for a better deal.
Depending on what insurer you're with it is not uncommon to get a renewal more expensive than an online quote for a new customer. I think I got $400 off one year just giving them a call and also increased my agreed value another. |
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#12 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Canberra Region
Posts: 8,939
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My FGX doesnt cost any more to insure than my EL and ED combined.
So the value of the car has little to do with the premium.
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2016 FGX XR8 Sprint, 6speed manual, Kinetic Blue #170 2004 BA wagon RTV project. 1998 EL XR8, Auto, Hot Chilli Red 1993 ED XR6, 5speed, Polynesian Green. 1 of 329. Retired 1968 XT Falcon 500 wagon, 3 on the tree, 3.6L. Patina project. |
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#13 | ||
Regular Member
Join Date: Dec 2015
Location: West of Melbourne
Posts: 488
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One of the insurance companies renewal traps is to make changes to price or cover at renewal time knowing full well that most people will not even check.
My house insurance went up by $30 a month, a quick call to the company and they applied a loyalty discount and took $29 back off. If I hadn't checked I'd still be paying $30 extra every month.
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Cheers Ozrider AUII XR8 200KW FG MK2 XR6 Mini 850 Rover P5 3 Litre Mk1 |
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#14 | ||||
R.I.P. Maggie
Join Date: May 2015
Location: Brisbane
Posts: 1,286
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Quote:
Quote:
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AUII XR8 200Kw Ute FG XR6T 1976 289 Mustang (Gone) |
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#15 | ||
Regular Member
Join Date: Dec 2015
Location: West of Melbourne
Posts: 488
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No worries, mates with multiple cars and bikes have suggested Shannons, I'm looking at the house and contents, 3 cars and a bike all up. Waiting for them to get back to me.
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Cheers Ozrider AUII XR8 200KW FG MK2 XR6 Mini 850 Rover P5 3 Litre Mk1 |
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#16 | ||
FF.Com.Au Hardcore
Join Date: Jul 2007
Location: Sydney
Posts: 2,530
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Got 5 cars (2 dailys, 1 laid up, 2 limited-use), house & contents, and building insurance for a rental with Shannons, and they have always been the lowest, or close to the lowest premiums. (All are in suburban Sydney).
Their values are pretty accurate too - I've never had to ask them to increase them on the daily drivers in the 10+ years I've been with them, as they have always been a fair market value each time they've reduced the value on the annual renewal. |
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#17 | ||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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It was cheaper to insure my brand new $45,000 FG MKII XR6 turbo 2 years ago with the same insurance company (RACV) than my then 10 year old BA XR6 worth $7,000.... And my 5 star driver rating had not changed.
When I asked why this was, I mean, if my XR6T was completely written off or stolen compared to the BA, they would have to give me a brand new XR6T under the policy for the first two years rather than an agreed $7,000 for the BA. Their answer was... "There was more chance of me having an accident and the car being repaired than it being stolen or completely written off, and older cars like the BA cost more to repair than newer cars" |
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#18 | ||
FF.Com.Au Hardcore
Join Date: Sep 2012
Location: Perth WA
Posts: 845
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I just insured my BF RTV with Woolworths yesterday, for agreed value $10,420, annual cost $422 with no excess windscreen cover, switched from HBF and saved $197.
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#19 | ||
Regular Member
Join Date: Nov 2012
Posts: 49
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I just checked my insurance renewal an i thought since i have a new car i would get a new for old car.
1..... policy now has a amount way less than it would cost to replace my car 2.... also policy states new for old |
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#20 | ||
FF.Com.Au Hardcore
Join Date: Jul 2007
Location: Sydney
Posts: 2,530
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Usually the new for old has a very clear clause stating that you must be the original purchaser of a new vehicle, it must be under 12 months old, and there must be the same make/model still available from the manufacturer.
But new for old (NFO) is not all it's cracked up to be either. A workmate got a brand new up-specc'd 4WD in July, and at just 2 days old, was written off by a drunk in a landcruiser, whilst parked (luckily he wasn't in it). Took 8 weeks to finally get confirmation they'd do the NFO - despite it being a clear-cut case, and then they tried to give him a more basic spec 4WD - not the "full fruit" extras & accessories he'd negotiated into a great deal in late June on the original one, as they couldn't supply a replacement for the same cost. Eventually he spoke to the original selling dealer himself - explaining the problem, and he negotiated the same deal again, and eventually got a like-for-like replacement, just in a different colour. |
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#21 | ||
The one and only
Join Date: Dec 2004
Location: Carrum Downs, Victoria
Posts: 9,053
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Does anybody actually read the PDS?
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1992 DC LTDHO 360rwkw built by me Tuned by CVE Performance Going of the rails on a crazy train Other cars include Dynamic ED Sprint, Dynamic DL LTD, Sparkling Burgundy DL LTD, Yellow, Red & Blue XB sedan & Black XB Coupe
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#22 | ||
FF.Com.Au Hardcore
Join Date: Aug 2007
Posts: 1,874
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Shannons for my multiple cars, AAMI for our house and contents.
Got a Shannons quote for the house but they were way too expensive plus couldn't match the unlimited cover that AAMI offers. |
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#24 | |||
FF.Com.Au Hardcore
Join Date: Feb 2008
Posts: 2,312
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Quote:
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My ride: 2007 Falcon Ute BF XR8 Orange, MTO. |
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#25 | ||
Seasoned One
Join Date: Apr 2015
Location: Toowoomba
Posts: 151
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+1 for me too
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AC Cobra 351w G6E Turbo FG mk 2 2007 Territory 1967 xr Falcon ute 289 1966 xr Fairmont 289 ![]() |
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#26 | ||
Regular Member
Join Date: Dec 2015
Location: West of Melbourne
Posts: 488
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Finally got round to getting a quote from Shannons.
They are competitive on the FG and the house but way more expensive on the XR8 and the Elantra. This is due to their discounts being based on frequency of use rather than klms. Their Excess is only $550 on all policies so that's less than current insurer. On the upside, no hesitation in offering $11k agreed value on the XR8.
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Cheers Ozrider AUII XR8 200KW FG MK2 XR6 Mini 850 Rover P5 3 Litre Mk1 |
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#27 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Central Q..10kms west of Rocky...
Posts: 8,307
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My i20 Allianz renewal is $60 increase .. $415..Rang around AAMI was the cheapest at $311 and NRMA the dearest at $767!!! I have a 60% NCB. This is an agreed value policy of $14k..it does pay to shop around...
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CSGhia |
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#28 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,050
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