Insurance + Mods

Kirky · 07-03-2005, 12:49 PM

I informed my insurance company today that I have put an AU VCT engine in my AU Forte. because there is only about 7 months to go til my renewal is due they said that I only have to pay the extra amount for the 7 months. Seems good to me! Til she gave me the price........ $270.15 Now my whole insurance only costs me $390.00 per annum.
Does this sound rite? am I still hung over from satdee night? am I being ripped off??

Cheers,

JC · 07-03-2005, 01:08 PM

Sounds like the price difference between a Forte and an XR6 VCT. If that's the case, then you probably are being ripped off, but not much you can do about it, other than shop around and see if you can find a cheaper quote.

GTP 320 · 07-03-2005, 02:56 PM

Just shop around i'm sure that you will get better prices.
Cheers John

LTDHO · 07-03-2005, 03:18 PM

Mate why did ya tell them?

Unless the mod increases value or can 'visially' increase performance, I wouldn't.

GTP 320 · 07-03-2005, 08:32 PM

Quote:

Originally Posted by LTDHO

Mate why did ya tell them?

Unless the mod increases value or can 'visially' increase performance, I wouldn't.

Because if you dont tell the Insurance company's what mods you have done,they will wipe you out completely and your not covered.
Cheers John

LTDHO · 08-03-2005, 07:48 AM

Quote:

Originally Posted by GTP 320

Because if you dont tell the Insurance company's what mods you have done,they will wipe you out completely and your not covered.
Cheers John

This is not 100% true.

It depends on a few things. The only word that applies with insurance is risk. Always keep this word in your mind when thinking about insurance.

GTP 320 · 08-03-2005, 05:39 PM

Quote:

Originally Posted by LTDHO

This is not 100% true.

It depends on a few things. The only word that applies with insurance is risk. Always keep this word in your mind when thinking about insurance.

If it's performance enhancements mods and the Insurance company are not notified,they can get out of their clause under the " Non-Disclosure" and they will,and you will be the one to suffer.
Cheers John

loxxr6 · 07-03-2005, 07:54 PM

....only $390 per annum ?? Damn, I'd suffer paying that much. I pay almost 4 times as much.

As for the price hike, I'd check your insurance papers to see how they've put the different engine on your policy. Maybe some idiot has changed it to an xr6 instead and then you can argue thats not what your car is and get it reduced again. Most insurance consultants aren't enthusiasts so u never know what they do when you tell em things.

Yaw · 08-03-2005, 07:22 AM

Quote:

Originally Posted by Kirky

I informed my insurance company today that I have put an AU VCT engine in my AU Forte. because there is only about 7 months to go til my renewal is due they said that I only have to pay the extra amount for the 7 months. Seems good to me! Til she gave me the price........ $270.15 Now my whole insurance only costs me $390.00 per annum.
Does this sound rite? am I still hung over from satdee night? am I being ripped off??

Cheers,

To be perfectly honest, no it does not sound right.
Is this comprehensive, ctp, or third party fire and theft ?
And if it is Comprehensive, what area are you in?

Kirky · 08-03-2005, 10:17 AM

I live just near Warrandyte.
I'm a rating 1, It is full comp. I would rather tell them and make sure that i am fully covered then to find out that im not when/if somthing happens.

I guess I will wait and see when the paper work comes in.

Shannons offered me full comp for $1400. About double what i would be paying now.

Yaw · 08-03-2005, 06:29 PM

Quote:

Originally Posted by Kirky

I live just near Warrandyte.
I'm a rating 1, It is full comp. I would rather tell them and make sure that i am fully covered then to find out that im not when/if somthing happens.

I guess I will wait and see when the paper work comes in.

Shannons offered me full comp for $1400. About double what i would be paying now.

Being Comprehesive and paying $390 per annum for it sounds too cheap
In a Sydney area such as macquaire fields or Redfern you could expect to pay nothing less than $1000 per annum for somoething like a stock standard 1988 mazda 323 worth next to nothing...your getting a pretty good deal, except to say since you made the changes mid term I would have expected the policy to just be flagged to manually review it at renewal time

rodderz · 08-03-2005, 06:06 PM

The other week I rang RACV and asked them about "if" i were to install an exhaust, cai, aftermarket chip/ECU device how would they change my premium....they said those mods would be no worries unless I added 19" rims or lowered more than 1inch. I was quite surprised by that, I didnt think all those mods would be ok?