Renewing insurance

[Grappler]

My insurance is up for renewal
The agreed value of my 2012 defender is about half value what I see them for sale!
According to SGIo the value range is $17 to39K
I have shopped around and $39k agreed is the best i can find
Would I be better off with a market value policy?
How have others dealt with the problem of inflated used vehicle prices and coservative insrance values?

[350RRC]

Start with 'Sh' and ends with 's' and has 'an non' in between.

[Grappler]

Start with 'Sh' and ends with 's' and has 'an non' in between.Thanks for the cryptic tip
I followed up and got a quote for $65k The premium was higher but fair considering extra valuation

[scarry]

Start with 'Sh' and ends with 's' and has 'an non' in between.

Have a good look in the disclosure statement,they wont cover driving into water.

Not a problem for many,but could be for some.

[DoubleChevron]

No point trying Shannon's for something made this century. Their target market is classic cars that aren't daily drivers. They are competitive for modern cars.

[Tombie]

No point trying Shannon's for something made this century. Their target market is classic cars that aren't daily drivers. They are competitive for modern cars.

They’re very competitive.
They also cover more than a lot of the others and their valuations are often higher.

One I would never use is the one often touted by many as “4wd specific”

[350RRC]

No point trying Shannon's for something made this century. Their target market is classic cars that aren't daily drivers. They are competitive for modern cars.

The 'leg in' with them is to have an older car as well and tack the new one onto the policy.

[scarry]

One I would never use is the one often touted by many as “4wd specific”

That is probably the one that gives a great price the first year then it usually goes up 50 to 100% the next[bigsad]

[ramblingboy42]

it amazes me how one insurer can offer such good value to one person.

my Ranger is insured by the same company for 8yrs......no other insurer can even come close to the premium.

yet they absolutely hate my motorbike. so I use another insurer there.

[BMKal]

That is probably the one that gives a great price the first year then it usually goes up 50 to 100% the next[bigsad]

The one I'm currently with is the same - just got the renewal notice and am currently shopping around. Not only does the premium go up by a significant amount, the "agreed value" of the vehicle reduces by a significant amount as well. While I currently have an "auto-renewal" option checked on my policy, that will be stopped next week. These companies must rely heavily on people not bothering to read through the policy documents each year, especially where auto-renewal is part of their system.

[chuck]

Yes you have to be careful with renewal.

One big insurer i used to be with that advertises how much money they save people just discontinued the accidental damage component of our house insurance.

We had a gust of wind grab the back dual glass doors (that had been left ajar) and damage them.

When we went to see if it was worth lodging a claim the insurer just said "we took accidental damage out of your policy in your renewal".

Ended up fixing myself after some research but i would have thought they would have an obligation to specifically inform you of such a big change.

[3toes]

They call it the loyalty premium

[kafi]

it amazes me how one insurer can offer such good value to one person. my Ranger is insured by the same company for 8yrs......no other insurer can even come close to the premium. yet they absolutely hate my motorbike. so I use another insurer there.

i agree with this, some time they offer really good rate compare to other and for the otheer vehicale they are as bad as any other provider, I have faced similiar situation recently

[kafi]

it amazes me how one insurer can offer such good value to one person.

my Ranger is insured by the same company (https://generalliabilityinsure.com/small-business/builders-risk-insurance.html) for 8yrs......no other insurer can even come close to the premium.

yet they absolutely hate my motorbike. so I use another insurer there.

Btw how much you're currently paying for your ranger?

[DiscoMick]

It's a good idea to ring around before renewing any insurance.
They get you in with a low price the first year and then automatically jack it up in following years, figuring most people just pay it.
It's surprising how much can be saved by ringing to protest the rise and ask if they can do better.
Doing a few online quotes yourself first and then quoting them back to other companies can be rewarding.
That said, we currently have several policies combined for a single monthly payment with one company, which simplifies the management.