Insurance for car collection?

BPXR6T · 10-06-2007, 08:32 PM

Hi All,

I'm accumulating a bit of a collection and whilst its no gold mine the cars and parts on them are worth a bit too much to be left uninsured. I just need fire and theft insurance so spoke to my current insurer and they weren't interested in insuring unregistered cars.

I'll call Shannons on Tuesday as they have something called "Laid up cover". Does anyone here have this type of cover? The shannons web site mentions laid up cover is for cars that are under restoration, I would assume this would cover unregistered cars under restoration. Can anyone confirm that for me.

Thanks,
Mike.

BPXR6T · 10-06-2007, 08:36 PM

I'll add a bit more to that. Does anyone know of a company or if Shannons insure race cars? Obviously I'm not talking about if I crash and burn at the track. I'm talking about if my workshop burns down or gets broken into.

pauljh74 · 10-06-2007, 08:45 PM

Does home/contents insurance cover that? It might mean a higher premium, but as they are stored at home and staying put, they might come under that.

BPXR6T · 10-06-2007, 08:48 PM

Last time I spoke to my insurer they said no. I would want a policy that would cover the cars in transit to and from events etc aswell.

sexr6tasy · 10-06-2007, 08:48 PM

As far as im aware is doesn't cover it i had my mag wheels inside my house and they got stolen and the company pretty much said **** you there a separate item you have to claim indepenantly. Even tho they were in my house it wasn't covered go figuer.

GT-E · 10-06-2007, 09:14 PM

Speak to a specialist insurance broker as you do not want to be apying a fortune for insurance when the risk is low.

**gregaust** · 10-06-2007, 09:23 PM

I've had good experience with Shannons.. A friend had that restoration type cover you mention and the car wasn't registered,just notifed when it was and all completed.

V8falcons · 10-06-2007, 09:47 PM

Fourbarrel

My RS2000 club car is insured through Shannon's a laid up policy,so its covered at home and even if its trailered anywhere if I remember correctly,no events but there is an option for that too.the guys at Shannon's are very good to deal with and I haven't spoken to anyone from there that doesn't show an interest in your cars ,I couldn't be happier with there service you'll be surprised how cheap laid up insurance is too,very well worth it for piece of mind.

**Silver Ghia** · 10-06-2007, 10:09 PM

I agree with vctxr6ute.

I can recommend Shannons, I've been with them for quite a number of years now, and you get a discount for more than one car (I've got 3 on my policy).

There's also Vigil and Torque that you can try.

Might help to itemise the cars/parts/condition/value before you ring them, if you have a number of items.

BPXR6T · 10-06-2007, 10:15 PM

Thanks vctxr6ute and silver ghia. That's exactly what I wanted to hear. I've got three maybe four cars I need covered. I'll give them a buzz first thing Tuesday.

Falchoon · 10-06-2007, 10:17 PM

Quote:

Originally Posted by pauljh74

Does home/contents insurance cover that? It might mean a higher premium, but as they are stored at home and staying put, they might come under that.

Home and contents insurance is just that - home and contents, not motor vehicles. A workmate had a neighbour's tree fall on his house and garage wrecking his car and the insurance company told him to claim his car insurance - luckily he had car insurance. Not sure what happened about the no claim bonus and the gap payment. I guess his car insurance company recovered it from the house insurance company.

**GasoLane** · 10-06-2007, 10:40 PM

Quote:

Originally Posted by sexr6tasy

As far as im aware is doesn't cover it i had my mag wheels inside my house and they got stolen and the company pretty much said **** you there a separate item you have to claim indepenantly. Even tho they were in my house it wasn't covered go figuer.

Change insurance companies... I've had power tools stolen and contents insurance covered that. If the item is in the house and you make a police report thay should pay.

Yaw · 10-06-2007, 11:11 PM

Quote:

Originally Posted by GasOLane

Change insurance companies... I've had power tools stolen and contents insurance covered that. If the item is in the house and you make a police report thay should pay.

Better advise...READ YOR PRODUCT DISCLOSURE STATEMENT,
You will find most (general insurers and I say most) will limit the amount you can claim on tools of trade, and most also have a statement about vehicle parts and spares. Each policy does have its limits, just because it's on a police report really means very little if your policy has defined restrictions as most do.

Flouro_Joe · 10-06-2007, 11:13 PM

Everyone seems to recommend Shannons for what they will cover but has anybody actually had a CLAIM with them, how did they go?

BPXR6T · 10-06-2007, 11:27 PM

Quote:

Originally Posted by Flouro_Joe

Everyone seems to recommend Shannons for what they will cover but has anybody actually had a CLAIM with them, how did they go?

Good point. I've heard some horror stories with other companies.

Yaw · 10-06-2007, 11:32 PM

Quote:

Originally Posted by Falchoon

Home and contents insurance is just that - home and contents, not motor vehicles. A workmate had a neighbour's tree fall on his house and garage wrecking his car and the insurance company told him to claim his car insurance - luckily he had car insurance. Not sure what happened about the no claim bonus and the gap payment. I guess his car insurance company recovered it from the house insurance company.

The insurance company would have to prove negligance on the neighbours behalf for the tree, but if it has blown over in a storm unless the tree was rotten or known to be unsound by the neighbour, the neighbour is not at fault therfore not responsible. It's like a hail storm, its no ones fault unless a pre exisiting issue was known.

It is unlikley that an insurance company can recover from this type of thing.
Its a term called subrigation.
You see in order to recover a loss you need a third party to recover from. This is why most car policies have a statement similar to this one:

We do not pay for loss or damage to property owned by you or
any person ordinarily living with you.

The reason for this is that once you make a claim you are subrigating your responsibilty to the insurer, in other words the insurance company acts on your behalf. So if for instance your foot slipped on the brake as you drove into your garage and you ran into your washing machine and dryer, your car insurance would only cover the damage to the car itself as the third party that owns the washing machine and dryer is yourself. In a court of law if the insurance company tried to recover the costs effectivly they would have to recover from the party at fault, that being yourself. So this is why they will not pay for damage done to your own property and why he had to claim on his home insurance. Now if the home insurer wants to recover, they once again have to go after the third party at fault which of course again is himself, so the home insurer cannot recover unless they intend to sue thier own client that made the claim.

See how the situation just goes around in a circle, that is why this happens.

b2tf · 10-06-2007, 11:32 PM

Shannons are great and from memory they do have a few types of cover that include things like parts that you've collected to do resto's etc, as well as currently unregistered/undrivable cars awaiting restoration. So I dare say you should be able to come up with something with them.

If you're in Canberra, talk to Rob in their ACT office, absolutely brilliant bloke and very, very easy to deal with.

Fev · 11-06-2007, 01:29 AM

Quote:

Originally Posted by vctxr6ute

Fourbarrel

My RS2000 club car is insured through Shannon's a laid up policy,so its covered at home and even if its trailered anywhere if I remember correctly,no events but there is an option for that too.the guys at Shannon's are very good to deal with and I haven't spoken to anyone from there that doesn't show an interest in your cars ,I couldn't be happier with there service you'll be surprised how cheap laid up insurance is too,very well worth it for piece of mind.

sorry to hijack but were you driving along pennant hills road sunday night with it on the trailer, a yellow/white rs2000 race car-red trailer?) if it was you i drove past you.. around you just before maccas.. nice lookin race car by the way

V8falcons · 11-06-2007, 09:42 AM

opps sorry double post

V8falcons · 11-06-2007, 09:46 AM

Quote:

Originally Posted by Fev

sorry to hijack but were you driving along pennant hills road sunday night with it on the trailer, a yellow/white rs2000 race car-red trailer?) if it was you i drove past you.. around you just before maccas.. nice lookin race car by the way

No not me,Im in the wollondilly shire.Down south.I limit my car towing where ever I can,especially pennant hills road, its a night mare.`this is my car

http://www.fordforums.com.au/showthread.php?t=103749

**Sorted** · 11-06-2007, 12:15 PM

OH MY GOD, Guess my Home and Contents Insurance should cover my boat thats in the garage, GET REAL !! lol

It is amazing what people think should be covered under Home and Contents insurance, they go for the cheapest possible cover without reading the Product Disclosure Statement, YOU P AY FOR WHAT YOU GET!

BACK TO THE TOPIC

I have some cars insured with SHANNONS on the laid up cover, basically it insures your car for Comprehensive cover as long as it is not driven by its own power.

Funny thing is they include windscreen protection lol

This also includes being loaded/unloaded for transport
Being transported on my trailer to a Motor Enthusiast Club event

pauljh74 · 11-06-2007, 03:26 PM

The thing about why I brought up the possibility of contents insurance covering it - is provided it is included/declared in the sum insured, it could be covered under that policy. Car insurance takes into account the risks of theft and accident damage away from the owners property - which don't apply when the car is laid up. Perhaps a specific policy that takes this into account is the only way to go.

**Elks** · 11-06-2007, 04:28 PM

[HTML]Everyone seems to recommend Shannons for what they will cover but has anybody actually had a CLAIM with them, how did they go?[/HTML]

I use shannons for my cars and even get a small discoount for low use as 2 of them are garage queens. I can't drive 3 at once.

I had a claim on my ute in the early days and it was done no hassle as advertised.

I even had a highly modified F100 covered and all they asked was that I took it past them to see what they were insuring ($30K for an old pickup?) once sighted they agreed on $27 I think but all done with no hassle.

I think I like their common sense approach. I dont think that they are that much cheaper but definately easier.

**Silver Ghia** · 11-06-2007, 04:49 PM

Quote:

Originally Posted by Flouro_Joe

Everyone seems to recommend Shannons for what they will cover but has anybody actually had a CLAIM with them, how did they go?

Haven't made a claim for Laid up cover policy, but I did make a claim with Shannons last year when I was going through a roundabout in my Ghia and someone suddenly decided to join it from my left without looking.

Rang them up, gave all details over the phone, only a ten minute call, no paperwork at all. The assessor himself contacted me later on that day. A guy who you could actually talk to and discuss things, not tell me how it should be done. After obtaining a quote (only one required) and arranging to leave the car at my repairer, the assessor agreed with the quote with all new parts, and the repairer went straight to work on it.

Might sound complicated, but I had control over the whole situation, not the insurer nor repairer, had my choice of repairer, and no fuss at all. Also nothing to sign or pay when the car was finished.

I would think the same hassle free approach would apply for Laid Up cover claims.

meg · 11-06-2007, 07:04 PM

i have had both car and home contents claims with shannons, only problem we had was the amount of time it took the contractor to rebuild our car port. this wasn't shannons fault or problem and everytime i rang them they chased up the problems. i have contents insurance to cover everything in my garage, incl tools and cars/parts. hope to never have to make a claim,but never had a problem with shannons.

BPXR6T · 11-06-2007, 07:15 PM

I didn't realise Shannons done home insurance. I might have to see about that too.

**Sorted** · 11-06-2007, 10:18 PM

Silver Ghia - Added advantage wth a Shannons policy is CHOICE OF REPAIRER, thats the best option you can have on a Car Insurance Policy

Who doesn't have "Choice of Repairer" ummm, lets see, RACV, GIO, AAMI........... eg pay for what you get

meg That is usually what happens, the contracter or repairer takes their sweet time to repair or fix the damage but customers usually blame the insurance company when actually the time that it takes to repair or fix the damage is out of the insurance company's hand.