Shannons Insurance Agreed Value

MattR · Postby **MattR** » Fri Jan 17, 2014 9:48 am

As it's local to me I generally wander into the West End office at Brisbane and get my stuff sorted there, which reminds me I must up the value on the S14 now the cage is in and I have a motor for it.

rascal · Postby **rascal** » Fri Jan 17, 2014 11:03 am

Also pays to keep an eye on renewals as well.
I'm with shannons for the MX and my renewal jumped 25%, even with no changes to driving/accident history or to car.
I jumped on their website and did a quote with the same details and it was near the prev years figure.
Rang them up and they changed the renewal figure to match the new quote..

MattR · Postby **MattR** » Fri Jan 17, 2014 11:19 am

You should question the renewal cost for any of your insurance policies from any company each year. It can save you a fair bit of money.

And also keep on top of any changes to the terms and conditions of your policies. It's surprising how many people have no idea what their insurance actually covers them for and for how much. I have been stung with contents insurance many years ago, and got no where near the true value of CD's stolen when my house was burgled, they gave me a lump sum and said that's it, and on another occasion I had a hot water pipe burst flooding an ensuite, bedroom and the area under the room in the garage. I lost photos and sporting gear which wasn't replaced, including two helmets that I was told would be replaced under my motorcycle insurance, was a sh*t fight and I gave up in the end to get my helmets replaced as they were for motorsport.

I now make sure all my stuff is covered at all times and for the true replacement value.

Mr Morlock · Postby **Mr Morlock** » Fri Jan 17, 2014 12:34 pm

- its not just about whingers-it's also about letting younger people in particular that it is a business transaction. Mattr and Rascal provide some good pointers and I also had a jump in premium at one stage which was obviously originally underquoted. One thing I learned only recently was that what I thought was the old Market value no longer exists and the value is defined differently- I was told to check the sum on the last Policy and was quite happy with that. Shannons told me also that they do not do Agreed Value- reference Shannons stand reps at car event. That seems wrong but it tells you that it might depend on who is giving the info - you would think the Reps would know.

CQYD · Postby **CQYD** » Fri Jan 17, 2014 2:59 pm

I hear about agreed value knock backs quite a lot but I've had agreed value on all my cars since 2006, maybe being an existing customer is a factor.

Magpie · Postby **Magpie** » Fri Jan 17, 2014 4:27 pm

Agreed value requires that both parties agree the value. Asking for an agreed value and not providing evidence will not help the other party. You may have more emotional attachment to your mods than a person with a risk view.

I sent my list of mods in, Shannon's proposed a value I accepted. Premium increased, contract formed. I could have rejected their offer, however from a market point of view it was acceptable. If the car is written off I will still suffer a loss, but not as much if I rejected their offer. I have minimized my loss and Shannon's accepted the risk that my loss would not be realised.