Lumley Insurance not doing Cobras

[Modena]

I just renewed with Lumley. Check your PDS for what salvage rights means. For mine with Lumley in a total loss I get paid out AND get the write off wreck for free.

[Auswallaby]

Thanks folks, obviously pays to shop around as usual.

[stiffy]

I have been with LSVfor 8 years and very happy.
No claims so I should be😃

I am in the middle of a sponsorship deal, nothing has been mention in my dealings.

I will make a call tomorrow.

Stiffy

[Beejay]

I contacted Lumley's for lay up insurance just before I picked up my Pace. I used them for years previously and had no claims etc.

Lumley's would only insure me for $20k, as they have a policy of only insuring for what is actually bolted to the car, so my boxes of expensive parts are not considered. I offered to show receipts for the balance but no change.

Shannon's was happy to insure for $50k, so they got my business.

Cheers,

Ben

[Chook]

Auswallaby - call NRMA and ask for their vintage and veterans area. David is the Manager's name. Link and business card on the NSW Cobra Club website too. They are better than lumleys and shannons in terms of price, coverage, salvage, towing and extra expenses.

[Wazza]

Not trying to push JUST Lumleys......
But spent a LOT of time checking just about every Insurance Cover available,and found them to be the company that ticked all the boxes.

Chook....are you sure about what you said?

They're better than Shannon's,Lumleys etc., for just about every part of the cover,including Salvage rights etc. Etc. ???!

The reason I'm asking why you seem so sure is.....

I hadn't considered NRMA ( I had checked out the Queensland equivalent (Racq),and found holes in their policies that didn't suit the Cobra.

Now ,I've just gone to that NRMA website...checked out the Insurance you suggested,Downloaded the PDF of the product description and the terms and conditions of that "veterans and Vintage" policy you recommended.

I believe the following applies.

Car has to be either very old, ( between 1919 and 1930)....or must be older than 15 years old,and considered a "collectible"..... So no Cobra under 15 years old !?!... And would a replica ICV be considered a collectible vehicle?

Pretty sure it's for cars used for hobby use....I.e. club runs/car shows...not just a car that you like to drive....eg can't be driven more than 10 days a month.

Once again...Salvage value is DEDUCTED from any payout.

So if they think the value of the wreck( engine,transmission,wheels...and so on...is worth $20,0000.... They DEDUCT that from the insured amount payout if its written off.

NOT the same as Lumleys that payout the written off value of the policy, and you GET THE WRECK BACK.

What I'm getting at ,is if we are going to recommend Insurance companies...maybe we should check out what the differences are.....it's just so important not to investigate these important points on any Insurance Cover.

That's not to say that someone won't find a better overall cover than Lumleys...but I spent a lot of time reading and checking out all of the various benefits,and discovered a lot of companies that didn't make it obvious when it came to some of the pitfalls in their cover.

I used to be with Shannon's...went over to Lumleys when the premium at the time was so much better,and they had very similar terms and conditions..eg their "salvage rights" were the same .

I still do a quick ring around when my policy falls due to check if anything has changed...and last year,when speaking to Shannon's,I specifically asked if they still handle salvage rights,the way they had always done previously...

i.e. the same as Lumleys,where they GIVE BACK THE WRECK...

and the guy I was talking to,told me that the policy holder now gets the first right of refusal to BUY back the wreck !!!

I pointed out the difference,and asked if they had let everyone know that they now SELL the wreck back to the owner,rather than GIVE back the wreck...
he said that they hadn't "announced" the change,but that it was just how they now do it.

Terrific !!

In any case...we need to really check out these recommendations before we just go ahead with the expensive insurance cover,and not be covered for the important things.

By all means....choose any company you want...but be aware that they are certainly NOT all the same cover offered.

Hoping that helps a bit.

Cheers,
Warren.

[Dimis]

Not happy with lumleys in the slightest.
Run! Run far, and wide.

If you want the story.
Feel free to pm and we'll talk.
Too long to post.

[750hp]

Warren, you had me digging through my Shannons policies regarding salvage rights. For old and decrepit vehicles, the Shannons policy clearly states salvage rights are included, but the PDS clarifies that this is only for 35+ year old cars which obviously rules out new builds.

Regarding Lumley, am I looking at the wrong PDS here? http://www.lsvinsurance.com.au/Liter....aspx?ID=54189
Page 20 seems to indicate that a car newer than 25 years old is not entitled to salvage rights, and then the older cars only have salvage rights for an accident and not for a theft recovery.
Page 17 then says that without salvage rights, you can buy the wreck back from Lumley at a fair and reasonable price.

[Tengu]

I'm with Shannons, no dramas with them.

[Wazza]

Lumleys put the Cobras in the 1965 category....(they know that they're replicas,but have made it clear that they are happy to give them the same benefits as the older cars)
come to think of it,maybe that's what NRMA does as well ?!
Although ,Salvage rights are my main concern...its something that should be considered...it would make a huge difference if I was to have a major accident.
My policy clearly states that I have the salvage rights....I.e. I get the wreck back in case of a write off.
My worry now is that we are going to bite the hand that feeds us by talking about our individual policies on the forum...maybe we should be talking to our brokers and spelling out what cover is important to each of us,and then letting them arrange a policy.
These Insurance companies seem to be able to "fit" policies to suit the customer...
Don't want to lose whatever benefits I/we already have in place,by openly talking about the policies on the forum.
If you are sure you're happy...and have asked all these important questions, and have it in writing ( I have)..then by all means use whatever company you want.

My worry was that people just sign up thinking they know what they're covered for,but not having some of the important benefits in place.
Cheers,
Warren

[Modena]

Originally Posted by 750hp

Warren, you had me digging through my Shannons policies regarding salvage rights. For old and decrepit vehicles, the Shannons policy clearly states salvage rights are included, but the PDS clarifies that this is only for 35+ year old cars which obviously rules out new builds.

Regarding Lumley, am I looking at the wrong PDS here? http://www.lsvinsurance.com.au/Liter....aspx?ID=54189
Page 20 seems to indicate that a car newer than 25 years old is not entitled to salvage rights, and then the older cars only have salvage rights for an accident and not for a theft recovery.
Page 17 then says that without salvage rights, you can buy the wreck back from Lumley at a fair and reasonable price.

my policy document actually states that salvage rights are included.

[albanycobra]

Shannons Mate.....

[boxhead]

This is correct, everyone should be talking to there broker and nutting out what you want.
Example is that Shannons did indeed drop the salvage rights about 3-4 years ago from memory. (this was mentioned in CC and is what bought it to my attention)
I contacted my broker and he at the time pleaded ignorance in not knowing that policy change, but he did some checking and found it had been.
He then wrote up a new contract for me to include salvage rights on my Cobra and any of my vehicles eligible for club registration (ie over 25 years old).
So best thing is to talk with your broker.

Originally Posted by Wazza

Lumleys put the Cobras in the 1965 category....(they know that they're replicas,but have made it clear that they are happy to give them the same benefits as the older cars)
come to think of it,maybe that's what NRMA does as well ?!
Although ,Salvage rights are my main concern...its something that should be considered...it would make a huge difference if I was to have a major accident.
My policy clearly states that I have the salvage rights....I.e. I get the wreck back in case of a write off.
My worry now is that we are going to bite the hand that feeds us by talking about our individual policies on the forum...maybe we should be talking to our brokers and spelling out what cover is important to each of us,and then letting them arrange a policy.
These Insurance companies seem to be able to "fit" policies to suit the customer...
Don't want to lose whatever benefits I/we already have in place,by openly talking about the policies on the forum.
If you are sure you're happy...and have asked all these important questions, and have it in writing ( I have)..then by all means use whatever company you want.

My worry was that people just sign up thinking they know what they're covered for,but not having some of the important benefits in place.
Cheers,
Warren

[Beejay]

Can anyone clarify who they have used for lay up cover?

Cheers,

Ben

[boxhead]

I use Shannons for lay up (currently have Charger project on it).

[Auswallaby]

I just sorted Lay up cover through Shannons as Lumleys wouldn't touch it. As my Bike is with Shannons I saved 5% on that policy too. Shannons queried my estimate of the value but were pretty happy when I was able to clearly explain it all to them.

Richard

[deano59]

will ring shannons for lay up have 3 cars and two trailers with them atm