Shannons or Lumleys

[Tengu]

I've had the cobra insured with Shannons since I've owned it, just over 5 years. At the time, they wouldn't insure for what I wanted because I hadn't owned it for 12 months, don't know if that was BS or not. Now I've attempted to renew at the price I know it's worth, and no go. I explained they had photos on file, and it is a US import, big block LHD on full rego,but they still compared it with older Aus kits at the lower end of the market. Lumleys said they would go half way but haven't given me a price yet. Both give me salvage rights.
I'm thinking of jumping to Lumleys. Does anyone have experience with them to date?
I know there have been insurance threads before, but I'm after some current advice.
Mike

[Dimis]

Shannons. Not even a close contest.
If you want to be bored with the details I'll pm you.

[Paintwerks]

Forget both of the above and give Tim at Famous Insurance a call. Great to deal with.

I was with Shannons. I switched to Famous and my insured value on the Cobra went from $80K (grossly undervalued) to $150K (about what it would cost to replace), allowable mileage per year went from extreme limited use to unlimited use and to add icing to the cake, the premium went from $900ish per year down to $730 per year. Pay by the month is only $11 per year extra.

I have salvage rights on the car too, and a hire car if I want it. Windscreen coverage as well I believe.

Famous also offer track day coverage too. $100 will get you $5K of coverage.

I have also dealt with Famous as a repairer and they were fantastic to deal with. I have three vehicles insured with them now. All the premiums are cheaper than the incumbent insurers too.

Cannot praise them enough.

FWIW Mike, if the above isn't convincing enough for you and you are still leaning toward Lumleys, I can assure you they are great too. I just finished a Lumley's repair on Friday and the assessor has been great to deal with. I would go with them if I wasn't with Famous.

[Tenrocca]

Originally Posted by Dimis

Shannons. Not even a close contest.
If you want to be bored with the details I'll pm you.

If you could shre that would be great - I've always been with Lumleys, but cos Im such a good driver have never had a claim, but Im curious about your reasons why.

Cheers

[Gav]

Shannon's are the pick of the litter.

[Wazza]

Lumleys have been terrific to deal with.
Had a couple of claims...always looked after me...and premiums were low.
Full salvage rights ...not just the right to BUY the wreck....you get the wreck back ..
Big difference !

[Modena]

You need to check exactly what "salvage rights" means. With some it means they will offer you the chance to BUY your wreck back, sometimes at a hideous price. With Lumley's you get the wreck back for free if it's "written off".

[gjkrv8]

Originally Posted by Modena

You need to check exactly what "salvage rights" means. With some it means they will offer you the chance to BUY your wreck back, sometimes at a hideous price. With Lumley's you get the wreck back for free if it's "written off".

Last time I read the fine print on my Shannons policy regarding "Salvage rights", you only get the wreck back for free on vehicles over 25 years old. e.g. if your Cobra is less than that you have to make them an offer and they typically want an unreasonable price for it.

[Aussie Mike]

I remember Gav was given the option to buy his wreck back but he declined. Shannon's didn't give the wreck back for nothing.

Cheers

[Gav]

My car was a repairable write off so there fore was still worth something.
That something was far more than I thought it was though.

I am not however disappointed with the outcome. I am in fact very happy with how I was treated.

[Tengu]

Thanks everyone for your comments, including clarification of salvage rights.
Interesting seeing the difference in opinions. It's great to get a diverse view, just doesn't make the decision easier.
I'll have to check the fine print, and have a look at Famous too.
I'm still open to hearing from anyone else with experiences good or bad.
Thanks

[Aussie Mike]

I've got 3 cars with Shannons. No complaints so far but no claims either.

[Dimis]

Originally Posted by Wazza

Lumleys have been terrific to deal with.

My experience with them was the polar opposite.
Glad to hear you weren't left out in the cold.

[gjkrv8]

I'm halfway through a claim (with Shannons) at present - so far so good. Just waiting on an approval to proceed with the repair. cheers.

[ICCARS]

Originally Posted by Tengu

Thanks everyone for your comments, including clarification of salvage rights.
Interesting seeing the difference in opinions. It's great to get a diverse view, just doesn't make the decision easier.
I'll have to check the fine print, and have a look at Famous too.
I'm still open to hearing from anyone else with experiences good or bad.
Thanks

After reading this thread I thought I would give Famous a call today and they were great to deal with and for my GT40 they up'd the agreed value to $190K from $150K (maximum with Shannons) and dropped my annual insurance costs from $820 to $688 with an excess of $500 from $1500...
No questions asked I will change from Shannons to Famous tomorrow, which I feel is a sorry state of affairs as I have over $2000/ann with Shannons with all my other cars, so following up on quotes for Insurance with famous now for the rest of my fleet...

[mudbrick]

Interesting with $ quotes being mentioned. I called L%%$# last Aug for my cobra and was quoted $3832 for $140k value, salvage etc excess $1400

[Tengu]

Thanks all.

Well, here it is....
1. Shannon's refused to increase value of car
2. Lumleys agree to increase value to $100K but premium was more than triple.
3. Famous agreed to increased value to $110K with only $100 increase in premium
4. Gave Shannons another chance but they refused again.
5. Insured with Famous

Although I have enjoyed a good relationship with Shannons in the past, they have obviously hired some f.wits who dont have a clue and who don't care about all the business they're going to lose.

Well worth a phone call.

Mike

[ICCARS]

I agree with your sentiments Mike, as I have been with Shannons since the early 90's and although I have had good service from them over the years, I have not been awarded good patronage for my years of service, and hence I have made the change to Famous, plus insured an extra vehicle and have saved just over $1000/ann in total with Famous now insuring all off my vehicles. Thanks for bringing up this thread mate, as I had no idea there was a better option out there for these types of cars, but there definitely is...

[Owell]

I'm with Lumleys and have no problem with them. Never had a claim though. Can't say how good they are. But you don't know how good your insurance company is until you put a claim in. Then you'll find out how good they are. Premium may not be everything.

[boxhead]

I am with Shannons, I also was with Lumleys for a couple of years.
Never made a claim through Lumleys, so cant coment on that.

I left Shannons as there price just kept climbing, I went back as the NT rep is a car guy and has been great to work with.
I have only ever made 2 screen claims (Cobra and Corona).
I currently have 5 cars, 1 truck and 2 car trailers with shannons.

I suspect I will be looking for a new insurer in the near future as the NT rep is retiring this year.