1M Insurance with Youi - mods

[sparoz]

Interesting today when I try to do a quote online, they said I am their preferred customer and has to finish everything off on the phone.

They have changed their focus and start shifting to performance and prestige cars.

They are expensive, but everything is covered. All the mods as long as they are listed is covered in the policy. I still need to double check their PDS, but essentially each car has its list of allowable mods, and these mods will be covered as long as they are listed.

As an example, NRMA market value quote with $2000 excess is $980 where mods as long as it is legal is allowed, but not covered. Whereas, Youi at $2300 all my mods are covered.

[RadiuM]

I bet somewhere in the PSD it says they have to be legal, somewhere deep deep down in white text on a white background.

[eriktufa]

Pretty sure SGIO allow mods as well (well that's what they said) and they are the cheapest!!!

[05C4R]

youi outright refused to insure my 1m

[micha3l]

You'll have fun if you need to claim... Was a nightmare with my e46, and I wasn't at fault either

[sparoz]

Originally Posted by RadiuM

I bet somewhere in the PSD it says they have to be legal, somewhere deep deep down in white text on a white background.

The car has to be road worthy - the definition of "car" includes any modifications and accesories.

Originally Posted by eriktufa

Pretty sure SGIO allow mods as well (well that's what they said) and they are the cheapest!!!

So is NRMA, but is your mods covered - I guess I am going to an uncharted territory that the replacement cost of the mods are going to be as much as the car itself.

Originally Posted by beemer

youi outright refused to insure my 1m

Interesting. They even let me park on the street...

Originally Posted by micha3l

You'll have fun if you need to claim... Was a nightmare with my e46, and I wasn't at fault either

Can you PM me more details? That is my concern because the pds basically doesn't really cover mods apart from the definition of cars. I don't want to be in a situation that I get paid out what they determined as the market value where the car should be fixed.

[eriktufa]

Originally Posted by sparoz

So is NRMA, but is your mods covered - I guess I am going to an uncharted territory that the replacement cost of the mods are going to be as much as the car itself.

SGIO mentioned that it doesn't matter how much money or how much mods you put in the car, the agreed value is the insured value with or without mods.

In an event where you write off your car (*touch wood*) say it's insured for 50k and you have 30k worth of mods in the car, they will only give back $50,000 to you but if the agreed value is 80k then you will get everything back.

They are trying to make it simple for us obviously the premium is much more if you insure your 1m plus your mods considering 1M parts are pricey.

[sparoz]

Originally Posted by eriktufa

SGIO mentioned that it doesn't matter how much money or how much mods you put in the car, the agreed value is the insured value with or without mods.

In an event where you write off your car (*touch wood*) say it's insured for 50k and you have 30k worth of mods in the car, they will only give back $50,000 to you but if the agreed value is 80k then you will get everything back.

They are trying to make it simple for us obviously the premium is much more if you insure your 1m plus your mods considering 1M parts are pricey.

Same as NRMA. The only problem the agreed value cannot be more than a certain amount. I might have to give shannons a call. I am not going to pay extra for Youi if the PDS is vague. I would rather stick with SGIO or NRMA, knowing that my mods are not covered than paying extra and not sure.

[MrBlonde]

Everything is illegal unless it is stock.

[Zuzu]

Originally Posted by MrBlonde

Everything is illegal unless it is stock.

Agree... PLUS, what you pay for is what you get..

Cheap Insurance = One BIG farken headache, when you least want it..

[flinchy]

Originally Posted by MrBlonde

Everything is illegal unless it is stock.

Definitely not true in queensland

Sometimes (most times) coilovers can be illegal.. But engineer able with ease.. And anything catless of course..

Southern states can either dci or intercooler without engineering

Etc.

[Superdaws]

Have you tried Ryno insurance, who use Lloyds?

http://www.rynoinsurance.com.au/ryno/

[sparoz]

Originally Posted by flinchy

Definitely not true in queensland

Sometimes (most times) coilovers can be illegal.. But engineer able with ease.. And anything catless of course..

Southern states can either dci or intercooler without engineering

Etc.

+1

Originally Posted by Superdaws

Have you tried Ryno insurance, who use Lloyds?

http://www.rynoinsurance.com.au/ryno/

Many thanks, will give them a call.

[MrBlonde]

Originally Posted by flinchy

Definitely not true in queensland

Sometimes (most times) coilovers can be illegal.. But engineer able with ease.. And anything catless of course..

Southern states can either dci or intercooler without engineering

Etc.

There's your starting point with your insurer's legal department in the event of a claim.

[eriktufa]

Originally Posted by sparoz

Same as NRMA. The only problem the agreed value cannot be more than a certain amount. I might have to give shannons a call. I am not going to pay extra for Youi if the PDS is vague. I would rather stick with SGIO or NRMA, knowing that my mods are not covered than paying extra and not sure.

Mmmm I'm not sure about 1M though... My 335i agreed value can be increased up to 81k, for 2008 model.

[pavo335]

Mmm I remember this conversation from a few months back and someone (can't remember who) said their insurer specifically covered mods. Could have been Shannon's or justcar or something like that, I recall there being two

[MrBlonde]

Shannons cover mods. Insurance companies are businesses and they have many tools available to them in order to make a first refusal of your claim.

[flinchy]

Originally Posted by MrBlonde

There's your starting point with your insurer's legal department in the event of a claim.

Mm

I assume some companies are like that 'modified not road worthy go suck it'!?

But.. Isn't there something about having to prove that the modification was a contributing factor to the accident?
As in.. You may have an atmo blowoff valve which technically makes your car unroadworthy, but they can't void your insurance for that in the event of you rear ending someone in the rain after locking it up, as long as the mod was listed..... right?

Hm.. Quick google, they technically could if you don't declare it to them, is that correct?

That's no fun... hm so if you have the mod listed, it's assumed roadworthy until it deems investigating, then if it's contributing the the accident.. No dice

Buut.. If they deny your claim but it wasn't a contributing factor, you have a mild chance of fighting for it

Did i get it right?

..all the more reason to spend $100-$200 to get a few simple mods mod-plated (unless other states cost an assload), and make sure it's listed

[MrBlonde]

My M Coupe has been engineered and re-engineered exhaustively over the years with all modifications disclosed and documented truthfully and factually. I've paid for the engineer's report and then done the full NSW RTA process: blue slip inspection with report, full registration and documented modifications on my rego label.

Iv'e then taken all that plus an extensive over the pits examination by Shannons and hold a fully documented insurance policy for all modifications.

I reckon that's as safe as I can make it and yet it's still not a done deal.

The insurer is a business and they decide if they want to pay your claim or delay it or fight it. They don't have to be legally in the right, it's purely a business decision.

They don't have to prove a damn thing, they hold your money. What are you going to do about it?

[sparoz]

Originally Posted by MrBlonde

My M Coupe has been engineered and re-engineered exhaustively over the years with all modifications disclosed and documented truthfully and factually. I've paid for the engineer's report and then done the full NSW RTA process: blue slip inspection with report, full registration and documented modifications on my rego label.

Iv'e then taken all that plus an extensive over the pits examination by Shannons and hold a fully documented insurance policy for all modifications.

I reckon that's as safe as I can make it and yet it's still not a done deal.

The insurer is a business and they decide if they want to pay your claim or delay it or fight it. They don't have to be legally in the right, it's purely a business decision.

They don't have to prove a damn thing, they hold your money. What are you going to do about it?

+1. That's why I don't like insurance companies, and guess what in Queenlsand the Tribunal decision is final and you have not representation. They are heavily bias in favour of the insurance company.

[flinchy]

Originally Posted by sparoz

+1. That's why I don't like insurance companies, and guess what in Queenlsand the Tribunal decision is final and you have not representation. They are heavily bias in favour of the insurance company.

Ooh that doesn't sound positive

@mrblonde

Mm, well, guess that's the hazard of owning a heavily modified street car, awesome to hear you did it all by the book, you're the first person i've seen say that, gives me confidence in keeping mine arguably legal lol

At least if you do have a claim denied there's solid legal recourse potentiLly..

[sparoz]

Originally Posted by flinchy

Ooh that doesn't sound positive

@mrblonde

Mm, well, guess that's the hazard of owning a heavily modified street car, awesome to hear you did it all by the book, you're the first person i've seen say that, gives me confidence in keeping mine arguably legal lol

At least if you do have a claim denied there's solid legal recourse potentiLly..

Litigation starts at 30k.