modified insurance for young drivers

[CADSKY]

hey guys, i was just wondering who you all insure through?

i have been looking around for insurance for my car but the hard part is of those who will insure me i am not allowed more than 1 or 2 modifications and the rest wont insure me because i am under 25.
i am currently insured with aami and very happy with them, and the price of my insurance, except i can only get 1 mdification, so what are my options? i know i can get insurance with just car insurance, but they are very exppensive and i would prefer not to.
why does it have to be so damn tuff to find a willing insurer for a young driver with mods? i have had a modified car before and have 2 years of driving experience i which time i have never had any claims and never been involved in a car accident.

so who are you all insured with?

[poolkeeper]

just car insurance lol

[CADSKY]

Originally Posted by D1XR2C

just car insurance lol

i was insured with them for my last car as it was modified but they are just too expensive!

[JACK250]

Originally Posted by swan_ford

hey guys, i was just wondering who you all insure through?

i have been looking around for insurance for my car but the hard part is of those who will insure me i am not allowed more than 1 or 2 modifications and the rest wont insure me because i am under 25.
i am currently insured with aami and very happy with them, and the price of my insurance, except i can only get 1 mdification, so what are my options? i know i can get insurance with just car insurance, but they are very exppensive and i would prefer not to.
why does it have to be so damn tuff to find a willing insurer for a young driver with mods? i have had a modified car before and have 2 years of driving experience i which time i have never had any claims and never been involved in a car accident.

so who are you all insured with?

When I rang Shannons they told me that as long as it's within P plate restrictions they'll insure me.

[CADSKY]

Originally Posted by JACK250

When I rang Shannons they told me that as long as it's within P plate restrictions they'll insure me.

really, i thought they only covered over 25's?

anyways, is that by the current P plate laws? or does it go by the laws that aply to you? as i got my p's before the new laws in queensland i dont have power or mod restrictions but current laws do.

[cycle myth]

mmm...

Risk = Return (i.e. price).

I can tell you there is a lot of science that goes into calculating the price, and it reflects the expected claims - thats why the prices are higher.

Comprehensive insurance is an extremely competitive market so there is no room for profiteering.

You would think that manufacturers of high performance cars with an enthusiast following might offer something - but then it seems that the owners don't want surety they just want price...

[JACK250]

Originally Posted by swan_ford

really, i thought they only covered over 25's?

anyways, is that by the current P plate laws? or does it go by the laws that aply to you? as i got my p's before the new laws in queensland i dont have power or mod restrictions but current laws do.

Yeah, (Vic P plate restrictions), although she kept interupting me so she might not have understood me properly

[Yaw]

Insurance for young people with Modified cars is always going to be an expensive venture.
I hear you and everyone else say 'I have never had an accidents, I have never had any claims..etc'

OK I understand your thinking and feel an empathy towards you but the insurance company perspective never gets looked at and quite often the person on the phone you speak to cann not fully explain why this is so. It is not to "rip you off". Quite often the person on the phone just does not understand themselves.

I work in insurance. I have done Sales and Service, and Motor Claims and a few other roles.

The facts that often get overlooked.
To insure young drivers without modified cars the statistics do show that there is a very large percentage of Premium paid by young drivers to Claims paid due to the fault of young drivers.
To understand this another way it is not uncommon for the amount of premium paid in a finacial year to an insurer by the younger age groups, if you look at what the insurer has had to pay out on claims for people in that age group is usually at LEAST 85 cents in the dollar. So looking at it in that way you see a 15% of premium that needs to pay all the administraion cost of having these customers and staffing, to be left with not much of an actual profit.

A bit of a lesson on how insurance works is you pay into a pool of money of people to expand your liabilty across a lot of people. That is not to say they will all claim but you need to look at the average cost of claim per person that does claim and then make pricing descions based around that.

Sometime there may be certain risks that the insurer wants to exclude but by its guidelines it cannot, so they then price themselves out of the market so those risks go elsewhere.

Now when you look at specialist insurers such as Shannons, Just Cars, Young and Cool etc. You need to remember the pool of people paying premiums there are quite possibly in the same boat as you, young with a modified car.
Automatically you can see the average cost of repair rise hence a higher premium to pay.

Now the argument about what is done to the car, 'Its only lowered, Its only got extractors etc etc etc. The insurance company does not care at all if this makes the car less safe for you. The car needs to be legal to be insured for road registered which i think speaks for itself. What is the difference with Modified cars is having to source non genuine parts or modifications that are not readily available. Body Kits for 1 thing, So many different brands and manufacturers that go out of production can be a nightmare to be able to give a repaired car back as it was prior to the accident. As for suspension parts, if they are modified you cannot just get a part from super cheap or fulcrum that is standard. These are things that make fixing a modified car more expensive and harder to fix which is what increases the risk and premium.

Hopefully you get a better understanding now, I am sorry it won't help you get a cheaper price. If you want a cheaper price get a job at an insurer and get Staff discount. I get 50% staff discount on my policy I think I paid around $270 last september for comprehensive on my 2007 TX Territory.

[JAZSXY]

Originally Posted by swan_ford

really, i thought they only covered over 25's?

Ill be 21 in June, had insurance with Shannons since July 07. And that was on a 1993 Subaru RS Turbo Wagon with a couple of mods. Cost me $308 per quarter. I now have my EB Xr6 insured with them for I think $260 per quarter. All full comp insurance, agreed value etc etc.

[MITCHAY]

Originally Posted by JACK250

When I rang Shannons they told me that as long as it's within P plate restrictions they'll insure me.

When I rang them up they pretty much told me to off even though I had a clean history. I went to Just Car :

[Van D]

Shannon's.

[CADSKY]

thats what i was thinking but they dont insure under 25's

[Pinch]

Try Young and Cool. They insure my little bro's modded VT Clubby. Insured him while on p's too.

[Feathers]

Originally Posted by Pinch

Try Young and Cool. They insure my little bro's modded VT Clubby. Insured him while on p's too.

Yep I'm with them as well.

I called Just Cars and was given a quote of $4011 a year for my car, stock... I laughed and hung up.

[RUKIDN]

Originally Posted by Feathers

I called Just Cars and was given a quote of $4011 a year for my car, stock... I laughed and hung up.

I must be lucky! Im insured fully with just car for my supercharged au xr8 them being aware of all modifications, im 22 and paying $1500 a year.

[Boosh Brus]

Originally Posted by swan_ford

thats what i was thinking but they dont insure under 25's

I am under 25, insured with Shannons and am in their heavily modified category.
Very good price too $1000 cheaper then Justcar
Call them, it just depends on the car/driver.

[Van D]

Originally Posted by swan_ford

thats what i was thinking but they dont insure under 25's

Erm, i'm 19 :

[ZA-289]

Just car insurance, Wasn't dear either.

[Nickxb]

could try custom car with GIO

[CADSKY]

ok thanks guys ill give them all a call 2morro

[Darkr]

Okay Yaw, that's fair enough and I completely agree with what you have said.

But how come the highest risk group (the aged) do not have ridiculous premiums and yearly insurance like young drivers do?

[CADSKY]

Originally Posted by Darkr

Okay Yaw, that's fair enough and I completely agree with what you have said.

But how come the highest risk group (the aged) do not have ridiculous premiums and yearly insurance like young drivers do?

ding ding ding, thats a K.O.

[Yaw]

Originally Posted by Darkr

Okay Yaw, that's fair enough and I completely agree with what you have said.

But how come the highest risk group (the aged) do not have ridiculous premiums and yearly insurance like young drivers do?

Because thier accidents are usually over an average a lot less per claim.
I can tell you from my own experience 95% of elderly claims (60 +) have a version and description like one of these 2 scenarios.
1. I was reversing out of my car park and hit or scraped a pole/or bumper of another car.
2. I was reversing out of my driveway and hit a gate/mailbox etc.

[Yaw]

Futhermore to my above post about the elderly, you will find that most of the elderly have had insurance for years and now have a lifetime rating 1 (which as little as 10 years ago was unheard of) So they do make more claims and unlike once upon a time they would lose a rating, they now (due to a policy benifit which is almost industry wide) they stay on rating 1 and just have to pay thier excess. A rating 1 is depending on company between 60-65% off the base premium. And I can also tell you for fact at least at the company i work for once someone turns 70 there is a rise in premium.

[photn]

ouchies.

I have My 2002 Ford Focus with just cars, its insured for 18 thou with bodykit, wheels exhaust and a few other extras and i only paid $1600. reason for it beeing so high was i sorta rolled my previous car. lol. it would of been 1000 if i didnt.

I think it also comes down on what car you own.

[Rodp]

Originally Posted by photn

ouchies.

I have My 2002 Ford Focus with just cars, its insured for 18 thou with bodykit, wheels exhaust and a few other extras and i only paid $1600. reason for it beeing so high was i sorta rolled my previous car. lol. it would of been 1000 if i didnt.

Ok. How do you sort of roll a car?

[photn]

Originally Posted by Rodp

Ok. How do you sort of roll a car?

Well it wasnt quite a roll, and it wasnt quite a flip.

[Rodp]

Originally Posted by photn

Well it wasnt quite a roll, and it wasnt quite a flip.

...and yet with that descrption, I'm no clearer on what a sort of roll is.

[GasoLane]

Originally Posted by Rodp

Ok. How do you sort of roll a car?

ROFL...thats like being 'A little bit pregnant'

[Zed7fiddy]

I am with Just cars, wouldnt reccomend them to anyone, it took 11 months to ge tmoney owed to me out of them, they send your car to their cheapest quote for a repair, al in all in general with the 2 claims i have had through them not one part of any experience has bene good, i got quoted a extra hundered a year to move to shannons for twice the amoutn of service!