Insurance?

[Wazza]

This is good timing Boxhead....
I was going to write something on this subject in the next day or so.

I just had my "Laid up" insurance policy for the "Race Cobra" falling due in February.

i.e it's covered for everything except driving it on the road.

( If it's lost/stolen/burned down/smashed on a trailer etc. etc....all covered )

I currently have it insured with Shannons and it's insured for $32,000.
The renewal premium was $256-00.

Because It also dawned on me when this one fell due, that I have another "Mostly completed" new Cobra sitting uninsured, and also being transported around on a trailer, that I should also get some cover for this one as well.

Rang Shannons, and got temporary cover to line up with the Race car policy, and got the following price charged for the next coming year for both vehicles.

SHANNONS
Race Cobra

Laid Up cover $32,000-00
Excess $200-00
Premium $230-00 (Inc S/Duty and GST)

Not sure of rights to recover the wreck,
and it has some "bells and whistles" on policy...Emergency accom/etc., which I ouldn't think would apply to a wrecked "Race" car.


New Street Cobra ( under construction) :

Laid Up Cover $73,000.
Excess $300-00
Premium $265-30 ( Inc S/Duty and GST )

Total for both Cars $495-74


NOW.....

also then got a quote from LUMLEY SPECIAL VEHICLES

Race Cobra
Cover $35,000
Excess $250-00
Premium $139.00 ( Inc S/Duty and GST )

With Full Salvage rights in the event of a write off

Street Cobra
Cover $70,000
Excess $250-00
Premium $193-00

With Full Salvage rights in the event of a write off.

Total premium for both cars $332-00

$163-74 less than Shannon's quote !

It was missing a couple of the SHANNON'S "bells and whistles" that I really don't think would ever be used , BUT..

LUMLEY SV had the right things for me...

Agreed value that doesn't depreciate.

Full Salvage rights...i.e. vehicle gets writen off...you get agreed value PLUS you get the car back.

Your choice of repairer.

Free windscreen ( More important when the new car is finished of course)

I also got some quotes for cover on a "finished " Cobra at various amounts up to $120,000, and the premiums were less than I had been paying Shannons last year, on my Black and Yellow Cobra for agreed cover of only $67,000-00.

It's an individual choice of course, but if anyone wants to get a quote:

Contact LUMLEY SPECIAL VHICLES,
Mr. Frank Drljo
03 98546702
Mob 0427 305708
FDrljo@lumley.com.au

And before anyone says it....I'm not getting any spotters fee !!

Hope this helps some of you.

Cheers,

Warren