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Shannons Insurance- Are you aware

Started by _LX77SL_ , Feb 26 2014 09:59 PM

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36 replies to this topic

#1 _LX77SL_

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Posted 26 February 2014 - 09:59 PM

Hey guys and girls

Some of you may be aware my Orange and Black hatchback was stolen last Novemeber from my garage. The car was recently recovered by the WA police in a condition that leaves me rather upset. Now this isnt a whinging topic that was car was stolen it is a thread to make people aware of changes to insurance that you may not have been aware of you just like myself.

I was insured by Shannons and was rather happy with the services and the policies i believed i was getting and agreed to. That was until i spoke to them today about having the assessment done and a buy back figure put forward to myself.

I was informed that due to my car being stolen and being payed out the agreed amount that the buy back/salvage options dont apply which was news to me. Considering i spoke to them the day before and i was informed i would have the buy back option for what the assessor said it was now worth and if i chose not to buy it back that figure would then be the reserve at an auction.

I lost my cool at this time which is not something that happens alot. When I told them this was not the way i thought it was when i took my policy out with them he replied with "well thats the way all the other companies do it now day". Now like most of you would i replied with you sell your policy by saying your different to other companies and understand the enthusiast. For an enthusiast to be told you have to chase up auction companies and bid on something that you have spent years building not to mention the sacrifices you make to build a car absoluety destroyed me. Im currently more upset now than what i was when it was first stolen.

Now for anyone not aware of this 'clause' in your shannons insurance i urge you to read the new pds which you agree to when you renew your policy. Because like most of you i believed i had buy back/salvage rights no matter what. Im not trying to get my car back without going to the auctions this is the policy but im hoping anyone insured with shannons who is not happy with this 'clause' will ring them and express their dissatisfaction with it and maybe if we get enough people to complain about it, it will bring about a policy change to ensure that no one else has to go through this.

Please if you agree with this feel free to share this on any website or forum where people may not be aware of this.

As a side note there maybe people that will say I should have read every new PDS that came out because they had the time to, yes i should have but no i didnt and its my fault.

Thanks Ayden

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#2 _LS2 Hatch_

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Posted 26 February 2014 - 10:11 PM

I for one will be checking tomorrow. I'm positive I was told by their sales people I get the car as part of the insurance. No buy back, the car is always mine!

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#3 Bernie

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Posted 26 February 2014 - 10:14 PM

They will have email and follow up ph call on their desk am tomorrow .

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#4 S pack

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Posted 26 February 2014 - 10:24 PM

I'll also be double checking my policy with Shannons.

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#5 DanWA

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Posted 26 February 2014 - 10:25 PM

The insurance on my Torana on a can't move under its own power deal (with Shannons) is currently due so i will be making mention of this tomorrow when i ring to continue

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#6 _LC2door4_

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Posted 26 February 2014 - 10:34 PM

That's rough mate and bad news about your hatch. Sorry to hear it. I recently took out laid up insurance through Shannons for my LC and I got the impression from the bloke on the phone that the salvage rights were in addition to the agreed value. I just went and had a look at their PDS which then refers you to another document that has examples of how they assess claims. It seems there is a "salvage rights benefit" and a "salvage purchase benefit". So if you have the rights, they pay agreed value plus you keep the wreck. Sounds like your policy had the purchase option instead. Not sure what I have myself now and will have to check my insurance certificate. It's a shame it all has to be so complicated and it sounds like different policies with the one provider may implement the salvage rights differently. So what you and I have may be different to the next person. Either way, I feel for you mate, sounds like you deserve some good luck soon.

Jules.

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#7 _arkwolf_

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Posted 26 February 2014 - 11:43 PM

I am currently in discussion with Happy about organizing something through SBBC club, hopefully we can get some serious traction and possibly get ACA involved. If we make enough noise and shake a few feathers we should be able to do something.

Ayden, Can you PM me your contact info so when we get this ball rolling we could give you a call.

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#8 ls2lxhatch

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Posted 27 February 2014 - 12:01 AM

I just had a look at Shannons PDS you have salvage rights if the car is in a accident but not if it is stolen.

Page 34

SALVAGE RIGHTS

Available with: Comprehensive
Applies to: All Vehicles

If your vehicle is over 35 years old, or this option is shown on your certificate, and we declare your vehicle a total loss, you will keep the unrepaired vehicle at no cost.

Page 35

Salvage rights will not apply if your vehicle is stolen and we settle your claim as a total loss.

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#9 Lima31

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Posted 27 February 2014 - 12:03 AM

.

Edited by Lima31, 27 February 2014 - 12:14 AM.

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#10 dattoman

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Posted 27 February 2014 - 12:15 AM

From the LSV PDS

Vehicle salvage

If your vehicle becomes a total loss and is insured for Comprehensive

cover, the wreck of your vehicle will, at our option, become our property

and we will keep the proceeds of any salvage sale. This does not apply if

you are entitled to salvage rights, and your vehicle was not stolen.

So best check your policies people

Seems most people assume more than what is offered.

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#11 Potta

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Posted 27 February 2014 - 12:28 AM

Yeah so if you crash it its fine but if some scumbag takes it and puts it round a tree your screwed.

Really sorry you had to find out this way Ayden.

I will be contacting Shannon's to query this also.

It is NOT what I was led to believe, and not what any of us were led to believe, which you may be able to use to your advantage.

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#12 Potta

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Posted 27 February 2014 - 12:34 AM

Email Sent.

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#13 _V6 UC_

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Posted 27 February 2014 - 12:42 AM

I too wasn't aware of no salvage rights from a theft. Il be enquiring tomoro also. Shifty bastards

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#14 ls2lxhatch

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Posted 27 February 2014 - 02:57 AM

How would you expect salvage rights to work in the case of theft if the car is found after you have been paid the insured value?

How would you determine the value of the recovered car?

I understand Ayden's frustration however he would still be in the same position if Shannons offered the car to him at a price higher than he is willing to pay.

Edited by ls2lxhatch, 27 February 2014 - 03:12 AM.

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#15 _LS2 Hatch_

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Posted 27 February 2014 - 05:50 AM

What's the difference? If you total he car they pay you out, and you get the car. If the car is stollen they pay you out, if and when the car is recovered, you get the car. If the car is undamaged you should be able to gene the money back and get yor car. He's not asking for both the money nd the car.
Why is this so unreasonable?

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#16 orangeLJ

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Posted 27 February 2014 - 05:59 AM

I know I used to pay extra for salvage rights each year...

I always thought I'd get the car back no matter what....

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#17 _LX SS EFI_

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Posted 27 February 2014 - 06:47 AM

Sorry to hear mate that's not good maybe Shannon's can let you know when it goes up for auction . Everyone knows it's yours so you should be able to get back

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#18 tinkers

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Posted 27 February 2014 - 08:15 AM

It's not just Shannon's, make sure you know your policy with any insurance co.

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#19 Bernie

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Posted 27 February 2014 - 08:21 AM

This situation is very unique.Not very often would a car be found and returned after 9 weeks .Shannons should allow Ayden to return the payout he received and get his vehicle repaired as if the theft never happened .It would be better for Shannons as they won't have as much of a loss in the end and Ayden can get his car repaired as if it was found with in a few days and returned .It isn't rocket science .

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#20 _LX77SL_

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Posted 27 February 2014 - 08:37 AM

^^^^
Either that or the car will be assessed at some point to determine the reserve amount that Shannon's would be happy with getting at an auction. Why can't they tell me that figure and give me the option to buy it back.
I'm not asking to keep the money and get my car back. I'm heart broken guys as I'm sure anyone would be. If I have to go to auction to purchase the car back I will. Just so long as this clause gets out to as many enthusiasts as it can I will be happy and maybe a change can happen if we get enough people behind it
Thanks guys

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#21 _judgelj_

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Posted 27 February 2014 - 08:45 AM

How would you expect salvage rights to work in the case of theft if the car is found after you have been paid the insured value?

How would you determine the value of the recovered car?

I understand Ayden's frustration however he would still be in the same position if Shannons offered the car to him at a price higher than he is willing to pay.

Just like they determine the value of a car and repairs if its been in an accident when they write it off. I dont think he cares what they sell it to him for, he just wants his car.

Ayden mate if they physically told you you had salvage right after theft, you possibly have some legal leverage. They record all their phone calls and in the past i have used this as ammunition against companies to get what i want when i have operators tell me one thing, and later another. Worth a shot if you get them to play it back.

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#22 _LHSL308_

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Posted 27 February 2014 - 09:00 AM

This situation is very unique.Not very often would a car be found and returned after 9 weeks .Shannons should allow Ayden to return the payout he received and get his vehicle repaired as if the theft never happened .It would be better for Shannons as they won't have as much of a loss in the end and Ayden can get his car repaired as if it was found with in a few days and returned .It isn't rocket science .

I couldn't agree more Bernie, this is a very fair way to resolve the issue.

I just rang my Lumley SV insurer to check my policy and had to make some changes to it. I checked their salvage rights clause as well. While it says in my policy that I have salvage rights if my car is a total loss, if you dig deeper this clause is not totally correct either. Lumley is exactly the same as Shannons. If the car is stolen and the insured owner gets paid out, the salvage rights are not applicable.

I feel sorry for Ayden to find out like this but you can't expect to be paid out in full and get the car back as well which clearly Ayden doesn't expect. You would think Shannon's would have some other clause in this sort of situation.

Edited by LHSL308, 27 February 2014 - 09:01 AM.

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#23 TerrA LX

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Posted 27 February 2014 - 09:51 AM

Salvage rights will not apply if your vehicle is stolen and we settle your claim as a total loss.

Doesn't that mean if your paid out on the policy where no car was recovered? Total loss?
I would think it normal if you were paid out in full, then say the car turns up 2 weeks later that the insurance company now owns it.

I don't think that applies to your car being recovered and returned to you, that would be the normal course of action.

I'm sorry but it sounds like a pretty normal insurance policy to me.

Real sorry to hear you have to chase your car up... again...

Edited by TerrA LX, 27 February 2014 - 09:52 AM.

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#24 76lxhatch

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Posted 27 February 2014 - 09:55 AM

I agree that it would be great to have a clause that allowed the original claim to be cancelled and reversed with repayment of the sum paid out (to be fair, possibly might have to add some fees and/or interest depending on the elapsed time). Obviously that isn't the case here but I guess its what most of us would like to see in future. Then a new claim could be made for any damage to the vehicle.

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#25 _outer control_

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Posted 27 February 2014 - 09:57 AM

In the case of stolen recovered vehicles if there is not much visual damage the car will be written off as you cannot asses abuse and relevant damage but in the case of our now classic cars we would accept them back at a discount price and take the risk. Shannons are and beyond doubt a car enthusiast company and i only hope they could accommodate you LX77SL.

.All the best Ayden