I've been in the Insurance business for more than 20 years, and I still cant understand how underwriters price the premiums.
Last year I had my Formula Ford stolen, then recovered damaged, Shannons paid out, and I then bought it back - after some dispute on the price. This year, they reduced the premium down to about $350 per year - and still include race cover.
They charge $300 per year for my Lotus, but wanted $3,500 for my new Porsche Boxster. NRMA do it for $1,200. When I asked Shannons to match the price, they said they were not interested, as they only do enthusist vehicles. A Porsche is ....
Shannons wanted $750 to cover my race car trailer, but GIO do it for $150. When I suggested that to charge $750 to cover a trailer that carries a race car they charge $350 for, was a little odd, they said that premiums were deterermined by underwriters.
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