Insurance - Enthusiast Underwriting (via TCIS)

Submitted: Thursday, Sep 29, 2011 at 10:24
ThreadID: 89287 Views:4657 Replies:2 FollowUps:4
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Currently I have two Landrover Defenders, one that has been highly customised, and the other which is stock standard.

The customised 130 Twin Cab (The Landy) has been insured with a specialist insurer since the rebuild in 2006, originally for an agreed value of $35,000 (I under insured) and this has progressively dropped to $20,000 at this renewal. The renewal was to cost $1,750.

The stock standard 110 has been insured with NRMA and after the recent overhaul I was able to obtain an agreed value of $12,750, not what I wanted, but all they were willing to give at a cost of around $750.

So my total premiums for both vehicles is around $2,500 per annum

I have always used TCIS Brokers, and it so happens that my renewal for the 130 Twin Cab has coincided with the marketing campaign by Enthusiast Underwriting. I have insured both vehicles at a cost of $1,400, with agreed values of $35,000 for the 130, and $20,000 for the 110. Enthusiast Underwriting was set up by Asset Insure in May this year to cater for specialist insurance on motor vehicles.

I nominated that I would accept a $2,000 excess, and for the reason that my policy offered a $500 excess, however, I am interested in insuring against a worse-case outcome of a write-off or the like. I wouldn’t make a claim for damage under $2,000 in any case.

The policy conforms to the 4WD ANFWDC requirements and has all the inclusions that most 4WD owners want.

The underwriter for the policy is Assetinsure Pty Ltd
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Reply By: Member - Captain (WA) - Thursday, Sep 29, 2011 at 14:04

Thursday, Sep 29, 2011 at 14:04
Wow, that doesn't seem cheap at all! My 200 is insured for $83K agreed value (including the extras) and only costs $1,155 with a $550 excess with SGIO. That prices includes Business use, hire car replacement ($66 cost) plus Free Windscreen ($66 cost) extras too. And it is insured for off-road (as long as you are legally allowed there) and when I have made a claim previoulsy (not my 200) they have been very good to deal with.


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Follow Up By: Member - Captain (WA) - Thursday, Sep 29, 2011 at 14:16

Thursday, Sep 29, 2011 at 14:16
Oh for an edit function... The TCIS cost doesn't seem cheap at all, but the Enthusiast seems better value - are they the same company but different divisions?

For those vehicles where the accessories are a significant proportion of overall cost, the specialist insurers may be better as the mainstream ones tend to not allow if value for extras is more than ~25% (this % varies).


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FollowupID: 740417

Follow Up By: The Landy - Thursday, Sep 29, 2011 at 15:12

Thursday, Sep 29, 2011 at 15:12
TCIS is a broker only and arranges insurance.

The vehicle is 16 years old, rebuilt and customised, and it is difficult to arrange insurance through the normal channels. But for example, a brand new Defender 130 (2011 model) insured for an agreed value of $75,000 with a $600 excess through NRMA will cost $1,250.

Cheers...The Landy
FollowupID: 740419

Follow Up By: The Landy - Thursday, Sep 29, 2011 at 15:16

Thursday, Sep 29, 2011 at 15:16
Yes..Oh for an edit. I meant to add the purpose of my post was to highlight this insurer is currently offering very good rates, it may well be that the price you can obtain through them is better than SGIO.

Cheers, The Landy
FollowupID: 740421

Reply By: Mick O - Thursday, Sep 29, 2011 at 16:24

Thursday, Sep 29, 2011 at 16:24
I too have had the Tuck truck insured through TCIS on an agreed value policy and acceptance of modifications, accessories and the nature of touring I do (remote area). I’d previously had the Pootrol insured with Alliance who wanted an exorbitant amount for the new vehicle but were being somewhat difficult in regards to accepting of mods to suspension, tyres and rims etc. They were also somewhat confused by the chassis stretch even though the vehicle had been engineered and issued with a secondary compliance plate endorsed by VicRoads.

TCIS provided a very good policy specifically tailored to 4 wheel drives that was under a grand. The only issue was that despite it being built as in integral part of the vehicle, I had to insure the rear pod separately as a “camper” because it was slide-off. The kicker was and wait for it…..the policy was underwritten by Alliance!!! What the?

Fortuitous and timely info Bill as my policy is up for renewal at years end. I’ll give Lisa a ring and see what the difference is?

Cheers Mick.
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AnswerID: 466331

Follow Up By: Member - Gordon T (NSW) - Saturday, Oct 01, 2011 at 11:26

Saturday, Oct 01, 2011 at 11:26
As posted recently on insurances, I have found the best deal, dollar for dollar, with GIO for our 2010 NT Pajero - that view was reinforced in recent weeks when I added $10,000 worth of upgrade (B-B, winch, suspension, dual battery, snorkel etc) which they covered until November renewal at NO extra charge. I am sure they will pick it up in the renewal quote in November but I thought the no extra charge was a refreshing approach from an insurance company - and yes, they have acknowledged the upgrades. Have also just taken out cover with GIO on the new TVAN due next week. I guess the real test will come when I need to make a claim.
FollowupID: 740577

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