Insurance

Open for any sort of non-technical discussion regarding EVs
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Taffy
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Post by Taffy »

I am concerned here as i am right out on a limb with a ICV EV coming through the works, still a year or so off the regi/insurance part though. Was going to go with shannons, will follow this with interset.

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Richo
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Post by Richo »

Maybe someone should ask what the insurance would be like on the MiEV.
Seriously it's eqv to a $16,000 colt with $16,000 of batteries.
Because I bet if you went in and asked to insure a $16,000 colt for $32,000 they would probably laugh.
Same difference...
So the short answer is NO but the long answer is YES.
Help prevent road rage - get outta my way!

Peter C in Canberra
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Post by Peter C in Canberra »

I think an MiEV would not match our situation. Insurers would just see that as a production car from a known company with a known new price. If it were damaged in whatever way they would get a quote for repair from the authorised service agent and either pay to have it repaired or written off depending on the cost. They might be a bit uncertain about how quickly it would depreciate but that would be true of any new model car that was a bit unusual and they could keep track of resale prices to calibrate their valuation.
The problem the insurers have for comprehensive insurance of DIY EVs is that 1) they don't know who to nominate to repair the car, and 2) they don't normally have the situation where people do $20,000 of modifications to a car worth a tenth of that. They are only set up with a little bit of margin for olders cars to be in marginally better or worse condition than the average for that model/year perhaps with some minor modifications. Hence, several insurers I spoke with could value my charade as about $2500 and add on a few hundred or a thousand or so of mods but not any more.
Still I have my hopes up about NRMA since they had a sensible sounding policy statement to follow up.
Peter.
Daihatsu charade conversion 2009-18, Mitsubishi iMiEV 2013-2019, Holden Volt 2018-2019, Hyundai Kona 2019-present on the ACT's 100% renewable electricity.

a4x4kiwi
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Post by a4x4kiwi »

I just heard back from GIO and they refuesed to insure me even just 3rd party due to the 'increased risk'. They will be loosing my business for our other car and house!

Shannons have insured me 3rd party for about $240 but do not offer fire or theft. :(
Last edited by a4x4kiwi on Fri, 13 Mar 2009, 10:20, edited 1 time in total.
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woody
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Post by woody »

These guys:

Dawes Insurance

used to be in Turramurra, they are very small and may have the interest to have a look at your beasties and take your risk at a reasonable price.
Planned EV: '63 Cortina using AC and LiFePO4 Battery Pack

Peter C in Canberra
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Post by Peter C in Canberra »

I phoned Dawes for my Charade. They were one of the more positive ones. they were prepared to take the agreed value they would normally have suggested for my car (~$2500) up to $5000 (more than others would do) and the premium would have been $1020pa. For 3rd party only it would have been $333, much the same as others said. They were the ones also insuring a Blade converted Getz for $17K, only a little more than the unaltered standard car. They recognised that this was not ideal but said it was all they could do.
Peter.
Daihatsu charade conversion 2009-18, Mitsubishi iMiEV 2013-2019, Holden Volt 2018-2019, Hyundai Kona 2019-present on the ACT's 100% renewable electricity.

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acmotor
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Post by acmotor »

Peter C in Canberra wrote: I think an MiEV would not match our situation. Insurers would just see that as a production car from a known company with a known new price. If it were damaged in whatever way they would get a quote for repair from the authorised service agent and either pay to have it repaired or written off depending on the cost. They might be a bit uncertain about how quickly it would depreciate but that would be true of any new model car that was a bit unusual and they could keep track of resale prices to calibrate their valuation.
The problem the insurers have for comprehensive insurance of DIY EVs is that 1) they don't know who to nominate to repair the car, and 2) they don't normally have the situation where people do $20,000 of modifications to a car worth a tenth of that. They are only set up with a little bit of margin for olders cars to be in marginally better or worse condition than the average for that model/year perhaps with some minor modifications. Hence, several insurers I spoke with could value my charade as about $2500 and add on a few hundred or a thousand or so of mods but not any more.
Still I have my hopes up about NRMA since they had a sensible sounding policy statement to follow up.
Peter.


Yes, all valid points, however Shannons advertise / pride themselves at enthusiasts insurance. To convert an EV (at least at present) you have to be an enthusiast ! Also there is plenty of precedent for enthusiast's vehicle values being way way above the red book value.
Shannons were the ONLY insurer who would take on my EV because it was an EV. As such, I do, and will support them as a matter of principle !
iMiEV MY12     110,230km in pure Electric and loving it !

Peter C in Canberra
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Post by Peter C in Canberra »

acmotor wrote:
Shannons were the ONLY insurer who would take on my EV because it was an EV. As such, I do, and will support them as a matter of principle !

I have no problem with that. I checked last night and they are also doing the insurance on the only registered EV in Canberra, albeit only 3rd party was wanted by the owner. I was simply passing on my experience of the other day which was that the person I spoke to was quite definite about them not doing comprehensive on EVs now in spite of having done some in the past. I would still give them a try. They may well change their mind or the guy I spoke to might have been misinformed.
Last edited by Peter C in Canberra on Fri, 13 Mar 2009, 15:44, edited 1 time in total.
Daihatsu charade conversion 2009-18, Mitsubishi iMiEV 2013-2019, Holden Volt 2018-2019, Hyundai Kona 2019-present on the ACT's 100% renewable electricity.

Mark T
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Post by Mark T »

I just paid QBE an arm and a leg for CTP, but my driving record isn't to flash Image

Peter C in Canberra
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Post by Peter C in Canberra »

This morning I took out 'comprehensive' insurance on my Daihatsu charade conversion with NRMA. They were cheaper than others I spoke to with discounts for length of membership, no claims, good record and other policies etc.. Like all the others NRMA have trouble with a comprehensive insurance that would cover the actual cost of the parts used, such as $10K of battery plus $5K of motor and controller, plus 5K of other stuff, in a car that according to their books is only worth a few thousand. A third party, or third party with fire and theft was no problem since they are mainly insuring for all the other ordinary cars on the road, less so for this particular, usual car. Anyway, after some discussion they bumped up the 'agreed value' to the most they could do for this make and model which was $4000. I was concerned that when it comes to a claim they might argue that I was under-insured but reassured me that this could not occur since it was noted that the 'agreed value' was the most they would do, not my estimation of its worth. I asked to have a note on the policy that I could have salvage rights but they would not do that saying that was offered by the assessor at the time of a claim in any case though it left open the possibility that I might not get all of the $4K if I wanted the car back. I was concerned that the car might be write-off if, for example, the entire front end were smashed; I might still want to salvage $10k worth of untouched batteries from the rear end. It did not seem possible to put anything in the policy to ensure this would happen so I'll just have to take their word for it that they would be reasonable in the event of a claim. I also noted that they offer up to 10% discount for cars with particularly low emissions on a list on their web site. I pointed out that this car is better than any on their list (which included some later model charades) but they said I already had all the discounts I could get. They did list on the policy that I had (as accessories!) $10K of LiFePO4 cells and $5K of motor and controller and $5K of other stuff such as battery chargers, vacuum pump etc. At least having this noted might help. I got the impression they were trying to bend as far as they could even though the outcome is not as satisfactory as it might be.

louiseobrien
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Post by louiseobrien »

I have just left a message with the NRMA media people asking them to get back to me regarding their policy on insuring electric vehicles.

I have just send the email below to the NRMA customer service people.

Hi,

Australians are excited about electric cars coming on to the market.

I am sure that the NRMA likes to be the leader in the field, especially when it comes to the broad consumer market. Would you please make sure that consumers know that you will insure electric vehicles.

Cheers

Louise   

I have just sent an email to the editorial area of the Sydney Morning Herald asking them to ask insurance companies about insuring electric vehicles because they do not appear to be accepting them.

If they do the story and find an insurer who does cover electric cars they can sell them advertising as well as promoting them in the story.

General insurance companies are a sleepy bunch.
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louiseobrien
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Post by louiseobrien »

YES THE NRMA WILL INSURE EVS - SEE OFFICIAL RESPONSE BELOW

Hi Louise

Pls see below response. Pls attribute to an NRMA Insurance spokesperson. Thanks

>>>>>>>>>>>>>>>

Subject to its normal underwriting criteria, NRMA Insurance insures new electric vehicles and vehicles which have had an electric engine conversion.

As is the case with all modified vehicles, we will look and assess each vehicle individually, taking into account the changes that have been made. However, the money spent on modifying a vehicle does not necessarily mean the value will increase by the same amount.

As there is sometimes confusion regarding the value of the vehicle following a modification, we would encourage owners to contact NRMA Insurance on 132 132 rather than use our website for a quote.

>>>>>>>>>>>>>>>
Offical response from the NRMA insurance company
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louiseobrien
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Post by louiseobrien »

MORE OFFICIAL INFORMATION FROM THE NRMA

Hi Louise

The different businesses and brands within IAG - for example CGU and RACV - are completely separate businesses with different underwriting principles. So I can't make that commitment on their behalf.

I can however say the below applies for NRMA Insurance (NSW/ACT,QLD, TAS), SGIC (SA) and SGIO (WA).

Response from NRMA Insurance applies to their locations in NSW/ACT/QLD and Tas and also SGIC in SA and SGIO in WA
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