RYNO INSURANCE

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Author Topic: RYNO INSURANCE  (Read 556 times)

Online GEOFF289

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RYNO INSURANCE
« on: February 13, 2020, 01:00:46 PM »
I've had my car covered by Ryno for many years now and its all been fine. A bit cheaper than some other specialist insurers, you can pay quarterly for no extra cost, never quibbled about the value I wanted covered, which I've upped a couple of times, had a no fault claim a couple of years ago when a clown sideswiped me and they handled it quickly and efficiently.

I just got my renewal though and they've changed underwriters. In fact, they make clear that Ryno are no longer the insurer at all and are now just operating as a broker. I don't know if that's something to be concerned about or not. Price remains good.

The issue with the new policy is that it says "Frequency of Use - twice monthly". The old policy simply noted that the car was on the Club Permit System and said nothing else about frequency of usage. This isn't going to cut it for me as I get it out a lot more than twice a month so I rang them up and asked about this. The guy says they've had lots of calls about that aspect and will be amending the document and he would send me a revised one immediately. However, the only amendment he could do was to make it read "twice monthly = Up to 4000 km per year".

Now 4,000 may or may not be enough to cover my usage but this wording is vague - they couldn't really check on total annual distance but they could ask to see the logbook if they decided to focus on the frequency of use rather than the total distance. I pointed out this vagueness to the guy but he said that's all he could do. So he's sent me a revised renewal with this vague wording and I'm now getting quotes from other companies because I don't think I can stay with Ryno on this basis.

I thought I'd put this up for anyone getting a renewal from Ryno. Read it carefully and make sure you're OK with it.
« Last Edit: February 14, 2020, 08:11:43 AM by GEOFF289 »

Offline Gold66

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Re: RYNO INSURANCE
« Reply #1 on: February 15, 2020, 01:56:34 PM »
Geoff i too recently had renewed my insurance with them, I have previously been paying by monthly instalments and couldn't understand why they could not just change it over i had to do it all on line i mentioned how i was real happy as i had not that issue with them before it was all done over the phone, and yes I got a little whiff myself of the new Product and questioned if i should stay or go back to Shannons which i have two other cars insured with, I don't really know of any other companies that specialise in older cars, I had a no fault claim with Shannons about 18 months ago and was reasonably smooth though they refused to pay for a new tyre claiming it was below a certain mark of mileage left , wasn't really happy about that but that's insurance companies get out of anything they can probably helped that the offending driver was also with Shannons but back on topic yes i am thinking the same about Ryno Insurance.

Online 6R07K

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Re: RYNO INSURANCE
« Reply #2 on: February 15, 2020, 10:05:23 PM »
Hi,

Left Shannons (AAI Limited and a member of the Suncorp General Insurance Group) and Ryno (Lloyd’s Australia Limited) years ago, they had a habit of giving a good price and then a year or two latter hiking it up unless I called and they put it down again. Lumley Special Vehicles (Insurance Australia Group Ltd) has been giving me the best price for a few years. Notice Enthusiast (Assetinsure Pty Limited) has been advertising a lot so will get them to quote this year at renewal time.

Any other insurance options people know of?

« Last Edit: February 16, 2020, 01:11:31 AM by 6R07K »
Cheers

Ben
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Offline derwin66

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Re: RYNO INSURANCE
« Reply #3 on: February 15, 2020, 10:55:15 PM »
Done the dance with all of them Enthusiast.com is the best I have found out there.  Been with all of them for my cars.
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Online GEOFF289

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Re: RYNO INSURANCE
« Reply #4 on: February 16, 2020, 09:04:25 AM »
Hi,

Left Shannons (AAI Limited and a member of the Suncorp General Insurance Group) and Ryno (Lloyd’s Australia Limited) years ago, they had a habit of giving a good price and then a year or two latter hiking it up unless I called and they put it down again. Lumley Special Vehicles (Insurance Australia Group Ltd) has been giving me the best price for a few years. Notice Enthusiast (Assetinsure Pty Limited) has been advertising a lot so will get them to quote this year at renewal time.

Any other insurance options people know of?

Done the dance with all of them Enthusiast.com is the best I have found out there.  Been with all of them for my cars.

That's pretty much standard practice for all insurers. I have been happy with Ryno, its just their new vague policy wording I don't like. So far, to my surprise, RACV vintage, veteran and classic car insurance is the best quote I've got, slightly better than Ryno's renewal and a lot better than the other quotes from Shannons, LSV and Famous. Enthusiast's online quote tool is flaky and resulted in me being told they couldn't cover my car but I can ring tomorrow and see how I go. LSV's quote is the highest I've obtained. Shannons won't cover the car for the same value Ryno and the others will.

Offline BAC

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Re: RYNO INSURANCE
« Reply #5 on: February 16, 2020, 10:05:30 AM »
just got my renewal though and they've changed underwriters. In fact, they make clear that Ryno are no longer the insurer at all and are now just operating as a broker.

Little bit of a semantic differentiation there: sometimes hard to tell the difference between an 'insurer' and a 'broker' as many insurers farm out the underwriting in any case.  Ryno have listed their business as "RYNO INSURANCE SERVICES A DIVISION OF EAST WEST INSURANCE BROKERS PTY LTD" on the top of my policy documents as long as I've been with them and the actual insurer is shown as "Certain underwriters at Lloyds".

Who are they using now?
« Last Edit: February 16, 2020, 10:07:19 AM by BAC »
Cheers,
Brian

Online GEOFF289

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Re: RYNO INSURANCE
« Reply #6 on: February 16, 2020, 11:31:32 AM »
Little bit of a semantic differentiation there: sometimes hard to tell the difference between an 'insurer' and a 'broker' as many insurers farm out the underwriting in any case.  Ryno have listed their business as "RYNO INSURANCE SERVICES A DIVISION OF EAST WEST INSURANCE BROKERS PTY LTD" on the top of my policy documents as long as I've been with them and the actual insurer is shown as "Certain underwriters at Lloyds".

Who are they using now?

Hi Brian,

Yeah, mine said that too. On the renewal Ryno are now 3 steps removed and just a broker. The insurer is listed as "Dawes Underwriting Australia P/L" and its underwritten by "Allianz Australia Insurance Ltd (Dawes)".

I'm just not happy with the new policy wording. The others just require that the vehicle is used in accordance with the Club Permit Scheme.

Offline BAC

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Re: RYNO INSURANCE
« Reply #7 on: February 16, 2020, 11:58:47 AM »
So Lloyds are now out of the picture - that helps explain the changes in terms and conditions of use.

My renewal is due in May so if those new conditions are still in place then I'll be shopping around for a new insurer as well.
Cheers,
Brian

Offline Reborn67

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Re: RYNO INSURANCE
« Reply #8 on: February 16, 2020, 12:38:39 PM »
 There is surprisingly few major insurance companies in Aus and they account for most of the market, the rest is made up of lesser companies or underwritten by the majors. A few years back My car was covered by "what l thought was a major company" but found it was underwritten by another, then they changed underwriters and told me my policy would not be renewed, left high and dry so to speak,  So do your homework and find out who is really signing the cheques...,

Offline teacherspet

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Re: RYNO INSURANCE
« Reply #9 on: February 17, 2020, 11:07:40 AM »
Done the dance with all of them Enthusiast.com is the best I have found out there.  Been with all of them for my cars.

I am with Enthusiast also after being with Ryno & then Shannons.

Online GEOFF289

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Re: RYNO INSURANCE
« Reply #10 on: February 17, 2020, 01:42:31 PM »
I rang Enthusiast and now have a price from them which is within a couple of dollars of the Ryno renewal so still more than RACV. Also, at this stage Enthusiast won't cover it for the value I want that most of the others will but some underwriter guy there is considering it.

At this stage I can't see a reason not to go with RACV - best price by about $40, no issues with the value I want covered, choice of repairer and salvage rights. 

Offline mcarnage59

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Re: RYNO INSURANCE
« Reply #11 on: February 17, 2020, 03:46:45 PM »
I'm with Famous and under writer is RACQ. Monthly premium at agreed value. Fortunately no claims experience.
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Offline stormin

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Re: RYNO INSURANCE
« Reply #12 on: February 17, 2020, 04:44:52 PM »
I've been with NRMA Classic Car Insurance for years with both the 68 FB and the 02 Cobra. Happy with them. I've never made a claim though
Stormin

Offline Mattstang

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Re: RYNO INSURANCE
« Reply #13 on: February 17, 2020, 04:56:11 PM »
I've been with NRMA Classic Car Insurance for years with both the 68 FB and the 02 Cobra. Happy with them. I've never made a claim though
Stormin

Same here, seem easy to get along with over the phone but again haven't had to make a claim. I recently upped the insured value of my Mach 1 by around 8K after 3 years of ownership with no questions asked and only a slightly higher monthly premium ($4.00 p/m from memory) 

Cheers
Matt

 

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