Insurance For Modified Cars

[lDeVillish]

Does anybody know of an insurance company i can add mod's onto the policy however to have them only covered in the event of a theft.

I Just had the intake headers and exhaust done, and after speaking to my insurace company ( just car insurance ) i was told it would add around $1200 in agreed value however if the car was stolen it would be covered for the full amount paid for ($ 4500 ) so basically im getting screwed less than 50 % of what i paid for those parts ?

oh and if i dont add them onto the policy i can keep the parts in the event the car was to be written off however that would reduce my agreed value of the whole car and affect a claim in general.

[vippy84]

Shannons is good, but their agreed value is low!

[lDeVillish]

how much did they agree to insure your car for ?

[Zilli]

not low for me... my cars insured for 21500

[vippy84]

how much did they agree to insure your car for ?

24500 with all mods!

[kavehman]

24.5 is awesome.

mines only insured for 17 - 18. then again I only pay 1300 a year premium

[tinkerbell]

mine (98 VTiR) is agreed at 23k for 1080 per year... (shannons)

you just gotta push them hard and list everything.

[ewendc2r]

Just so you know -- When I was enquiring with RACQ for insurance (and I understand this is the same across the industry) it seems the Agreed Value is for their purpose and in the instance of a claim, they still only pay the max market value (according to Red Book) so the Agreed Value is only really worthwhile when under-insuring the vehicle.. Seemed really weird, almost bordering on misleading marketing. I would check with your insurer if they will actually PAY the amount you have insured the car for at agreed value.

On the same note -- Are the above figures with Shannon's and if so, what premiums are you paying? I want to change my insurance soon.. RACQ only values the car at $14k even though I was offered $21k for it last year and have spent a motza on aftermarket shit (which they don't take into account because suprise suprise, modifications aren't worth shit according to them).

[Time]

That can't be right??? can it? what the hell are you agreeing on if its not the replacement value if written off / stolen?

A modification would only be worth its value - the oem replacement cost from honda i would assume? Is this how they work it?

I have no idea how it works but is it like this: you replace your wheels and spend 4k on them but standard replacements for oem are 3.5k from honda they are only going to cover the extra $500? same for other parts?

[lDeVillish]

24500 with all mods!

thats awesome man i'd b happy with that but shannons won't insure me becuz under 25 and they go i have to be a member of a car club ??

[tinkerbell]

Just so you know -- When I was enquiring with RACQ for insurance (and I understand this is the same across the industry) it seems the Agreed Value is for their purpose and in the instance of a claim, they still only pay the max market value (according to Red Book) .

just so you know, that sounds like you were:

a) lied to
b) talking to soemone who has no idea about the product
c) misconstruing what you wre told

agreed value is just that - you are agreeing to pay a premium based on the value that you have agreed with the insurer that your payout will be in the instance of total loss...

shannons states:



http://www.shannons.com.au/downloads/motor2008-pds.pdf

[tinkerbell]

racq policy wording:



pretty clear

[ewendc2r]

Thanks for clearing that up -- I couldn't believe it when I heard it. Wasn't taking it for gospel and I sure as fuck am not going to insure with RACQ however I always adopt the better safe than sorry.

I tried to get agreed value for $22k and because the vehicle was only $14k on their books they basically said $14k is the most I can insure for but guaranteed to be at the top end of the market value window (but no higher!) .. Thought it was absolutely bizarre and ended up talking to the manager about it who then tried to clarify the position but seemed to incriminate themselves somewhat more!

Who are you insured with Tink? Whats the premium per year?

I'm guessing my only option is really Shannon's now ..

[tinkerbell]

Who are you insured with Tink? Whats the premium per year?

read what i posted at 9:25am this morning