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| Insured ammount https://www.ausmini.com/forums/viewtopic.php?f=2&t=80139 |
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| Author: | womble99 [ Tue Jan 29, 2013 9:11 pm ] |
| Post subject: | Insured ammount |
Now that my mini is almost back on the road I need to revisit my insurance. In particular I need to revise my insured replacement amount? What is an approximate insurance replacement value of a good condition 67/68 deluxe that has good body work, no rust evident, runs well, registered etc etc? open to suggestions. cheers, CJ |
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| Author: | 1071 S [ Tue Jan 29, 2013 9:16 pm ] |
| Post subject: | |
Almost back on the road - so you've been doing work?? (spending money)?? One of our club members went to Shannons with what they thought was an unreasonable request until he showed them the receipts.... Some negotiations followed an an amount was agreed on. What do you reckon its worth? How much would it cost you to replace it? Its a starting point. Cheers, Ian |
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| Author: | Lillee [ Tue Jan 29, 2013 9:23 pm ] |
| Post subject: | |
Its not so much how much its worth but what it would cost to find another car just like it on the market. That's how I figure out my amount. How much would a nice deluxe with good body work, no rust and runs well cost to buy now? $6000? $8000? Whatever you think that number is, that's the amount to insure it for. |
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| Author: | womble99 [ Tue Jan 29, 2013 9:24 pm ] |
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Well so far about 5k in parts alone, as for what it is worth I never really looked at ones that have been done. They were out of my price range 
I know I will never get back what I have spent (if I did I wouldn't have bought a mini ) I am just after a good idea of a replacement cost should the worst happen 
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| Author: | Lillee [ Tue Jan 29, 2013 9:38 pm ] |
| Post subject: | |
Quote: I am just after a good idea of a replacement cost should the worst happen
That's the key. Whatever this costs, is how much you should insure it for. After all it is about "the worst case scenario" |
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| Author: | sgc [ Tue Jan 29, 2013 9:55 pm ] |
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For what it's worth, my '70 K (which is mechanically very good, but the body and paint has always been average) is insured with Shannons for $10k, agreed value. They baulked at that initially until I gave them the list of modifications, then agreed to it. In reality, that's what it would cost to replace it - so like Lillee says, that's how you should approach the insurance value. |
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| Author: | drmini in aust [ Wed Jan 30, 2013 7:05 am ] |
| Post subject: | |
My wasaMatic is insured for $11K now, Shannons put it up $500 each time for the last 2 years. I had $7K on it before, all they wanted to raise the amount to $10K after my limited resto was some good pics, inside and out. |
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| Author: | clovus [ Wed Jan 30, 2013 7:14 am ] |
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Lots of photos is the key, to getting a fair sum insured and also a smoother claim ( if you make one). I got my mini insured for $9k with Shannons too. At first they baulked at my request as they usually insure minis for $4-5k but they came around really quickly once I showed them the photos of the build process. |
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| Author: | Davo [ Wed Jan 30, 2013 8:16 am ] |
| Post subject: | |
All of my cars are insured with Shannons, with both Minis having agreed values (Rover Cooper S at $45K and Morris Cooper S (ish) Rally Car at $20K). Both also importantly have salvage rights vested to me, choice of repairer etc etc. Values in both are also indexed where they increase each year. My new Land Rover D90 is also with Shannons with a new for old replacement for the first couple of years, choice of repairer and a premium price that was more than competitive with the market. The insured value on it will depreciate each year in line with market (albeit the market on D90's is pretty firm) All 3 have quite a low deductible too. All that said, I'll likely talk to Lumleys later this year when the policy falls due, as my understanding is they offer some pretty keen pricing and good service too. Can't hurt to talk to them to see what's on offer? Dave PS My apologies. None of this answers the OP question. 
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| Author: | mattsmadmini [ Wed Jan 30, 2013 2:29 pm ] |
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My little wheeler moke with NRMA v&v is insured for $12k they didn't even batter an eyelid...not bad for $300 a year |
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| Author: | danny_ [ Wed Jan 30, 2013 2:35 pm ] |
| Post subject: | |
mattsmadmini wrote: My little wheeler moke with NRMA v&v is insured for $12k they didn't even batter an eyelid...not bad for $300 a year
What are the conditions? I am thinking of stopping my policy with shannons. |
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| Author: | blueminivan [ Wed Jan 30, 2013 9:58 pm ] |
| Post subject: | |
My van with spi 1275, new paint, stereo, decked out rear etc was insured for 10K. Now up to a bit over 11K this year. It owes me more but doesn't most things... Costs me $120 a year through Shannons but with it being on club plates it makes it a lot cheaper. |
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| Author: | BALLISTIC [ Wed Jan 30, 2013 10:12 pm ] |
| Post subject: | |
After mine was repaired (by thier reccommended repairer), the insurance co. wanted to physically see/inspect & take pictures of it @ thier office, I wanted x amount of dollars & they person who inspected it raised it quite considerably. I have salvage rights etc, which is just as important as the value. Dont be scared to ask for the amount you want. |
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| Author: | Babes [ Wed Jan 30, 2013 10:59 pm ] |
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I have all my cars with shannons too. 1 of them is insured for $30K which was a value set by them after inspection. The things Shannons want to hear is original, standard, and restored to original condition. Give them a few examples of recent sales. Now would be a good time to up the amount any mokes are insured for with the recent one going for $27K at their auction |
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| Author: | Speedwell Racer [ Thu Jan 31, 2013 12:58 am ] |
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My 77 leyland is insured with RACT for $260 a year at an agreed value of $8.5k. I told them about my cooper s discs etc Sent them photos of it so they could confirm my request of $8.5k and they agreed the condition of the car was good enough and with all the extras like mags, steering wheel etc Probably should get in touch with them and let them know about my upgraded sound system with sub and amp.. Then increase it to $9k... |
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