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| Insurance woes https://www.ausmini.com/forums/viewtopic.php?f=2&t=91523 |
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| Author: | deluxe67 [ Tue Jan 12, 2016 12:55 pm ] |
| Post subject: | Insurance woes |
2 1/2 years ago a well known insurer for sports cars insured my car for $15000 replacement value. Since then I've done a nut and bolt bare metal restoration on the body and installed a full leather interior. After a valuation yesterday (a one minute poke around) the same company offered to cover it for $15750 replacement value. Effectively the will not give recognition to the major improvements I've made to the vehicle. The car is not concourse but would have to be 9/10 condition wise.To be honest I'm flabbergasted and not sure what to do from here. I have a cover note until the 19th Jan. Comments and opinions would be much appreciated. Thanks Mikal PS: Effectively it is a brand new 1967 Mark 1 Mini Deluxe with a high end leather interior and all Cooper S running gear (1100S). Probably better than it was when it rolled off the production line. Engine and gearbox 10K alone (done 10,000k max since "new") |
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| Author: | Morbo28 [ Tue Jan 12, 2016 3:47 pm ] |
| Post subject: | Insurance woes |
Yep not surprised. My insurer covers me for way less than the amount it cost me to restore my mini. They said they base it on market value not restoration type replacement cost. I have been told you can do research and provide evidence that the market value is higher and include detailed photos of your car to make the argument. I have free salvage rights to my car. So let's say it is shunted and written off - I get to also keep the leftover bits for free. So expensive diff/extractors/supercharger etc I could keep if they still worked and if I have the capacity to enjoy them!! Btw I have no idea who you at insured with but Just Car seem to be more for imported Jap, turbo cars. Shannon's more for restored old vehicles. Just car valued mine at $7 or 9k. Shannon's $25k. Unlimited mods allowed, they know about supercharger etc. Premium through Shannon's was similar to our Mazda. She said it was because old restored cars are driven very carefully (low risk cars, low risk drivers). Whereas from what I've read Just Car are more high risk cars and high risk drivers. [edited to fix one handed baby related typos] |
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| Author: | whoopspiggy [ Tue Jan 12, 2016 6:28 pm ] |
| Post subject: | Re: Insurance woes |
I would like to give Shannon's a plug, my Mini was recently written off, I had it insured for what I paid for it, they were super helpful, the claim was processed quickly (I got my cheque last week) and I got to keep the wreck, they were certainly there when it mattered. |
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| Author: | Morbo28 [ Tue Jan 12, 2016 6:33 pm ] |
| Post subject: | Re: Insurance woes |
Oh actually you just reminded me - with Shannon's they said I could nominate a repairer and they will use them. (Unlike Just Car where you can nominate a repairer to provide one quote along with the two other quotes the insurer gets, then the insurer chooses who they will go with). I have never been insured with either of them before but I am with AAMI for some things and they were really great when we had to claim (though there were cheaper options around). |
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| Author: | deluxe67 [ Tue Jan 12, 2016 6:49 pm ] |
| Post subject: | Re: Insurance woes |
Shannons is the company I'm dealing with.... |
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| Author: | 1071 S [ Tue Jan 12, 2016 9:47 pm ] |
| Post subject: | Re: Insurance woes |
deluxe67 wrote: 2 1/2 years ago a well known insurer for sports cars insured my car for $15000 replacement value. Since then I've done a nut and bolt bare metal restoration on the body and installed a full leather interior. After a valuation yesterday (a one minute poke around) the same company offered to cover it for $15750 replacement value. ..... Did you ask for more coverage? My experiences with Shannons (both buying the insurance and claiming on the policy) has been very positive. While they, like most (all?) insurers, won't insure for more than the car is worth (ie market value) I have found they are quite amenable to a discussion on exactly how much that is. You will need to do some research and present some sort of argument/evidence that it is worth the amount you wish to insure it for. I was able to convince them that my cars are worth more than their initial estimates. One of our club members basically fronted up with his file of receipts. Shannons then agreed on a value based on the amount he'd paid for all the bits that went to making up the completed vehicle... including an allowance for his labour. I would go and tell them you're not happy and see if they'll come to sort of agreement with you. Cheers, Ian |
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| Author: | doogie [ Tue Jan 12, 2016 10:31 pm ] |
| Post subject: | Re: Insurance woes |
NRMA classic & veteran insurance is the way to go. Shannons are not what they once were!!! Doogie |
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| Author: | drmini in aust [ Wed Jan 13, 2016 5:13 am ] |
| Post subject: | Re: Insurance woes |
I had no problems getting Shannons to insure mine for what I wanted, after I sent them some pics. But NRMA are cheaper if in NSW. |
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| Author: | FNQ [ Wed Jan 13, 2016 10:22 am ] |
| Post subject: | Re: Insurance woes |
Mikal , i do understand your dilemma and would suggest trying to get the insurers to reconsider. On the other hand as a buyer, paying over 20 thous for a deluxe that actually has been modded, puts it in a zone where the effort and endeavour are justified but the price point is actually defeated ( in my opinion only.... a concourse 850 matching numbers car with the pathetic little motor, is far more likely to retain value than a very good deluxe, but has had a few extra good bits added), i say this owning a couple of leyland 'bitzers'... seat of the pants fun value immense, but probably overcapitalised on the engines, suspension for what they are really worth. - the value you are suggesting is probably what Cooper S's are fetching . Hoping you can get some satisfaction in any regards Cheers Darryl |
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| Author: | Tim I [ Wed Jan 13, 2016 10:45 am ] |
| Post subject: | Re: Insurance woes |
I have been with Shannon's for years and agree they are not as good as the once were, but I have been very happy with them for any claims I've had to make and also happy with the coverage/cost side of things. I have 5 cars on my policy (down from 6, just sold one) ranging from vintage through classic up to moderns, and from laid up cover to daily drivers.... so I get the maximum multi-vehicle discount I think! With regard to insured value, I have found them very open to sensible discussion. Our recently sold VX Berlina Wagon was insured well above their normal list, but it was 'Holden By Design' optioned, had less than 150,000km on it, and had one-off special order full leather trim, all of which they recognised as significant. They suggested that my modern daily driver Forester, even with its extras/options, was over insured in the current market and I could save some money by reducing it slightly, but if I was happy to pay the additional premium they would leave it how it was. During the discussion we were both on the web looking at what the actual replacement cost would be if it was a total write-off that day. They have also suggested that the vintage and classic cars I have on laid-up cover should be insured for more, but once I explain the current condition or state of resto they understand. Actually... I should probably review those. That said, a friend (also with too many cars!) was not happy with the service the same company gave when dealing with a claim a couple of years ago, and ended up shifting all of them over to Lumley's for a better deal. I assume that they did the 'poke around' valuation themselves? It is a tough one I think... most insurance companies probably look at classic cars from a 'market value' perspective to ascertain its 'value', as would work for a common modern car, rather than what it would cost to recreate the same car in today's market. And as everyone knows.... spending $150,000.00 on buying and restoring an old car does not mean it is is worth $150,000.00 to sell. Tim. |
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| Author: | simon k [ Wed Jan 13, 2016 11:19 am ] |
| Post subject: | Re: Insurance woes |
sounds like it was over-insured in the first place... if you needed to sell it tomorrow, what would you get for it in the open market? |
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| Author: | deluxe67 [ Wed Jan 13, 2016 11:32 am ] |
| Post subject: | Re: Insurance woes |
Don't know Simon. Probably shed loads in the UK! End of the day, despite being more than slightly souped up, it's a completely unmolested new Mk 1 car. Didn't even have speaker holes cut into it. All the mods are bolt on mods. I'll try and re-negotiate with them. Does anyone have a similar car and what valuation did you get? I was under the impression Shannon's recognized improvements and adjust the value accordingly? Thanks for all the replies Cheers Mikal |
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| Author: | Morbo28 [ Wed Jan 13, 2016 12:22 pm ] |
| Post subject: | Re: Insurance woes |
deluxe67 wrote: Does anyone have a similar car and what valuation did you get? I was quoted for a policy covering the car for $25k. 1968 Deluxe (modified). That was after discussing the mods and upgrades etc, discussing the type of resto that is almost completed and after them chatting to their manager (see my build thread for more details on the car specs). Though note that I haven't yet paid the premium so as yet it is just a quote, though I believe it would remain unchanged if I were to pay the premium as it was a formal quote. |
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| Author: | bluewhitecoopers1968 [ Wed Jan 13, 2016 2:53 pm ] |
| Post subject: | Re: Insurance woes |
I've got a Mk1 Cooper S Replica reshelled from a 68 deluxe body. Shannon's cover $19,800. |
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| Author: | drjbeam [ Wed Jan 13, 2016 10:11 pm ] |
| Post subject: | Re: Insurance woes |
Not on topic but I got charged $30 extra cause me dads the main driver at 68 years of age on me green slip this year This year ill nominate another person in the family I think as the main driver in December Nrma classic vintage is the way to go for insurance with every thing they give you now with there policy |
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