VK value - for insurance purposes only

[Lonepine]

Hi all

My insurance is due for renewal soon. It's been insured for "market value" but I fear that based on what I've seen in the interwebs looking for something comparative, I would be better off getting a fixed value price.

It's pretty original except wheels/tyres and CD player. Little bit of rust in a couple of the doors, around the boot rubber and in the spare wheel well. Original paint and trim, so is nothing special.
1984 Executive Sedan, 3.3efi auto with 193k km on the clock. I have it on club rego, it goes, steers and stops.

I'm not a dreamer and it's not for sale; but I've seen some out there prices on some of these things. I'm just after a realistic insurance value.

Thanks in advance

 

[vc commodore]

Hi all

My insurance is due for renewal soon. It's been insured for "market value" but I fear that based on what I've seen in the interwebs looking for something comparative, I would be better off getting a fixed value price.

It's pretty original except wheels/tyres and CD player. Little bit of rust in a couple of the doors, around the boot rubber and in the spare wheel well. Original paint and trim, so is nothing special.
1984 Executive Sedan, 3.3efi auto with 193k km on the clock. I have it on club rego, it goes, steers and stops.

I'm not a dreamer and it's not for sale; but I've seen some out there prices on some of these things. I'm just after a realistic insurance value.

Thanks in advance

I see you're from Adelaide.....

Do what I did...Take a run to Shannons office at Edwardstown and have a little chat with them at the desk....They will have a sticky on the net at ones on the market currently and make you the offer based on the current market.

I did this 12 months ago with my VC....Told them what had been done....Asked for $5,000 to $6,000 agreed, which they laughed off, with a counter offer of $20,000...Site unseen with the car as well...They actually turned around their computer screen and showed me other VC's on the market at the time and said that's why they offered the agreed value they did....

So it can't hurt to have a nosey

 

[Lonepine]

Yep, Adelaide Hills. Thanks. I had a look at carsales and there were are couple there around the low $20s, with a few less ks and bit better condition.
I thought they were a bit on the exy side but maybe not? I can't believe the price old clunkers are starting to command now. I might have to give Shannons a bell.

 

[vc commodore]

Yep, Adelaide Hills. Thanks. I had a look at carsales and there were are couple there around the low $20s, with a few less ks and bit better condition.
I thought they were a bit on the exy side but maybe not? I can't believe the price old clunkers are starting to command now. I might have to give Shannons a bell.

My personal opinion is, they are overpriced on the net, however if an insurance company wants to use the net as a guide, why not jump on it

 

[Lonepine]

I see you're from Adelaide.....

Do what I did...Take a run to Shannons office at Edwardstown and have a little chat with them at the desk....They will have a sticky on the net at ones on the market currently and make you the offer based on the current market.

I did this 12 months ago with my VC....Told them what had been done....Asked for $5,000 to $6,000 agreed, which they laughed off, with a counter offer of $20,000...Site unseen with the car as well...They actually turned around their computer screen and showed me other VC's on the market at the time and said that's why they offered the agreed value they did....

So it can't hurt to have a nosey

This was the best call ever, thanks. Rang Shannons and they did the homework while I was on the line. Got an agreed price in the mid-high teens, which was better than I thought. And the quote came in at less than I was paying at RAA for "market value". Having the car on club reg saves heaps with them. Made no difference with RAA

 

[vc commodore]

This was the best call ever, thanks. Rang Shannons and they did the homework while I was on the line. Got an agreed price in the mid-high teens, which was better than I thought. And the quote came in at less than I was paying at RAA for "market value". Having the car on club reg saves heaps with them. Made no difference with RAA

Good to hear you're pleased with the outcome....Also saving a few bucks also helps....

Whilst I have never had a claim with them, a mate did for his misses car....He said to me it went hastle free....Hope you never have to find out though

 

[vc commodore]

.

 

[Fachoo]

Whilst I have never had a claim with them, a mate did for his misses car

You actually have to have an insurance policy contract with them before you can make a claim with Shannons .

 

[Fachoo]

This was the best call ever, thanks. Rang Shannons and they did the homework while I was on the line. Got an agreed price in the mid-high teens, which was better than I thought. And the quote came in at less than I was paying at RAA for "market value". Having the car on club reg saves heaps with them. Made no difference with RAA

Our families VK LS1 was with RAA originally with full rego before conversion, issues was the agreed value (10% more than market value) was so low there was a risk of write off as the high price of repair for a small crash claim was obvious. Car is on club rego but the yearly RAA policy covered the car before to be driven daily which it couldn’t be under the 90 day clubcheaper rego.

Car is with Shannons at a very high value equally to the market resale value today and safe from being written off from high panel shop labour fees being charged today but if you look at Shannons fee you will realise yes car value is higher but you also pay a higher premium as it only applies to 90 day use not as a 365 daily. Also premium is/looks cheaper (although dearer overall) due to low mileage use/option as you cant do many kms in 90 day/times use, also not taking the hire car and road assist and lower excess amount, plus discount for multiple cars/policies, brings the premium to its lowest amount.
Good point is policy for a classic car automatically goes up in value by Shannons each renewal unlike the traditional RAA full comprehensive policy which has value going down and premium going up but recently RAA has increased value slightly in order not to lose a lot more of their existing customers as companies like NRMA are competing in SA for the RAA/Shanon share.

Thats why it pays to do research each year your renewal comes around and acting on it.
The simple reality is, pay lower premium get lower value, pay higher premium get a higher value, the 90% murky area is the majority of the complex area of options $ and repair costs/arrangements involved with insurance contracts.

 

[vc commodore]

You actually have to have an insurance policy contract with them before you can make a claim with Shannons .

And the car needs to be involved in an accident to make a claim which is why I made the comment about an incident I am aware of