Insurance values and the current Holden used car market

[bluehighway]

Could you buy a replacement vehicle with the current cover of your insurer? Maybe im dreaming here...but it seems to me the market for used v8 Holdens has been on the rise whether it be older or newer models. Looking at my current policy im well short of what it would cost to find a similar condition vehicle with similar km's on the odo... Im estimating my cover is around 5-7k short and even then i would be struggling to find the same odo (under 200,000kms). My insurance value has been set by my insurer however they do offer an agreed value policy.... has anyone here used the agreed value option and how much more has it added to there policy cost....Im in NZ ...when I say similar condition I infer a vehicle with current wof and original paint which may have blemishes.... Im estimating the used v8 marketplace has trended up 20-40% in the last 2 years ...Anyone care to comment on whether the market has moved at all?... Top end very low km VF'S have gone thru the roof but Im seeing movement in older car values also ,Am I dreaming or are the insurers taking the #iss with some of their V8 values?

 

[Pollushon]

It's a bit of a pickle. I'm technically under-insured, that's not just about current prices but the ability to find something full stop. VY SS sedans are becoming harder to obtain. I have agreed but I also keep the car which has a level of risk depending on the impact, like if the engine and blower get totalled. In a rear ender, I come up trumps. It's all about the level of risk/consequence you're willing to accept. Insuring mine for 50k is not financially practical

Insurance companies are pricing these things at what they should be worth based on age kms and statistics on how much they cost their business per time basis. Let's face it an old Commodore with high kms and old tech shouldn't be worth the money people are paying. A 6 year old SS is costing double that of a 6 year old European or Japanese counterpart which has less kms, more tech and fewer flaws

 

[rucxy]

Going on todays NZ market for price,
My 06 SS-V with 116k kms should be insured for around $35k give or take a little.
$10k more than what i paid for it 7 years ago.

That is in orginal condition, which mine isn't. But i can return it back to original if i so desire as i kept all the parts.

So guessing i will be enquiring about my policy and what they have it valued at.

 

[losh1971]

Black Thunder is underinsured. I think agreed is $21k but I have spent around $5k (I think) tidying it up and sorting out most of the common issues VE V8s have. I will be looking to increase its agreed when I renew but I first need to get the front bar cover sorted as a fair amount of paint has peeled off, and the more I pressure wash it the more it lifts. As it is they would get snakey if I tell them it's great overall and then they see the front bar cover.
Trouble is getting into a panel shop is a nightmare. I have been waiting eight weeks for a three hour buff job and I still can't get in and may have another six weeks to wait if he doesn’t get me in this week.

 

[Fu Manchu]

I went through this recently with my Crewman. Insured around $6k according to market value of what it was doing 4 years ago (Redbook etc). No longer a relative tool.

I got hit. Car was almost written off.
Compromise made to stop it being written off was I stripped the car to cut down on labour costs. I did some repairs myself. I had to reassemble most of the car. Still getting through it.

To replace with something still not as good, I was looking at $12k.

Insurance straight out told me to go with Shannon’s as Holden Commodores are now considered collectible and what I have is becoming rare. They would not insure the car for what it is worth on the current market. Not even close.

I think that practice is fundamentally unconscionable but there it is. Right through the industry.

 

[J_D 2.0]

Insurance straight out told me to go with Shannon’s as Holden Commodores are now considered collectible and what I have is becoming rare. They would not insure the car for what it is worth on the current market. Not even close.

I think that practice is fundamentally unconscionable but there it is. Right through the industry.

Was basically told the same by my previous insurer (Youi) that they couldn’t cover it for its market value. Got a quote from Shannons of my own accord and offered Youi a right of reply but they declined to make an offer.

They said I was best off to take up Shannons on their offer. Very unusual for an insurance company not to compete for the business but I definitely think that run of the mill insurance companies don’t want have collectable Holdens on their books anymore.

 

[Dodgy_Davo]

They said I was best off to take up Shannons on their offer. Very unusual for an insurance company not to compete for the business but I definitely think that run of the mill insurance companies don’t want have collectable Holdens on their books anymore

Yep same experience here - but for both Holden and ford v8s

Been with RAC like 20+ years and no matter what I said they just refused to adjust agreed values beyond a certain amount which would've left me a out of pocket should a write off occur, going by asking prices in the current market

They said id be better off going to Shannons - which I did and haven't looked back

 

[vc commodore]

About 2 years ago, I went to shannons to enquire about insuring the VC.....Told them all the modifications....The way they came up with an agreed value was, they were on some car sales sites, looking at similar cars and gave me their offer, which was over 3X what I asked for....

So my advise is, look at insurance companies that are up with the current times and see how you fair with that,, rather than the every day insurer that goes by undervalued markets

 

[Drawnnite]

Its a balance for sure.
About 2 years ago was hit in the VS, and was dead sure it would have been a write off, didnt realise the values had gone up even for it it is and as it was market value the assessor I ended up chatting to said "I know what these are worth, it wont be written off".
So at times market value can work in your favour.

On the other side of the coin, Ive had a particular car for 8 years now, and at the time it was insured for a reasonable amount as its what they were worth.
Maybe 2 years ago (after being hit in the VS) i rang up Shannons about upping the agreed value as it wouldn't have covered a replacement. luckily 1 was for sale at the time (it being a very uncommon model) and even then that value was well above what i was happy to have it agreed to.
It would still never be able to cover the cost of a replacement (if you can find one), but it definitely covers the cost of what i paid, plus much more, and if anything were to happen i'd probably just buy it back for the bits.

 

[vc commodore]

Its a balance for sure.
About 2 years ago was hit in the VS, and was dead sure it would have been a write off, didnt realise the values had gone up even for it it is and as it was market value the assessor I ended up chatting to said "I know what these are worth, it wont be written off".
So at times market value can work in your favour.

On the other side of the coin, Ive had a particular car for 8 years now, and at the time it was insured for a reasonable amount as its what they were worth.
Maybe 2 years ago (after being hit in the VS) i rang up Shannons about upping the agreed value as it wouldn't have covered a replacement. luckily 1 was for sale at the time (it being a very uncommon model) and even then that value was well above what i was happy to have it agreed to.
It would still never be able to cover the cost of a replacement (if you can find one), but it definitely covers the cost of what i paid, plus much more, and if anything were to happen i'd probably just buy it back for the bits.

The buy back option certainly can be beneficial