VX Clubsport insurance

[Aus78Formula]

Has anyone checked on their insurance and agreed values lately? So much for agreeing, I just noticed mine has secretly been disappearing without my notice. It already wasn't even the cost of recent engine and trans rebuild, which is not related directly to value but a good comparison. The way NOS and original parts go you couldn't afford to repair or replace anything soon. I just had a quick look at similar cars for sale, large range naturally in prices and condition, and KM, or perhaps money spent. What I did notice, is that the cheapest one listed was also double my insurance value, and had 300,000km more than my rebuilt engine! So keep an eye on things, been with them for 30 years and this is what they sneak past while putting fees up.

 

[figjam]

I am surprised, both in that your insurance company has decreased your agreed value, and you haven't noticed.

My CV8 Shannons insurance reached a low of $20,100 with a premium of $716 during 2015, and I have increased to the current value to $48,500 with a premium of $1,016 by talking to them each renewal time.
I don't expect this trend to last much longer, but with the inflated (dreaming) prices being asked ......... 'nuff said.
If it gets written off, I'll take the money and run, and replace it with a new, undecided 4cyl buzzbox.

 

[Aus78Formula]

I noticed a while back but it had dropped further again. And yep, Shannons. The only thing they give back is competition entries to new members.

 

[figjam]

And yep, Shannons.

Give them a ring. They will happily take more of your money in premiums.

The only thing they give back is competition entries to new members.

All insurance type companies do that. Called 'marketing'. Health insurance mobs are the worst. Long term customers get SFA.
But I would rather stick with them, rather than getting a yearly online policy from one of the car insurance mobs that advertise heavily on TV.
Those TV ads can't be cheap, and their cost comes from 'somewhere'.

 

[Bigfella237]

At any other time it'd be normal for a car to de-value, so them lowering the market value would be common practice, even with a so-called "agreed value" policy (read the fine print).

It's just that since covid-tax came about and people started paying drug-money for things, the "replacement value" of everything has gone through the roof, while your insurance company has been covering their arse by lowering the amount they would have to payout in the event of a total loss. And with both values going in opposite directions, it doesn't take long before your policy isn't even close to covering your loss.

It's an insurance company after all, they're all the same... Any and all means necessary to avoid paying-out as much money as possible. That's what they do, despite all the self-generated hype to the contrary!

It's a sad fact that most people don't find out what their insurance company is really like until it comes time to make a claim, and even then you may not get the full experience. I grew up with my old man running tow trucks and a panel shop and if you think they treat their customers harshly, try working for them!

 

[Aus78Formula]

I guess, as always, it's a case of how accurate are the prices on cars listed for sale and how many of them actually sell and for how much. I know they are often inflated, everyone wants as much as they can get and to cover costs they spent. At the same time, if I was wanting to replace my own car, stolen, written-off, whatever, I could barely get half of my existing car based on these sales ads. That's where it tells me my values are wrong, it can't even replace with similar. And I'm still comparing to very neat but high mileage cars, whereas mine also comes with rebuilt engine/trans that cost more than the car and have only a few 1000 on them. I'm not even factoring that into the value in Like for Like. I'm also hoping insurance will happily source genuine front end and NOS headlights and foglights etc, should they be required lol. Of course, they will

 

[HSV126]

RACV=Joke.
I'm at the point where I'd rather have 3rd Party and bank the savings each year because I could easily make more from selling the parts than being paid $14k (deduct my 2k excess and remaining premium balance) for a car that can't be bought for less than $35k

QBE was better as far as agreed value goes and I know several repairers who swear by them.

Unfortunitely Shannons is the only one willing to cover HSV's for what there actual replacement value would be. Just have to call them at every renewal and plead your case.

 

[BlackVXGTS]

Give Australia Post Insurance a try. Didn't have an issue with insuring my Gen-F2 GTS.

 

[HSV126]

Give Australia Post Insurance a try. Didn't have an issue with insuring my Gen-F2 GTS.

Whos the parent company?

 

[HSV126]

also It's a newer car so prob dont have the same issues with depreciation