Agreed value insurance questions

[Streets]

I have searched here for recommended insurance companies and from the sounds of it, Lumleys or Ryno is the way to go. However I have never insured a vehicle full comp before so I am unsure of what to ask for (ie, little things that I might overlook). Basically all the special features I'm after is choice of repairer and retention of wreck.

The car is a 1979 XD, 351 with ported heads, Edelbrock manifold, Holley 650, custom exhaust, lowered suspension, shaker, multiple killswitches. I am 24, turning 25 in March. I've spent about 10,000 on this car over the years (not including purchase price), but of course I realise that it's not realistic to get all that money back if something happens.

I don't really know what is a realistic agreed value for the car. I would like between 10-15k, but in the online quotes I've done, it has said "value is too high". In the topic I searched for, people were insuring their cars for 20+k. Is 10-15k too unrealistic for this car? I thought the idea was you gave them the sum you want it insured for and they tell you how much it's going to cost.

[Jim Goose]

Shannons does agreed value on cars as well as your daily driver.
(You tell them the value YOU want to insure it for)
I have both my XB and AU on there for agreed sums.

[RedHotGT]

Get an independant Valuation done of the vehicle (they don't cost much) and then you have it in writing...

That way if you ever do have to claim - there is some sort of evidence (prior to the claim) that the car was in a particular condition - and quite often they also have photos included.

Heard a few stories of people who thought they had 'agreed' value insurance policies - only to find that what they thought they 'agreed' on and what they got were two different things...

[M-Dog]

Originally Posted by Streets

I have searched here for recommended insurance companies and from the sounds of it, Lumleys or Ryno is the way to go. However I have never insured a vehicle full comp before so I am unsure of what to ask for (ie, little things that I might overlook). Basically all the special features I'm after is choice of repairer and retention of wreck.

I don't really know what is a realistic agreed value for the car. I would like between 10-15k, but in the online quotes I've done, it has said "value is too high". In the topic I searched for, people were insuring their cars for 20+k. Is 10-15k too unrealistic for this car? I thought the idea was you gave them the sum you want it insured for and they tell you how much it's going to cost.

G’day Streets,

I was with Shannon’s when I first got the XY then through this Forum found Lumley’s and Ryno. Gave em a call and bailed on Shannon’s for Ryno.

Lumley’s offered 5K more value for about $80 less and Ryno came in at 5K more value at $120 less, and yes if they say it’s a “right off” you get your $ and the wreck.

What I didn’t like about Shannon’s was that over the phone they would only insure for the value “I PAID”. I said what if I got myself a great deal, they said that was it!
Spoke to another Shannon’s guy that said the best way to deal with them was to send photos through then 5mins later ring them and talk through the value to hopefully get what you want.

With Ryno it was a pleasure to deal with them and I’m really happy after reading everything through.

Best bet would be to phone all 3 and make your own opinion from there.

Good luck mate.

M.

[Jim Goose]

Originally Posted by M-Dog

What I didn’t like about Shannon’s was that over the phone they would only insure for the value “I PAID”. I said what if I got myself a great deal, they said that was it!
Spoke to another Shannon’s guy that said the best way to deal with them was to send photos through then 5mins later ring them and talk through the value to hopefully get what you want.

Im with Shannons and they asked me how much i wanted the XB insured for and never asked for pictures.... just in case you missed my post above.

[M-Dog]

Originally Posted by Jim Goose

Im with Shannons and they asked me how much i wanted the XB insured for and never asked for pictures.... just in case you missed my post above.

Yeah strange how same company different guys, come up with different ways to do their business hey?

I guess the main point is to try them all out and go with who you think best suits you.

[Jim Goose]

They did however ask me how much my AU was when i added it to the insurance policy and told them the buying price. The guy asked are you happy to leave it at that value (as opposed to book value) and i said yes. So my AU wagon is still at the agreed value of how much i bought it for 3yrs ago (well above book value now)

I had increased the value of the XB when the car was fully completed and they were happy to take my money!

Maybe a change of policy since then?? In any case they were the cheapest insurance company and the only ones at the time who would do an agreed value while the car was in bits and not running. (It was around $90 a year! for a value of $8500, but this was 2 yrs ago).

As the car got closer to being on the road I progressively increased the value as parts were added and or bought.

[RedHotGT]

As I said above - Insurance companies will tell you lots over the phone - so long as you sign up and pay them the money...

It can be a VERY different situation when it comes time to actually claim...

[M-Dog]

Originally Posted by loftie

As I said above - Insurance companies will tell you lots over the phone - so long as you sign up and pay them the money...

It can be a VERY different situation when it comes time to actually claim...

I guess as long as you read through EVERYTHING and weigh it all up, cross those fingers and say a quick prayer you may just be alright.

It's all we can do hey?

Oh, I have also recorded time, day and persons name before and when they've gone back to the tape for the "slow motion" review I've been in the right. (wasn't insurance but worth doing, just put the info with your paperwork)