GC8 Insured Value too low?

dougomundo
Learner Driver
Posts: 4
Joined: Tue Sep 27, 2016 8:13 pm

GC8 Insured Value too low?

Postby dougomundo » Wed Jun 07, 2017 8:26 pm

G'day guys,
Relatively new 99 WRX owner here (i'll share when i've finished painting). I've got a question regarding insurance policies for rex's of this era. For most, if not all insurance companies, their peak market value figure tops at $6000. I'm currently with NRMA, who share this same figure. However, most good condition examples seem to sell for roughly $8k.
I'm wondering which mob you guys are with and for what value, so i can look into other companies (i've got more than 6k into mine currently).
Cheers

crembz
Impreza RS Driver
Posts: 179
Joined: Wed Mar 28, 2012 5:58 pm

Re: GC8 Insured Value too low?

Postby crembz » Wed Jun 07, 2017 8:30 pm

Join the club mate. Bought mine for 4k, spent a ton on it. Shannons will insure it up to $10k base, but you can then insure it for more if you have receipts for restoration work and mods. Obviously your premium goes up accordingly.

Sent from my Pixel using Tapatalk

dougomundo
Learner Driver
Posts: 4
Joined: Tue Sep 27, 2016 8:13 pm

Re: GC8 Insured Value too low?

Postby dougomundo » Wed Jun 07, 2017 8:36 pm

Cheers man. I'm with NRMA at the moment (I'm 21, male, good history) and my premium for 3rd party + theft is around $70/month, cheaper than my 01 commodore. They say in their policy 'Market value up to a maximum of
$10,000', however i'm curious what they decide this on. Should the worst happen, i don't know what they will actually value it on.

mv75
WRX STi Driver
Posts: 821
Joined: Sat Dec 27, 2014 9:26 pm
Location: Brisbane Northside.

Re: GC8 Insured Value too low?

Postby mv75 » Wed Jun 07, 2017 9:01 pm

Well the good thing with nrma is they don't care what mods you do. They do a market value based on the car and whatever else you have fitted at the time. That's what I was told anyway.

dougomundo
Learner Driver
Posts: 4
Joined: Tue Sep 27, 2016 8:13 pm

Re: GC8 Insured Value too low?

Postby dougomundo » Wed Jun 07, 2017 9:05 pm

That's comforting to hear, i'll stick with them for the time being. Cheers fellas

stockhorse
Impreza RS Driver
Posts: 212
Joined: Tue Dec 01, 2015 10:44 am
Location: sleeping in the back seat

Re: GC8 Insured Value too low?

Postby stockhorse » Wed Jun 07, 2017 9:31 pm

mv75 wrote:Well the good thing with nrma is they don't care what mods you do. They do a market value based on the car and whatever else you have fitted at the time. That's what I was told anyway.



Keep in mind that NRMA will not replace after market parts. If an OEM tail light is say $100 and your after market light is $300 then you get an OEO light fitted or pay the difference. The same with ALL mechanical parts.

You need to insure for agreed value and list every after market part and/or accessory to be covered.
If you have aftermarket rims fitted but not listed on your policy you get a standard rim replaced.If that means that you have odd sized wheel/tyre combinations then the repairer will not release your car because it is unroadworthy.

dougomundo
Learner Driver
Posts: 4
Joined: Tue Sep 27, 2016 8:13 pm

Re: GC8 Insured Value too low?

Postby dougomundo » Thu Jun 08, 2017 7:00 pm

How do they do an assessment if it's stolen?

stockhorse
Impreza RS Driver
Posts: 212
Joined: Tue Dec 01, 2015 10:44 am
Location: sleeping in the back seat

Re: GC8 Insured Value too low?

Postby stockhorse » Thu Jun 08, 2017 8:38 pm

Unless you have agreed value you get book price for a vehicle in " fair " or average condition. You may if you have photos of the condition be able to get that raised slightly but I would not count on it.

ncik
Learner Driver
Posts: 2
Joined: Sun Jun 04, 2017 9:35 am

Re: GC8 Insured Value too low?

Postby ncik » Fri Jun 09, 2017 9:48 am

Call AAMI and get a quote. Since they shutdown Just Cars, they've quietly loosened their rules with allowed mods. I was told literally allowed almost anything as long as you state them and it's still road legal and you can then increase your agreed value up to a point. Eg. with my 08 liberty turbo wagon the base rate was 19k but I'm allowed insure it up to 26k as I add modifications, this obviously increases the premium but is good for piece of mind if stolen. The phone call with them was pretty funny, when I asked what mods are allowed, she took a deep breath and goes: 'turbocharger supercharger ethanol nitrous brakes upgrade alloy wheels...etc. - even listed some mods I literally didn't understand. Was awesome.


Sent from my iPhone using Tapatalk

stockhorse
Impreza RS Driver
Posts: 212
Joined: Tue Dec 01, 2015 10:44 am
Location: sleeping in the back seat

Re: GC8 Insured Value too low?

Postby stockhorse » Fri Jun 09, 2017 10:55 am

Just make sure what you list is legal, tyre and wheel sizes are the biggest trap,make sure it is all written into the policy and you should be good to go.

mv75
WRX STi Driver
Posts: 821
Joined: Sat Dec 27, 2014 9:26 pm
Location: Brisbane Northside.

Re: GC8 Insured Value too low?

Postby mv75 » Fri Jun 09, 2017 2:59 pm

aami, no. They only have an agreed value, and it's sheet. ~$13000 max on my 03 cs6.

Go do a quote with racq for the laughs. I think I got it down to about $1600. yea. That just pisses me off as my previous car I had with them for approx. 14 years straight with zero claims. All that time just wasted and gone and means sheet on a different car.

Sticking with nrma.

User avatar
PAT555
MY99 WRX Driver
Posts: 1341
Joined: Fri Sep 19, 2003 5:12 pm
Location: Melbourne

GC8 Insured Value too low?

Postby PAT555 » Sat Jun 10, 2017 7:54 pm

Any time you are paying more than 10% of a cars value for the yearly full comp premium you really need to sit down and do your sums. Fact is @ $1600 a year you will paid 8K after 5 years. If you have an at fault crash it or write it off at 3 year mark you pay $600 excess. They then pay you out 5 or 6k meaning all you get back is $200 or so.
Moral of the story GC8 WRX's are not worth insuring with full comp. Save your pennies and just get 3rd party fire and theft. It's basically a calculated risk. Ultimately you make the choice on what you can afford and risk.
The older I get the slower I drive.

beno
Learner Driver
Posts: 23
Joined: Mon Jan 16, 2006 11:43 am

Re: GC8 Insured Value too low?

Postby beno » Wed Jul 05, 2017 10:25 pm

Try qbe, agreed value on my gc8 16.5k

mv75
WRX STi Driver
Posts: 821
Joined: Sat Dec 27, 2014 9:26 pm
Location: Brisbane Northside.

Re: GC8 Insured Value too low?

Postby mv75 » Thu Jul 06, 2017 4:10 am

Must be stock, the predictable "we can't proceed any further due to given criteria" crap, again someone who doesn't want to know about mods, pretty much everyone but nrma who will do market and agreed values. Yea, I'm trying all of these quotes people say to do.

User avatar
PAT555
MY99 WRX Driver
Posts: 1341
Joined: Fri Sep 19, 2003 5:12 pm
Location: Melbourne

Re: GC8 Insured Value too low?

Postby PAT555 » Tue Jul 11, 2017 6:09 pm

beno wrote:Try qbe, agreed value on my gc8 16.5k

What is your yearly premium and at fault excess?
The older I get the slower I drive.

crystal__brown
Learner Driver
Posts: 2
Joined: Thu Sep 14, 2017 7:47 pm

Re: RE: Re: GC8 Insured Value too low?

Postby crystal__brown » Thu Sep 14, 2017 7:50 pm

dougomundo wrote:Cheers man. I'm with NRMA at the moment (I'm 21, male, good history) and my premium for 3rd party + theft is around $70/month, cheaper than my 01 commodore. They say in their policy 'Market value up to a maximum of
$10,000', however i'm curious what they decide this on. Should the worst happen, i don't know what they will actually value it on.
I'm with racq and I pay $160 a month for my insurance and they valued mine at 5,500! I'm thinking of swapping to Shannon's!

Sent from my ZTE T84 using Tapatalk

Return to “General WRX and Club Discussion”

Who is online

Users browsing this forum: Bing [Bot] and 26 guests