mx5cartalk.com

Hi

Looking for some advice, on an insurer who will provide a realistic agreed value for my 2002 SP.

My other insurance has been with AAMI who have always been great, however, their market value for the SP is between $3,975 and $6,890, a bit below market for these at around 20-25K.

I have Shannons insurance for the SP now which did agree on an 18K valuation however I was recently hit from behind (never a dent before this) and they have been world-class bad to deal with.

Do you have any suggestions for insurance companies that will do flexible agreed value and aren't Shannons?

I don't think any insurance coy will give u a higher agreed value than Shannons.
I don't think SPs are worth more than $18k.

What was the issue with Shannons? I've never had to put a claim in but know a few people who have and they never had any issues.

apsilon wrote:What was the issue with Shannons? I've never had to put a claim in but know a few people who have and they never had any issues.

Same, I've had two claims over the years and couldn't be happier......

My NA is with Shannons, agreed value.
It was hit in the rear last year, bumper and garnish only.
Took it to Dick at the MX5 Factory, gave him my policy number and the other driver details.
2 weeks later he rings and says it's fixed, couldn't have been easier.

i had a couple of cars with NRMA classic & vintage division on agreed value and it was cheap, never had to claim though

I have always been with Shannons. The only claim I have had was for a windscreen, but they were happy to get me an OE one from Japan.
My car is insured Agreed Value and I have been happy with that.
I agree with Bruce on value.

Rocky wrote:I have always been with Shannons. The only claim I have had was for a windscreen, but they were happy to get me an OE one from Japan.
My car is insured Agreed Value and I have been happy with that.

Hey Rocky what is the premium for what agreed value and what excess with Shannons? I have a similar car, so interested.

My modded SE is with Shannons, happy with agreed value and premium.

I'd like to speak to whoever (recently) bought a $25k SP, I have a bridge he'd be interested in ...

Me too, I'd like to sell him an expensive mobile number!

RB
2014 was negotiated at Agreed Value of $14K for a premium of $383.
2015 & 2016 for $13K at $390.
2017 for $13K & $410.
2018 for $12K & $401. (this was the best I could do for a $400. premium.)
I'm not really prepared to pay more than $400. premium for insurance on a vehicle that is worth as little as $12K so the negotiation in a couple of weeks could be interesting.

No insurance company is gonna agree on an SP being 20-25K.

Rocky wrote:RB
2014 was negotiated at Agreed Value of $14K for a premium of $383.
2015 & 2016 for $13K at $390.
2017 for $13K & $410.
2018 for $12K & $401. (this was the best I could do for a $400. premium.)
I'm not really prepared to pay more than $400. premium for insurance on a vehicle that is worth as little as $12K so the negotiation in a couple of weeks could be interesting.

Thanks Rocky

NRMA VVC, 15k agreed , $321p.a

I think they would allow me to set the value higher, you just have to pay a disproportionally higher premium.

I have like 10 policies with them though which gives some kind of discount. I moved all my insurance away from Shannons, specifically the SP became much more expensive after Suncorp bought them.

Agreed value is going to be a realistic number e.g. taking onto account low kms etc. Insurance cos are there to make money. VVC is probably irrelevant - there are restrictions on use etc. Consider that a top NB is about 10K in value with klms sub 100K and an SP would probably struggle to get !5K. Also premiums are affected by location . Shannons will use Glass guide for valuations. Getting insurance for 10 cars- you can get better rates for obvious reasons.