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the red zed

240Z Current Insurance Values

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Hi Gents,

As I'm toying the thought to get my 72' 240z auto insured with Shannon's before going to storage. Can anyone please let me know the ball park current market value. It's not a show car but it's in pretty clean, straight, rust free & mechanically sound condition. Just try to avoid premium overpay & undervalued at the same time. Or any other insurance company that you would recommend. Thanks

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$25-35k

Try finding a replacement for that price now. My moto is always over-insure because too many folks are under insured.

 

Speaking of which I should take my own advice and up my own car(s) values.

 

$40- $50k closer to mark.

+1

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More to the point, ring up Shannon's and talk to one of their people, they'll know what they think replacement value will be. They may want to see some photos.

Point out that you will want 'lay up' insurance which is obviously cheaper than 'on road' cover, as it doesn't cover the risks of road use.

Also any security that will be in place to protect the car where it will be - locked garage, alarm system, up on blocks, dismantled, whatever.

And whether you would want salvage rights on the vehicle.

 

I have Shannon's comprehensive insurance on my three vehicles. My Zed's cover is bundled with my Falcon daily, & my Mustang.

My Zed's share of the annual premium is just $132, as it's 'usage' is Laid Up (no cover for road use). The Zed's basic excess is $200, & theft excess is $0.

I pay my total premium monthly, at no penalty over the annual amount, which suits me best.

Hope that might be of some help.

Edited by gilltech

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You may want to try Famous Insurance if not too late, I've got my Volksy R36 wagon with them, they were $500 cheaper than most of the main players, when I had my 240Z I had it with Shannons, agreed value $40,000, was paying $540, Famous quoted me $280 from memory for the same cover. Famous also offer track cover for those who track there Z, separate policy, I had asked them for $10,000 track cover and it was around $500, my 2c worth.

 

John

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The only drama I have had with famous is that they have never replied to my quote requests through their website.

 

And comparing insurance between people in different locations, different ages etc is a nightmare.

 

Personally I have all my cars and house and contents through Shannons, except for my work ute. The policy conditions and benefits work nicely for me and my circumstances, but may or may not work for yours. I probably fit Shannons customer profile better than a lot of others here, old fart with a reasonably good driving history in terms of infringements and claims in a leafy "safe" suburb with low usage cars.

 

Having said that, each year I get a range of quotes to make sure I am not being stung with the lazy tax on my policies to keep them honest.

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Yep, Famous are cheaper than Shannons (got quotes in anticipation of getting the 260z) - one difference that maybe of interest is that if the vehicle is written-off Shannons allow you to keep the vehicle.

 
"Special Policy Features : You have Salvage Rights on this vehicle."

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Just read the PDS very carefully from all companies that you are considering and make sure that the policy from the company you are going to use suits your needs and that if you ever have to claim it doesn't become one huge shit fight.

 

One good example where people have been stung is to buy an agreed value policy to find out when the time comes to claim that the company will only pay out on the market value or agreed value, whichever is the cheaper. So check the PDS carefully.

 

I have heard horror stories from some discount insurers on the claims side of things, but they are marketing to a segment that is price conscious only and usually don't read PDS's or look into how the claim process will work.

 

There are a few of these companies that when i plug any of my cars into their systems to generate a quote I am refused due to age of car of that it is a performance vehicle, '79 Merc 280SE and FG MKII XR6 Turbo ute were the cars i tried with some "budget" companies to see what prices I could get.

 

Have also been affected by the claims process of one major company that did say choice of repairer, but when you exercise that choice, they will only pay you up to the value of what their repairer has quoted to do the job, from photos only and not looking at the work needed, leaving you out of pocket to get the repair done the way want it done by who you want it done by, even when it is a not at fault claim.

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don't get sucked in by cheap quotes. if you're only paying an extra couple of hundred bucks a year to go with Shannons, I'd go with Shannons. There are so many new insurance companies popping up that I personally, get a bit suspicious. They are probably all good until you have to make a claim and the hope for the best. The bigger insurers like NRMA are changing their policies and hopefully prices because they are losing market share. Still, I don't think they've changed enough to make it viable to insure a Z through them

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Finally managed to get the old girl insured at 45K with NRMA VVC - Veteran Vintage Classic for $500. Basically after few photos & touch base on the current local & international market price ball park with the underwriter, It's half a job & finally It was a done deal!! On the other hand I was disappointed with Shannons that only willing to cover for 30K max even though they are my first choice.. NRMA offers same if not better deal than Shanns

 

 

Try NRMA veteran and vintage. Very competitive on price and offer similar cover to Shannons.

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Shannon's would go higher IF they inspect it for themselves...Usually they won't go higher unless they've seen it in person.

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Shannon's would go higher IF they inspect it for themselves...Usually they won't go higher unless they've seen it in person.

I've sent them pics of the car & that's what they came back to me..it could be well got to do with the resolution as I sent with large instead of actual size through me mobile..

Edited by the red zed

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Shannon's would go higher IF they inspect it for themselves...Usually they won't go higher unless they've seen it in person.

Shannons viewed and quoted my car at the the Kurnell hot rod car show and wouldn't meet what NRMA was already insuring it for.

That was a few years back now and I can't remember what the offer was but I remember being a little disappointed with Shannon's offer of maximum insured value at the time.

 

Glad you got it sorted though.

Mick

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Shannons do vary with there pricing.

 

I've had mine inspected a few times now and it depends on who you have. Most times when a few people come out to view it the outcome has been good.   

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I also can highly recommend Shannons.

I made a claim through them about 1 year ago (for about 7-8k from memory) and the whole process was really easy and no dramas. Not too many questions either. Shannons also give you choice of repairer which makes a massive difference because you will no doubt want to go to a good body repair shop and their hourly rates are much higher ($90/hr +) than the $50/hr which other volume insurance companies will base their comparison repair quote on. In those circumstances you will be forced to cover the difference in the hourly rate out of your own pocket, if you want to use your own choice of repairer. I also had to purchase some replacement second hand parts off eBay; given the scarcity of parts the prices were much higher than I would prefer to pay if I were shopping around patiently for second hand parts however because of the urgency of the repair I paid the more expensive prices and was reimbursed for sourcing the parts myself, no questions asked (just receipt proof). Had a few frustrations with the external inspectors who they contract through but I assume that is probably same everywhere.

 

I also need to increase my agreed insurance value!! Currently 15k for my 240z...however this was reasonable about 1.5 years ago :S

Edited by theremm

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