COMPREHENSIVE INSURANCE

[specialp3]

Happy Easter All.

I am wanting to know who is offering real insurance values for 240z's. Gav today has posted another 240 that has sold north of $150K, you need to argue with insurers in Australia to get half this as the agreed value for our cars.

There are now quite a number of properly restored zeds in Australia and if these cars were written off or stolen we would be out of pocket tens of thousands to try to replicate the cars we had. This would be almost impossible anyway as I took more than 12 years accumulating NOS parts for my resto that do not exist now.

Any assistance would be appreciated as I am becoming paranoid to drive my car and constantly look who is following me when they shouldn't be (yes, this happened a few times but luckily it has to be a very good car to keep up with a well sorted zed when it is twisty).

Thanks for any assistance in advance.

 

[Linton]

I am with Shannon's with all my cars, 2 club plate, 2 daily's and 2 bikes they are reasonable and you can agreed value insurance cover, I have my 260 at 25grand agreed value @$140p/m on all vehicles comprehensive cover +free windscreen every 12months per vehicle, I have changed all four screens over the years.. but with "limited use clause" on club cars and bikes.

HTH

Edited April 11, 2020 by Linton

[gav240z]

@specialp3 your car is stunning and worth as much as the white 1 I posted which I think you're talking about.

I have 4x 240z's, 1 RX7 a Nissan Stagea 260rs and the Mrs Mazda 3 with Enthusiast Insurance for around $200 P/month.

My cars are likely slightly under insured. It's hard to argue values on half finished projects, but the complete cars I've insured for more.

But your car should have no issues showing its value if you use recent BAT examples in North America and the cars I'm showing in Japan and their sale prices.

The Australian market imho is small and has somewhat stalled in the last few years, but having said that I don't recall ever seeing a car restored to the level your car is go for sale here. So it's upper value is unknown.

I know that Kevin is asking $150k for his KGC10 on CarSales. Which seems to be what the global market is now paying for these cars. So I don't see why an equally as good S30z shouldn't get those prices.

Fwiw Shannon's insurance wouldn't work with me on the FD RX7 or Nissan Stagea pricing was through the roof.

[specialp3]

I am currently with Shannons and the most they are prepared to offer is $85K, the current problem is that on a global market I would need another $85K to replace what I have.

The reason for my post is to see if anyone is using a speciality insurer that allows them to insure for the current market prices.

Not that I like to admit but my resto was a 6 figure number and I am glad that my gamble paid off looking at the values for s30's now.

I have no plans to ever selling my car but at the same time don't want to lose out if something does happen.

The reason you have a zed is to drive it as they should be driven and sometimes bad luck happens.

[mossy]

I thought Kevs skyline sold a while ago??

My 240z is with Shannons as well and I had to push to get it to 70k

[gav240z]

Half the reason I have the cars in the for sale threads and list the ones that catch my eye in particular is to keep track of market values.

I would look into Enthusiast. I always liked Shannons but have found them wanting when it comes to the FD RX7 and my Nissan Stagea. Just absurd figures for both in Inner West Sydney.

Now that I have moved to Melbourne I haven't got another quote, but think it's the same problem with outrageous costs.

Enthusiast allows you to retain the car / salvage it, like Shannon's. But you'll need to read the fine print if you want to make sure they are inline with what you're looking for.

They also are flexible in values. I've been bumping my RX7 up in value each year and my 240z's where appropriate. They haven't even asked to see photos of them. I just explain what they are worth and why.

But surely if need be you could supply the examples listed on BAT or Yahoo! Auctions as evidence that the global market will pay a premium for very well restored cars?

[Cozza]

Have you tried to meet with Shannon’s so they can value your car properly? it might be worth asking if this is feasible.

i can understand them not willing to move above 85k without seeing it as there hasn’t been many to sell in Oz for that value.

[specialp3]

8 hours ago, gav240z said:

Half the reason I have the cars in the for sale threads and list the ones that catch my eye in particular is to keep track of market values.

I would look into Enthusiast. I always liked Shannons but have found them wanting when it comes to the FD RX7 and my Nissan Stagea. Just absurd figures for both in Inner West Sydney.

Now that I have moved to Melbourne I haven't got another quote, but think it's the same problem with outrageous costs.

Enthusiast allows you to retain the car / salvage it, like Shannon's. But you'll need to read the fine print if you want to make sure they are inline with what you're looking for.

They also are flexible in values. I've been bumping my RX7 up in value each year and my 240z's where appropriate. They haven't even asked to see photos of them. I just explain what they are worth and why.

But surely if need be you could supply the examples listed on BAT or Yahoo! Auctions as evidence that the global market will pay a premium for very well restored cars?

Thanks Gav, haven't heard of this company before now. Shall call them during the week.

[JDM-TOY]

@specialp3 the Mighty Car Mods guys got their Fairlady Z insured with Shannons for 100K and they didn't do a full resto, just running gear upgrade. 

Possibly will need to take the car into their head office in your state to get a better valuation. 

[specialp3]

Quick update.

I sent all the relevant information and photos to Enthusiast Motor Insurance and they have agreed to a healthy 6 figure valuation. Very happy about this.

Has anyone had to claim through this company and was the process easy or a battle ?

[gav240z]

I have not had to make a claim yet.

[AndBir]

On 4/12/2020 at 8:04 AM, gav240z said:

Enthusiast allows you to retain the car / salvage it, like Shannon's. But you'll need to read the fine print if you want to make sure they are inline with what you're looking for.

With the demise of Famous Insurance as a issuer of classic car insurance (they are now just brokers) I am in the process of getting insurance quotes.

As Gav says, read the policy carefully as the default policy from Enthusiast does not include salvage rights or glass replacement cover - they are options but at least Shannons include these as standard.

[AndBir]

I see that after having a policy with Shannons at the maximum no claim bonus for 3 years then you get to keep the maximum no claim bonus (protected) for that policy for life (irrespective of your subsequent accident/claims history on that or other policies).

Edited December 7, 2022 by AndBir
clarify claims

[JDM-TOY]

25 minutes ago, AndBir said:

I see that after having a policy with Shannons at the maximum no claim bonus for 3 years then you get to keep the maximum no claim bonus (protected) for that policy for life (irrespective of your subsequent accident/claims history on that or other policies).

From my experience I think Shannons is quite good looking after their customers 

[AndBir]

On 12/7/2022 at 2:51 PM, JDM-TOY said:

From my experience I think Shannons is quite good looking after their customers 

Based on the reviews on productreview.com.au Shannons seems to no longer be a reputable insurance company - maybe as a result of being taken over by Suncorp?

 What recent experiences have people had with Shannons?

I will be getting quotes from Enthusiast Motor Insurance to compare.

[C.A.R.]

12 hours ago, AndBir said:

Based on the reviews on productreview.com.au Shannons seems to no longer be a reputable insurance company - maybe as a result of being taken over by Suncorp?

 What recent experiences have people had with Shannons?

I will be getting quotes from Enthusiast Motor Insurance to compare.

Just make sure you read the PDS...

[AndBir]

22 hours ago, AndBir said:

What recent experiences have people had with Shannons?

If not Shannons then can anyone recommend another insurer?

[gav240z]

Other company I've heard of is Lumley

https://www.lsvcarinsurance.com.au/

[1600dave]

Have had very recent experience making a claim with Shannons. Mixed bag......

They have agreed to a full payout, I get to keep the wreck (I had salvage rights written into the policy) and they have agreed to having it towed from Albury to Newcastle at their expense and delivered to me. IOnly complaint is that its taken nearly 5 weeks to be assessed, although possibly because its was a little out of the ordinary - I had it towed from the towing yard to a very generous fellow Datsun owner's shed for storage out of the weather, and it was assessed from photos rather than in person. All correspondence after logging the claim seemed to be with the parent company rather than Shannons specific people, who tried to follow the script and tick the boxes for assessing a modern car (No, it doesn't have a proper VIN, just a 9 digit chassis number, etc)

Ohh, and after many phone calls chasing up what was happening, they always seem to be "experiencing a higher than normal call volume" because despite ringing early in the day, lunchtime, afternoon, after hours, I think the quickest a call has been answered is 50 minutes, most times well over an hour and the record was 80 minutes..... I asked about when the money may be in my account and was told "we're currently experiencing a higher than noormal claim volume and it may take up to a month".... 

All up, not too bad, just very slow (and looks like I won't be fully paid out till at least 2 months after the accident)

The tow car (insured with a different insurance company) was assessed, written off and money in my account a cople of weeks ago. But they were generally unhelpful and made me jump thru hoops over every little thing. Dunno which was worse. 

Edited April 17, 2024 by 1600dave