you clearly and totally miss the whole point of Renee's post ... and the principle of what Renee was referring to is what i was responding to .... .. so please desist from your ongoing drivel .. and let the post topic develop as it was intended ... p.s. ... clearly you know nothing about the zed convertible ....
actually rens post was wanting to know why it dropped 3k for no reason and the reason was simple depreciation... all this other chatter thats going on is just for shits and giggles
yes please, Josh ... PM me the names and numbers ...... .. the policies are due around Nov/Dec .... and this time around, of course, i will be shopping around ... the situation for the last renewal was that i did not check the "agreed values" on receipt of the renewal notice, never previously having had the need during my extendd time with Shannons ... went to pay at the last minute only to discover the change and too late to undertake a comprehensive comparison between insurers ... that is when i ran into the Shannons brick wall .... will not make the same mistake again ... !!!!!
Mine has been insured with Shannons for about 4 years. Its started off at 15K and dropped year after year down to 8K this year. I had had a gutt full of this and decided to take the damn thing down there. For those of you who havent seen my car in the flesh. It looks almost brand new. Two guys had a good look at it and then at each other. Said '"Man thats the nicest 300zx i have ever seen" They then changed the policy to 25K. I was pretty happy after that. My premuim went up by $50. To $495
bingo... they actually look at the car rather then just looking at a book.. if it is worth it they will insure it for that....
Lucky bugger..some poor soles live in Bendigo and in order to do that I have to drive to Melbourne...
lol make sure your still insured during this trip the irony of totalling your car on the way to get your insurance price lifted and being uninsured at the time...
the point is, Josh, that they did not give a damn until Tekkie pushed the envelope .... hardly an endorsement of their sales pitch ... "looking after the car enthusiast" ... which is absolute crap ...!!! .. the other point of the thread is that of "agreed value" ... not the lowest common denominator value which that other wombat seems to be fixated with ... .. Renee's point was that she had an agreed value ... then reduced by $3,000 ... that is NOT depreciation on a 20 year old car ... that is Shannon's at play ... as happened to me, unilaterally lower the value while upping the premium ... that stinks .... !!!
Serious question -what determines the upper threshold for an agreed value? As in when I was insurance shopping the highest I could get was $35k agreed value. This was after sending the pictures, the receipts, the valuation etc etc. The valuation I had put market value at $48-$50k and replacement cost at $70k. People are going to jump in at this point about not being able to recover your costs and depreciating value of our cars but considering that no similar vehicles have been traded it's very difficult to put a "market" price on. Shifter's car sold for $35-$40k and that would still have been a big step down. For $35k I would be able to buy a box of parts. Still need a car to put them in and someone to put it all together... not to mention the interior. I was/am surprised that the insurance company have set this ceiling. I would gladly pay double the premium I was quoted for a $35k policy to get a $50k policy. Hell I would gladly pay triple for that matter....
Just got my Shannons insurance in the mail today. Insured for $19k with all of my mods listed. $1382 Annual. I've never had an at fault accident/no speeding/no red lights nothing and I'm now 25. Was hoping the premium would be a little lower, but they didnt drop the agreed value after I took it in last year so I've got to expect it to be a lil high considering its more than double the market value... I've got to say, my car in insured full comp, but only for limited use...I'd barely drive the car once a week, so fits the bill...
My zed is insured for 18k with NRMA, will be interesting to see what they do with the agreed value when they send it out next year. May actually consider going to shannons if im not happy with what they send me, i was under the impression that shannons requires drivers to be over 25, is this true?
not if you can prove your an "enthusiast" and not just a young hoon. they ask if you've done driver training courses (i've done many), part of a club (aus300 counts), if you have a daily (i do), etc.i had my TT with shannons, i was 20 at the time, all mods listed, agreed value of $14k, with "limited use" for a $1000 premium and $500 excess, i was pretty stoked with that
i find it hard to believe shannons decreased the value whilst upping the premium... and when you say tekky 'pushed the envolope' he didn't he just proved the quality instead of expecting them to believe you over the phone Owner - "ohhhh yeah my rides sick aye... heaps of mods aye... shit is maddness" Shannons - " oh well in that case will $100,000 cover all the sickness your ride must have?" 3k wont be the depreciation of the car alone. it would be dep of car + dep of mods if you only want to suffer the dep of the car then your car should only be insured for the retail value of the car.
It is probably something as simple as a setting an upper limit for any car as a fixed multiple of the Red Book value. Anything above that might mean it must be assessed as a "special risk", which is a category that most insurers would prefer to keep clear of. Insurers want lots and lots of ordinary risks. Life is much more predictable that way. In your case, because the car is very special, it will be very expensive to repair back to pre-crash condition if you were unlucky enough to have an accident. Building it back to the standard you built it would cost potentially a lot more than you spent. Therefore the low agreed value is a "prudent" way to set a low write off value for the car to give an easy way out if a major accident were to occur. There are also some more obscure factors that can sometimes be taken into account, such as moral hazard - for example, it might well nigh be impossible to sell a car than highly developed for an acceptable price, because the market for that type of vehicle is so limited. It could take years to sell. Yet if it were insured for that same value, then sometimes strange things happen.
