Optimising Insurance Of Cars Going Up In Value

[GTR-N1]

Rationale:- insurance companies will tend to depreciate the value of your car each year when it comes time to pay next year's Premium. But how does one reverse this, should you be fortunate enough to possess a car of such rarity that it appreciates in value over time?

Your Rights:- So if you do own a R33 GTR 400R, Z-Tune R34 GTR, ADM R32 GTR, Hakosuka, C210 Kenmerie GTR, N1 and others including an original condition Datsun 1600 etc, you'd like to use every strategy possible to justify to your insurance company that your car is worth every cent of the Agreed Value that it's entitled to right?

Homework To Gain Justice:- Perhaps you should journalise your exact equivalent car's...

1) recent sale price by private treaty in Oz

2) recent auction price overseas

3) recent auction price here in Oz

4) sum insured value on someone else's policy

...if you're able to source such information!

This way, you may facilitate an increased Sum Insured on your own Policy Renewal when it comes time to renew do you think?

Dealing With Your Insurance Company:- Don't be afraid to ask to talk to the supervisor present. Be armed with all information that justifies your argument to change your Sum Insured upwards. There is proof that your insurance company will follow up your lead or link to wiki info when you offer it! Shop around between Shannon's, Lumleys SV, Just Car etc. And if the company will only insure for Market Value because it's your first year of ownership, ask for an undertaking that this will be switched to Agreed Value the second year!

Let us know if I've forgotten anything please?

By the way, this thread is about long term appreciation value through rarity/demand rather than short term appreciation through mods.

[Iron Chef]

I really need to chase this up...mine is probably undervalued currently.

[defari]

I just asked them to increase it... And they did..

[karma_syke]

just do an agreed value...

[The Bogan]

You can do this now, as far as I'm aware with Shannons at least, BUT, you will pay for it in your premiums.

When I was getting comp on mine it was a option to insure it for whatever I thought was a fair replacement cost, and mine is only a GTS T, the car does need to be inspected though.

In saying that, if the car only sees occasional weekend use or club days then maybe this will lower the premiums a bit.

Maybe.

[GTR-N1]

Well don't do what this Queenslander did...

A fire today destroyed the guy's property & car collection. All he could salvage was a Red Ford Cobra - but lost the rest.

Guess what! His belongings were NOT insured.