Nrma Vintage And Classic Insurance

[junkie]

Allowing high values is what ruined the scheme, not a SAU thread. 

Regarding prices, they have jumped too high, too fast. 90% of cars are sitting unsold, only the rare immaculate cars get snapped up fast, everything else just sits there

[Birds]

On 11/6/2017 at 6:42 PM, ActionDan said:

Lol insurance price stopping people buying them.

 

Maybe people who couldn't really afford one in the first place maybe?

 

 

 

On 11/6/2017 at 6:30 PM, r32-25t said:

I doubt it, people buying them now have a little money to burn and aren't going to care if insurance is $500 or $2000

R34 GTR probably, but the 32/33 are still within reach for enthusiasts who don't have $2k a year at a 35-40k weekend asset but could have done $500. No more expensive than your average new sports car and people are still whacking $150 tyres on them. Club rego certainly boosted the demand of some cars. So yeah, I think it's a valid factor in purchase decision.

Plenty of owners who bought before the inflated pricing too. I certainly don't feel like paying that much for insurance when the car cost me nowhere near its current value. Will probably be a factor in me moving it on depending what I can find at the time.

[r32-25t]

Depends where you are in life really, for me spending 2k a year to have the car insured for what it's worth is something I'm happy to pay. The car I intend to replace it with if I can get comprehensive insure for 2k, I'd be over the moon but that's a while away yet 

[No Crust Racing]

10 hours ago, Birds said:

 

R34 GTR probably, but the 32/33 are still within reach for enthusiasts who don't have $2k a year at a 35-40k weekend asset but could have done $500. No more expensive than your average new sports car and people are still whacking $150 tyres on them. Club rego certainly boosted the demand of some cars. So yeah, I think it's a valid factor in purchase decision.

Plenty of owners who bought before the inflated pricing too. I certainly don't feel like paying that much for insurance when the car cost me nowhere near its current value. Will probably be a factor in me moving it on depending what I can find at the time.

I was referring to 34s, but even for 32/33, 2k a year is $38 a week, so SFA in the grand scheme of owning a "special" car. 

As with ANY sports/luxury car, all associated costs are higher. There will always be goobers who over commit and end up having to buy shit tyres and worry about insurance costs (Please remember I had my first Turbo R33 in my early 20s with astronomical insurance and was working part time and going to Uni, I was not then, nor am I now "rich"). I know exactly what it's like to struggle to buy text books/ afford fuel etc, but I made sacrifices in other areas to have my special car, and more so when I bought my first GT-R.

If insurance is the straw that breaks the camels back, and $1500 less a YEAR ($28 a week) would have made the difference, you are over committing financially and making a mistake in buying it. Those people probably drink many cans of energy drinks/smoke cigarettes/buy coffee daily etc and could easily make 1-2 simple lifestyle changes to compensate. 

On the other side of that equation, your point about people who bought in and have enjoyed reasonable insurance rates on their 32/33 until idiots ruined the scheme is super valid and I would be pissed if I was in that boat. For me $1400 per year is a fair price for a car worth 80-90k, it's no different for a 35/M4, I've checked. 

I would still pay $1400 per year for a really nice 32/33 coming in as a new buyer, but if I was an existing owner and had been paying $500pa then got slugged with 2k? My jimmies would be highly rustled. Then I would chill out and realise my insurance was $9.6 a week and now it's $28 more per week, but the cars value has climbed without me doing jack shit to have earned that additional value so I could just sell up and be in front or sit on the car, spend and extra 2-3k over the next 2 years in insurance then sell up and still be well in front. Or I could just tell my insurer to only cover it for what I actually spent so if it gets written off or stolen I break even, kept my premiums low and wont buy back in anyway because I refuse the high insurance rates out of principle. 

Given how much your cars value has likely gone up, as long as you haven't done a mega build with top shelf parts, you'll end up in a much better position than you otherwise might have, and the price for that is a bit of extra insurance. 

 

 

 

 

 

 

 

 

 

[Aussie_Delivered_R32_GTR]

Very well said! 

[Birds]

41 minutes ago, ActionDan said:

I was referring to 34s, but even for 32/33, 2k a year is $38 a week, so SFA in the grand scheme of owning a "special" car. 

As with ANY sports/luxury car, all associated costs are higher. There will always be goobers who over commit and end up having to buy shit tyres and worry about insurance costs (Please remember I had my first Turbo R33 in my early 20s with astronomical insurance and was working part time and going to Uni, I was not then, nor am I now "rich"). I know exactly what it's like to struggle to buy text books/ afford fuel etc, but I made sacrifices in other areas to have my special car, and more so when I bought my first GT-R.

If insurance is the straw that breaks the camels back, and $1500 less a YEAR ($28 a week) would have made the difference, you are over committing financially and making a mistake in buying it. Those people probably drink many cans of energy drinks/smoke cigarettes/buy coffee daily etc and could easily make 1-2 simple lifestyle changes to compensate. 

On the other side of that equation, your point about people who bought in and have enjoyed reasonable insurance rates on their 32/33 until idiots ruined the scheme is super valid and I would be pissed if I was in that boat. For me $1400 per year is a fair price for a car worth 80-90k, it's no different for a 35/M4, I've checked. 

I would still pay $1400 per year for a really nice 32/33 coming in as a new buyer, but if I was an existing owner and had been paying $500pa then got slugged with 2k? My jimmies would be highly rustled. Then I would chill out and realise my insurance was $9.6 a week and now it's $28 more per week, but the cars value has climbed without me doing jack shit to have earned that additional value so I could just sell up and be in front or sit on the car, spend and extra 2-3k over the next 2 years in insurance then sell up and still be well in front. Or I could just tell my insurer to only cover it for what I actually spent so if it gets written off or stolen I break even, kept my premiums low and wont buy back in anyway because I refuse the high insurance rates out of principle. 

Given how much your cars value has likely gone up, as long as you haven't done a mega build with top shelf parts, you'll end up in a much better position than you otherwise might have, and the price for that is a bit of extra insurance. 

 

 

 

 

 

 

 

 

 

Even if it's good advice not to buy something you can't afford to maintain or get insurance for, I still think these buyers exist in the market and are doing as such. There are still a lot of young people for whom these are dream cars and will do what they can to afford, skimping on areas they shouldn't. Saving capital is always easier than paying ongoing costs.

Even for the older buyer, 2k might not sound much as a ratio for the asset's worth/capital, but for someone keeping it as an investment or only weekend use, along with a $700-800 registration it makes a lot of difference when deciding between keeping something just taking up room that you can sell for much what you paid for, and letting go of something that saps 3k out of your income each year.

[No Crust Racing]

Agreed, there will always be those types of buyers, in all markets, forever. Some of them learn, some of them don't, though I don't really care about them as that's not my job - I've learned my lessons and made changes accordingly. If higher insurance costs stops some of them buying into buying cars they can't afford, they will just piss it up the wall on the latest smart phone anyway. Fools and their money being easily parted and all that. 

The cost of owning the "dream" right now, weekender or daily, is minimum 2k-3k in yearly costs of insurance and rego, end of story. Can't afford that? Don't buy one. Can't continue to afford that now or don't want to? Sell it. 

If 3k out of someones income in a given year is a financial deal breaker, whether they bought it before insurance went up or not, they stretched a bit far to get it in the first place and whilst that's understandable given the emotional attachment some of us have to these cars, things change and now they must make a decision based on new market factors.

Do I eat this insurance cost and enjoy the car some more knowing it went up/is going up in value? Or can I not afford this/don't want to and will just sell and take that free money now? 

If 3k is a mental limit for you/others and you just can't see the value, then that dream has a value limit and it's been exceeded. Sell up and enjoy that free value you gained by the market shift. 

All in all, We can agree to disagree, good luck with your sale/best of luck with insurance quotes if you stick around. 

 

Edited November 7, 2017 by ActionDan

[21PC]

On the other end of the spectrum, do you think the ability to purchase cheaper insurance will increase the prices on certain models which are still eligible to be insured under NRMA?

[Nismo 3.2ish]

I know blokes that have spent loads on their cars and just do not have comprehensive insurance , they lock their cars up real tight at home and play the odds ?

 I go for full insurance and when this year is up January 18 I will be upping my value of my car , you never know?

For those who will now struggle paying for it as money is needed for the family, family comes first, at least you will get a good price for your car and move on to something less expensive 

[No Crust Racing]

1 hour ago, 21PC said:

On the other end of the spectrum, do you think the ability to purchase cheaper insurance will increase the prices on certain models which are still eligible to be insured under NRMA?

No.

[Birds]

2 hours ago, ActionDan said:

Agreed, there will always be those types of buyers, in all markets, forever. Some of them learn, some of them don't, though I don't really care about them as that's not my job - I've learned my lessons and made changes accordingly. If higher insurance costs stops some of them buying into buying cars they can't afford, they will just piss it up the wall on the latest smart phone anyway. Fools and their money being easily parted and all that. 

The cost of owning the "dream" right now, weekender or daily, is minimum 2k-3k in yearly costs of insurance and rego, end of story. Can't afford that? Don't buy one. Can't continue to afford that now or don't want to? Sell it. 

If 3k out of someones income in a given year is a financial deal breaker, whether they bought it before insurance went up or not, they stretched a bit far to get it in the first place and whilst that's understandable given the emotional attachment some of us have to these cars, things change and now they must make a decision based on new market factors.

Do I eat this insurance cost and enjoy the car some more knowing it went up/is going up in value? Or can I not afford this/don't want to and will just sell and take that free money now? 

If 3k is a mental limit for you/others and you just can't see the value, then that dream has a value limit and it's been exceeded. Sell up and enjoy that free value you gained by the market shift. 

All in all, We can agree to disagree, good luck with your sale/best of luck with insurance quotes if you stick around. 

 

I'm in no way arguing in favour of these people, just saying that they exist / are out there and taking them out of the market with rising cost of insurance is a smaller market, which inevitably has an effect on pricing - whether noticeable or not is another question.

[BakemonoRicer]

I generally think the 33 owners are the most low key of the bunch....

So does anyone know if R33 GTRs are still getting insured? Is it just 32's and 34's that've been banned?

 

 

[Dose Pipe Sutututu]

I am still covered by NRMA VVC Insurance for my shit box R33 GTS-t trash can.. however it is because the policy maybe 'grandfathered' or whatever the term is. Haven't driven it in a year (for obvious reasons) but it still has full comprehensive insurance on it because I'm scared of not being able to re-insure it if I put it on hold or cancel it.

My SP25 daily cost 3x times more to insure and the agreed value on both cars are the same lololol.

[Nismo 3.2ish]

3 hours ago, Dose Pipe Sutututu said:

I am still covered by NRMA VVC Insurance for my shit box R33 GTS-t trash can.. however it is because the policy maybe 'grandfathered' or whatever the term is. Haven't driven it in a year (for obvious reasons) but it still has full comprehensive insurance on it because I'm scared of not being able to re-insure it if I put it on hold or cancel it.

My SP25 daily cost 3x times more to insure and the agreed value on both cars are the same lololol.

I am hoping my age, very good driving record and living in the country allows me to stay insured with VVC , couple of months and I will find out.

[BakemonoRicer]

Did a ring around today as I bid on a BCNR33 in tokyo today. Put in a bid of 45.5k....~48k won it. Values for GTRs are through the roof right now.

Rang up NRMA classic today asking if I could get insurance, before I even mentioned my age or detailed the car....they said will no longer insure skylines AT ALL. Super nice lady that I spoke to but I dare say this thread is a big reason you blokes are now locked out of getting insurance..... social media is a powerful platform....

Skyline claims as of this year tripled ..... so go figure.

Moral of the story, when somethings good keep it to yourself dont advertise it on a public forum on the internet. Pwned.

[BakemonoRicer]

Loose lips sink ships.

[No Crust Racing]

Correlation is not causation. Take of your tin foil hat lol

Anyway, there's more than 1 place to insure a GTR. Deal with it.

Congrats on the purchase, post pics or gtfo

[BakemonoRicer]

Dan, I didnt win it mate. My bid was 45.5k it went for 48k. ;(

Thing was immaculate I've been searching for 10 months for a pearler....unfortunately missed out.

[No Crust Racing]

Sorry misread, sorry to hear that

48k is getting up there when you still gotta get it here and comply it.

Damn GTR tax.

[walkoau]

So because a thread on here got them a heap more customers, it's our fault?

I think not.

It's a certain few who have ruined it for the rest of us.