A Insurance Question

[blackmk3]

So ive been thinking recently reguarding the insurance on my Mk3 MA70 Supra, its currently fully insured through National Auto Club, and costs me $830 per year, now another year has passed and im up for insurance again however this time the premiums have dropped to $730 a year due to the fact ive been with them for 4years with no claims at all not even a windscreen (touch wood!), i have a "Very Strong" rating

The car is slightly modified and oviously fully noted by the insurance company of the mods that it has

I want in the future to rebuild the motor on the car and change the turbo, go to R154 gearbox, modifications we all know cost money and in the situation of a accident i wouldnt get the money spent back because the car is insured for assessed value of $5000 and the way supras have been selling it would proberly be far under that

Id hate for the car to go to turners or something similar after a claim and somebody else buys it, i would certantly try to buy it back and reshell the car with the parts that wernt damaged but if my bid would be high enough who knows and with spending all that time and money id hate to loose it

Soo what i have been thinking is dropping the car down to third party, cheaper preimums and if something happens i still get my car, about the only downfall of this is if someone hits me, ill be left with a toasted car and no insurance $, or it gets stolen. and still covering the other person or whatever in a accident

What do you guys do with your modified cars in this kind of situation? i am reluctant to go to third party but then i dont want to loose my car to a auction house

Nick

[flying_wedge]

Third party doesn't mean that you arn't covered if someone else is at fault and hits you. Thats their insurance problem. And you can get fire and theft insurance for like another $20 a year, and glass cover for a little more again if you wanted. Sounds like what you would be after

[GH]

Off the subject I know ,but Check your insurance my cover says because the car has got some mods the car has to be garaged full time or no insurance

[Mr.Phreak]

Depends on your policy, most third parties (Wouldn't have a clue about NAC sorry, not a fan of getting reamed for insurance) I've seen lately include an Uninsured Motorist extension which will cover you in the case of someone hitting you who is uninsured although some conditions apply (Generally you need to prove you weren't at fault, and tell the insurance company who was, preferably with a signed declaration on their part, or a police statement, especially if they do a runner.)

Don't ever just take someone at their word at an accident, because the majority of the time as soon as it becomes claim time, the story changes drastically and now it's all your fault.

Usually they have a max claim of about $3000 though. And if you go the third party route, your company will only pay out if you're at fault, so if someone hits you and they're not insured, they're not going to get their car fixed on your tab.

Also it wouldn't hurt to ask to have first option to buy it back on your policy, or at least enquire if it'll cost you extra etc.

[Zak]

I've got the trueno with state just 3rd party at the moment, I think it's $4 a week or some thing. I'm covered from uninsured drivers, but only to $3000, but that will get me a replacement shell. Well maybe an 85 one, but it's better than nothing.

If the accident is my fault then I get nothing, which is rightly so in my opinion.

[rollaholic]

have you talked to them about insuring it for an agreed value?

probably increase your premiums however.

[Mr Revhead]

bugger third party

if someone else hits you
YOU have to sort it all out.
if their insurance company doesnt want to pay you. then YOU have to fight for it.
with full insurance your company pays you then sorts it out.

and NAC..... i can think of better ways to waste money.

i always go full insurance through AMI.
cheapest and best company i have found to deal with.
but, go into to a local branch to sort it out. you get better deals face to face.
iv never paid more than $700 a year for TWO cars, always one of them modified

[pureadrenalin]

My race car is insured through Classic cover.
http://www.classiccover.co.nz/
Its still a street legal car, so other than having a roll cage, its no different to most other cars. But because of that roll cage, state, ami, etc won't touch it.

It's actually half the price to insure my race car compared to my road car and the race car is worth 6 times as much

There are extra conditions tho.

I went through John Rae insurance brokers

[rollas22]

Try threw http://www.towes.co.nz/

I had my levin fully insured threw them, that was for everything, kit, mags, interior, lowering, turbo mods, the full package!

Had someone crash into it while parked an they paid out not a problem at all!

Was decent prices per month too

food for thought

[xsspeed]

agree with mr rev, face value counts for a lot.

check out click (clic?) they are direct competition to NAC and are who I am with now, my preium dropped by half.

the mrs had her caldina with NAC and her premiums got hiked, she had a minor nose to tail, then switched to click and the premiums dropped.

Plus you dont have to pay for glass, like i had to with NAC, 150.

theyre dodgy f**kers, when my old car got written off, they couldnt give a sh1t. they got two lousy assessors in and i lost 1000s on the "agreed" value of my car.

[stalker]

Id never have only third party. I always go for full insurance, cost more, but then your coverd for anything and everything.
Third party only will also exclude "acts of god" or "acts of nature" now as the first one is polictally incorrect (go figure).
99% of insurance companies will let you get your car back for a lesser payout if its totally written off...so you may not have to go to auctions and fight to get your car back.

Personally I think that the stigma around NAC should have gone now. Now that they are owned by vero (or NZI) I forget which...now there systems and fees are a lot better. We took the wifeys car to the 4&rota nats, and whilst there we went and talked to NAC...now after only chatting for 10min, they gave her about a 45-50% discount on her ins permiums, and all her mods have been ins seperatly! So at payout time, she would get her car paid to her, plus she will get a seperate payment for her mods done to the car. Yes, she will have to pay 2 lots of excess's but hey, she will still get more money back at the end of the day.

There are ins companies out there that do ins car mods too...you just have to ask and do some homework to find them cause no1 advertises the fact that they do. (or else you will get the "ricers" that wanna ins there monsta tacho on there $50 ford laser)

[stalker]

Everyone will have something to say about an ins company, some good, and others bad, in the end, everyone will have had a good and a bad experiance, it comes down to your personal options on who you go for.

But one thing to note: (and it makes me laugh when people say they got ripped at payout time) cause not many know this, but it is their own fault for getting a lesser payout....you can have the "payout figure" questioned!
1) If you think the ins company is ripping you off with the amount they say your car is worth, then you have full rights to go and get your own imdependant assesor to have a look at your car. will cost you money, but at times it can be worth it.
2) Or, you can go out and get a car yard to valuate your car based on it been in road worthy condition (ie. they will look at the kms, year, condition prior to accident).
Most of the time you only need 1 valuation, but if they want, they can ask you for up to 3.

Ins companies are a business! Like any business, they are there to make money. They are not there to payout high payments to people to make people happy..if you want a fair payout, you have to do the work yourself.

[xsspeed]

yeah this is true, but the cost in my case seemed to not be worth it, plus i needed the payout fast to get another car

the main issue for me was, one guy valued my car at what i would say was a fair market value, then the 2nd guy valued it significantly less, they took an average so i lost out.

just didnt seem fair that there was such a discrepancy between what the two people valued it at.

i know what you mean though, but everyone will have their gripes,

and at the end of the day ins companies are there to make money. it just gets us where it hurts the most, cars and wallets

[stalker]

Yea XS ur rite, sorry, I forgot to say that if you do question your payout that, it can take longer.

I used to do F&I for a finance company, and its funnie when you see people come in and try to say that their 1990 Honda Civic is worth 10k (and they only paid 6k for it 3 years ago/ 120kms ago)
If anyone ever needs to make a full claim on ya car, and you think what the ins company is saying its worth, then just walk into any car yard and ask them what they would value it at...if its more, then pay the $20 and get it on paper and that that to ya ins company. If your nice and friendly to your claims officer, they will take it and 9 times out of 10, pay you that figure.
(Be nice to them, and they will be nice to you...argue with them and swear at them, and they will make your life hell. trust me )

[xsspeed]

lol ^^^ agreed, theyre like the IT or helpdesk crowd at work, be nice and you'll be fine, piss them off and they can destroy you!!!!!!!!!!!!!

[blackmk3]

All of the other insurance companys wouldnt touch me when i first got the car and were pricing up insurance NAC were the only ones, suppose SUPRA 3liter and Turbo are some pretty insurance nasty words when you have a 18year old driver

Might have a ask around acutally now im older and wiser lol

Thanks heaps for the advice guys, going in and talking face to face seems like a much better option, full insurance is the go i think theres just to many loopholes in third party that i would hate to get caught into in a claim situation

Do they have first option buy back? never heard of that before, certantly going to enquire tho

So revhead you think AMI are the best to deal with?

[Dell'Orto]

AMI are a division of AA aren't they? And if thats the case, they suck unless you're A. Old, like Revhead and B. Have slow cars, like Revhead

[flygt4]

I have read that state are taking on more high risk customers lately.may be worth trying.

also, if you take your other insurance to an insurer ie if you have house, home&contents, life, or health insurance they'll bend over backwards to accomodate you if you let them have it all. also the major insurers usually have some sort of limited km's deal for cars that are mostly used on track but still keep a wof/reg, and the only way to get that deal is to be really old or have other insurance as leverage.
if you're a young male and dont have a house though then you're really stuck with NAC or Insure Direct/inbroke.

you need to remember that your piddly 1k p/yr in premiums means SFA to these people in the grand scheme of things.

when i last got quoted by NAC they wanted the first 6 months in advance then pay the remaining 6 months as a monthly premium. I was like $&#$% that.
Insure Direct i have heard some bad stories about, but they were way cheaper than NAC and they have been very good for me when claiming on glass etc.i have claimed at least one windshield a year from them

[stalker]

Hehe, insure direct = China Ins. A payout rating of "D"

Just do some hunting around for pricing, NAC will ask for a 10% dep of your yearly fee, then you can pay the remaining balance off over 10months intrest free. State charge you 10% int if you pay the premium over the year. Pioneer charge you 22.9% int to pay it off.

Plus if you opt to pay your ins over a year, if you have to claim for total loss, they deduct that from your payout along with your excess. (round figures here, but something to think about = excess $1k + remaining policy $800, Total ins on car $5k = $3200 at payout)

Always pay a little more to have a smaller excess!!! While it seems a rip off to pay the xtra $20 p/f to have a $400 excess as opposed to a $1k excess...if you had to make a claim tomorrow, do you have the $1k in you back pocket to pay for it???

[Alex B]

What are all these "loopholes" in 3rd party. From reading some of the stuff above people are saying you just pay the insurance company for the hell of it. Read the damn contract, its not hard.