Insurance Help, Pls estimate my BHP

[Dazz0i]

same as me.... i just called, got a good quote, so took it!

 

[japcar_junkie]

Well i got my insurance sorted, mt FTO was insured with Adrian Flux and i only renewed in Sept, which was about ?660. Im 25, 7yrs no claims and with i accident 4 yrs ago (learner drivers and fire engines dont mix well on the same slippy road as an FTO). Just been given an annual premium of ?741 when they agreed to match Sky, all mods declared with like for like replacement, so to change over will be an extra ?170 due to admin costs. Alot less than i expected.:thumbs:

 

[Nicely]

We don't have a proper club agreement with Sky just yet. So, if you want your discount (up to 20%), use your SXOC membership.

I am hoping to introduce the same discount for Contributing S15OC members in the future

 

[irvs]

sorry for the questions but what does everyone mean "like for like mods"
i was ringen about to see if i could get a decent quote and got ?843 full comp with quinn driect, better than elephants ?2300(im already with elephant for the bora)

 

[Nicely]

Like for like means that if any of your mods are damaged in an accident, they will replace them with the same item. Most insurance companies will only give you up to the value of the OEM original.

This doesn't apply if the car is written-off. In that circumstance, you will get paid the realistic market value of the car with its mods. Full stop. This is the figure that you could have sold the car for, not the value you would like to think its worth. This is why an agreed value is so important. Its much easier to argue the value when the car is in mint condition than when its had half its panels knocked in...

One VERY important thing to remember with like for like and agreed values is that you MUST keep your insurer up to date of mods and value. Why is this important? Well, the agreed value isn't the market value plus all your mods. You will NEVER get your money back on mods when you sell a car. So, you could be in a situation were the damage to your mods can exceed 60% of your agreed value. In this case, the car would be written off...

 

[irvs]

aah i see a i supose this bunks up the insurance a bit then? still seem a good thing though, whats the general census on this do you all do it "like for like" its just i never insured a car like that, just declared the mods to keep me sorted if anny thing happened.(touch wood it doesnt)

 

[Nicely]

If an insurer does like-for-like (e.g Flux or Sky but NOT A Plan), they just do it as part of their cover, so no extra cost. A proper agreed value should cost you a nominal fee (about ?35 for Sky) which covers the broker's time to check your agreed value submission. If its a proper agreed value, you also need to supply photos of the car from all angles, including interior shots and any additional info to support your valuation if it varies significantly from the market value. THIS MUST BE DONE EVERY YEAR AT RENEWAL.

 

[Get_Real]

If an insurer does like-for-like (e.g Flux or Sky but NOT A Plan), they just do it as part of their cover, so no extra cost. A proper agreed value should cost you a nominal fee (about ?35 for Sky) which covers the broker's time to check your agreed value submission. If its a proper agreed value, you also need to supply photos of the car from all angles, including interior shots and any additional info to support your valuation if it varies significantly from the market value. THIS MUST BE DONE EVERY YEAR AT RENEWAL.

Cheers for all the replies guys!!!

Nicely, how do you know what to put down as an agreed value though? How would you back it up? Guess what i am really asking is how much do i value my car plus all the mods the way that the broker would? Say i spent about 4-5k on mods.......plus i have an automatic 1999 S15 Spec R with 38k miles? Where would you get the agreed values from? A Spec R with such low mileage would be worth at least 11k?? Maybe less; maybe more?? But then it's an Auto; although in Japan and Australia, it actually costs more to get an auto as it's an option. Any input welcomed mate!

Cheers,
Alex

I am currently with A Plan but insurance is running out end of the month so might have to change to SKY seeing that you mentioned that A Plan dun do like for like.

 

[Nicely]

A Plan don't do agreed value either. I could only find the two main UK insurers who did Agreed Values ON IMPORTS.

Alex, its quite a difficult one because you have an Auto. There will be a hit to value on that alone. Look at the difference between manual and auto S14s. Its further complicated be the fact that there are no newly imported Spec R Autos, due to no model report. This will also have an effect on resale value

I bought my Spec R for ?13k and have added over ?7k worth of mods. However, my Agreed Value is currently ?14k because that's what I would sensibly expect someone to pay if I held out long enough (and possibly if I removed mods). Just look at how much Meddy let his go for, and he had similar mods at the time... I'm also going on how much it would cost to buy a replacement from an importer.

Going on your details, and the lower mileage, I'd say ?11-12k is a good figure, although I think you may struggle to get that if you sold.

 

[Topper]

I've got Like-for-like and an agreed value, the lik-for-liek, for me is very important since i have the bodykit, as if i only smashed the front say, then it would be fitted with a stock bumper but Vertex sides and rear

Agreed value is roughly what you would expect to get for it if you sell it, not value plus mods as Nicley has said.