Insurance + Modifications

[Ehgriez]

FYI I'm under 25 have an agreed value of 17k on the 33 and pay $1300 a year including max no claim bonus protection.

Whats your excess?

[Spynic]

yh i see what your saying greg

i guess all it comes down to it just paying for peace of mind

my excess is $900 so its not that bad

[Ehgriez]

That is pretty good man.

Yeah when my premium/excess starts to come down to a more sensible level I will take up cover, but at the moment its just not worth it.

[Spynic]

yh i know what you mean , i aint had a crash in 6yrs (touch wood) but it lets me sleep easy at night lol

[Taxi_This]

Whats your excess?

$3800 - I factored that into the agreed value.

Can anyone answer my question from before?

[Spynic]

as i understand it m8

as long as your car is road worthy ( it passes the pits) its legal :-)

dont quote me on that but im sure thats how it works as long as u delcare u have that mod and the police dont pull u up and if they do ur car passes the pits then ur car is legal.

[Dani Boi]

Alright so I added my over $2,000 suspension setup and didnt get charged any extra onto my current policy but I get charged $50 or so to put on a FMIC and pod lol.

[Spynic]

i think its the fact if u crash they will have more to pay out on :-) so they charge more lol its a web of charges and stuff u think its bad over here u should try it in the UK its even worse lol

u get charged for having window tint :-) if the insurance company will even cover u

[Topaz]

I have fully comp for the sole reason of theft. My GTR is insured for $22k I think whereas fire and theft only covers less than a quarter of that!

My yearly payment is $1200 and my excess is $2750 but I turn 25 this year so I am hoping that will come down.

[Ehgriez]

If i was running a GT-R I'd probably get insurance, there are obviously higher risks of theft and also the total value is enough that if i were to write it off there would be a large bill to replace it.

Whereas my GTS-4 is worth less than 10k, so it's just hardly worth it.

[PhilKenSebben]

Back to topic, yes tell them about mods. It may cost more. Insurance companies make huge money despite often covering twits. It's as simple as discovering during assessment that your car is not roadworthy, and believe me insurance companies will do ANYTHING in their power to keep from having to pay you regardless of how much money you have given them over the years.

First test? Light gauge on your tint. Darker than 35%? NO money for you!

Those wheels the correct sizing? No money for you!

You drove between 2pm and 3pm in a suburb that begins with 'H' on a Tuesday to see your girlfriend and she isn't blonde? No money for you.

Look sometimes assessors are lazy or just don't care and will pay out regardless, hooray for you, stranger things have happened. But look at this forum.

EVERYONE here is modding their car. Very few do it legally. There are risks. Period. Drive safely and watch out for dicks who don't. It's cheap insurance.

[Kaido_RR]

i dont even bother mate. i dont feel comprehensive is worth the money.

by my calculations, comprehensive is the best part of $3k for me, for a $15k car. so in 5 years ive paid for the car. not to mention the excess, $2k+... so really if i were to write it off id only get $13k. now in effect im paying for the car in only 4 years. ridiculous.

this is ignoring the high probability that if i wrote it off:

-id probably have been doing something silly, and so they may not cover me.

-the modifications would be considered unroadworthy and they may not cover me.

alternatively i could pay $475 for third party. but i chose to pay $695 to inc. fire and theft.

now obviously im going to be way ahead if i keep it on the black stuff. ive had it for more than two years now, so im about $4500 ahead already.

its all a big gamble. but also in my favour, if i were to write it off, i still own it and can wreck it and get a few thousand back.

Thats all good.

But what happen when someone smashes into you, and the refuses to pay up. if you only have 3rd party your insurance company will not act on your behalf. Therefore you have to chase up the person who hit you. and in most cases if the person refuses the only cause of action you have is to get a lawer and sue.

This is NOT CHEAP and required YOU to do all the work, you have to get quotes on the repairs, you have to pay for all the towing cost. and you are out of pocket till the person pays up. And then in the end if the person has no money and assets; you basically get nothing or get $10 a month for the rest of their life.

There is a reason why your full cover cost what it does.

JUST CARS are fair; i know of an r33 who had an accident front was completly gone; was declare a write-off; excesses was paid and they pay out. (owner was at fault) car was far from stock (400hp+)

Edited March 17, 2009 by [Michael]