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walkoau

Nrma Vintage And Classic Insurance

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Sorry to open the can of worms, but I guess the point of relevance is that NRMA is probably very accurate with their R32 valuations. The 34's are way off, I mean find me a vspec that's sold for $100k. There were 2 N1's listed recently for just over that.

It's a fun and interesting discussion.

Edited by ADP91

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MASSIVE thanks to Terry for taking the time to put this info together and post on the forum for us all to share and discuss.

Many valid points being made on the numbers Terry has provided as a guide to TOP level / rare model replacement values.

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I think agreed value is;
sure you paid 70k for your mint 34 vspec but then you go spastic and give it a birthday with full carbon front end and plant a original R2 inside with essay long list of nismo accessories sure you would want to agree that 150k is reasonable, upon documentation. [emoji57]

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From a Valuation Threshold point of view Re GT-Rs, one could probably imagine (in approximation only), three tiers...

First (Entry) Level:- * Just Car (Suncorp Group and Underwritten by Australian Associated Motor Insurers Ltd), * Lumleys SV (Underwritten by Wesfarmers General Insurance Ltd)

Second Level:- * Shannon's (Underwritten by Australian Alliance Insurance Company Ltd), * NRMA Vintage Veteran & Classic (Underwritten by Insurance Australia Ltd)

Third Level:- * Dawes Motor Insurance (Dawes Underwriting Australia P/L)

Every Policy PDS is different. * One company will offer you a choice of repairer - another one will only offer you a choice if the quote is cheaper than their own preferred repairer. * One company will offer you salvage rights - another one omits any mention of salvage rights. * One will offer you a free windscreen in any year - another one will not. Please read your PDS to see if that policy suits you. Once you sign up, you still have 7 days (or 6 more days) to cancel the policy. Basically, this process is the equivalent of the old term, "cover note".                                                                                                                                                                                          

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Omg that was painful. Poor phone guy just blew his mind when I started listing the skyline modifications. 😂

Not switching to them will go with the quote we got from famous. Less restrictions & they actually understood what I sent them about the vehicle.

Was an awesome price though if you barely drive the vehicle and don't want to drive it to or from work occasionally.

Bloody RACV!

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To give everyone a comparison, I just had to renew my policy with RACV (kind of funny, as my car was stolen and recovered a few weeks back).

Was initially insured for 35k with a premium of 350...this year bumped it to 45K, with a premium of 460.

Car is a 97 Series 3. She did say though, 37.5 is what they can go straight away without obtaining there managers approval, then when I told her it was a series 3, they said 40k no issues.

She then had to talk to her manager, who agreed 45k was a fair price...funnily enough, apprently the v-spec thing made the difference.  I thought this was funny cos I would have personally paid a few k more if I could have bagged a S3 non v-spec, when I was looking for mine.

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On 18/07/2016 at 7:00 PM, Terry_GT-R34 said:

Really cheap cars are better off insured for "fire and theft..."

completely opposite to what you just said :)

NRMA Vintage insurance insured me for $323 per year, full comp with all my shit box mods + free road side assist if I'm over 100km away from home.

Justcars wanted $1300, even their standard fire and theft was more, and offers less than what NRMA provided for less.

Win!

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Sincere congratulations. Competition is truly alive and well; and thus, I'm glad to say, has proven me wrong.

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I now have 3 policies with nrma vintage. The policy suits me perfectly and the prices are awesome. I will update with new premium prices as I need to renew. I don't think any other insurance company can come close to nrma vintage value for money.

Justin Johns. 

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I giggled like a little bitch on the phone.

#truestory

I still don't get how full comp can cost less than Just Car's 3rd Party with Fire and Theft.

I'm happy it's cheaper, and the free road side assist is amazing, especially when I need to drive 100km+ each way to Wakefield.

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I guess being strictly vintage, garaged, under 9000km per year, they expect the driver to be careful and maintain their cars and reward them in cheap prices. 9000km a year is still around half of what someone might average in their daily which is a lot for a car that isn't a daily.

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Forecast of Sums Insured for the first half of 2017.

Sellers:-
The values of BNR32s, BCNR33s, BNR34s don't appear to be going up in leaps and bounds at this point in time. Because GT-Rs attract international money (compared to Aussie muscle cars that attract local money), the overheated market appears to have stabilised and so, one can feel reassured that you can insure your car next year for the same amount you have this year. If you need to sell your car to where the money is, it might be wise to talk to an importer/exporter of your own choice, as well as selling locally.

Buyers:-
* BCNR33 values have appeared to bottom out and they give the appearance of rising. Parts dealers who I've talked to, seem to be sending a lot of R33 GT-R parts to Canada if they aren't being sold here. So it certainly appears that R33 GT-Rs are being being bought up by our Canuk cousins.
* BNR32s and BNR34s are still being bought by the usual suspects including Aussies. One has to be more careful with shortages of supply that you don't get caught with a rust bucket or damaged goods. Having someone on the ground to "thoroughly" inspect your prospective car before auction is highly advised. Someone here on SAU had an R32 GT-R inspected and was told that the car was in VG Cond. It was anything but, when a friend (also an exporter) noticed rust in the worst possible spots.
An interesting player in the market this year has been China. Now since it's prohibited to import directly to China a road registerable R32/R33/R34 GT-R (as they only admit left hand drive vehicles anyway), Hong Kong has been the entry point. It's fine for grey import GT-Rs to be brought into HK (yes, under orders from other parts of the mainland). What happens is that the car gets complied and registered with a HK Number Plate. And then the GT-R has to be registered a second time to enter the mainland through Tsim Sha Tsui where cars cross over to the right hand side. And thus, these grey import GT-Rs on the Chinese mainland, carry two sets of registration plates. I'm told that it's a very expensive process.

Thanks for reading...  

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I just got off the phone with NRMA vintage, just a few things to note;

- Nrma VVC cover will only cover you if you have lock-up garage or under-cover carport, if the car is damaged/stolen outside of this location ie. or on the street, the car is no longer covered.

- They will not cover your car if it has been used for any other purpose than an A to A trip (i'm sure car shows/meets/cruises are still ok), but the occasional drive to work, to a mate's house or to the shop are NOT covered should something happen at any of these locations.

For a 02 R34 M-spec, they were willing to insure it up to $100K (premium of $1300, excess of $1000) without sending through images denoting the condition of the car, for an agreed value above this, you will need to send through pictures of the car to be forwarded to the underwriter IAG.

It's a great agreed value and premium, but the restrictions of driving it do dampen the policy for me, especially as i drive less than 9000kms/yr, i would still like to choose where i drive my car and still be covered.

Edited by squareznboxez
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4 hours ago, squareznboxez said:

I just got off the phone with NRMA vintage, just a few things to note;

- Nrma VVC cover will only cover you if you have lock-up garage or under-cover carport, if the car is damaged/stolen outside of this location ie. or on the street, the car is no longer covered.

- They will not cover your car if it has been used for any other purpose than an A to A trip (i'm sure car shows/meets/cruises are still ok), but the occasional drive to work, to a mate's house or to the shop are NOT covered should something happen at any of these locations.


Really? I couldn't see anything about that in the Policy PDF?

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The operator mentioned that the occasional drive to work, visiting a friend and driving to the shop do not fall under 'hobby and recreational' (on page 18 of the policy document) use which is what this policy is dictated on.

Another one was if i had my car parked in a different spot than the garage or lock up carport ie. driveway or on the street for whatever reason (ie. moving goods around or during renovations) the car isn't covered if it was parked in the designated 'approved' spot.

I'm sure a different operator could give a different interpretation to the rule, but for me it isn't worth the risk come time to make a claim.

Edited by squareznboxez

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I think that sounds unenforceable.

If you had a smash, say going work, you could say you were going for a cruise.?

Then if you were going for a cruise, they could say you were going to the shop ?

What if you were going to a mechanic, petrol or similar, can they wiggle out of honouring the policy, so many IFs and BUTs :(

If your car was stolen from outside your garage, you could be washing it and gone inside to go to the toilet . The electric garage door might have broken, many things can happen?

Then if you were washing the car, went to the toilet and came back to find the car gone, they could say it was still parked outside your garage and not covered?

You would be forced to fabricate the story to help your claim, if not, good bye car and the all money you spent on it , plus all of the payments to the insurance company.

 

When I got mine, first it was,dive it under 9000klm PA, then changed to 10 days a month and you must have a carport or lock up garage. It can be used for a Hobby or recreational purposes.

I took the recreational purpose to mean if you go out for a drive in the country or on a club cruise and such. Surely on this type of recreational day you would be allowed to stop and buy lunch or do you have to take a sandwich and eat it in the car. What if it was a long cruise to Melbourne, can you stay over night or do they want you to turn around and drive home.

It would be so hard to do something that the insurer could not use against you so they did not have to pay out should your car get stolen or in a smash.

It would be a real mess!

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It sounds terrible, I'm not so sure 90% of the people in this thread that have a policy with them, would continue with them knowing they're only allowed to get in the car, drive in a circle not allowed to park ANYWHERE but back in their own Garage. I'm going to give them a call shortly and find out.

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Alright just got off the phone with RACV Vintage and have taken out a policy with them. You MUST have a garage or car port for them to agree to cover you. You ARE allowed to drive the car to a friends house, stay the night there and have the car parked in their drive way, AS LONG as you have taken steps to ensure that it won't get stolen (double park it). It will be covered if broken into/stolen.

They cover you on recreational drives, i.e Driving to Healesville, stopping for lunch and then going back home, that is covered. The 9,000km is an honesty policy, they do not take down your odometer on the start of your policy, they are relying on you to be honest and not daily drive the car.

I have a 33 GTR highly modified, and they agreed to cover it for 44k, with a $701 dollar premium. 

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