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R32 Gtr Insurance Values

GH05T

By GH05T,
in General Automotive Discussion

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GH05T Grand Master

GH05T

Posted
Posted (edited)

Good morning all.

My R32 GTR is now no longer on daily duties and has become the weekender it deserves to be. This amongst some other things has prompted me to look into freshening up my insurance policy. I for one do not like to be the that guy who gets caught out if the worst were to happen to my car.

as we all know recently the USA has started to take all the Japanese export R32 GTRs and have driven the price up allot as expected. as their limitations lift over the next few years the R32 and R33 GTRs will get harder to replace.

this can be seen already, I have just done a search on carsales. 2 years ago the average value would have been $17-23k. some cheaper bad examples, some higher priced ADM and highly modified cars.

now, and have a look for yourself. the cheapest 32gtr is $24000... that's the cheapest. the average is now as im writing this post $34000. that's the average taking out anything over $50k or ADM.

Mine is clean and relatively unmodified... its at least still insurable. so if I were to replace my GTR I would expect, if i bought from carsales (which is how just car get their averages when agreeing on a value most times) I would be up for about $30-$34000.

that's not including on roads and my excess of about $1k. so lets say about $35,000.00

hows that for a jump in values. now im not looking at this as a wide eyed kid thinking my cars worth whats its not, im just looking at the averaged from available value. but im confident could get $30k for my car if sold today.

so, I have contacted my insurer who currently has a value in the low 20s with a $900 excess, that's just car. im now looking into what they can do with the agreed value, pointing them to do their own market research and with the explanation of the USAs influence on the import value and looking at what the limited insurance market can offer in competition.

also they have an agreed value as I said, but their market value is $17000 btw, probably relevant when I bought it but ... imagine trying to get a 32gtr for $17000 today, gumtree shitter maby....

My question...

what value do you have your GTR insured for?

im asking specifically for R32, but R33 and 34 are not about to start dropping any time soon.

are you insured for what it would costs you to replace or within reason? who did you use? ...discuss :)

ill post back my results to btw so others know what's available or at least realistsic, it would be good if we got some info on this for values, premiums are too hard cos everyone's situation is different but hopefully no one gets caught out and given a cheque for half their cars value when paying for an agreed amount they didn't research.

Edited by GH05T
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https://www.sau.com.au/forums/topic/464155-r32-gtr-insurance-values/
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Sinista32 Grand Master

Sinista32

Posted
Posted

I'll play

R32 GTR insured value $40k

$500 excess

Would it replace what I have spent - NO.

Could I get $40k, at todays market value, likely be close to that.

Insured through Shannon's.

Comes out of the garage about 30-40 times a year.

GH05T Grand Master

GH05T

Posted
  • Author
Posted

I have started talking with shannons. They have a value off the bat up to 25000 atm. Keep in mind, mainly stock 89,

I am going to go through all the mods and see if i can push that up. The new haltech might add a grand.

Robzilla32 Mentor

Robzilla32

Posted
Posted

Moved my 1990 GT-R to Shannons this month.

Spent about 30 mins on the phone with underwriter. Started at 21k. Went to 25k once he started looking at comparable cars on Carsales. He upped it to 30k when I explained the engine had been rebuilt etc. It seemed like a reasonable way to work through it.

Based on this, I will do some research leading up to renewal next year to see where prices are at.

30k would not come close to covering what I have spent buying and having built - that is a different story - but it is a lot closer to buying something comparable than I would have been previously.

okooko Community Regular

okooko

Posted
Posted

The underwriter just glanced over mine briefly when I had in at the shop. Mines still running stock motor but I gave him a list of items I've got on it totaling more than what they're covering me minus the vehicle cost.

the difference in premium from 20k to 25k was about 120 bucks over the year. If i'm paying around 2k anyway, another 6% is worth the 5k extra coverage.

Gareth Collaborator

Gareth

Posted
Posted

I upped mine to 22k from 18 about a year ago, If it were to get written off or stolen I wouldn't replace it, would be just glad to get back what i brought it for initially (18k 3 years ago) anything more than that would be a bonus and go towards the reimbursement for the 15 odd grand i have spent fixing everything.

Sinista32 Grand Master

Sinista32

Posted
Posted (edited)

Varies a lot. How many have actually been seen by an assessor and do they know what they're looking at?

Any vehicle with defects rendering the car unregisterable would the Insurance company not pay out?

I don't have any concerns but I bet the majority do. Lol

Edited by Sinista32
okooko Community Regular

okooko

Posted
Posted

Mine did, I wasn't certain if they knew what they were looking at but did provide a list of parts that have gone on and the costs.

I think they were just making sure it wasn't some clapped out crapbox that wasn't worth what they were signing up for.

I should up it to $40k given that it won't replace it but get much closer than the current $25k

  • 2 weeks later...
mr_rbman Grand Master

mr_rbman

Posted
Posted

Agreed value of $25k (1989 R32 GTR - rebuilt motor) - Shannon's. Going to speak to them soon and look at agreed value of $30k.......

As you've mentioned $25k wouldn't come close to replacing my car now......Thanks for the gentle reminder ;)

  • Like 1
  • 3 weeks later...

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