Insurance

[DrewChan]

Hi Guys,

Is it possible to insure car above retail value - 200sx shows a book value of R35 000 but is worth a fair amount more. Taking a wild guess I cannot insure performance mods but just the base car doesn't go for below 45k unless its in shocking condition.

 

[Pitbull]

Hi Guys,

Is it possible to insure car above retail value - 200sx shows a book value of R35 000 but is worth a fair amount more. Taking a wild guess I cannot insure performance mods but just the base car doesn't go for below 45k unless its in shocking condition.

Depending on the age of the vehicle you can have it Valued. (Like collectors items)

The other option is you can have it insured for retail and not trade. Retail is mostly a couple of thousand more.

 

[Fazda]

The only time you would be able to do it is if you were trying to insure a classic or vintage car where an existing "book" price doesn't exist.

As far as I recall it's actually illegal to consciously over insure anything.

 

[Venomous]

The only time you would be able to do it is if you were trying to insure a classic or vintage car where an existing "book" price doesn't exist.

As far as I recall it's actually illegal to consciously over insure anything.

or he could insure the added items at an additional cost....

 

[Fazda]

or he could insure the added items at an additional cost....

It would take quite a few "extras" to double the retail price!

 

[spiderz]

Interesting Question.
For how much would you insure a 197x Land rover Series 3?
How would they determine it's value?

 

[Pitbull]

Interesting Question.
For how much would you insure a 197x Land rover Series 3?
How would they determine it's value?

As stated by FADZA, you will have to have it valued at a place the specializes in those kind of cars when it doesn't have a book value no more. They will give you a valuation certificate which is used for insurance purposes.

 

[orin76]

Considering the way insurance companies operate, you'll probably be able to insure the car for as much as you want. They'll happily take your premiums and if you ever claim they'll valuate the car, say you were overinsured and only pay you the book value.

 

[spiderz]

Considering the way insurance companies operate, you'll probably be able to insure the car for as much as you want. They'll happily take your premiums and if you ever claim they'll valuate the car, say you were overinsured and only pay you the book value.

Yes, but like Pitbull said, the car is in no book anymore.
If you get a valuation certificate, will they pay that out, or get it re-valuated at date of claim?

 

[Fazda]

Interesting Question.
For how much would you insure a 197x Land rover Series 3?
How would they determine it's value?

I came across the same problem when I tried insuring my 1968 Wolseley 6/110.

Eventually I found someone at Outsurance who actually had intelligence, and he insured it under a special "old car" package.