Retail Value of CTi Golf for Insurance

MiY4Gi

Expert Member
Joined
Dec 4, 2010
Messages
1,105
Hi, dad's 1994 CTi golf is insured for R15000 (Retail Value). His installment is R635 with Budget. Am I getting a good deal?

I checked Gumtree and I don't see any CTi's in similar condition going for R15000 or less, so if the car get's written off I won't find a CTi for that price. How does my insurance arrive at a retail value of R15000? Is this normally how insurance works for second hand cars?
 

Pitbull

Verboten
Joined
Apr 8, 2006
Messages
63,368
How much your dad want for it? :eek: Let's kill 2 birds with 1 stone...
 

dunkyd

Executive Member
Joined
Mar 5, 2009
Messages
5,311
What else is on the policy ? House contents of 1 million Ront and a small 4 seater plane?
 

Rouxenator

Dank meme lord
Joined
Oct 31, 2007
Messages
40,406
That is a very good deal. CTi values at R15k should cost about R1500 to insure, it is a very high risk machine.
 

shooter69

Expert Member
Joined
Jun 4, 2012
Messages
2,962
Hi, dad's 1994 CTi golf is insured for R15000 (Retail Value). His installment is R635 with Budget. Am I getting a good deal?

I checked Gumtree and I don't see any CTi's in similar condition going for R15000 or less, so if the car get's written off I won't find a CTi for that price. How does my insurance arrive at a retail value of R15000? Is this normally how insurance works for second hand cars?

Just take 3rd party. That car is too old and you are paying too much in insurance. Rather put R1000 away monthly and within 2 years you can replace the car in cash if something happens..
 
  • Like
Reactions: rh1

MiY4Gi

Expert Member
Joined
Dec 4, 2010
Messages
1,105
Lol, no, we're not selling. In fact, I'm slowly trying to restore it. I I usually drive it, that's why I'm so concerned about the seemingly low insured value. Well, the car has seen better days (before my sister started driving it), but the car's been insured at that value since 2001, and at that time it looked pretty good.

I just want peace of mind knowing that if I accidentally total the car, I can get myself another CTi. I don't feel that way with the current insurance.

That is a very good deal. CTi values at R15k should cost about R1500 to insure, it is a very high risk machine.

Very high risk? How so? You mean coz it's usually used for dicing?
 
Last edited:

Coasti

Expert Member
Joined
Sep 27, 2008
Messages
1,459
Just take 3rd party. That car is too old and you are paying too much in insurance. Rather put R1000 away monthly and within 2 years you can replace the car in cash if something happens..

+1, you should have stopped paying insurance quite a while ago already, you could have saved up much more than R15000.
 

Rouxenator

Dank meme lord
Joined
Oct 31, 2007
Messages
40,406
Very high risk? How so? You mean coz it's usually used for dicing?
Yes, dicing cars worth more than most people's houses. So you can expect a premium that is about a 10th or the same price as the car.... each month!
 

dj_jyno

Expert Member
Joined
Sep 22, 2007
Messages
3,687
That is a very good deal. CTi values at R15k should cost about R1500 to insure, it is a very high risk machine.
*cough* Bulls**t *cough*

@ the OP - you are getting shafted. My 2000 Citi 1.3 was insured for R30 000 at R102 / month with Santam.
 

Hemi300c

Honorary Master
Joined
Dec 15, 2009
Messages
23,751
It's very old but I have it as:
1994 CITI GOLF 1.8 L CTI
Market:150900
Retail: 18300
Trade: 13500

Insurers normally have a minimum sum insured which means up till that value the premium stays the same, which would cover at least 1x windscreen claims costs etc.

Beware of Budget and their driver policy stating who is the normal driver etc and if you use the vehicle often you could be in for a surprise.

Yes they are hi risk vehicles because of theft and for parts etc. And because as you state used for dicing and "hotting up".
 

$m@Rt@$$

Expert Member
Joined
Jul 6, 2009
Messages
2,034
Hi, dad's 1994 CTi golf is insured for R15000 (Retail Value). His installment is R635 with Budget. Am I getting a good deal?

I checked Gumtree and I don't see any CTi's in similar condition going for R15000 or less, so if the car get's written off I won't find a CTi for that price. How does my insurance arrive at a retail value of R15000? Is this normally how insurance works for second hand cars?

That feels high. My 3 series goes for R1k. But I suppose it's a high risk car since you can steal it with a fork. You can insure for retail with the ceiling being the book value.
 

Topdoggdbn

Senior Member
Joined
Mar 24, 2009
Messages
733
The vehicle is insured at retail/market/book value.
Just had my tazz taken and was paid out slightly above market value which was about half of replacement value.
Get 3rd party and save the rest. It is a diminishing risk.
 

I.am.Sam

Honorary Master
Joined
Jun 14, 2011
Messages
89,569
my golf is valued at 36500 or something and im paying R420

its normal
 

saturnz

Honorary Master
Joined
May 3, 2005
Messages
17,217
Hi, dad's 1994 CTi golf is insured for R15000 (Retail Value). His installment is R635 with Budget. Am I getting a good deal?

I checked Gumtree and I don't see any CTi's in similar condition going for R15000 or less, so if the car get's written off I won't find a CTi for that price. How does my insurance arrive at a retail value of R15000? Is this normally how insurance works for second hand cars?

thats the reality of the insurance industry, you can ask for a higher insured value but that will come with costs and terms&conditions which would basically render the car useless for daily driving.

when my superboss was written off they wanted to pay me 10k on the basis that the car's market value was around R15k according to them, they ended up paying me R90k after I wrote a report showing the car's market value to be significantly higher than their 15k figure. This was a third party claim so much easier, but theres basically nothing you can do to get a better payout with your current premium.
 
Last edited:

dunkyd

Executive Member
Joined
Mar 5, 2009
Messages
5,311
Just checked mine……..3 cars with value of R220,000 and paying R919. With M & F.

Budget is screwing you!
 

Parrie

Well-Known Member
Joined
May 21, 2013
Messages
160
Hi, dad's 1994 CTi golf is insured for R15000 (Retail Value). His installment is R635 with Budget. Am I getting a good deal?

I checked Gumtree and I don't see any CTi's in similar condition going for R15000 or less, so if the car get's written off I won't find a CTi for that price. How does my insurance arrive at a retail value of R15000? Is this normally how insurance works for second hand cars?

I checked on the following model:
Make = VOLKSWAGEN / Model = CITI GOLF 1.8 L SPORT H/B
Year = 1994

The retail value is R16500. This value comes from an auto dealers catelog to which the insurance company's system is connected, hence they actually "buy" that information from a reputable auto dealers company.

Remember the value of the car is just one aspect of determining the premium you pay. Claims history, area, age, license type and number of years you have your lisence is also taken into consideration.

Given all that the premium I got quoted was R 293.02.
 

muazzamb

Well-Known Member
Joined
Jan 17, 2012
Messages
399
Paying R635 for 15k insurance is excessive in every way. You can buy a 15k golf every 20 months if you saved that instead.
 

I.am.Sam

Honorary Master
Joined
Jun 14, 2011
Messages
89,569
I checked on the following model:
Make = VOLKSWAGEN / Model = CITI GOLF 1.8 L SPORT H/B
Year = 1994

The retail value is R16500. This value comes from an auto dealers catelog to which the insurance company's system is connected, hence they actually "buy" that information from a reputable auto dealers company.

Remember the value of the car is just one aspect of determining the premium you pay. Claims history, area, age, license type and number of years you have your lisence is also taken into consideration.

Given all that the premium I got quoted was R 293.02.

who is this with ?
 

MiY4Gi

Expert Member
Joined
Dec 4, 2010
Messages
1,105
Thank you people, your input has been really helpful. You've given my folks a lot to think about. Anyway, any idea how much 3rd party might insurance cost?
 
Top