Anyone have luck negotiating a higher agreed value?

Lryanjsoo on 09/03/2022 - 13:54
Last edited 09/03/2022 - 15:18

Hi guys, looking for some advice, I recently picked up a mint 1999 WRX and am looking for insurance. It is un-modified and garaged. The problem is the maximum agreed value for many insurers is only up to $5000 give or take. I'm sure anyone with a 90's Japanese car would have run into a similar issue as these cars are now worth substantially more than they once were.

Shannons was the only insurer I could fine that was able to cover the car, albeit at a substantial price of around 2.5k/year. I am not planning on driving the car frequently and my main concern is theft so I'd like to minimise insurance cost but ensure it covers the entire value of the car if this is possible.

Has anyone had any luck negotiating a higher agreed value with other insurers? Would market value take current prices for these cars into account or is Shannons my only option? Thanks in advance!

Update: Big thanks for the help guys, managed to get a great quote through Enthusiast. Lifesavers :)

Automotive

Comments

  • ol mate on 09/03/2022 - 13:59
    +2

    About 7 or 8 years ago, I got NRMA to agree to ~$8k higher than market. It needed to be referred to their underwriters for approval but that was a 5 minute wait.

    Otherwise, maybe try Famous, Enthusiast, Lumley, or possibly a broker

    • ryanjsoo on 09/03/2022 - 14:58

      Super helpful, thank you! First time trying to insure a car like this so wasn't familiar with many enthusiast insurers, let me give those a go. Cheers!

  • GG57 on 09/03/2022 - 14:03
    +3

    What value did you pay for it / do you want to insure it for?

    • ryanjsoo on 09/03/2022 - 14:51

      About 25k so quite a bit off

      • GG57 on 09/03/2022 - 14:53

        For a car that is ~22 years ago, and unmodified? Wow.

  • apsilon on 09/03/2022 - 14:04

    I increased the value on my '97 MX-5 by $12k yesterday with Shannons. It's on an extreme limited use restriction which is fine and my premium went up $60 for the year. If you're not going to drive it much make sure with Shannons you put it on limited or extreme limited use as that does effect the premium a lot.

    In theory market value should cover it but you'll almost certainly have to argue the point and provide proof which will become increasingly difficult as fewer of the vehicle is around.

    • Nugs on 09/03/2022 - 14:15

      by $12k, or to?
      .

      • apsilon on 09/03/2022 - 14:27

        By.

        • dogboy on 09/03/2022 - 15:15

          lol what? I guess every hairdresser wants one still…

    • greencomet on 09/03/2022 - 15:02

      Have myself a 97 with hardtop too, been sitting in the garage for years. They're starting to go for some silly prices.

      • apsilon on 09/03/2022 - 15:22

        They're starting to go for some silly prices.

        Yep, used cars have gone up in general but things that are niche and/or collectable have really rocketed. While I was aware of it, it only occurred to me the other night I should do something about it as it's unlikely I could replace the car at all and certainly not for the previously insured amount.

  • bobbified on 09/03/2022 - 14:11
    +1

    1999 WRX

    Very nice! I had one of these years ago, when I was 21. I had it insured through Just Car for $6000/year! Needless to say, it didn't last very long because the insurance was just way too much.

    You might have to go to someone like Shannons (or anyone else that would insure exotics) if you want special insurance for it that the more common insurers won't provide.

    • ryanjsoo on 09/03/2022 - 14:57

      Thank you, might be the way… I'm sure there's some wiggle room but not 20k over lol

  • Benoffie on 09/03/2022 - 14:16

    Any insurer will agree to higher, you just have to pay for it.

    For example - looking to insure brand new RAV4 and the agreed values on most insurers is $8k below MSRP. As if anyone could walk into a dealer and get a new one for that much discount nowadays.

    We've simply asked it be upped to the purchase price and pay accordingly. They're all still living in the depreciation la la land.

    • pharkurnell on 09/03/2022 - 18:08

      Why should you have to pay more to insure it for the actual price you pay? That doesn't make sense

      • Benoffie on 10/03/2022 - 08:09

        Didn't say it was right. But feel free to find an insurer who'll give increased insurance for free

  • Stalker on 09/03/2022 - 14:20
    +2

    Just go with Shannons. You'll pay a bit more than you want, but you won't find much of a saving with the others and you'll have to go through a bunch more process to get there. Save yourself the hassle.

    P.s. Nice car. I hope it's WRC blue. :D

  • dassaur on 09/03/2022 - 14:25
    +2

    Check enthusiast insurance.

    • knasty on 09/03/2022 - 15:31

      Agree. I have an older AMG (no longer high yielding) and it was very easy to move from their original agreed value figure up to a much more reasonable estimate of current market value. Their prices are great too.

    • pharkurnell on 09/03/2022 - 18:09

      Has anyone made a claim through them?

  • vince088 on 09/03/2022 - 22:13

    I left Enthusiast to go with Lumley Special Vehicles, give that a try also.

    Lumley was cheaper premium and allowed me to go with a higher agreed value

  • Overclocked91 on 10/03/2022 - 08:06

    Plus 1 for Shannon's. You can have more leeway with agreed value

  • singlemalt72 on 10/03/2022 - 14:13

    Jeezus - There are people on Carsales wanting $37K plus for a 1999 WRX (that is a built engine) but still!

    Many sitting around the mid teens to twenties (of course these are "Asking" prices.)

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