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insurance costs

Started by nathan, 27 October 2006, 09:08 AM

nathan

hi all,
what have people found their insurance costs to be for their 116s?
i have #6436 6.9 with shannons under an extremely low km plan which is reasonable enough around 500 bucks...
but when i recently asked them for 3rd party only on rusty #6181 6.9, ehy quoted me 220 bucks which i thought was steep...i only just decided to register goldy as i thought it would never be able to re-register if i had to get it over the pits (having Purchased the car only 3 months ago)...RAC on line quoted me 120 for 3rd party only which i think is fair enough, not imagining i could get much lower?
how has everyone else faired?
best regards
nathan
1979 116 6.9 #6436
2018 213 e63
2011 212 e63
2011 463 g55
2007 211 e500 wagen
1995 124 e320 cabriolet
1983 460 300gd
1981 123 280te

oscar

I've gone with FAI. Costs nothing!!!   :D ;D

Until this mid year, the car never travelled anywhere and avg about 30km/week.  Actually I have to confess to Brian to whom I said in another thread that I was now insured.  I spoke too soon, got lazy, distracted and failed to carry through with it.  I'll wait till the car comes back from mechanic (maybe) ::) .  I did do a bit of research though.

I priced my car at only $4000 but my main concern with insurance wasn't the fact my car will get damaged, it's the third party costs, both injury and property that scare me the most.  It was better off to go comprehensive.

The two that stood out were NRMA classics and Shannons.  I didn't write things down so from memory; NRMA high $200's p/a, Shannons  the cheapest at low $200's p/a plus a free windscreen per year and no extra for being charged monthly.
1973 350SE, my first & fave

Brian Crump

Oscar - are you saying you value your car at $4000? All that gleaming chrome for so little? Nah.......
And to boot, we have had at least that value in all your posts so maybe revise upwards?
What can you buy for $4000?
Regards,
Brian

s class

Here in South Africa, 3rd party only is usually not much cheaper than comprehensive because on older cars, the underwriters regard the 3rd part issue the largest component of their risk. 

In this country, one can basically insure a car for as high a value as one likes, and pay premiums on that value.  The catch is that when there is a claim, they then pay out on the "book value" of the car.  Book value tends to be at the bottom end of the retail price range.  Their arguement is that it's your fault for over-insuring. 

I have just gone through the excercise with my R107.

"normal" insurance companies (who cater for normal clients with crapmobiles) quoted me around AUS$120 per month to cover the 450SL for a value of AUS$17000 (which is low to fair here in South Africa). 

I asked the sales rep "so if my car is stolen, what will you pay me?"

He Answered "you car is covered for AUS$17000".

I said "I know that, that's what I'm paying premiums on, what I'm asking is if its stolen, how much money will I see transfered into my bank account?"

Eventually he admitted it would be the "book value" of AUS$7000.  Here in South Africa you can't even buy a parts car for that. 

So I have taken the route of specialist classic car insurance.  I had to join the Mercedes owners club who valued the 450SL at AUS$22000, stating that it was probably the best 450SL they had ever seen.  THe specialist insurers covered this value for AUS$50 per month, but requested  an independent inspection of the security measures (gearlock, immobiliser).  I duly complied and submitted the certificate. They then asked for a second independent valuation of the car since I was stating an unusually high value.  Yesterdey their own rep came out and photographed my lock-up garage, security gates another measures.  He took detailed photos of all aspects of the car and admitted that the AUS$22000 valuation seemed about fair, and agreed that it was one of the very best R107's around. 

The result is that I have GENUINE AUS$22000 cover for only AUS$50 per month.  Given the state of things in South Africa that's pretty fair.  The only real limitation on the cover is that I'm the only driver and cover is only valid for 7500km per year.  Given my usage of the car, that's not a problem. 

Point is, be very wary of insurance.  They're out there to protect themselves, not you.

Ryan


[color=blue]'76 6.9 Euro[/color], [color=red]'78 6.9 AMG[/color], '80 280SE, [color=brown]'74 350SE[/color], [color=black]'82 500SEL euro full hydro, '83 500SEL euro full hydro [/color], '81 500SL

oscar

Quote from: Brian Crump on 27 October 2006, 08:56 PM
Oscar - are you saying you value your car at $4000? All that gleaming chrome for so little? Nah.......
And to boot, we have had at least that value in all your posts so maybe revise upwards?
What can you buy for $4000?
Regards,
Brian

I suppose what the car is worth, what someone will pay and what insurance companies value it at are three different amounts.  I went a bit low for when I see better examples I get a bout of mercedes envy. :-X
Especially when my car is a no frills, no electrics, non optioned example compared to good 450's and even 280sel's with the works for around $5k.  I think there's little difference too from 3rd party injury and property only, compared to comprehensive, so comprehensive is the way to go.  But you're right, I should value add some to cover replacement including the work done to date.

Ryan, wise words.  I wonder if  this "book value" payment v's "insured value" scam is common practice worldwide? 
eg, If my 350 was insured for $8k would an insurer pay me $3K that seems to be an avg of 350se's for sale in Oz.

BTW, must be good to get wraps like that for the 107.  I suppose selling should no longer be a consideration.
1973 350SE, my first & fave