Comprehensive insurance on a Hilux with plenty of extras
nomad ahoy said
06:45 PM May 17, 2011
Hi Everyone,
I've just joined Grey Nomads, and am hoping that someone can help me with my problem.
I am contemplating buying a 2008 Hilux SR dual cab 4x4, with approximately twenty thousand dollars of extras. They are not modifications like suspension, engine or wheels.
The Hilux has ARB bullbar with a Magnum winch and Cibie spotties, snorkel, dual battery setup, ARB canopy, Outback drawers, side steps, oil cooler, HD towbar with Treg hitch and a few other goodies.
I've tried three of the larger insurers, such as RACQ, APIA and Youi, and they all say that they will not insure the car, as the value of the extras is in excess of their policy guidelines.
Surely, we who travel, and want to do it safely and comfortably, should be able to insure our rigs for an acceptable value - just in case :)
There must be others in the same boat, so I would greatly appreciate any ideas on who may be able to insure me.
I am at a loss to understand all of this, so please, if you are able, HELP.
Thanks,
Andy.
jack biggles said
07:24 PM May 17, 2011
Hello there,
I can help you, I'm an old hand at this.
There is one insurance company called TCIS. They are a specialist insurance for 4x4 owners. They will insure accessories on the vehicle up to 50% the value of the car.
So, if a 2008 SR dual cab 4x4 has a red book price around $28,000 then they will cover you for up to $14,000 in the modifications.
I have just been through all of this & chased various insurance companies on a new vehicle with extensive modifications. Some mobs have limits, for example Shannons told me they would do up to $19,000 over the base car on my new car, but for a second hand one that would be lower.
To get a quote for a TCIS policy you need to be a member of a 4x4 club.
Hope this information helps.
jack biggles said
07:28 PM May 17, 2011
I'd also like to point out that I am not affiliated with TCIS in any way, except for being a customer of theirs. They are also virtually only one of the insurers on the market that will cover some mods to vehicles, as well as cover you OFFROAD, whereas alot won't cover you if you leave a gazetted highway/road.
Their policy in my opinon wasnt too expensive but was a little dearer than some......but the AGREED value was alot higher in my case too.
Its a slippery slide to with modifications because when you list them, they deduct the value of the standard equipment you took off. So if you spent $3000 on seats, they would only cover them for say $2000, stating that you removed OE & that it had a value too (Im just making those figures up to give you an idea).
Also, they will want to know the age of the mods, ie: New or 2 years old etc as the modification values decrease at a greater rate than the car itself (in most cases).
Goodluck.
nomad ahoy said
08:27 AM May 18, 2011
Hi,
Thanks for the info.
I'm not a member of a 4x4 club, but may join a local one, if there is a benefit.
One of the insurance companies that I contacted, also offered the 50% car value figure, but I'm not sure about the offroad part.
Again, thanks for the info, and I'll see where I end up.
It's a shame that insurance companies want to get value at both ends, and the consumer is the one who suffers.
Hi Everyone,
I've just joined Grey Nomads, and am hoping that someone can help me with my problem.
I am contemplating buying a 2008 Hilux SR dual cab 4x4, with approximately twenty thousand dollars of extras. They are not modifications like suspension, engine or wheels.
The Hilux has ARB bullbar with a Magnum winch and Cibie spotties, snorkel, dual battery setup, ARB canopy, Outback drawers, side steps, oil cooler, HD towbar with Treg hitch and a few other goodies.
I've tried three of the larger insurers, such as RACQ, APIA and Youi, and they all say that they will not insure the car, as the value of the extras is in excess of their policy guidelines.
Surely, we who travel, and want to do it safely and comfortably, should be able to insure our rigs for an acceptable value - just in case :)
There must be others in the same boat, so I would greatly appreciate any ideas on who may be able to insure me.
I am at a loss to understand all of this, so please, if you are able, HELP.
Thanks,
Andy.
Hello there,
I can help you, I'm an old hand at this.
There is one insurance company called TCIS. They are a specialist insurance for 4x4 owners. They will insure accessories on the vehicle up to 50% the value of the car.
So, if a 2008 SR dual cab 4x4 has a red book price around $28,000 then they will cover you for up to $14,000 in the modifications.
I have just been through all of this & chased various insurance companies on a new vehicle with extensive modifications. Some mobs have limits, for example Shannons told me they would do up to $19,000 over the base car on my new car, but for a second hand one that would be lower.
To get a quote for a TCIS policy you need to be a member of a 4x4 club.
Hope this information helps.
Their policy in my opinon wasnt too expensive but was a little dearer than some......but the AGREED value was alot higher in my case too.
Its a slippery slide to with modifications because when you list them, they deduct the value of the standard equipment you took off. So if you spent $3000 on seats, they would only cover them for say $2000, stating that you removed OE & that it had a value too (Im just making those figures up to give you an idea).
Also, they will want to know the age of the mods, ie: New or 2 years old etc as the modification values decrease at a greater rate than the car itself (in most cases).
Goodluck.
Thanks for the info.
I'm not a member of a 4x4 club, but may join a local one, if there is a benefit.
One of the insurance companies that I contacted, also offered the 50% car value figure, but I'm not sure about the offroad part.
Again, thanks for the info, and I'll see where I end up.
It's a shame that insurance companies want to get value at both ends, and the consumer is the one who suffers.
Cheers.