I had some time on my hands recently so I decided to contact some insurance companies for comprehensive insurance quotes. I own a highly modded xr6turbo (base car $20k, mods $20k, EVERY factory option). I'm 60 yo, 65% ncb, no claims or convictions, only driver, vehicle garaged. I spoke to around 14 companies, including the larger ones like shannons, justcars, gio, nrma, aami, etc. I quickly learned that insurer definitions would mould all transactions, as follows. market value: determined by vehicle sale prices with details available through, for example, redbook. insurers can increase or decrease this amount at will. agreed value: insurers provide a price range that must be adhered to. factory options: insurers are not interested. replacement value: insurers are not interested. naively, I asked myself the question "how much do I want to insure my car for? well, if the car was a write-off, it would cost at least $40k to replace. so, at least $40k". after all, if my house burnt down I would receive the agreed replacement value in full. no no no not the same for cars bleeted the insurers, we'll only insure your car for 50% its replacement value. across insurers, the range was between 41% and 52%, WITH ONE NOTEABLE EXCEPTION. onepath - a company of anz is now the proud insurer of my vehicle for 75% its replacement value, I kid you not, FOR A LOWER PREMIUM THAN ANY OTHER INSURER POLLED. factory options and mods were welcomed and included in the decision to insure. I won't pretend, it was hard work getting to this point, but the gains are worthwhile. (disclaimer: I have never before been insured by onepath or anz and am not and never have been affiliated with either entity in any regard.) moral of the story? don't get caught in an insurer's web of lies relating to its various and arbitrary definitions of "value". instead, focus on replacement value as the goal. hope this might help some others.
