Insurance options for Toyota Landcruiser 2000 model seem very limited

Submitted: Tuesday, Jun 10, 2014 at 16:06
ThreadID: 108204 Views:2201 Replies:5 FollowUps:6
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Hi all,

I am in the middle of purchasing a 2000 model HZJ105R standard (with barn doors, live axle etc) Landcruiser.

The purchase price will be 22k.

Spoke to Mr NRMA as I have other policies with them. The top they can insure for is $14950 as they use cars guide and thats the price they have set for that model. I told them it has roof rack, bull bar, winch, tow bar, rear drawers, electric brakes for the trailer, snorkel, driving lights and low KM all while being looked after and very neat and tidy. The top Mr NRMA would come to for agreed value is $16100. After that I tried, shannons, just car, cgu, qbe, virgin and then gave up on using 'general insurers' because they all live in 'market value' world, yet I live in agreed value world so I know a dollar figure I'm getting rather than the gamble of market value policies. I even told Mr NRMA that they were killing the second hand car market by valuing vehicles so low... and they agreed!

So I jump on to the forum here and get a few insurers suggested from other threads and give them a shot.

I have agreed value of $22000 with varying premiums from OAMPS, DGA insurance and Affinity insurance brokers.

Are there any more insurers I should try?

I'm not retired so the over 55's insurers don't apply to me. I live in NSW.

Looking forward to your suggestions.

Cheers

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Reply By: Idler Chris - Tuesday, Jun 10, 2014 at 16:21

Tuesday, Jun 10, 2014 at 16:21
Try TCIS, very popular with 4 WD drivers.
What other people think of me is none of my business.
Do unto others what you would have them do unto you.

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Follow Up By: Member - sdr00y (Beecroft,NSW) - Tuesday, Jun 10, 2014 at 20:47

Tuesday, Jun 10, 2014 at 20:47
At the bottom of the OAMPS email it says, 'formally TCIS'

Thanks for your suggestion though.

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Reply By: Matthew G3 - Tuesday, Jun 10, 2014 at 16:33

Tuesday, Jun 10, 2014 at 16:33
Hi sdr00y
I have a 93 DX cruiser through DGA brokers {Allianz} at market value, but with replacement cost of all the extras, over 25k on top of market value for $514.
Matt
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Follow Up By: Matthew G3 - Tuesday, Jun 10, 2014 at 16:37

Tuesday, Jun 10, 2014 at 16:37
forgot to say that "This policy covers your vehicle for full on and off road, anywhere in Australia this includes river crossings, sand dunes, beaches etc. {there are no restrictions}. Good value.
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Reply By: Member - kwk56pt - Tuesday, Jun 10, 2014 at 22:54

Tuesday, Jun 10, 2014 at 22:54
I know you said you have tried QBE but I found they worked out ok if you take market value and then list and add the price of the extras as they will insure anything that is bolted to the vehicle including air compressor and solar panel. This approach should get the value up closer to where you want to be.
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Follow Up By: Member - sdr00y (Beecroft,NSW) - Wednesday, Jun 11, 2014 at 14:18

Wednesday, Jun 11, 2014 at 14:18
Hi Kwk56pt, I hate 'market value' policies full stop. There is too much left in the insurers hands. They value the vehicle at what they think it is worth using their system and their way of doing it. I've already found that 'general insurers' will only value this vehicle for about 14950 as a stock vehicle and at the very top with all the inclusions for 16100.

I can't afford to take a 6k loss if the worst happens and I have an accident on the first day I have the car. I know insurance is a gamble but I'd much rather stack the odds in my favour with an agreed value than let the insurance companies take me for a ride with a 'market value' policy. They already make millions in profits, I don't need to add too much to that figure.

The craziest thing is that one of the 'general insurers' uses cars guide as their bench mark for obtaining values. I jumped onto cars guide and looked up my model and there are two pretty standard ones available for sale. Both with more Km's than mine. Both are priced above the 14950 mark which is the top end of the 'general insurers' price range. So even their 'cars guide estimate of the vehicle' system is not working!

So for someone that chooses a 'market value' policy and crashes the car after day one, or even within the first year say, they will never ever get their purchase price back. That's the way insurance companies work and that's the way unwary customers are treated. Everything is stacked in the insurance companies favour.

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Reply By: passionfruit - Wednesday, Jun 11, 2014 at 17:41

Wednesday, Jun 11, 2014 at 17:41
Keep the Troopy Drewy---------------Beast.
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Follow Up By: Member - sdr00y (Beecroft,NSW) - Thursday, Jun 12, 2014 at 10:59

Thursday, Jun 12, 2014 at 10:59
I'd love too, but the kids need the extra doors of a 4 door (everyone's sick of getting in and out the front doors) and a more comfortable back seat than the basic bench seat in the forwards facing rear seat. It's give me ten relatively trouble free years. It may still be staying with us yet, but definitely need the 105 series now.

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Reply By: The Landy - Thursday, Jun 12, 2014 at 14:31

Thursday, Jun 12, 2014 at 14:31
The problem is that most mainstream insurers have a limit to what they will cover in terms of accessories added, usually a percentage of the value of the standard vehicle.

I have used TCIS Brokers (now OAMPS) for years and been well served by them. Previously I had a fully reconditioned 1995 Landrover Defender at an agreed price of AU$35,000 with all accessories, at that price I would still be under insured, but was best I could achieve for a vehicle with a list price of around AU$7,000.

I currently have an agreed value on the “New Landy” in excess of AU$100K covering accessories and modifications, also through OAMPS.

I don’t consider insurance a gamble – if you are clear on your requirements, read the PDS, and inform the insurer of all things you are required to, it shouldn’t be a gamble for you at all.

Give OAMPS a call, I’m sure they will assist, but it all comes at a price…

Good luck, Baz – The Landy
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Follow Up By: Member - sdr00y (Beecroft,NSW) - Friday, Jun 13, 2014 at 23:07

Friday, Jun 13, 2014 at 23:07
OAMPS ended up being the one that could give me the agreed value and a reasonable price. I think it was the Adelaide office I dealt with. Parramatta could not offer anything half reasonable.

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Follow Up By: The Landy - Saturday, Jun 14, 2014 at 07:06

Saturday, Jun 14, 2014 at 07:06
Glad you could get it sorted, and I've always dealt wit the Adelaide Office...

There is an underwriter for the insurer (Assetinsure) who is well into 4WD and has a good handle on it...

As an aside, I'm in Epping, just down the road...!

Cheers, Baz
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