Insurance Value and Alarm Brand

[DBM58]

Hi Mike
I recently had to provide a value to AMI before they would insure my new car. Ellis Utting Motors (Greenlane, Auckland) were happy to produce a written valuation in exchange for $35. Perhaps there are MX5 dealers elsewhere that offer a similar service.


David Moughtin

[EricW]

I suggest that it is probably worth about $6000 retail, but most reputable
car dealers could give you an accurate price. If you are in Auckland you
could ask Ellis Utting in Greenlane, they have probably sold more used MX5s
than the next 10 dealers combined and if anyone knows, they would.
I can't help you with the alarm, sorry

Regards

Eric

[zorruno]

on 11/01/2006 7:51 p.m. Mike McCready wrote:

I am renewing my cars insurance value and are not sure how much it
is worth. Could someone tell me the market rate for a NZ new 1990 MX5
with hard top with 120,000Km on the clock. It has had a few small
modifications such as a new stereo and central locking fitted but i
doubt that these will make much difference.

Hi Mike,

If it is an agreed value policy (most are these days) then you can
pretty much value it as what you like. It will just mean you premiums
are higher if you value it high, and if it is stolen and you value it
low, this is all you get. I doubt they'll require a written valuation.

Have a look at what MX5s are selling for on
http://www.mx5club.org.nz/forsale/ or trademe, or local paper etc, but
I'm guessing if your car was stolen, $7k would likely easily get you a
good replacement incl hardtop. You don't say what colour, and colour
may make a small difference - (reds are generally cheaper as they are
easier to find). Being NZ new may make a few $ difference to the right
buyer also, but for replacement value doesn't really mean much.

My second question is regarding the alarm fitted to it, does anyone
know of an alarm branded Itaco from Autex Automotive, it was fitted to
the car when i got it and don't know of the specs of it or how much
protection it is actually providing.

As for the alarm, the brand is no real issue as long as it works, but
the quality of it depends what it does. Do you see the Itaco model
number on it somewhere? Maybe if you can see the control box (likely
under the dash). Any year written on the alarm box, or inside the remote?

I'm assuming it has a remote - and probably uses rolling code (best way
is to open up the remote and check the components - if you took a photo
of the remote circuit board I could probably tell). Does it have an
immobiliser? Set the car alarm off and try and start it.

There are other benefits of more expensive alarms, but having a rolling
code remote and some sort of immobiliser are the main ones. It won't
stop your car from getting broken into (nothing will) but will slow down
a theft.

hth
cheers, zorruno.

[Michael & Kate Cooper]

Hi Mike

I believe that most standard insurance policies are actual value, and not
agreed value or even replacement value. This means that if the car is
written off, you only get back what you could sell it to a dealer for, which
is stuff all, I would guess $4-6k. Most people are actually paying for a
higher rate than what they'd get paid out in the event of a claim (ourselves
included!). If you can get an agreed value policy then probably about $7-8k
would be good as this would be closer to a replacement cost.

Kate