1989 MX5 insurance (25+)

[simple]

Hi there,

Having just gained ownership of my car (instead of it belonging to the
company I worked for), I need to arrange insurance. The quote I have at
the moment, from an independent agent backed by State Insurance is:

$558 per annum ($46/month)
insuring for $10,000 with $300 excess
windscreen cover
discount for burglar alarm
includes State Insurance Roadside Rescue service
excluding drivers under 25
no claims bonus 65%

The insured sum may be slightly high, but the car is in nice condition &
has a brand new roof on it. Mileage is 146,000km. (32,000km by me, in the
past two years


Is this comparable to the deals other people are getting?

Just out of curiosity, what does it cost to have under-25yr-old drivers
insured?


thanks,
Karl.

-------------------------------------------------------
simple@free.net.nz karlmw@bigfoot.com karlmw@hotmail.com
http://www.bigfoot.com/~karlmw (updated 2/11/00: Taupo data logging)

[Trevor Henderson]

Try AMI, as I have my car 91 mx5, complete with hardtop, insured for
$12,000-00- over 25 drivers only, $500 excess, although $700 for malicous
damage eg soft-top damage. Glass cover, but no burglar alarm. Total price
for ins $305-90
Trevor Henderson,

[zorruno]

around $85 per month on agreed value $16,600. Excess is $200 I think. AMI
insurance. Car is 94, with 55ks on clock.

No under 25s are allowed, but luckily they work this out in post-birth
years, not mental age...

congrats on owning your car by the way...!


[...]

[derek.elliott]

$85 a month... say what!!!

You must either live in the wrong party of town... or have an
entertaining driver history.

On 22 Aug 2001, at 14:28, zorruno wrote:

[...]

[Gary Morrison]

Karl, with State, although you have insured it for $10k, how much will they
pay you if the car is written off??? If what they will really pay is "market
value" be in for a surprise as they will offer you less than what your car
may seem to be worth. In this case they are charging you premium on a value
they will never pay out.

How many out there have a true agreed value policy, and if so, what basis
was the value set on?

Gary

[derek.elliott]

Gary,

AMI have said they will pay out on the agreed value.. currently
around $14,000 (goes down each year). Good point though and I
will check the details of the policy when I get home.

For the record, my AMI policy on my MX5 is $25 a month with
$500 excess incl windscreen cover (+25 drivers only).

Apologies for my earlier comments zorruno, no offence intended.

Derek.

On 22 Aug 2001, at 15:25, Gary Morrison wrote:

[...]

[zorruno]

a combination of all of that... with previous claims on other cars for
ex-car theft.

We pay more for an agreed value policy and lower excess - I want to make
sure it is 100% replaceable and any damage is easily claimable.

Also, the car is black, which is obviously more special We are in the
process of changing insurers though.

As per Gary's comment, watch the sum insured and what they will pay. If you
have any aftermarket wheels etc, are they covered?


[...]

[Keith Cook]

I have an agreed value of $10000 with AMI and it was set on my say so. Purchase price plus value of work done after purchase. (90 Roadster - 1997 NZ 127,000)

[darryl]

I would hate to be paying that much for insuring an MX-5. Do they have a
hight theft rate?
I want to get an MX-5 in the near future and put an (don't yell at me
please) injected Rotary in it. If your quote is average, it would be dearer
to insure than our Cosmo. Our JC Cosmo is a 20B 1990 and I an 25, Fiance 24,
full cover for $20,000, excess is $300 and its only costing $38 a month. In
saying that we have 3 other cars and our home contents insured with NZI as
well.

[Gary Morrison]

Darryl,

Have you investigated the requirements of a rotary installation in an MX-5?
I think its only been done once because of the amount of modification
needed. I think from memory the problem is that the output shaft from the
rotary is too high up for easy alignment and the body has to be modified to
hell.

Check www.miatapower.net archives for discussion.

Gary

[Chic & Morven]

We have an agreed value with State on my wife, Morven's car. $12,000 as
valued by Nick at John Andrew Mazda. We had to get that because originally
we were only insured for the purchase price ($5,000).

We're seeing a wide range of premiums here, surely the location of the car
must affect the cost of the insurance. $550 doesn't seem too unreasonable
for Auckland, though I think mine is only $480. Where are you Trevor, bet
it's not Auckland!

Cheers
Chic

[Trevor Henderson]

I am in Christchurch- when I was driving Jaguars ( about 8 years ago) it
became apparent that the premiums were also cheaper down here than friends
living in the north.
Trevor Henderson,
Henderson Design Ltd.

[Robin Thomas]

Karl congratulations on the car.

I always thought the premiums down south (Dunedin) were hiked due to the
occasional incidence of icy roads but after seeing some of those quoted
perhaps they are not too bad after all. I have a 91 BRG with State insured
for an agreed $11k with a premium of $254 per year (allowing for no claim
rebate) c/w all the standard extensions for windscreen/roadside rescue/alarm
allowance/no under 25 drivers etc.

Interested in zorrunos comments about the after market wheels though - must
check that out.

There certainly seems to be a fair bit of variation around.

Cheers
Robin T.

[Robin Thomas]

Karl congratulations on the car.

I always thought the premiums down south (Dunedin) were hiked due to the
occasional incidence of icy roads but after seeing some of those quoted
perhaps they are not too bad after all. I have a 91 BRG with State insured
for an agreed $11k with a premium of $254 per year (allowing for no claim
rebate) c/w all the standard extensions for windscreen/roadside rescue/alarm
allowance/no under 25 drivers etc.

Interested in zorrunos comments about the after market wheels though - must
check that out.

There certainly seems to be a fair bit of variation around.

Cheers
Robin T.

[my2cta]

On Wednesday, August 22, 2001 2:07 PM, Karl Mowatt-Wilson
[SMTP:simple@free.net.nz] wrote:
[...]

insured?


thanks,
Karl.

-------------------------------------------------------
simple@free.net.nz karlmw@bigfoot.com karlmw@hotmail.com
http://www.bigfoot.com/~karlmw (updated 2/11/00: Taupo data logging)

For those living in Auckland (and to a lesser extent other cities) I would
expect the price to be higher than anywhere else in the country anyway,
regardless of the company you insure with. We have a 2000 Millennium
Edition insured for $36,500 with AA Insurance, 65% No claims, glass cover,
$300 excess. I've insured with them for years. AA wouldn't cover the car
unless it had an alarm installed. Premium is $370.75 for a year. We live in
a rural area north of Upper Hutt. When we have added under 25 drivers for
our other car the excess increases to $700 and the premium has risen around
$90-$100. Haven't asked what it would cost on the MX5 as my daughter is NOT
going to be driving it

[davidn]

Sound excessive to me. I just brought a car, (couple of month ago) a NZ '94
based on the same info you have given but insurance is 16K and mileage is 82000.

I paid no more than $280.00. This is from the AA and it is agreed value.

Also did you know, that with State (One of the reasons I left them a few years
ago) is that if you do make a claim and it is write off material, State have the
option to replace you car with a similar make and model based on condition.
They may have changed. Don't know.

Dave


Karl Mowatt-Wilson <simple@free.net.nz> on 22/08/2001 14:06:44

Please respond to MX5List <mx5list@mx5club.org.nz>

To: mx5list@mx5club.org.nz
cc: (bcc: David Nuku/PEC/NZ)
Subject: 1989 MX5 insurance (25+)


Hi there,

Having just gained ownership of my car (instead of it belonging to the
company I worked for), I need to arrange insurance. The quote I have at
the moment, from an independent agent backed by State Insurance is:

$558 per annum ($46/month)
insuring for $10,000 with $300 excess
windscreen cover
discount for burglar alarm
includes State Insurance Roadside Rescue service
excluding drivers under 25
no claims bonus 65%

The insured sum may be slightly high, but the car is in nice condition &
has a brand new roof on it. Mileage is 146,000km. (32,000km by me, in the
past two years


Is this comparable to the deals other people are getting?

Just out of curiosity, what does it cost to have under-25yr-old drivers
insured?


thanks,
Karl.

-------------------------------------------------------
simple@free.net.nz karlmw@bigfoot.com karlmw@hotmail.com
http://www.bigfoot.com/~karlmw (updated 2/11/00: Taupo data logging)

[Fletcher Blades]

Darryl,

As you may have noted from the other replies... insurance rates are
highly dependant on location. Heavier traffic means more likely to
hit another car, bigger city means more theives, etc.

A friend of mine in Hamilton insures his MX-5 and his batmobile-RX7
for less than it costs me to insure just the MX-5 in Auckland. I
expect Morrinsville is even cheaper than Hamilton.

In Auckland, its even divided up by different suburbs... it cost more
to insure the same car in Henderson than it does on the North Shore...

Fletch.

[darryl]

There are many done in Australia. There Bullet Roadster that you can get
with either a 13B Turbo, I haven't seen one yet but there is supposed to be
a 20B option as well or a Lexus 4.0L V8. These cars are completly
re-engineered though. There is another one in OZ that was built by one of
the rotary workshops with a 13B turbo and they say is was quite easy. Either
way, I think it would make an awesome car.

[Keith Cook]

Why don't you guys get real and move to the South? We have less rain in Invercargill than Auckland. True! Look at weather.com.

[carl.halvorsen]

Think yourselves lucky - check our Insurance premiums in UK, USA and Canada.

[Geoff Watkins]

Hi
Try the AA if you are a Member my 1998 NZ New Model for $33000 is $22.19 a
Month
no excess on the Hood
Yes it does have a Factory Alarm
Geoff

[simple]

Hi there,

Thanks to everyone who gave information about their insurance policies when
I asked a few weeks ago. After seeing the variety, I phoned around a
number of companies to check what they had to offer. I've been told, and I
would tend to believe it, that the quote you get depends a certain amount
on the rep you talk to, plus good luck.

Of significance to the quotes I was offered, is that a few months ago I had
a piece of tree branch fall through the car roof while I was out driving
(on a major road - not out in the bush or anywhere which could be
considered risky). At the time the car was insured by my employer (who
owned the car then). Insurance paid out for a new roof, but since they
couldn't extract money from anyone else, I am considered 'at fault' by the
insurers - hence higher premiums from most places. This means that the
quotes I got are probably not generally applicable to other people.

Car is 1989 MX5. Japanese import. 146,000km. Essentially stock.
Standard wheels. Lowered. New roof. Generally good condition. No
under-25s. I've never had a speeding ticket or any other trouble with the
law. Living in Northcote, Auckland. Car is kept in a carport next to the
house. Alarm, central locking. In general I went for an agreed value of
$9000 - maybe a bit high, but I'm too lazy to get it valued at the moment.

This is the policy I took, with the AA (have been a member for 2yrs):

$488 / yr = $43 / month

Agreed value $8,800. They assume my car is worth $8000, but the agent had
discretion to vary by +/- 10% without needing a formal valuation done. No
claims discount 60%. Excess $300.


These are the other quotes I was given:

===================================================================
Fintel.

$1389 / yr = $127 / month (assuming tree branch was my fault)
$698 / yr = $64 / month (assuming tree branch was not my fault)

Assuming car is driven NZ average of 10,000km - 20,000km per annum.
Policy is _not_ agreed value - if vehicle is written off they assess it for
market value at the time. I fail to grasp how anyone would accept such a
policy - I consider it completely, laughably, unacceptable.

===================================================================
Sun Direct.

$769 / yr. Car must be kept in locked garage - no good for me!

Agreed value $9,000.

===================================================================
AMP.

$754 / yr = $69 / month

Market value policy - they consider a 1989 MX5 is probably worth $6250.

===================================================================
State - quote over the phone

$1063 / yr - assuming tree branch was my fault.

Agreed value $9,000.

===================================================================
State - quote from the agent who covered it when it was a company car.

$558 / yr = $46 / month

Agreed value $10,000. Excess $300. No claims discount 65%.

===================================================================
AMI

required locked garage

===================================================================
NZI

$954 / yr = $79 / month

Agreed value $9,000. Normal excess $300. Damage to soft-top = excess
$1000 (seems rather close to what a roof is worth)
Insurance to cover restoration to factory specs.

===================================================================


Karl.