Just got my insurance renewal paperwork - and the market value for my November 2005 380 GT (that was first registered in Sept 06) is apparently only $9500. Less than 60,000 kms travelled.

This is via Bingle - who last year agreed to value it at $15,000 so quite a drop! The maximum agreed value they will give me this year is $11,300.

If the car is written off - personally I don't think I could find a similar 380 GT with that sort of mileage for $11,300. :gtfo:

What are you guys finding on your 380s in terms of market value from insurance companies?

stuff market value, my company has agreed value of $12,000 if written off... every year I renew they dont drop the value, everything stays the same.

I have a 2005 VRX that had just under 50k on the clock. I got an agreed value of $12,500 or something like that. I agree, I'd never be able to find another car in the same condition as mine for that price. But The Buzz were one of the only places that would insure me... The other places valued the car slightly higher (highest I got was around $14k) but they were charging $2500 a year...
The Buzz was $1300 a year...
I'm a 19 year old p-plater.

I have a 2005 VRX that had just under 50k on the clock. I got an agreed value of $12,500 or something like that. I agree, I'd never be able to find another car in the same condition as mine for that price.

The dealer you bought from originally wanted $22k drive away for your 380, I promptly told them they are F$%king dreaming. Can you imagine trying to convince your insurance company to insure it for $22k lol.

My 2007 VR-X has a market value of $15,500 (when I bought it in september last year), but it has 140k kms on it, kms seem to mean jack shit to insurance companies, actually come to think of it I'm pretty sure I've never told them how many kms my car actually has.

When I first got the 380 almost three years ago now they would only insure it for more than I paid, such were the times back then with the cars to be bought cheaper than market value.

Not sure what it's down to now.

The dealer you bought from originally wanted $22k drive away for your 380, I promptly told them they are F$%king dreaming. Can you imagine trying to convince your insurance company to insure it for $22k lol.

My 2007 VR-X has a market value of $15,500 (when I bought it in september last year), but it has 140k kms on it, kms seem to mean jack shit to insurance companies, actually come to think of it I'm pretty sure I've never told them how many kms my car actually has.

Although it does make a difference when they write off the car. They make an assessment of the condition (poor, average, fair, good, excellent etc) and then pay you out relative to the "market price" usually developed by Glass' car valuing services or Redbook. I know from experience when I had to pay out an extra $300 for a shitty Daewoo Ceilo that I wrote off just because it had 50,000km's less than average when the market price was $2000.

I'd recommend looking around for quotes. Coles insurance is very cheap and offers really good cover. They're now offering 12cents off fuel once a month and they even cover your grocies if its damaged (lol). That being said - they are a low risk insurance company so if you've been suspended recently or have alot of mods then choose someone else. AAMi has recently allowed agreed value option and they provide a good price range. Justcar does overvalue cars based on mods but they can charge a bit of a premium. At the end of the day - you pay peanuts - you get monkeys. Can't expect good cover for no money.

When I brought mine 3 years ago it was insured for an agreed $25K now it's around the $18k mark if it gets written off. With NRMA btw.

Just rang my insurance company (Bendigo Bank, was CGU) to advise them of the change of rego, and the service rep asked 'do you know how much your car is insured for?' I said 'market value, last time I checked about 18 months ago you said $11,000'. She replied 'sorry, market value for a 2005 base model manual 380 is now $6,500, that's all it's insured for'. That's a helluva drop in 18 months!

I checked carsales.com.au and the asking price for a base model 2005 380 ranges from $9,990 to $14,990, loosely depending on ks. Options (mine has a sunroof) don't seem to effect the price much.

So even allowing for dealer mark up a market value of $6,500 seems unreasonably low to me.

Especially in view of the mods I have done, the relatively low ks (114,xxx) and the condition I've kept it in.

I think it's just a sign of the times that insurance companies' versions of 'market value' are a fair bit below the true market value, at least for 'orphans' like 380s.

I tried haggling with the insurance company 18 months ago for an 'agreed price' policy rather than market value. I was honest & told them of all the mods I had done, and their response was 'sorry, the cost of the mods adds up to well over one third of the market value, no can do an agreed price more than market value'.

I then rang around a few more insurance companies looking for a better deal, especially a reasonable agreed price, but no luck.

Nobody would insure me because I've had a few speeding tickets, never mind that I haven't had a prang in 31 years and only one claim in 31 years (when my GF reversed my old TE into a tree stump a few years ago).

Wtf, just tell them how much you want it insured for. I've never been rejected. I just said i paid $11,500 for my ralliart and i am putting $2000 of wheels on it. They have no problem with $13,500 for a 2002 magna.

Wtf, just tell them how much you want it insured for. I've never been rejected. I just said i paid $11,500 for my ralliart and i am putting $2000 of wheels on it. They have no problem with $13,500 for a 2002 magna.

I tried that Hayden, but they were adamant that if the cost of the mods/improvements is more than one third of the unmodified market value (their version of market value mind you), they won't insure it for any more than market value. It doesn't matter that I was prepared to pay a significantly higher premium to insure it for it's true value to me, they wouldn't budge.

That's why I shopped around other insurance providers, but my speeding ticket history is a killer. So I'm stuck where I am.

My policy was renewed mid year 2011 for agreed value of $14900 (2007 SX series 3). Will be interesting to see where it ends up this year. Just bought a 2007 lancer CH Es wagon for $11990 and my insurer put it at $14000 agreed value. There's lot more kit and value in a 380 sx than a base lancer. Guess the orphan tag is biting.

J
Nobody would insure me because I've had a few speeding tickets, never mind that I haven't had a prang in 31 years and only one claim in 31 years (when my GF reversed my old TE into a tree stump a few years ago).

I didn't know regular speeding tickets were a problem - do you mean license suspensions due to speeding or just a regular fine

^^ What he said, I've only ever been asked if I've been suspended from driving, not if I've had driving tickets.

I didn't know regular speeding tickets were a problem - do you mean license suspensions due to speeding or just a regular fine

Just regular fines & demerit points.

The one & only time I have ever lost my licence was for 3 days back in 1982 for a high-range speeding offence.

IIRC, the insurance companies I enquired with all had the same or similar rule, something like 'no more than three speeding tickets in the last five years'. I tried AAMI, Shannons & JustCar, all three knocked me back wholly & solely on the basis of too many speeding tickets. None asked if I had ever had my licence suspended, I suspect because that is second base and I didn't even get to first base!

I have never been asked about speeding fines from AAMI, only license suspension

Next time you ring your insurance, can you tell them I have 6.5k and would like a 380 just like yours, then?
Thats borderline rude. When I had my 2nd gen with that much paint peel it looked diseased and was blowing smoke everywhere, they told me I couldn't get 3rd party property/fire/theft because it still had too high of a market value and I would have to go full comp if I wanted anything other than basic 3rd party =\
The cheapes 380 in SA on carsales is 9.9k

So say for example my 380 is insured for $6k market value, but THE cheapest available is $10k, surely if something happened you could argue the point and tell them if they can find one at that price you'll buy it. Surely there is a mechanism to fight this?

I bought my '08 380 VRX in June 2011 and insured through AAMI. I got an agreed value of $18,000 no worries.... It just had the box for how much you paid for the vehicle so i put 18K, paid 17 but allowed for reg and stamps. And there was no questions asked, my policy says insured for 18K...

just found my papers... insurer AAMI - 2007 SX - agreed value $14,800 - purchased price $12,500... compressive... its all stated on my policy papers... i think over 1 year period they wiped off $200 of agreed value.... not bad for 12 months...

I bought my '06 380 sx in february 2011 and insured through AAMI. I got an agreed value of $15,400 no worries.... purchased price was $13,500. and im insured for 15,400K... after 1 year period they wiped off $1000 of agreed value.... Grr but my got smashed today so off to them tomorrow to see what there will do.

What is interesting Magnador is that I have a '05 VRX and only got $12,500. Goodluck to me finding a car with under 60,000km with optioned leather, sunroof and bluetooth with that amount of money. But nowhere else will insure me (I'm only 19) for any price underneath $2500.

Aami had no problem giving me the insurance i wanted either, impressive company with great service.

Just ran my car through the AAMI on-line calculator.

For my base model 2005 380, with most of my mods added per the questionnaire, the minimum market/agreed value is $5,100, "typical" is $6,800 and maximum is $8,840.

So the maximum AAMI will insure my 380 for is $8,840, still pretty piss poor I reckon.

And no, the on-line calculator didn't ask any questions about speeding tickets, it only asked about licence suspensions, cancellations or disqualifications and at fault accidents/claims or thefts in the last three years, to which I truthfully answered nil and nil.

I'm paying $546 pa atm with CGU/Bendigo Bank, with an excess of $350, and a 'market value' of $6,500.

The AAMI quote for the 'typical' value of $6,800 was $685 pa, and for the 'maximum' value of $8,840 it was $702.

Both with a minimum excess of $545.

No unless I expect to write it off or have it stolen soon, there is little incentive for me to switch to AAMI.

Even the AAMI max agreed value of $8,840 is BS.

how can u get that when i can get 13000 for an 02 magna.

I'm with AAMI & mines insured for about $23k or so which is the max agreed I could get with all my mods.

Lesson here everyone. Drive them till they die. That's what I plan on doing with mine. :)

Thats what I plan to do with mine. I cant remember what RAA valued mine at on last renewal but it was a shockingly low figure,. I will dig out my policy and let you know

Lesson here everyone. Drive them till they die. That's what I plan on doing with mine. :)

Smart move!

http://t3.gstatic.com/images?q=tbn:ANd9GcSVVAW_V0jSgyr1U911lZ-n_hFQjYDdlrON3NCWhbys_rKGb3y4

But you left out . . . . ."Then fix it and drive it some more." lol

I'm scared that if someone read ends me, or side swipes me, or whatever and my car gets wrote off, I'm gonna be stuffed.
I'll get paid out my agreed value but there is no way that I'll be able to find a new car for the same price. Which would suck.

My main bargaining point when buying my car from the dealer was that if I was to buy it and then leave and someone hits me the same day. I've lost $10k because the agreed value is so low.

^^thats always a worry yes. Especially with our "invisible blinkers" that people have trouble seeing, I think increase our risk of being rear ended.

Someone asked me the other day (another 380 owner I met) "if you were to sell your car, how much would it be for? I just replied with "I'd never sell it mate as I'd get SFA for it"

The difference in market/agreed value for these cars in this thread is so broad. I wonder how the bloody hell these insurance companies come up with their figures at times.

I had a look at Coles Insurance today and the max they'd give me is $10,300.
Which is absolute bullshit. Half the other places won't even insure me so I can't get a quote from them :/

avg. $5-9k value for a nice 380,

2006 calais
$16,350
(min)
$21,800
(typical)
$28,340
(max)

is that a joke?

That makes me so angry. I'd buy another 380 over a VZ Calais ANYDAY.

Have agreed value with Allianz for 14K, 07 series 2 SX.This policy was done in Dec 2011.


Cheers

Steve

Interesting... I got coles insurance to insure min for an aggreed for value of $21000 last year.... Hnmmm wonder what they will give me this year.

RACV does agreed value. You will pay through the roof but its pretty good. I asked for 10 for my 02 TJ and they accepted it

For what it's worth, aami 720 for agreed val 15k 06vrx series 2 rating 1 for life 500 excess kept in carport bris southside driven 15k kms/yr. Im happy with th:happy:at.

Just did full comp on a '07 series II with the RAA in Adelaide. 16K agreed, $400 excess ---- $384.
Been licensed for 45 yrs tho', so I guess that makes me an old fart <G>

Just got my renewal through from RAA.
$9500 for my unmarked 2005 GT with 75000k
Disgraceful

Just got my renewal through from RAA.
$9500 for my unmarked 2005 GT with 75000k
Disgraceful

Yep, if you believed some of these insurance company market value figures, like yours and mine, all 2005 380s are clapped out pieces of shite that nobody would ever buy!

Maybe they think they are all taxis?

Thing is, I see plenty of ex-gov fleet 380 taxis in Adelaide, but they are all 2006 or 2007 ES and the odd SX, never seen a 2005 build 380 taxi.

I'm pretty sure I paid $22k 3 years ago. Thats a shite load of depreciation. I guess the value cant get much lower at this rate.
I am even more determined to hang onto it until its worth nothing and give it to one of my grandkids

An '05 380 is 7 years old though, and they were running them out dirt cheap brand new in '07/'08. I can understand the depreciation, and I bet the magna wasn't far off it.

I'm pretty sure I paid $22k 3 years ago. Thats a shite load of depreciation. I guess the value cant get much lower at this rate.
I am even more determined to hang onto it until its worth nothing and give it to one of my grandkids


An '05 380 is 7 years old though, and they were running them out dirt cheap brand new in '07/'08. I can understand the depreciation, and I bet the magna wasn't far off it.

Leigh - they dont start hitting seven until October :P

Chris you bought a initially 50K car three years after it was released for 22K thus in the first 3 years it had depreciated 28K... assuming straight line depreciation its now worth -6K. lol.
Assuming 25% annual depreciation a 50K car is worth:
37500 after one year
28125 after two years
21093 after three years
15820 after four years
11865 after five years
8898 after six years.

9000 seems pretty on the money given the price you paid vs how much vehicle was new.

I tend to forget its now 2012 but when you consider these cars were $45k+ new thats ahelluva lot of money. What equivalent car could you buy for under 10 grand. I suppose its only a concern if you want to sell it or it gets written (heaven forbid) I wonder if the value is the same for an 05 ES? There are still quite a few GT's on Car sales for a lot more than $10k

just my 2 cents but im insured with nrma for $14000 agreed value and they were quite happy with that, i pay $175 a month works out to be $2100 a year for full comprehensive plus hire car if need be and im 21 green p's so im happy with that :).

What car and year?

sorry forgot to put that its a 2007 380 sx series 2

just my 2 cents but im insured with nrma for $14000 agreed value and they were quite happy with that, i pay $175 a month works out to be $2100 a year for full comprehensive plus hire car if need be and im 21 green p's so im happy with that :).

I'm 19, greens, with exact same car, and i'm comprehensively insured for just under $20k paying $1400 a year (i got a few discounts in there though, and my excess is pretty high)
that's with NRMA too

I think you will find third gen Magnas and 380s will be worth less over the next few years and depreciate faster than a Holden, Ford or Toyota of the same vintage and initial price simply because:

(1) Mitsubishi isn't seen as a "mainstream" brand.
(2) Both Magnas and 380s are "orphan" cars, not made nor on the market anymore.

Best value for money is to run it into the ground, look after it, clock up 350,000 km or more, and when it is 20 years old try to pass it onto a grandkid, who will probably sneer at you and ask if you are joking. lol

Rang RAA today Got value changed from $9500 to $12000 no probs no extra premium. Shit! I should have made it $20k haha

Just regular fines & demerit points.

The one & only time I have ever lost my licence was for 3 days back in 1982 for a high-range speeding offence.

IIRC, the insurance companies I enquired with all had the same or similar rule, something like 'no more than three speeding tickets in the last five years'. I tried AAMI, Shannons & JustCar, all three knocked me back wholly & solely on the basis of too many speeding tickets. None asked if I had ever had my licence suspended, I suspect because that is second base and I didn't even get to first base!

They are all the same company. All owned by suncorp.

I just renewed my insurance for my 2007 series 3 SX with 80Ks on it. I still have factory warranty until January 2014. The AAMI renewal notice had $12,500 as an agreed value. I rang hoping to get $15,000 but the best they would offer was $14,000. I took that and had to pay an extra $28.73. I'm still not confident that $14,000 would get me another 380 of the same qualitywith warranty but it is a lot better than $12,500. Funny thing is my 2007 lancer es wagon which I bought in February this year for $12,000 has an agreed value of $14,400. I know which car cost a lot more tahn the other when new and which also has heaps more features. Guess it just reflects the orphan status of the 380.

Insurance companies don't base how much you pay for your insurance entirely around how much you paid for the car, they also take in a lot of statistics on many other things. I.e. how often the cars are involved in accidents, the area you live in, how frequently you drive it. I'm lucky in that my missus works for Allianz, so I got the whole kit and kaboodle and massive discounts. But I've got a 2007 series 3 sx with 75,000kms on it. I'm at agreed value of $14.3k. I don't have any modifications though, and Allianz don't insure mods or high performance vehicles. They aim for safer drivers who drive boring cars. That's how they make their money.

What is interesting Magnador is that I have a '05 VRX and only got $12,500. Goodluck to me finding a car with under 60,000km with optioned leather, sunroof and bluetooth with that amount of money. But nowhere else will insure me (I'm only 19) for any price underneath $2500.

i dont have a 380 but i know your problem as NRMA wants 2,500 to insure a 17 year old p plater driving a tF

also OP, try youi or one of those discount firms for insurance

Insurance companies don't base how much you pay for your insurance entirely around how much you paid for the car, they also take in a lot of statistics on many other things. I.e. how often the cars are involved in accidents, the area you live in, how frequently you drive it. I'm lucky in that my missus works for Allianz, so I got the whole kit and kaboodle and massive discounts. But I've got a 2007 series 3 sx with 75,000kms on it. I'm at agreed value of $14.3k. I don't have any modifications though, and Allianz don't insure mods or high performance vehicles. They aim for safer drivers who drive boring cars. That's how they make their money.

Hey Sid, I'm a safe driver, last prang I ever had was Feb 1981, and I drive a boring car (a 380).

What sort of deal can you get me with Allianz, with a decent agreed value?

Something around the $10,000 mark instead of the measly $6,500 my current mob will do.

KJ.

I can't beleive how low insurance companies value some of your cars!!

If I had comprehensive insurance with Justcar they'd insure my car for $6800 value and I've got a boring 2003 magna exec with a manual conversion, rear body kit, rims, 1.5k stereo and magna vrx seats. With AAMi I could've insured my car for up to $7500! I'm a young driver and had a small prang about a year ago.

Something is seriously wrong here.

try youi or one of those discount firms for insurance

YOUI

What a JOKE 2.5k for full comp for my 380! a 32yr with no at faults(ever)

2nd that Mecha-wombat... I got about $2,500 also got my VRX Manual - general basic 380 mods + 19" wheels. I think all of their premiums are so high to cover their marketing? I'm with AAMI in QLD, paying about $800/year value about $12,500 for memory, all of my mods listed. AAMI are great to be honest if you have mods (in QLD at least) - they don't care/doesn't modify the premium.

Oh also p.s. I'm 24 years old, driving since 17, no at fault accidents.

bought my 05 GT 3 and abit years ago for 22k and aami wouldnt let me insure it for less than 25k. I believe its currently insured for 17k still with aami... 89,000k's on the clock.

I have an 05 GT. 75000k's RAA gave market value as $10000. I had to fight to get 12500.
Like you bought 3 yrs ago 22k!
I will never sell or trade it. I would rather give it to one of my kids/wife rather than suffer the insult of a tradein

I was thinking about trading in on an audi recently and was hoping i would get close to 10k for it but that doesnt look likely after reading this thread and im now leaning more towards keeping it as its worth more to me than 5-6k trade in... I am 24 years old and have had 1 at fault accident in the last 2 years, from what i can see iv got a pretty sweet deal going with aami.

My 2 cents, got offered 14K at a dealership, for my 07 series 2 vrx with 60kms. Market value with west farmers insurance, :s

Just got off the phone with NRMA, my agreed value is at the maximum they will insure it for @17k I told them I wanted to add my brakes audio and this set of wheels to my policy, after being put on hold the guy came back and said that because those mods are around the 10K mark, excluding my re spray. They couldn't add any more to it as it's already at the maximum as the usual market value for a 380 is currently at $11,600 so in their eyes I've already got a good deal, they didnt/couldnt (apparently) add them separately either....
They said if I wanted to include those mods I may have to look elsewhere.....

They suggested just car. Looks like phone calls will be made tomorrow...

I had AAMI tell me the same thing when i added my retrimming, said theat they could list additional mods but they couldnt increase the value anymore. i think last i looked mine is insured for 16K.

Kif you get ripped off anyway lol however justcar is gonna cost you even more. AAMI seem to be the best value overall but once again you can't choose your cars value. My Ralliarts now at 10,800(max market) + 2500 extras.

Yea, round the $1800 mark now, better then when I first had my black 380, that was like $4500 a year and around the same for the GT when I first got that too, both were insured for bout $25k from memory... lol

Hmm i guess 1800 is ok for sydney, trust me justcar will be more lol.

Just made some calls,

AAMI has a market value of $11,100
With mods listed it's at their maximum agreed value at $14,430 @1058 PA.

Just Car didn't give me a market value but offered me an agreed value of $18,000 for $1928 PA

Shannons offered me $16,000 for maximum agreed value of $16,000 for $1693, that value can be increased if they see photos of the car to prove mentioned mods.

So far, IMO NRMA are best value in terms of maximum agreed value of 17k for the price, without mods included.

I was considering just car for the 18K, they how ever do not offer a hire car or replacement windscreen but do cover mentioned mods...

I'm with AAMI & just got my renewal last week, pretty sure my agreed value is $18k or maybe $18.5k with all my mods listed. Oh & in the $600 bracket for a year lol

I'm with AAMI & just got my renewal last week, pretty sure my agreed value is $18k or maybe $18.5k with all my mods listed. Oh & in the $600 bracket for a year lol

The joys of being old hey :P

Well aami are best value, no surprise there but if u want the higher cover the others are pretty similar.

The joys of being old hey :P

lol yeah thats it & the fact of drive like an old man & only to church on Sundays ..... :ninja:

Just checked the policy, it's covered for $18,300 & $674.6 for the year :P

My 380 i got insured with AAMI $575.76/ yr agreed value 18k.
NRMA was $776.35/yr - added that this is bloody ripping me off as i have been with them for 10yrs,


PS work sux

Hey Sid, I'm a safe driver, last prang I ever had was Feb 1981, and I drive a boring car (a 380).

What sort of deal can you get me with Allianz, with a decent agreed value?

Something around the $10,000 mark instead of the measly $6,500 my current mob will do.

KJ.

You've got mods, so "declined' :P

You've got mods, so "declined' :P

Hey sid, what is it with insurance companies & mods?

Do mods in their view = hoon high risk driver?

Or do mods = unroadworthy car?

Or both of the above?

Given my (non) crash record for the last 31+ years, and the fact that my mods make my car significantly less likely to have or cause a crash than a stocker (better performance, better handling, better grip, better braking, better lighting etc), where is the logic?

OK, many Falcadore mods are crappy back yard specials that reduce the roadworthiness of the car but not all modded cars should be tarred with the same brush.

Or do the insurance companies consider a modded car to have a lower market value than a dead stock factory original? Coz a modded car is in theory harder to sell than a stocker?

Or is it something to do with the fact that when selling a modded car there is Buckleys of getting back anywhere near what the mods cost?

Just wondering why I'm treated like a leper by insurance companies coz I have a lightly modded car.

Insurance seems to care more about what your car is called e.g. Skyline rather then mods a car has. I've got the best bargain insurance here i reckon.

Insurance seems to care more about what your car is called e.g. Skyline rather then mods a car has. I've got the best bargain insurance here i reckon.

Insurers use software to calculate risk based upon you, your car, where you live. A skyline will no doubt be a higher insurance risk than a magna - as it is regarded as a performance vehicle but also because maybe it is involved in more accidents, or stolen more often.

If an insurer can tailor your quote beyond this, of course savings can be had.

Well yesterday whe I called up AAMI they added everything together then calculated it and came up with X amount. He then said he forgot to include my brake upgrade and calculated again. The annual amount was lesser (price with aami posted in one of my last posts) with the added brakes "because they are upgraded it's less likely to be the cause of a crash cause you'll be able to stop making it a safer car, there for reducing your premium"....

I would have gone with them should they had offered me a higher agreed value....

Well yesterday whe I called up AAMI they added everything together then calculated it and came up with X amount. He then said he forgot to include my brake upgrade and calculated again. The annual amount was lesser (price with aami posted in one of my last posts) with the added brakes "because they are upgraded it's less likely to be the cause of a crash cause you'll be able to stop making it a safer car, there for reducing your premium"....

I would have gone with them should they had offered me a higher agreed value....

Your brakes could slow the planets rotation, they should give YOU money for solving global warming!

Wow kif i am really impressed with aami. Great company and service is excellent

Just received my renewal from Coles insurance. $460 with agreed value $17500 (2007 GT).

Helps to be old......

Steve