Older Hilux insurance
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- High Range 2WD
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- Vehicle: Toyota Hilux 2.7i 4x4
- Real Name: Rudolf
Older Hilux insurance
Hi,
I recently bought a 2001 Hilux 2.7i 4x4 double cab. I think the actual retail value of this bakkie is about R76000.
You obviously can't buy one anywhere for that money, and I didn't either.
What do you guys do with insurance? Usually a car is insured for retail value, but what now if the actual real value is much higher than retail?
Can one get some sort of letter from Toyota for instance stating the true value of the vehicle? Do insurance companies accept something like that? Or is this just one of those risks you have to live with?
I recently bought a 2001 Hilux 2.7i 4x4 double cab. I think the actual retail value of this bakkie is about R76000.
You obviously can't buy one anywhere for that money, and I didn't either.
What do you guys do with insurance? Usually a car is insured for retail value, but what now if the actual real value is much higher than retail?
Can one get some sort of letter from Toyota for instance stating the true value of the vehicle? Do insurance companies accept something like that? Or is this just one of those risks you have to live with?
- Mud Dog
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- Real Name: Andy
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Re: Older Hilux insurance
I'm not sure of the finer details but I have my vehicle ('98 model) insured for replacement value, not book value. In addition I have all the non-standard extras listed on the policy and the insured value is currently a little under R150K which gets revised annually.
In my case it was easy because there is no current book value attached to my model and they accepted the replacement value I gave them (item for item broken down). The fact is that with book value you are more often than not under insured.
Approach your insurer or broker with our concerns and that you would like to be insured for replacement. Use the price you paid together with what the average price one would currently expect pay for a similar vehicle (probably in the region of R110k without extras) to reach a reasonable value and add the extras you do have onto that.
Good luck.
In my case it was easy because there is no current book value attached to my model and they accepted the replacement value I gave them (item for item broken down). The fact is that with book value you are more often than not under insured.
Approach your insurer or broker with our concerns and that you would like to be insured for replacement. Use the price you paid together with what the average price one would currently expect pay for a similar vehicle (probably in the region of R110k without extras) to reach a reasonable value and add the extras you do have onto that.
Good luck.
When your road comes to an end ...... you need a HILUX!.
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
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- High Range 2WD
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- Vehicle: Toyota Hilux 2.7i 4x4
- Real Name: Rudolf
Re: Older Hilux insurance
I spoke to my insurance and as I thought they insure it for maximum retail value. The broker said if I can get a valuation for the car they can present that to the insurance and and see if they will accept that.
How will I go about to do this? Will a Toyota dealership be willing to do it? Only way is probably to phone around and find out.
Anyone here have a contact at Toyota or a "credible" dealership that might be able to help?
I can't think that I am the only person with this concern?
How will I go about to do this? Will a Toyota dealership be willing to do it? Only way is probably to phone around and find out.
Anyone here have a contact at Toyota or a "credible" dealership that might be able to help?
I can't think that I am the only person with this concern?
- Family_Dog
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Re: Older Hilux insurance
M&F has asked me to go for a valuation from a dealer (did not specify Toyota) but haven't yet done so. So yes, it would be to your advantage as they would generally give you a more realistic valuation figure, as opposed to the amounts usually given in the dealer's guide.
I've just been lazy.... or busy.... or both.
-F_D
I've just been lazy.... or busy.... or both.
-F_D
White Fang: 1999 2.7i DC Raider 4x4
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- ChrisF
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Re: Older Hilux insurance
I went to a 4x4 fitment centre and got a letter for the value of the upgrades.
This was specified on on my insurance policy, and my vehicle was insured for what it is worth.
just load the value of the extras enough to make up for the difference in book value of the vehicle vs the actual value of the vehicle ....
This was specified on on my insurance policy, and my vehicle was insured for what it is worth.
just load the value of the extras enough to make up for the difference in book value of the vehicle vs the actual value of the vehicle ....
- GRWLR ZN
- High Range 4WD
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Re: Older Hilux insurance
Same here,
My '98 IFS is valued at R64,000.00 (apparently), when it is worth closer to 120. I just had to specify all the extras and they loaded it. I guess the terms and conditions might differ a bit from one insurer to the next.
I am with OUTsurance.
My '98 IFS is valued at R64,000.00 (apparently), when it is worth closer to 120. I just had to specify all the extras and they loaded it. I guess the terms and conditions might differ a bit from one insurer to the next.
I am with OUTsurance.
- Stef
- Monster Truck
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Re: Older Hilux insurance
Rather fun to tell them that you have a LTD...my sense of humor dries up after the 2nd quote though.Mud Dog wrote:
In my case it was easy because there is no current book value attached to my model
I just tell them I have a Raider with plenty extras.
- Mud Dog
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- Vehicle: '90 SFA Hilux DC 4X4, Full OME, 110mm lift. Brospeed branch, 50mm ss freeflow exhaust. 30 x 9.5 Discoverer S/T's on Viper mags. L/R tank. (AWOL) '98 LTD 2.4 SFA, dual battery system. Dobinson suspension, LR tanks, 31" BF mud's.
- Real Name: Andy
- Club VHF Licence: HC103
Re: Older Hilux insurance
I'd rather be adequately ensured so that I'm covered for replacement - not funny if you have to cough up the shortage balance later.
When your road comes to an end ...... you need a HILUX!.
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
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- LR 4WD Full Lockers
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Re: Older Hilux insurance
A quick search yielded four 2.7 bakkies for sale in the price range listed by your insurer...
James Cameron
0834431879
0834431879
- Stef
- Monster Truck
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Re: Older Hilux insurance
For sure....used the value of the 98 Raider 4x4 and specified all the LTD stuff, bumpers, sliders winch etc. as extras None of the insurers I phoned had the LTD on their systemMud Dog wrote:I'd rather be adequately ensured so that I'm covered for replacement - not funny if you have to cough up the shortage balance later.
- Tim86
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Re: Older Hilux insurance
Andy what insurance company do you use? I am struggling to find an insurer who will insure on replacement value - they all use book value (1/4 of my trucks value)
- The Legend
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Re: Older Hilux insurance
Tim my 1989 Hi-lux D/C 4x4 is insured for R160 000.00 with Outsurance. I provide them with a valuation certificate of my bakkie (extras excluded) Then I got quotes on every single thing which the vehicle does come out with , even the simple things I got quotes for (towbar,nudgbar,rollbar,spotlights,aircon ,stainless long range tank,loadbin rubberizing,canopy,upgraded suspensie ,upgraded brake system,radio/cd player,canvas seatcovers ,aluminum side steps,mags etc) and it counts up to R160 000 with valuation certificate of bakkie
Don't let the insurance people take you for a ride.
Don't let the insurance people take you for a ride.
“A BAD DAYS FISHING IS BETTER THAN A GOOD DAYS WORK”
“Do what you do so well, that the people that see you do it, will want to see you do it again,and will bring others to see you do it”
“Do what you do so well, that the people that see you do it, will want to see you do it again,and will bring others to see you do it”
- Mud Dog
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- Real Name: Andy
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Re: Older Hilux insurance
Tim, my insurances are done through a broker and to be honest, right now I'm not sure which company is underwriting my Hilux LTD. I have a suspicion it might be Sanlan (short term division).
At the time I purchased the vehicle and wanted to insure it, I got a quote that reflected a book value pay out. I went to my brokers and told them that I didn't want to insure ½ the vehicle and explained how ridiculously out of touch with reality the book value was. I cited a number of cases and referred them to online ads for similar vehicles (Gumtree and the like).
My question to them was this, in the event of a total loss, be it theft, fire or even written off after massive accidental damage, why would I want to take out insurance that would only pay out a fraction of the real replacement value?
Yes but all the insurers work on the blue book value, I was told. My answer was something to the effect that in that case I didn't want to insure my vehicle but would then just take out a balance of third party to protect myself against third party claims. That's when they said that they would consult with the underwriters, after which I was told that it would be acceptable if I can give them a substantiated breakdown of values of the vehicle and all the extras listed. IIRC it all came to 148k.
Of course I pay more on premiums but at least I know I am covered. Another 'hidden' benefit is that in the event of an accident which for an example amounts to 45k in damages, they are less likely to write the vehicle off if it's insured for it's real value of 148K as opposed to the book at 60 /65k.
At the time I purchased the vehicle and wanted to insure it, I got a quote that reflected a book value pay out. I went to my brokers and told them that I didn't want to insure ½ the vehicle and explained how ridiculously out of touch with reality the book value was. I cited a number of cases and referred them to online ads for similar vehicles (Gumtree and the like).
My question to them was this, in the event of a total loss, be it theft, fire or even written off after massive accidental damage, why would I want to take out insurance that would only pay out a fraction of the real replacement value?
Yes but all the insurers work on the blue book value, I was told. My answer was something to the effect that in that case I didn't want to insure my vehicle but would then just take out a balance of third party to protect myself against third party claims. That's when they said that they would consult with the underwriters, after which I was told that it would be acceptable if I can give them a substantiated breakdown of values of the vehicle and all the extras listed. IIRC it all came to 148k.
Of course I pay more on premiums but at least I know I am covered. Another 'hidden' benefit is that in the event of an accident which for an example amounts to 45k in damages, they are less likely to write the vehicle off if it's insured for it's real value of 148K as opposed to the book at 60 /65k.
When your road comes to an end ...... you need a HILUX!.
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
- Tim86
- LR 4WD Rear Locker
- Posts: 298
- Joined: Tue Apr 12, 2016 10:33 pm
- Town: Cape Town
- Vehicle: Hilux
- Real Name: Tim
Re: Older Hilux insurance
Thanks for the advice guys.
I am also with Santam and it seems I have been taken for a ride for the last 3 years, partly due to a stuff up the brokers behalf. Premium on 90k and you find out that when push comes to shove you are insured for 35:/ Luckily I have not had to claim so its time to set things straight. Its the excessive waste of time on the phone that does my head in.
I have fortunately found a McCarthy Toyota dealership that is willing to do a valid manual evaluation - we shall see what comes of it this afternoon!
I am also with Santam and it seems I have been taken for a ride for the last 3 years, partly due to a stuff up the brokers behalf. Premium on 90k and you find out that when push comes to shove you are insured for 35:/ Luckily I have not had to claim so its time to set things straight. Its the excessive waste of time on the phone that does my head in.
I have fortunately found a McCarthy Toyota dealership that is willing to do a valid manual evaluation - we shall see what comes of it this afternoon!
- Family_Dog
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Re: Older Hilux insurance
Tim, list the vehicle on one quote and then get a second quote for any accessories you may have fitted. I am insured with M&F and this is what they requested from me.
-F_D
-F_D
White Fang: 1999 2.7i DC Raider 4x4
Bull Dog: 1987 4Y-EFI 2.2 DC 4x4
Pra Dog: 1998 Prado VX 3.4
Hound Dog: 2000 2.7i SC 4x4
One Staffie, One Jack Russell, One Ring Neck Screecher, 17 Fish of questionable heritage
- Tim86
- LR 4WD Rear Locker
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Re: Older Hilux insurance
The kind chap at McCarthy Toyota N1 City was happy to provide me with a certificate evaluating the lux at 100k which when coupled with a funny dealers code on the Santam system that had no book value which I managed to wrangle resulted in a comprehensive insurance policy solely for the vehicle that I was happy with without having to add any extras to get it up to the 'correct' value.
What a mission though jissus!!!
What a mission though jissus!!!
- Tim86
- LR 4WD Rear Locker
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Re: Older Hilux insurance
Do insurers generally pay out on quotes you have provided them with or do they require receipts of the work done and items replaced?
- Mud Dog
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- Real Name: Andy
- Club VHF Licence: HC103
Re: Older Hilux insurance
They pay you out on quotes provided (if it's over a nominal figure, usually between 3 and 5 k they send an assessor). They otherwise have their own quotes done and have the repair done without quotes from you, but that's usually their 2nd option.
When your road comes to an end ...... you need a HILUX!.
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
Life is like a jar of Jalapeño peppers ... what you do today, might burn your ass tomorrow.
Don't take life too seriously ..... no-one gets out alive.
It's not about waiting for storms to pass. It's about learning to dance in the rain.
And be yourself ..... everyone else is taken!
- Tim86
- LR 4WD Rear Locker
- Posts: 298
- Joined: Tue Apr 12, 2016 10:33 pm
- Town: Cape Town
- Vehicle: Hilux
- Real Name: Tim
Re: Older Hilux insurance
For the last month my sfa has been at the insurer allocated panelbeaters to get three panels repaired - they have caused an inconceivable amount of additional damage to the vehicle in the process (alongside pathetic workmanship and taking three times as long as quoted to do the job).
I have notified the insurer to take the 'beaters up on the items concerned but to no avail - upon collection of the vehicle I noted even more damage!
What is the next step in taking these sharks to task? Ombudsman?
I have notified the insurer to take the 'beaters up on the items concerned but to no avail - upon collection of the vehicle I noted even more damage!
What is the next step in taking these sharks to task? Ombudsman?