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Difficult to renew insurance for cars > 20years?

Discussion in 'Automotive Insurance and such' started by fabianyee, Apr 15, 2011.

  1. JDY

    JDY Club Guest

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    Thanks Fabian,

    what about our othr e30 friends in the forum? is everyone on third party as well...
     
  2. 2cents

    2cents Club Guest

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    Yes it's tough to find insurer, slim chance but may be possible. Mine is '84e30, still comprehensive cover -thru insurance broker, not agent.
     
  3. Yeow

    Yeow Club Guest

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    Many insurers are unwilling to offer 3rd party due to high claim but small premium, especially if you're a new customer for them. I just renewed my 21 yrs old clunker with Etiqa but need comprehensive cover and RM8k sum insured. Don't think that besi buruk is worth that much but no choice.

    MMIP would be the last resort.
     
  4. fabianyee

    fabianyee Founding Member

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    Latest update:

    Just renewed my insurance for the E30. Again I went to the Post Office. This time round, instead of getting the MMIP 3rd Party insurance, I was offered the UniAsia 3rd party Fire and Theft insurance. Took this instead for extra protection for theft. For RM10k insured sum, it worked out to be RM220. (MMIP was RM130)

    http://www.uniasiageneral.com.my/uniasia_general/products/motor_fire_theft.php
     
  5. johnj

    johnj Founding Member

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    I just renewed my rtax and insurance for my red baby e30 1983 coupe. Allianz fire and theft- sum insured 100k. Premium RM 1898.00 after 25% NCD.pheww...the agent kept asking...your car worth so much ahh....30 years old lohh...hehehe
     
  6. haywire

    haywire Official Member

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    I thought insurance will only pay out the current market price for the car in the event of a claim, no matter how much you insure it for?
     
  7. johnj

    johnj Founding Member

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    how to determine the current market price for a 30 year old fully restored classic?
     
  8. fahmi757

    fahmi757 Club Guest

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    Yup bro, i agree with you:)...normally insurance company will based on current market price or amount of insured, whichever is lower....Example if you car market value is RM 40,000 and amount insured RM 48,000, the claim amount will be based on the market value:)
     
  9. johnj

    johnj Founding Member

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    the agent told me that the company will pay the sum insured minus some percentage in the event of theft or fire..
     
  10. Volvos525i

    Volvos525i Club guest

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    Mine just renew with Kurnia sum insured rm43k...
    Full NCD 55% so around rm1110 inclusive windshield,floods & break down...
    Kurnia Kompleks PKNS Shah Alam...
     
  11. mizhan

    mizhan Member

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    renewed one E30 insurance in March, just received quote for the other expiring next week. no issues.
     
  12. fabianyee

    fabianyee Founding Member

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    The thread about renewing insurance and roadtax for cars more than 20 years old... Which car you renewed your insurance for?
     
  13. fabianyee

    fabianyee Founding Member

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    Wah... so high insurance kah???
     
  14. johnj

    johnj Founding Member

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    hehehe fabian...dowan to take risks...
     
  15. fabianyee

    fabianyee Founding Member

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    but I think it's way too much... when it really comes to claiming (touch wood), i doubt they will really pay out that much. but now they will happily pocket all the premium.
     
  16. johnj

    johnj Founding Member

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    will value it and work it out with my lawyer friend....there are ways to claim....
     
  17. Volvos525i

    Volvos525i Club guest

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    oh sorry miss out the year bro...
    Mine 1999...
     
  18. pussy

    pussy Club Guest

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    Johnj, usually there is procedure on it. This way u done wont work. They take it without you telling them its a classic which you will have to produce the pictures, documentation, blah-blah for them to agree. Then there is a loading for it say 50% max.

    The way you took from them under 100k, they will base it on market value if and if your car gets caught for fire or go missing. if accident, kiss all goodbye.
    If need to, got to be comprehensive, just like what i did. but they paid me half of the 40k i insured.

    want help, i can put you to the right parties..:eek:
     
  19. ICEMAN 68

    ICEMAN 68 Founding Member

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    Why is that so ..don't they pay off the sum as agreed ...like that susah lorrr..johnj ..pass me ya car and you have rm100k to spend all over again ..ke ke ke
     
  20. johnj

    johnj Founding Member

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    hehehe..I know pussy that's why I checked with my "friend" and it can be done with some procedures which is being done as I speak.....btw I valuated the car at 110
     

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