Shannons Insurances value

slow 427 · #1 (**permalink**) 06-06-2007, 11:16 PM

Does anyone have a Classic Revival with a LS1 (Fly by wire) cobra insured with Shannons ?
If so, for how much.
They are talking about righting mine off because they believe the car is not worth more than $40 k.
Any help would be great.
Paul

sambo · #2 (**permalink**) 06-06-2007, 11:21 PM

If they write it off and give you 40k, could you buy the "wreck" back, pay for repairs and still be ahead?

slow 427 · #3 (**permalink**) 06-06-2007, 11:43 PM

Yep what they are offering is by the wrech back for $10 and they give me $30.I may ask them to right it off so I can get it back on the road quicker

sambo · #4 (**permalink**) 06-06-2007, 11:48 PM

Money talks mate! How much have you estimated for a new shell and the cost to repaint, etc? Not including 100s of hours refitting the bugger.

400TT · #5 (**permalink**) 06-06-2007, 11:55 PM

Quote:

Originally Posted by slow 427

Does anyone have a Classic Revival with a LS1 (Fly by wire) cobra insured with Shannons ?

I thought everyone had agreed value insurance with Shannons. I know I always have and do.

Without seeing the car in person, $40k sounds on the low side these days. $10k for the wreck sounds fair enough.

dbn04 · #6 (**permalink**) 06-07-2007, 12:02 AM

i,m with craig on that point shoukld be agreed value!!

Tenrocca · #7 (**permalink**) 06-07-2007, 12:16 AM

I would get Ian to quote them the price for a turn Key?
I think yours would have been the first fly-by-wire CR registered - but I could be wrong.
I think Id take the $30k - $8 for a new body, $8 for prep and paint.... The rest should cover your time (unless you dont want to do it again!)

pneall · #8 (**permalink**) 06-07-2007, 12:23 AM

Not sure how fly by wire impacts but mine was insured unseen for $50K.

Am planning to go for more as it owes me more than that.

Phil

boxhead · #9 (**permalink**) 06-07-2007, 12:56 AM

Mine is not insured as a registered vehicle yet, (but I do have fire and theft on the car being assembled).

I mentioned $58,000 as the value for mine completed and they did not flinch at that?

spookypt · #10 (**permalink**) 06-07-2007, 01:33 AM

My understanding as a general guide once you get over the 40 - 50 mark you need to have it assessed by them to attain an agreed value. For what its worth mine is agreed at 75K.

I have done alot of business through shannons and have an excellent contact in there. PM me and I will give you his name and details. He may be able to help you out further.

SpookypT

750hp · #11 (**permalink**) 06-07-2007, 01:47 AM

Not the Cobra - but they just asked me to email them a few general pics of my Mercury to get agreed value & salvage rights. My policy came with the Salvage Rights Endorsement (meaning they just give me the wreck for free), but that might be due to the age of the vehicle...

Plums · #12 (**permalink**) 06-07-2007, 10:20 AM

I wouldn't think the FBW throttle would change the valuation.

I have mine insured with Shannons (laid-up cover) for $50k and they didn't ask any questions about it.

I would think that buying the "wreck" back for $10k and getting a $30k payout was a great deal. I reckon when it's all finished you will end up in the black for sure, in fact I think you'll have more than $5k left over.....

slow 427 · #13 (**permalink**) 06-07-2007, 04:50 PM

Thanks for the help guys im pushing for it to be written off so i can rebuild her myself.

*Cobber* · #14 (**permalink**) 06-07-2007, 06:47 PM

Slow 427,

Just read the story of what happened. See if you can pump them up another 5k at least, that was a mint car you had there.

the re build should go fairly quick once you have the body as you have all the bits and you know where they go.

What colour this time?

Beejay · #15 (**permalink**) 06-08-2007, 03:03 AM

Thanks for pointing this out Paul, I will be setting an agreed value with them when registered.

I think my current cover unfinished is about $40K with Shannons

Ben

boss290cobra · #16 (**permalink**) 06-09-2007, 05:38 AM

i think you guys are all selling yourselves short,my roller is agreed as is for 26k
also insured site unseen and when i requested the finished agreed price of
75+k they didnt ask any questions,even though we build these cars you have to insure it for what it would cost you to pay someone to build it to your specs which would well exceed any of these prices...........

400TT · #17 (**permalink**) 06-09-2007, 06:10 AM

Quote:

Originally Posted by boss290cobra

when i requested the finished agreed price of
75+k they didnt ask any questions

Personally I've always had to really struggle to get Shannons & other insurers to come to the party on the agreed value. Sight unseen I have never been able to get them to insure any of the Cobras or the GT40 I now currently own for what I consider the fair 2nd hand market price. I never got a fair value with the Cobras, but with the GT40 I am at a fair value now, but I expect a fight when I want to increase the value when the rebuild is finished. And we are not taking anywhere near replacement cost + labour.

Beejay · #18 (**permalink**) 06-09-2007, 04:54 PM

I agree guys,

A Classic Revival is about $90K or so for a turnkey, so it is a disgrace that they have only offered Paul $40K - his car is very well built and complete.

The lesson for us all is to get the agreed value in writing.

Ben

richardferguson · #19 (**permalink**) 06-09-2007, 05:59 PM

Rang Shannons to see exactly where I stood with the SPF. Agreed value, same as the purchase price from CTC. Slept well last night!
Richard

400TT · #20 (**permalink**) 06-09-2007, 06:27 PM

Quote:

Originally Posted by richardferguson

Rang Shannons to see exactly where I stood with the SPF. Agreed value, same as the purchase price from CTC. Slept well last night!
Richard

Yeah, you won't have any trouble with insurance value.

It's the home built cars that struggle.

Never hurts to call to check though. That's the problem with insurance, you really don't know 100% what you have until you have to claim.