Aussie Pagoda prices

[PIP1947]

After reading the August 2016 stream on this topic, I decided to call my insurer and insist on a substantial revaluation of my 280SL, realising it was significantly under insured. These values are a bit scary, as my car is a well looked after daily driver. Having sold my lovely medium red (516G) '65 230SL  for $35K in 2005, I had to pay double that for a replacement 280SL in 2013. I certainly won't make that mistake again. I like the look of Pagoda_84's white 280SL, having spotted it near home, in Bayswater Road one day. I gave chase in my wife's BMW, but couldn't catch it in the traffic. I'm not surprised you paid over $100K for that. Very nice.
PIP 1947
'65 230SL medium red (sold)
'68 280SL Tunis Beige Metallic

[JChristo]

Hey pip
How did you go with insurance for your 280sl ?
I'm just about to re insure and I'm thinking of going with RACV but not sure what to value it at

What did you insure it for ? And what was the premium..

Cheers mate

[PIP1947]

Hi JChristo. I was able to persuade my current insurers, NRMA (roughly equivalent to RACV) to increase my sum assured to $145K, which seems reasonable to me. I will review that next year and hope, in the meantime, that it is sufficient to replace my car should the unthinkable occur. Gary Marks is pretty cluey on these matters and I am intrigued at his figure of $175K for his Pagoda. It's probably a lot better than mine!
PIP 1947

[georgem]

Hi Christo & Pip,

We are insured through Shannons and we upped ours to $130K, from $85K earlier this year - done over the phone -no inspection needed.

cheers

[stickandrudderman]

Not sure about Aus but in the UK it is IMPERATIVE that you have a WRITTEN AGREED VALUATION, not just an owner's assertion of valuation, if you are to get the full value of your car in the event of total loss.
I've had several customers who have believed that because there's a statement of owner's belief of value on the insurance, that is what they will get paid. It is not the case. Without a written valuation (from a specialist or club representative) the insurer will only pay what they deem to be trade value and that can be a very, very long way from what you told then you thought it was worth when you took out the insurance.

[PIP1947]

Australian insurance practice appears to differ to the UK, insofar as "agreed market value", once stated on the policy as "Su, assured", will be paid in the event of total loss. The increase in values is a worry, both from the perspective of making the cars too precious to drive and making them theft targets. At the extreme end, no one drives old Ferraris any more, for fear of damage or loss. What a shame. Same with 300SL Gullwings. They are too valuable to risk. I long for the days when Pagodas were seen as nice 'old bangers'.
PIP 1947