Hey there,

I'm currently looking to buy an RX-8. I've selected a couple of potential vehicles at around $17k - $20K. Before starting to make offers, I enquired with a bunch of insurance companies but besides Shannons no one is insuring these cars to the value that they are worth on the market. Most general insurance companies limit the agreed value for RX8 to around 5K (for 2003 models) and around $7K-$9K for the "newer" versions.

Does anyone know, where I can get a reasonable insurance cover? Shannons quote for an 2003 RX-8 that I tentatively valued at $16K was $2,300 per year (I'm not an 18 year old, I'm 45 so my hooning days have been over for a long time lol).

Any recommendations would be very much appreciated.

Cheers

 

I found one of the mainstream insurance companies i had a few regular cars with at the same time were trimming back the value significantly on my RX8 over a couple of years on my comprehensive insurance. This was very sneaky as they didn't really increase the premium. Many people simply blindly look at the premium and either pay or look around based on that.
I simply jumped to Shannons as I had previuosly used them with my old RX4. Never had a claim so cannot speak for them there. Just knew they were ok with the modifications if it all went south.
No insurance company has got your back and they will all try their best not to pay you anything if they can get away with it.
I will stick with Shannons as I dont know of any others better overall. If you have put coilovers on your car then probably dont take out a policy with any of the mainstream insurance companies as it will likely be an annual donation rather than insurance. Our cars are chicken feed value wise compared to others and their underwriters will pay out without issue unless you break laws etc. Good luck.

 

Thank you, I appreciate you for sharing info.

 

None of us will hold you to this statement once you have your 8. If you’re like me and spent the last few decades running about in family cars (or worse a minivan) there might be a daemon released shortly after you get behind the wheel. Not 20 year old style but, the temptation will be there.

 

Thanks for the info, I didn't know that.

 

If you have paid for a new engine then you will then likely get additional value if you ask them. I think they are onto the potential time bombs that we drive.
As above in my experience these insurance companies chip away at the car value, even though 'agreed value' was discussed the year prior! One day the value will probably take off like all ghe other RX models beforehand, we are not there yet.

Be honest with yourself about mods then with the insurance company. Dont give them an easy reason to decline your payout even though a crash was likely not your fault!
Good luck and enjoy the car. They are fantastic but prickly beasts! 😀

 

Hey there, I'm insured with AAMI. Series 2, 2010, 66k on the clock - for an agreed value of 22k. Was pretty happy with that. Shannons we're more expensive for the same.