How much would your rig cost to replace?
Whatever number you pick, I suspect that it will probably be under the real-world cost of replacing your setup; particularly in our hobby where making a rig fit for purpose casts a hefty whack of the folding stuff. Often, that means that you could be underinsured if you had to replace your vehicle after an accident or theft.
We’ve been banging on about how we’re different when I comes to valuing your setup for some time; its one of the key differences in how we do things here at Club 4X4. Today we are launching our 4X4 Replacement Value calculator to help you work out how much your setup would actually cost to replace if the worst were to happen.
It works off two key values:
- The ‘book’ value of your vehicle as manufactured, based on the age, condition, km’s; and
- the value of mods and accessories you’ve added to the vehicle.
The Book value
The book value of your vehicle isn’t that hard to estimate. There are a number of online valuation services and guides (such as Redbook or Glass’s Guide), which will give you an estimate of what your vehicle might be worth on the private market, or even via a dealer, based on previous sales history.
Another great way to get a feel for the price is to look online via motor trade websites such as Carsales or Drive where you can select your make model and year and see what the asking price is on something in similar condition with similar kms. Sometimes Carsales can be a better guide for some of the more unique and prized models which appear to be bucking the trend in depreciation.
Mods and Accessories
This is the area I think people most likely underestimate when it comes to the replacement cost of their vehicle. I think the reason is two-fold:
- We add mods over time, which means that it is easy to forget how much we’ve actually spent on our builds.
- We do so many things to the car that we forget about a lot of them (sometimes intentionally!), and when we think mods, we generally only remember the big-ticket items.
Using our new Calculator
It is really easy to use – all you need to do is:
- Get an idea of the ‘book value’ from your vehicle using one of the methods above
- Visit our calculator, add in the Book value, then work through the calculator we’ve built, putting the value of the individual mods and accessories on your truck. It will then give you an estimate of what your vehicle would actually cost to replace.
If that value is close to what you’ve currently got your vehicle insured for you can rest easy knowing that your insurance would cover the cost of replacing your vehicle if the worst were to happen.
If it isn’t close though, then you need to speak to your insurer about increasing that sum insured so you aren’t out of pocket thousands of dollars if your vehicle is written off or stolen.
If you are having trouble getting the value you want for your vehicle, this is where Club 4X4 might be able to help. Covering 4X4’s and their mods and accessories is our bread and butter. You can get a quote online, give us a call on 1800 CLUB 4X4 or request a callback with using the buttons below.
We’d love to know what you think of our new calculator. Do you find it useful? Are there any key mods we are missing? How close is the value you calculate to your current Sum Insured? Keep the conversation going below…