How much does Back in Black actually cost to insure?
This week, you may have seen the video the guys from all4adventure posted about the cost of Back in Black. If you haven’t you can check it out below.
It certainly is an impressive rig, and the modifications on it are eye watering – in fact unattainable for most of us. It was a huge number that these guys came to, although working for a 4X4 insurance specialist, I have to say that it is becoming more and more common to see vehicles with mod values that equal or exceed the vehicle value by a significant sum. It was that thought which got me wondering (and I’m sure you’re curious too) – how much are you going to have to outlay to insure a beast like that? I mean you are talking a mods value well over twice the value of the vehicle itself!
Providing a value on what it costs to insure is a dangerous thing for an insurance company like us, because the price I’m going to talk to here is actually based on an individuals’ personal circumstances. This effectively means that the price in this instance is based on the vehicle itself (it’s value, how often claims to this vehicle happen, and how expensive this vehicle is to repair), where It is located, how it is stored, who drives it (and their age, driving, and claims history), and a range of other factors. Any variance to even a single factor here can alter the price, which means that in the real world, the price we can offer you might not be the same, or even close, even if the vehicle value is identical. I want to be clear about that because this is how insurance works. While this is an indication of a price, if you were to get a quote with Club 4X4, the price you are offered could well be different based on your personal circumstances.
Anyhow, moving on. Based on Jase’s personal circumstances, the criteria mentioned above, and the information provided to us as part of the quote process, I can confirm that the cost for Club 4X4 to insure Back in Black is $3,852.94.
To provide some context to this, the vehicle is stored in a locked garage, the excess payable is our standard $850.00 excess, and no additional cover like windscreen or hire car after an accident has been selected. Roadside assistance was not added, and neither was additional off-road Recovery cover, given Jase and Simon’s skills at getting themselves out of trouble. Additionally, the policy has a restriction on under 25’s driving the vehicle, Jase and Simon are the only listed drivers on the policy, and there is a multi-policy discount in play given Club 4X4 also insures their D-Max and 200 Series.
I did some playing around in our quoting system to better understand how different combinations would affect pricing, and I’ve learned that the key things that appear to affect the price for Jase and Simon is where the address the vehicle is kept and how it is stored (locked garage), their ages (they are both comfortably over 35), the age restriction they’ve added, and their driving and claim histories.
As a comparison price, by selecting a Sydney inner CBD address, changing the storage method of the vehicle to a secure carpark, a main driver age of 30 (with an under 25 age restriction but a clean driving and claims history), and a higher $1,200 excess, the price comes in at $7,540.00.
As mentioned before, this is no guarantee of what price you’d be offered if you were to come to Club 4X4 to insure a really special vehicle, but hopefully will give you a bit of context.
If you’ve got something pretty special that you wanted to insure, and the value is going to anything close to Back in Black, you’ll need to set aside some reasonable coin to insure it.
While this might seem like a lot of money, and in fact it is possible if you are the worst possible combination of insurance factors to be well beyond this, in reality it is actually pretty good value considering that no-one in their right mind is going to build something that expensive and then take the chicken track (and we wouldn’t either!)
I hope you’ve found this interesting. I know I did when I looked into some of the detail!