Is your 4X4 insured for what it’s worth?
The other week I was minding my own business, working from home, when I got absolutely blindsided by a question from a mate of mine, Aiden. The question that proper buggered me was, “Do you reckon your 4X4 is insured for what it’d cost to rebuild it?”. Now worth noting, Aiden had seen the HiLux, knows a bit about what I’ve done to it and, the big one, works for Club 4X4 insurance. So, if anyone would know, it’d be Aiden.
This really got me thinking, as I was pretty sure I had everything on the HiLux that could be covered, covered, right? You make a list of mods (or look at your receipts), phone up your insurance company, rattle off what you’ve got, what mods you’ve done and what they cost you. Of course, this call is usually made from the comfort of your lounge room or the work lunchroom, because who wants to spend time on the phone to an insurance company when you could be watching the footy or enjoying your lunch break… or anytime for that matter really.
So began a bit of a good-natured bet, as to whether I’d missed anything on my ‘mods-list’ that I wouldn’t be insured on the HiLux. I was adamant that I’d put everything down, and at a fair price, and Aiden was certain that I’d have forgotten at least a few things, and probably under-insured the whole lot.
The list that I initially came up with looks like this:
2018 SR D/Cab Cab-Chassis pickup HiLux Market Value (from Redbook): $38,000
Dobinson 2-inch Lift – $1500
Kings wheels – $525
Firestone tyres – 265/70R17 – $310 each $1550 (but not insured, as they’re a consumable!)
ProVent catch can – $320
ARB bash plates – $800
ARB brush bars/steps/bullbar – $3600
WARN Magnum 12KS winch – $1900
GME XRS UHF + aerial – $600
Ultravision LED spotlights – $1600
Rola Titan roof cage – $550
Rydge Ryder solar panels – $360
Redarc BCDC1240D – $700
ARB Elements 60L fridge – $1699
MSA fridge drop slide – $880
Travel Buddy 12v marine oven – $350
Korr lighting kit – $230
Kenwood DDX 919WS – $900
Kicker speakers/amps – $1300
Brass Monkey 15L fridge – $199
Alloy canopy – $1200
Clearview mirrors – $1200
SupaPeg awning – $800
Total Mods: $22,765
Right, so as far as I could tell, I had about 22 different mods done to the HiLux, totalling a little over $22,000 (please don’t tell the wife!). After Aiden came around and went over it with me, he found an extra 15 bloody things that I’d just not thought about, or that had even crossed my worried little mind. These 15 mods and accessories equate to $7635 on top of the mod list already… no really, don’t tell the wife! Now we’re not too worried about the pricing of each of the items I’ve put down at this stage, but more worried about what I’ve missed off the list entirely!
See, when I called my insurance company last, I’d been sitting on the couch, watching the footy, and I just needed to update a few things I’d done to it recently (the awning and the mirrors) and that was that. At no point did I go through my little list again and update it with the everything!
What I should have done is gotten off my arse and done a walk around the HiLux (probably with Aiden, too, or at least a mate you’ve got) before even picking up the phone. And then, again while I was on the phone to them, to make sure I didn’t miss anything. Hell, I should have been keeping a list, and UPDATING it when I changed or modded it, so the sum insured matches the 4X4.
That said, after I’d dismally lost the bet (at least I don’t owe him a full case of Crownies!), Aiden and I sat down and he booted up the work laptop and did me up a quote then and there, for both the mods I had written down and then for the mods he’d found on top. Where it gets really interesting is that Aiden found about $7635 worth of extra mods and accessories (that I’ve put on the list below), and when he added an extra $7635 worth of gear to the sum insured, the policy price only went up by $154 a year, or just shy of $13 a month, which is about two and a bit beers at the pub. Bear in mind, that increase of $154 was for me specifically, with all of my history/age/circumstances… chances are it’ll be a little different person to person, but you get the idea; it’s really not much in the scheme of things.
So think of it this way, by actually listing down everything (and having a mate double-check it for me), I’ve now got the 4X4 insured for enough money to completely rebuild the HiLux from scratch if something untoward were to happen to the old darlin’, including the everything, and it’s going to cost me about the same as a couple of rounds of drinks at the pub over a year.
What I really want you good folk to take away from this is that chances are, you’re in the same boat as me; your 4X4 is absolutely underinsured. By spending the time going over your rig (especially with a mate who doesn’t look at your four-wheel drive every day) and noting down all the mods on your 4X4, you’ll end up adding a lot of value to both your policy and your sum insured if ever anything happens to your pride and joy! If you’re looking for the list of things I missed, you’ll find it right down the bottom below the video…. Not that I’m trying to hide the evidence or anything!
Have a gander at the video below where you’ll get to see the bet between Aiden I unfold, and see me lose miserably!
The things that Wes missed:
Towbar – $550
Jerry Cans – $60
Tray – $1900
Roof racks – $437
Electrical fitout (switches, wiring, relays, terminators etc) – $500
Auxilliary Battery – $450
Rear toolboxes under tray – $520
Snorkel – $550
Lightbar – $290
Gauges and pillar pod – $200
TPMS – $299
Scan Gauge – $299
Secondary fuel filter kit – $400
12V sockets (various)- $80
Seatcovers and mats – $1100
Total of extras missed: $7635!