Insurance Advice

HOW TO INSURE A NISSAN FIGARO

Ensuring that your Figaro is correctly insured is of utmost importance. By obtaining the right insurance policy, members can benefit from significant savings while also offering protection for their prized possessions. Additionally, acquiring an agreed valuation certificate is crucial as it guarantees that in the unfortunate event of a claim, you will receive the full value of your car.

The Nissan Figaro, produced in 1991, has garnered the status of a Classic Car due to its age and its classification as a ‘Grey Import’ in many countries. Given these factors, insuring the Figaro requires a high level of attentiveness and caution. It is strongly advised to seek expert advice in ensuring the most suitable coverage for this unique vehicle. Unfortunately, over the years, we have witnessed numerous members suffer significant financial losses on claims due to selecting the wrong insurance provider. To avoid such pitfalls, it is crucial to make informed decisions and rely on the guidance of professionals who understand the intricacies of insuring a vintage car like the Nissan Figaro.

WARNING

In the era of online insurance comparison sites, it has become increasingly common and tempting to shop around for the cheapest car insurance. However, it is crucial to exercise caution and thoroughly comprehend the policy you are purchasing; otherwise, it may lead to disastrous consequences. While the allure of saving money is understandable, it is essential to consider the coverage provided, deductibles, and additional terms and conditions. Failing to grasp these details can result in unexpected expenses during a claim or inadequate coverage when you need it most. Therefore, it is imperative to prioritise understanding the policy rather than solely focusing on securing the cheapest price.

IN A CLAIM, THIS IS WHAT HAPPENS IF YOU HAVE AN AGREED VALUE

If the car is stolen
The insurance company will pay you 100% of the agreed value
If the car is written off or badly damaged
The insurance company will pay you 100% of the agreed value or if damaged the car will be taken to a specialist garage that repairs Figaros. They will have the knowledge and contacts to find second-hand parts to repair the car as many parts are now no longer available.

IN A CLAIM, THIS IS WHAT HAPPENS IF YOU DO NOT HAVE AN AGREED VALUE

If the car is stolen
The insurance company will look at what they call ‘Market Value’. This is where it can go very wrong, as you may have spent £10,000 on a Figaro which has had lots of work done but has a mileage of say 100,000 kms. The insurance company will find online a few examples of what look like the same cars with a value of only £4,000. Now, both cars are not the same, it’s like comparing apples to oranges, but you will have a massive battle trying to fight this with the insurance company, and they will stick to the offer of just £4,000.
If the car is written off or badly damaged
The insurance company will send the car to the car repair garage for repair. To enable them to cost up the repair, they will need to establish the cost of the parts, so they will contact Nissan. Nissan will tell them that the new parts are no longer available, and they will not use second-hand parts, so the car is not repairable, and the car will be written off. If this happens, then it’s the same as the car being stolen (read above), so you could end up losing thousands of pounds.

WATCH OUR VIDEO WHICH EXPLAINS IN MORE DETAIL

RECOMMENDED CLUB INSURANCE PROVIDER – CLASSICLINE

Figaro Owners Club has an exclusive arrangement with Classicline introducing UK members to a specialist insurance scheme tailored to the Figaro, featuring guaranteed valuations, salvage rights, and focusing on doing right by the car should you need to make a claim. Members enjoy a 15% discount on their insurance, which can also apply to other cars they insure with Classicline.

To proceed, you will need to follow the three stages below:

Join the Club. Click here
Apply for an Agreed Valuation Insurance Certificate – Click here
Contact Classicline by telephoning: 01455 639000
(If you are a member, make sure you have your Membership Number & Discount Code to hand (This will be in your welcome email)

As an introducer to Classicline, Figaro Owners Club can continue to secure these benefits for members and sees renumeration back into the club for every policy that club members take out.

Benefits of Classicline Insurance

15% Discount
Members enjoy a saving of 15% on new and renewal policies.
100% Payout of Agreed Value*
This is one of the aspects that sets classic car insurance apart from your standard policy. In the case of a total loss claim, you’ll be guaranteed to be paid out your agreed value amount! To apply for this we require an Agreed Insurance Valuation Certificate.
Limited Mileage Discounts
Another difference between standard insurance and the classic policies we use is that one of the aspects your premium is calculated on is the mileage you’ll do in it (or kms, seeing as this is the Figaro). You’ll get a cheaper premium the more you limit your mileage. The less you use your car, the less you pay.
Rally Cover/Track Day
Just in case you ever want to participate in a rally and you’re a member of the Figaro Owners Club attending a track day/rally event the club has organised, Classicline may be able to cover it free of charge.
Breakdown Cover
Included in all our policies are UK roadside and assistance. There’s also the opportunity to add on extras such as home start and EU cover, so you can drive easily on those European road trips.
European Cover
The policy cover also extends across into the EU, with up to 90 days of free European cover available.
Multi-Vehicle Policies
If we’re already insuring your Nissan Figaro, then Classicline can look to accommodate other vehicles you may have
Salvage Rights
In the event of an accident and the car is written off by the insurer, usually, your car becomes the property of the insurer. With a Classicline policy including salvage right, you have the ownership rights to the car, even if it is written off. It’s not essential for everyone, but it’s nice to know you have the option.

Other Classic Car Insurance Companies

2gether Insurance
Footman James
Graham Sykes Insurance
Performance Direct
Towergate

FURTHER READING

DO NOT USE A ‘HIGH STREET’ INSURANCE PROVIDER!
If you do find a high street company to insure it, there are two issues you need to be aware of:

1 – In a claim, the repair would follow a normal process, which means the car could end up being repaired by a company that does not specialise in classic car repairs and everything this entails. This means more often than not that the car is written off as the company would only fit new parts, and many are not available, so they would report back to the insurance company that the car is beyond repair.

2 – If the car is stolen or written off, you would only be offered a ‘like-for-like’ price, which means in the event of a claim, they will only offer you a figure based on price guides in Glasses’ or ‘Parkers’. So you may have spent thousands upgrading the car, none of which you would get back. This is not what you require and has led to many owners being offered a value as low as 50% of what they paid for it.

USE A SPECIAL CLASSIC CAR INSURANCE PROVIDER
The claim process is very different to the above, and this is why:

1 – In a claim, the repair would be carried out by a specialist who will try and access replacement parts to repair the car. Depending on the location, you can also suggest specialist companies listed on our garage directory. This means there is less chance of the car being written off.

2 – If the car is stolen or written off, you would receive 100% of what we term as the agreed value (see below). This means you can get the amount that you paid for the car or if you have restored it, the cost of this can be taken into account. The agreed value requires a certificate which as a club we are authorised to issue.

EXAMPLE – “I HAD AN ACCIDENT AND DID NOT TAKE OUT SPECIALIST ‘CLASSIC CAR’ INSURANCE AND MY ‘HIGH STREET’ INSURANCE PROVIDER HAS WRITTEN MY FIGARO OFF. WHAT DO I DO?”
This is often the case when the car’s value is determined by the Insurance Provider and no Agreed Value was taken out.

1 – If the car is involved in even a minor crash the cost of repair can be very high if you use a mainstream provider as they will normally send the car to a Nissan repairer. As many parts are not available and only used parts can be used this often leads to the car being written off. If the car was sent to a recommended Figaro repair body shop that would not be the case as they would have access and indeed use used parts.

2 – When and if this happens, we would recommend trying to use a body shop from our list – Click here

3 – If the car is still not reparable and exceeds the value (the high street insurance provider will decide this, see above) then you have the choice of buying the car from the company (usually for a low value) and getting it repaired yourself or selling it for parts or restoration – Click here

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Published on 1st October 2020

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WARNING

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