Insurance
IF YOU HAVE BOUGHT A NISSAN FIGARO, READING THIS COULD SAVE YOU STRESS, PAIN AND MONEY
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 possession. 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 prioritize 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 looks like the same cars with a value of only £4,000. Now clearly 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
As a club, we recommend Classicline Insurance which offers specialist insurance cover for your Figaro. They have extensive knowledge of the car and we have been dealing with the company since 2010. Members will also receive a 15% discount by providing their membership number.
To proceed you will need to follow the three stages below:
- Join Club Click here
- Apply for an Agreed Valuation Insurance Certificate Click here
- Contact Classicline = Telephone: 01455 639 000
(Make sure you have your Membership Number & Discount Code to hand (This will be in your welcome email)
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 (see below). - 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 can limit your mileage. Basically, the less you use your car, the less you pay. - Rally Cover/Track Day
Just in case you ever wanted to participate in a rally and you’re a member of the Figaro Owners Club and they’re organising the track day/rally event; we’ll even 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 easy on those European road trips. - European Cover
Our 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 we 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 our policies, you’ll always have the right to purchase your vehicle back from the insurer. It’s not essential for everyone, but it’s nice to know you have the option
Other Classic Car Insurance Companies
As a club, we know of other Insurance Companies that offer ‘Figaro Insurance’ but make sure you get an AGREED VALUE. Some also offer insurance for individuals under the age of 21.
Hagerty offers a comprehensive range of insurance options to classic vehicle owners. Our policies include features designed for classics such as UK and EU Roadside assistance and recovery, agreed value, salvage retention and more as standard. Hagerty is rated excellent on Trustpilot with a score of 4.9 out of over 7400 reviews. For more information, call 0333 323 0989 or visit www.hagerty.co.uk
Adrian Flux are the UK’s largest, specialist motor broker and with a panel of over 40 trusted insurance providers, their team of experts will consult and find you the best deal for your circumstances. Many of the policy benefits Adrian Flux offer include up to £100,000 worth of FREE legal expenses on all policies, 90 days EU cover, like for like cover on all modifications and agreed value policies. What’s more, all Figaro Owners Club members qualify for a discount of up to 15% off their insurance. For more details call one of their experts on 0800 089 0945 or request a call back on www.adrianflux.co.uk.
OTHER 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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