First I must apologize for writing in English but my spoken Portuguese is terrible and written Portuguese even worse.

I have a big problem.

I have wanted a Honda S2000 for the last three years and have, eventually, saved enough money to buy at least a used one as I cannot afford a new one. The one that I want to buy is a year 2000/6 with 13 000kms and the price is 31000 euros. This I think is a very fair price compared to the other used ones that I have seen.

In anticipation of my purchase I telephoned my insurance broker, who took all the details and gave me a quote, no problem with that. I discovered though that in the event of theft or total loss they will only pay out 21 500 Euros less the excess of 2% 21 070. I was horrified and asked why I could only get two thirds of what the true market value of the car was. They say that the book value of this car according to what is laid down by Portuguese government is exactly that, they start with what the car was bought new in 2000 and then discount this at a rate as decided by the government for the period up to date, leaving the car with a maximum insurable amount of 21 500. I checked this out with another broker and he told me exactly the same.

So if a new Honda S2000 in June 2000 was 43 000 Euros then the government have depreciated it by 50% during that time to 21 500. This does not reflect the true market value nor the replacement cost of the car. This surely is what insurance is supposed to be?

Now I don't want to spend 31 000 on a car to have it stolen the next day to be paid out 21 070, with an annual premium of 1100 euros.

This problem surely is not just a Honda S2000 Problem, but must affect all Porches, BMWs, Mercedes, etc. infact any car that does not depreciate at 50% in 30 months.

Is this crazy or am I crazy? I hope I have got this wrong and you can put me on the right track so that I can buy and insure my S2000 and sleep at nights.

Please help any information would be appreciated.

Kind regards

Nigel Stringer

 

Nigels,

Give OK teleseguro a call. Number is 800 21 2001.

My car was bought in 9/99 and its book value with the insurance company is 29442

 

Apparently there were 3 '00 s2000 on sale in yesterday's correio da manha. From 27,500

 

Luis

Thanks for the information on insurance I will get on to them straight away. I am certainly shopping around for the best deal and will not rush into anything until I am sure of it. Why are you selling yours?
kind regards

Nigels

 

Nigels,

I considered paying up to 15,000