Hey guys, I'm a new owner of a 1997 MR2 Bathurst (bought it in January) and currently I'm with NRMA Insurance. However, the best I can cover my car for is $5850 and since i paid $10,000 and plan on spending more, I'm not really happy with that coverage. Does anyone on here know of an insurance company that will cover me for a higher amount? I don't want to invest thousands of dollars into this and have it stolen and receive 5 grand for it. I'm willing to pay around $1.5k for insurance. 

Most regular insurers will give you the "Red book value" which is supposed to be market price, but doesn't take into account the condition or mileage of the car.  And yes, they value late-model Gen3's at around $5k, which is way underpriced.
With JustCarInsurance, you can specify the value (up to a point), and list modifications to also be insured.
Or Shannons (only if your car is garaged).

Shannon's all the way. I have a 91 JDM Turbo with a bit of work done and Just car would give me $12,500 max and wanted pictures of condition and all these things to prove it was worth it. Shannon's on the other hand after a conversation about the car accepted $15,000 straight off the bat no pictures needed. I also plan to up that to $20,00 and they were happy to do that when I'm ready, although to increase the value this time they did want a couple of pictures.
 
Costs me $1100 per year for $15,000 and will go up to $1300 per year for $20,000. I'm pretty happy with that price and if you have a decent driving record and aren't too young you should be under your budget of $1500.
 
I haven't had to claim anything with them yet but only heard good things in that regard, choice of repairer too.

Second Shannon's, I have multiple vehicles with them. Have only claimed windscreens, 1free per year each vehicle, was all too easy.

But many other perks, like tools n spares and a value of items that may be in the vehicle at the time of theft.

Shannon's don't require a vehicle to he garaged, one of my hoard isn't and they were cool with it. The thing I like is the options you have for cover, you can choose between, laid up, extreme limited, limited or full use cover.