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Thread: Insurance - What's it worth

  1. 13th February 2013, 06:07 AM #1
    4range
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    Insurance - What's it worth

    Hi all,

    this is not a "for Sale what's it worth" question.

    I am about to renew my insurance for a 2008 110 Deefer with 55,000k's

    as far as accessories go, it has winch bar (no winch) side steps, Xbox, rear draw, swing away carrier & mulgo bumperettes.

    Interestingly the renewal has come in @ $45,500, but I reckon as far as market value goes, it's probably closer to or less than $40k.

    to be honest I havent started the "carsales / car point / carsguide" research trail yet - I am just about to, but I thought I would ask the question here 1st - see what those in the know reckon.

    & Yes I will do the research thing - just covering off the options !!

    thanks
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  2. 13th February 2013, 06:22 AM #2
    red roo
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    insurance

    my 2010 110 is ins $45000 agreed value
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  3. 13th February 2013, 06:25 AM #3
    4range
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    Mmmm, just back from the market place review!

    I reckon that If someone can ask $75k for an SVX, my Deefer must be worth $55 - $60k to Replace.........................!

    Actually it seems to me that the value has been well maintained (one assumes of course that those on sale are: 1. selling & 2. selling somewhere around the listed price!)

    I am now thinking I should insure for $40 - $43k but interested to hear what others think.
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  4. 13th February 2013, 06:41 AM #4
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    Bundalene
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    Just a guide but these are the Red Book values


    When you look under ,more details, the value is substantially less (unrealistic IMHO) than the agreed value



    2008 Defender

    Used Car Research - Used Car Prices - Compare Cars - RedBook.com.au


    2010 Defender

    Used Car Research - Used Car Prices - Compare Cars - RedBook.com.au




    Erich
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  5. 13th February 2013, 08:39 AM #5
    BilboBoggles
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    I think the problem with Defenders is that they are a very rare vehicle, so if you are prepared to wait I think you may hit pot luck and get a good premium, you need to wait for the right cashed up person to come along. If you can wait for several months you might get lucky and get a high value.

    But the fact that you see some defenders listed there with a high price does not mean they actually sell for that price. That SVX to me would be worth $30k max, any more than than and I'd justify to myself ordering a new one with a warranty and spec'd to that level with options.

    The red book value is the value you would get if you had to sell it now! You can walk into any dealer and get that price off the shelf.
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  6. 13th February 2013, 12:01 PM #6
    4range
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    Thanks for the input.

    My view is that as i didnt pay $45.5k for it, its hard to justify paying the insurance premium based on $45.5K

    I have yet to shop around so I dont know what sort of difference a couple of $k will make.

    It is interesting however that the for sale prices are quite high!
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  7. 13th February 2013, 12:22 PM #7
    Tombie Guest
    Redbook values are also based on sales as reported to the numerous Transport departments.

    Now I dont know about you, but there are plenty of times when a friendly 'agreement' to undervalue the purchase price of a vehicle has been done between buyer and seller to reduce Stamp Duty on the transfer of ownership...

    This of course then reflects in the sale prices..
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  8. 13th February 2013, 12:23 PM #8
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    incisor
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    Quote Originally Posted by 4range View Post
    It is interesting however that the for sale prices are quite high!
    which has never been reflected in redbook values oddly enough...

    so actual sale prices must be lower or the redbook formula is corrupt
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  9. 13th February 2013, 12:47 PM #9
    superquag
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    Red book is just one source, usually on the low side.

    This is another one, Glass's.

    New & Used Car Prices, Car Values, Specifications & Vehicle Identification |Car Valuation | Glass's Information Services

    Their values are usually higher/more realistic. AFAIK, this is not freely available to the General Public.

    Agreed value is a great idea, as we found out the hard way last weekend. - Our Mazda LPG got totalled, insured for $3600. Market value would have been $1.8K to $2k
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  10. 13th February 2013, 01:29 PM #10
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    Samblers
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    Since you’re asking the question you’ve obviously been given the choice to nominate an agreed value yourself. So choose what it’s worth to replace to you (as long as the insurer is in agreement).

    If it was written-off or stolen, what payout would you be happy with? What payout would you not be happy with?

    I was careful not to over-insure my 2010 110 (because it costs), but I had to make sure that I wasn’t stiffing myself.

    And Rebook is usually 10% on the low side I found.
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