insurance and agreed value.

[incisor]

wonder how the insurance companies work their agreed/market values etc out?

went to transfer the insurance from the 95 disco to the 95 defender.

agreed value limit is in excess of $6000 less :eek:

had the disco at $17,000 agreed value, no problems no discussions, thats fine, thanks.

maximum that suncorp will do on the defender is $11,000.

the premium is $15.00 a year cheaper, woobloodyhoo...

[72pug]

That sounds a bit strange..................as in 'General', the Defender on the whole, in diesel form in particular, holds a better used value than the Disco Diesel . They usually only go on a 'Mean' average of vehicle prices (sold)

Must say also, that it varies from insurer to insurer, and that is why i changed from Suncorp with my wife's car to Shannon's, they're cheaper than ALL the others by a country mile, and the service i've had so far has been really good. (No....i'm not an agent for them, or got shares....lolol).

I'd shop around Inc.......

Cheers,

Pug.

[incisor]

i will once i have used up my 500 bucks ....

i put that too them that they are dearer etc etc etc..

sorry, enforced limit of 11k sorry...

[Michael2]

RAC(V) insured my '97 Defender for $20K agreed value. I wanted that figure as it has $18K worth of accessories. But after the whole discussion, they told me the accessories were insured above the $20K value!! The formula was too complex for them to bring it down to a $20K total.

I'd have thought the Defender would be worth more than the Disco.

[cartm58]

when l recently insured the 1993 range rover for $351 comprehensive for market value, l asked them how they did it, the written response was that the vehicle would be inspected by the assessor in the repair shop after a crash and he would place a value on it, so it would vary depending on condition of vehicle

[Ken]

How can you value a vehicle "After" it has been in an accident:(

[SSmith]

im no expert but here goes

this is intent to be nothing more than food for thought

i had my previous vehicle insured with RACV for "market value" and had the misfortune of having a head on last easter (stayed at home playing with spanners this year :angel: )
the assesor did his thing and made a report to the insurer regarding the condition of the vehicle

they then tap up some depreciation and value database and allocate a value withing the brackets on the chart, vehicles in good condition will obviously be at the higher end

no idea how the database is managed (IMO more financial depreciation than market evaluation) but in my case the perscribed value was nowhere near the actual market value of the vehicle

i was offered $10000 for a 1996 toyota hilux 2.8 diesel (dont hold that against me :( ) which was assased as being in "very good condition and far less than average mileage"

not to mention a heck of a lot of $$$ in accessorys

have a look in the trading post and see for yourself how pathetic this offer was

i refused the offer. and was allowed to attempt to prove my case by getting ads for the same model of vehicle with a higher asking price..... one catch, they do not honor ads from dealers! gave me some BS cop out about profit margins and such..... dosnt make sense to me, but not knowing the legislation governing such things, i played the game

ended up talking them up to $14000 (find me a good lux for that that dosnt have 400 000+++ on the clock or been flogged off road!!!) and was allowed to remove any accessories not dammaged.... 2" suspension lift, arb locker, pioneer cd stacker, uhf, am cb ........ you get the picture (had planned to whack a set of tyres from a wercker on it and take mine off but didnt have the time or the ability to move the tyres)

the accident, a head-on on a dirt road. "fault couldnt be proven".... no need to go into further details at this time

still feel ripped off on both vehicle value and insurers decision

but hey, mixed blessing, nill injurys and got a far better 4x4 now :D

point to my little ramble
be very cautious of "market value" and who your insurer is... if a dispute is in a "grey area" smaller insurers will often take the cheapest way out of the dispute (ie admitting fault on your behalf rather than get involved in a legal battle)

[Rovernaut]

Market value will pay out the value of the vehicle without dealer profit margins.
It's basically the trade in value.
So if you have a Disco, say that has a market value of $6,000 according to the insurance company and it's written off, you then go shopping and similar vehicles are in the $8,000 price bracket, then you fork out the difference of $2,000. you never seem to come out square as you have to pay the dealers profit margin and gov stamp duties and taxes.:mad:
It Stinks.

They should have New for Old regardless of age policies , like home contents> :D:D:D:D:D:D:D:D:D:D:D:D:D:D:D

[cartm58]

when the Rangie gets a bit older it will simply go to a third party fire and theft policy, the availability of good classics for cheap prices simply means comprehensive market based policies aren't worthwhile

[DiscoTDI]

im no expert but here goes

this is intent to be nothing more than food for thought

i had my previous vehicle insured with RACV for "market value" and had the misfortune of having a head on last easter (stayed at home playing with spanners this year :angel: )
the assesor did his thing and made a report to the insurer regarding the condition of the vehicle

they then tap up some depreciation and value database and allocate a value withing the brackets on the chart, vehicles in good condition will obviously be at the higher end

no idea how the database is managed (IMO more financial depreciation than market evaluation) but in my case the perscribed value was nowhere near the actual market value of the vehicle

i was offered $10000 for a 1996 toyota hilux 2.8 diesel (dont hold that against me :( ) which was assased as being in "very good condition and far less than average mileage"

not to mention a heck of a lot of $$$ in accessorys

have a look in the trading post and see for yourself how pathetic this offer was

i refused the offer. and was allowed to attempt to prove my case by getting ads for the same model of vehicle with a higher asking price..... one catch, they do not honor ads from dealers! gave me some BS cop out about profit margins and such..... dosnt make sense to me, but not knowing the legislation governing such things, i played the game

ended up talking them up to $14000 (find me a good lux for that that dosnt have 400 000+++ on the clock or been flogged off road!!!) and was allowed to remove any accessories not dammaged.... 2" suspension lift, arb locker, pioneer cd stacker, uhf, am cb ........ you get the picture (had planned to whack a set of tyres from a wercker on it and take mine off but didnt have the time or the ability to move the tyres)

the accident, a head-on on a dirt road. "fault couldnt be proven".... no need to go into further details at this time

still feel ripped off on both vehicle value and insurers decision

but hey, mixed blessing, nill injurys and got a far better 4x4 now :D

point to my little ramble
be very cautious of "market value" and who your insurer is... if a dispute is in a "grey area" smaller insurers will often take the cheapest way out of the dispute (ie admitting fault on your behalf rather than get involved in a legal battle)

Had NRMA do something similar to me a few years back, had a XF Fairmont Ghia and had a slight bingle, the assesor said some pathetic figure and when I disputed it, his reply was well there is one in the Trading post for that much:eek: . Well after 2 months of fighting I got my money, mind you I was without a car for a while whilst this was happening:mad:

[mcrover]

We lost our 80 series to an accident and we were insured with RACV at the time.

I have to say that once we waded through the assesor crap it was plain sailing and we got back more than what we paid for it.

But the point here is do your research first so you know what you will be getting before you buy (if you can) and if they change the next year then change insurers they hate that.

[Signal1]

My insurance company tried to payout market value on my Telstar even though the policy was agreed.

They stated due to a computer error, upon last renewal the car should have been devalued so they tried to pay $4,300 instead of $7,500. I also had a seperate policy on the accessories on the vehicle ($2,500). They tried to not pay the accessories policy stating that in case of total loss, the accessories policy was negated by the vehicle payout.

3 letters later with the final advising that I would contact the Insurance Ombudsman, Media and alike, a cheque arrived 3 days later for the full amount.

I have absolutely no hesitation that if I had to claim in an accident, it will not go smoothly. Its the nature of dealing with insurance companies.

For the very reason that insurance companies will try to devalue your car at claim time if market value - I go agreed. CGU have agreed my D2 Td5 at $23000 (their wish), I paid $18K.

[DeeJay]

Insurance companies modus operendi or golden rule is--- Maximise income- minimise outgoings. Its that simple:wasntme:

[SSmith]

I go agreed. CGU have agreed my D2 Td5 at $23000 (their wish), I paid $18K.

may i ask what sort of premium you pay per year
every company i try to get agreed value thru try to jack up my anual premium or excess to comphensate

[Signal1]

may i ask what sort of premium you pay per year
every company i try to get agreed value thru try to jack up my anual premium or excess to comphensate

My annual premium with CGU for my '00 D2 Td5 Auto is $558.10. This isn't helped by me being a 29 yo male, once 30, it'll drop a bit i hope. Also, I pay monthly at no extra cost.

Main thing to know though is that this covers my wife & I only, if I wanted a cover all types of drivers then it would be $747.13.

[SSmith]

My annual premium with CGU for my '00 D2 Td5 Auto is $558.10. This isn't helped by me being a 29 yo male, once 30, it'll drop a bit i hope. Also, I pay monthly at no extra cost.

Main thing to know though is that this covers my wife & I only, if I wanted a cover all types of drivers then it would be $747.13.

thanks,
food for thought
im up for an insurance renewal in july, tho i should look at about $1000 :cry:
i turn 25 in july :cool: