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need some advice about insurance, please 

 

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 Post subject: need some advice about insurance, please
Posted: Fri Aug 31, 2007 6:35 pm 
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hi all, ive only had insurance for a year now so i havent had much to do with insurance companys and i need a bit of advice. last year i took out full comp agreed value cover on my xr8 and now i got the renewal forms and they took $4000 of the value so i rang them and they said thats what a elxr8 is worth now and they wont change it. so what does agreed value mean? i thaught that if you got market value cover the value would drop every year but i thaught if you got agreed value cover it would stay at the price you and the insurance mob agreed on. have i got this all wrong or are they talking s**t to me? thanks heaps

 

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Posted: Fri Aug 31, 2007 6:47 pm 
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Samething happened to me $2500 less on the renewal form rang up and they said that is the max they would insure my car for and that price was well over market value. So i think agreed value is not a set price you give them but a higher cover than market value.
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Posted: Fri Aug 31, 2007 7:55 pm 
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There are 2 types of "agreed value"

First is the proper one where your insurance company works with you and adds up all your mods and your sweat, then insures you for more than its worth, but at an expensive yearly cost. Not many compaies do it.

Second and most common, "agreed" means the market value and youve "agreed" to the deal lol !!!.

My ef mont is covered for a pissy market value figure plus all mods ive told them about.....
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Posted: Fri Aug 31, 2007 8:09 pm 
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FordFairmont wrote:
There are 2 types of "agreed value"

First is the proper one where your insurance company works with you and adds up all your mods and your sweat, then insures you for more than its worth, but at an expensive yearly cost. Not many compaies do it.

Second and most common, "agreed" means the market value and youve "agreed" to the deal lol !!!.

My ef mont is covered for a pissy market value figure plus all mods ive told them about.....


yeah so is mine...

The agreed value is only for the 12 month that the car is insured for. After expiration, it is treated as a completely new quote and therefore the price will go down since market value down.

phong =P~

 

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Posted: Fri Aug 31, 2007 8:17 pm 
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its probably because your under 25. have you thought about getting it ins by an older persons (your parents) and signing on as co driver.
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Posted: Fri Aug 31, 2007 8:24 pm 
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glpotter wrote:
its probably because your under 25. have you thought about getting it ins by an older persons (your parents) and signing on as co driver.


I don't think it matters by age. Once the Insurance Cover has expired, so will the agreed value, I believe. So hence the new agreed value after every 12 months. I think that's why they have a yearly insurance cover, rather then a 3 year cover where the agreed value would stay way higher then market value after 3 years.

phong =P~

 

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Posted: Fri Aug 31, 2007 8:26 pm 
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Mines still insured for $5000 more than what market value is but it still drops each year.
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Posted: Fri Aug 31, 2007 11:06 pm 
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the worst bit is that my car was in the shed for almost all of the 12 months, never seen sunlight and drove less than 700km and these C*** are telling me that my car is worth 4 grand less, like fuk. just doesnt seem right to me.

 

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Posted: Fri Aug 31, 2007 11:21 pm 
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Red Book value a 97' EL XR8 5 speed between $5300-$7900

And a late 97' model between $6200-$8900

What did your insurance say its worth?
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Posted: Sat Sep 01, 2007 9:29 am 
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mate i would shop around ammi is crap towards "true" value of cars ie EA Falcon in Immac condition to you it is worth 3/4 grand to them 1500 dollars that kind of s**t find a company that asks you what it would cost to replace it......

Girl Friends step fathers VN calais is insured for 4500 dollars so yeah..........

 

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Posted: Sat Sep 01, 2007 10:34 am 
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FordFairmont wrote:
Red Book value a 97' EL XR8 5 speed between $5300-$7900

And a late 97' model between $6200-$8900

What did your insurance say its worth?


um yeah, bout 3 times what that red book says for a late 97 model 5spd but this isnt ya average old elxr8. the first year they had no probs covering me for what i wanted but this year they are being C*** about it, might have somthing to do with them having to cover me for 12 months for nothing cos they fuked up my renewal. might leave it with them this year and shop around a bit next year to find somone that will do me cover for a car that travels less than 5000km a year as its only a summer toy and its only on the road for 3 months of the year.

 

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EL XR8 SERIES 2, 5SPD, HOT CHILLI RED, 200 ODD RWKW OF V8 FUN AND GAMES

EF XR6, 5SPD, HERITAGE GREEN, AU XR6 VCT ENGINE

VL COMMODORE, 5SPD, WHITE

BA XT, AUTO, OFFSHORE BLUE

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Posted: Sat Sep 01, 2007 12:37 pm 
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My sister has had the same trouble with AAMI & their " agreed value " policy for her Proton. It's not an agreed value at all!

The legal defination of " Agree " is that both parties agree on the topic at hand. An insurance company dropping your agreed value, but you didn't agree, is not Agreed value. But i believe they can somewhat get away with it due to the fact the agreed value is for the insurance period, usually 12mths.

I'm with shannons for my EB, my Lh Torana & my Mighty boy. Will also have my Hz panel van with them when that's done. EB Is insured as a modified vehicle for $8k, yes i know i would be unable to replace it exactly like it is for that money, but atm i can't afford more cover. Shannons have already quoted me what $12k cover would cost. It's not bad, but i just can't afford it now. When i can i will up my cover.

Redbook says the EB II Fairmont Ghia, standard is worth about $3500 private sale. Shannons have adv me a couple months ago they still value it market upto $6k unmodified.

I have had my EB insured for $8k for the last 3 years, and never once have shannons wanted to drop the agreed amount of coverage. I usually get a call every 3 mths to see how i'm going with all the car's & if i have done any more mods on them i need to let them know about. Not bad customer service really.

If your over 21, maybe give shannons a call & see if & how much they could cover you for.

PS: I don't work for shannons.

Cheers

ToranaGuy

 

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Posted: Sat Sep 01, 2007 2:35 pm 
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agreed value simply means at the start of the 12 month insurance contract the company says we will insure your car for "$XXX" as opposed to with market value it just depends what its worth when u crash it. IE an EL now is worth more then it will be after april next year when the new falcon comes out.
The reality is as cars get older they do get worth less.
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Posted: Tue Sep 04, 2007 9:43 pm 
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Yes car's do drop in value as they get older, to a certain point, but you have many things to take into consideration when working out a car's value, such as, has it been maintained? Kms on the clock? Vehicle history can be supplied? Modified? Dual fuel or not and so on. The values our insurance companies run off are just averages, based on the average vehicle. If your vehicle is in above average condition, it is also worth more than average.

I've had a few friends who have seen the agreed value of their car's drop when it comes to renewal time, so they just don't renew the policy, and either start a new one with that company for the value they want, if they can get it, or change companies. Sometimes it even works out cheaper to start a new policy than renew the expiring policy! Go figure?

Cheers

ToranaGuy

 

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Posted: Wed Sep 05, 2007 10:49 am 
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shop round ppl! My ed sprint was dropping with AAMI, so I went to GIO and said I wanted MY agreed value and what price they could give me... They quoted $95 more than my current, but got my value I wanted!!!

 

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