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millard455
Fordmods - Getting Side Ways
Age:24
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Location: naracoorte SA, Australia
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 Posted: Fri Aug 31, 2007 5:35 pm Post subject: need some advice about insurance, please |
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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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Swine
Fordmods - Smokin em up
Age:29
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| Posted: Fri Aug 31, 2007 5:47 pm Post subject: |
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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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FordFairmont
Fordmods - Getting Side Ways
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| Posted: Fri Aug 31, 2007 6:55 pm Post subject: |
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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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phongus
Fordmods Junkie
Age:23
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| Posted: Fri Aug 31, 2007 7:09 pm Post subject: |
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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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glpotter
Fordmods Oompa Loompa
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| Posted: Fri Aug 31, 2007 7:17 pm Post subject: |
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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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phongus
Fordmods Junkie
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| Posted: Fri Aug 31, 2007 7:24 pm Post subject: |
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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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Swine
Fordmods - Smokin em up
Age:29
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Location: Canberra ACT, Australia
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| Posted: Fri Aug 31, 2007 7:26 pm Post subject: |
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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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millard455
Fordmods - Getting Side Ways
Age:24
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Location: naracoorte SA, Australia
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| Posted: Fri Aug 31, 2007 10:06 pm Post subject: |
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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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FordFairmont
Fordmods - Getting Side Ways
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| Posted: Fri Aug 31, 2007 10:21 pm Post subject: |
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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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Froudey
Fordmods - Getting Side Ways
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| Posted: Sat Sep 01, 2007 8:29 am Post subject: |
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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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millard455
Fordmods - Getting Side Ways
Age:24
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Location: naracoorte SA, Australia
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| Posted: Sat Sep 01, 2007 9:34 am Post subject: |
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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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ToranaGuy
Fordmods - Getting Side Ways
Age:26
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| Posted: Sat Sep 01, 2007 11:37 am Post subject: |
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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 $8k for the last 3 years, and never once have shannons wanted to drop the agreed amount of coverage. I usually get a call every 3 mths to see how i'm going with all the car's & if i have done any more mods on them i need to let them know about. Not bad customer service really.
If your over 21, maybe give shannons a call & see if & how much they could cover you for.
PS: I don't work for shannons.
Cheers
ToranaGuy |
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xpression
Technical Contributor
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| Posted: Sat Sep 01, 2007 1:35 pm Post subject: |
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agreed value simply means at the start of the 12 month insurance contract the company says we will insure your car for "$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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ToranaGuy
Fordmods - Getting Side Ways
Age:26
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| Posted: Tue Sep 04, 2007 8:43 pm Post subject: |
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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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scattered65
Fordmods Parts Gopher
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| Posted: Wed Sep 05, 2007 9:49 am Post subject: |
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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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mr_sperm1
Cruise Moderator
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| Posted: Wed Sep 05, 2007 10:31 am Post subject: |
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I agree with ToranaGuy - I'm now with Shannons for my EF, all mods covered. I pay less there than I do for my unmodded XH on gas  |
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phatal
Fordmods - Getting Side Ways
Age:26
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Location: Port Augusta SA, Australia
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| Posted: Wed Sep 05, 2007 12:44 pm Post subject: |
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| Get your company to send a rep out to view the car and get a higher value. Just make sure all the mods will be covered so you don't lose your cover. |
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dc_todd
Fordmods - Getting Side Ways
Age:30
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Location: Gymea NSW, Australia
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| Posted: Wed Sep 05, 2007 1:02 pm Post subject: |
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| also as you only use your car on a limited basis, someone like shannons can offer lower rates if you agree to reduced use terms ie less than 3 weekends a year and stuff. many options are avaliable. but this is not going to effect the insured value that your original query was about. About the only way round that is an independant valuation, the insurer will have someone they use and will probably want them to do it, enquire with them first. afterall, I had an EF xr6 in mint condition written off about 18 months ago, got paid out $11500, all cause I had agreed value on insurer certified third party valuation. best couple of hundred I ever spent, specially as I bought the car 9 months earlier for $8,800 on ebay.. nice little earn shame to loose the car. |
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ToranaGuy
Fordmods - Getting Side Ways
Age:26
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| Posted: Thu Sep 06, 2007 5:25 pm Post subject: |
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| mr_sperm1 wrote: | | I agree with ToranaGuy - I'm now with Shannons for my EF, all mods covered. I pay less there than I do for my unmodded XH on gas |
 I'm paying less with Shannon's with a lot of mods than my mum pays for her ED Futura stock with factory LPG, with CGU, we are both rating 1 but mums over 40!
My Eb, My Lh Torana & my Suzuki Mighty boy are all with Shannon's for agreed value policies. All Mods i've listed are covered. I even have first right to the wreck on the torana, and a few other options such as buying back the wreck directly from them & so on. The Torana is on laid up cover while i'm rebuilding it, which is very cheap for the value insured. I just wish i could afford laid up cover for my Hz pano as well! lol.
When the torana is done & back on the road, i'm going for a limited usage policy, which last time i asked, there was a one that iirc, gave me upto 5,000 kms a year driving it whenever & where ever i want, as long as i don't do more than 5,000kms, previso i keep a logbook & keep them updated with the milage. Considering the insurance is rather cheap for the amount i was asking for, it's worth that little bit of hassel.
Cheers
ToranaGuy |
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a_total_tool
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| Posted: Sun Sep 16, 2007 3:23 pm Post subject: |
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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. |
From the quotes that I have got, the insurance companies did not seem to care who the person was that is getting the policy. They based the quotes on the driver that has the highest risk (in this case it was me).
It did not make a difference if the car was in my name or in my parents name with me as a co driver. The quote was still for the same amount. If you go to put the insurance in someone else's mane, the whole point behind that one is that you say that you are not a driver, and then you will get cheaper insurance. If anything happens, you claim that you are not the normal driver, and that you are driving it as a one off  |
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