Insurance question/ideas?

blakey72 · 10-01-2020, 08:17 PM

Hi all. I have a 2001 Falcon Tickford AUII XR8 Ute and had it insured with RACV until recently. I hit a roo and put a claim in, they came back to me and said it's a write-off because they can't find the parts and it's only insured for a max of $3850. I basically told them to get stuffed and am looking for another insurer.

I think I want someone that will agree to a value of about $8-$10k which is probably more like what it is worth. I haven't approached Shannon's yet, just wanted to ask you guys what you go with for your older rides? What have you found best?

Cheers
Blake.

**Giant Cranium** · 10-01-2020, 09:35 PM

Lumley or enthusiast insurance

Crazy Dazz · 11-01-2020, 01:50 AM

Quote:

Originally Posted by blakey72

Hi all. I have a 2001 Falcon Tickford AUII XR8 Ute and had it insured with RACV until recently. I hit a roo and put a claim in, they came back to me and said it's a write-off because they can't find the parts and it's only insured for a max of $3850. I basically told them to get stuffed and am looking for another insurer.

You want to change insurers AFTER you smashed the car???

Yaw · 11-01-2020, 07:18 AM

The problem you have is even if you have an agreed value policy, (will be difficult to find the amount you are looking for) when a vehicle is assessed even if it is over insured such as what you suggest. the assessor still has to use fair and reasonable market values to work out a Total loss.

This means if the cost of the repair is more than the fair and reasonable market value , the car will become a total loss.

It just means the insurer will have to pay out the agreed value to you, and in the case of recovering from an at fault party if you are not at fault, the insurer can only recover the fair and reasonable market value regardless of what they paid out.

Recently one claim I was working on we paid out an agreed value on a vehicle of about $40,000.00 ….On my recovery file I can only recover from the other parties insurer the fair and reasonable market Value of $24,000.00

Please bear in mind the cost of the premium you pay will also greatly increase on anything over insured.

I have also done a Glasses Guide search on what you have advised your vehicle is 2001 AUII XR8 Ute

It seems RACV value of 3850 would be right around the ball park of market value

Below average $2300 Average $2700 Above Average $4200

(of course the assessor will adjust value based on a number of factors) But on face value you are getting between average and above average. For a car to be in above average condition when it is older than 10 years is not very common

**Cav** · 11-01-2020, 09:13 AM

Quote:

Originally Posted by Yaw

The problem you have is even if you have an agreed value policy, (will be difficult to find the amount you are looking for) when a vehicle is assessed even if it is over insured such as what you suggest. the assessor still has to use fair and reasonable market values to work out a Total loss.

This means if the cost of the repair is more than the fair and reasonable market value , the car will become a total loss.

It just means the insurer will have to pay out the agreed value to you, and in the case of recovering from an at fault party if you are not at fault, the insurer can only recover the fair and reasonable market value regardless of what they paid out.

Recently one claim I was working on we paid out an agreed value on a vehicle of about $40,000.00 ….On my recovery file I can only recover from the other parties insurer the fair and reasonable market Value of $24,000.00

Please bear in mind the cost of the premium you pay will also greatly increase on anything over insured.

I have also done a Glasses Guide search on what you have advised your vehicle is 2001 AUII XR8 Ute

It seems RACV value of 3850 would be right around the ball park of market value

Below average $2300 Average $2700 Above Average $4200

(of course the assessor will adjust value based on a number of factors) But on face value you are getting between average and above average. For a car to be in above average condition when it is older than 10 years is not very common

About the best post on insurance I've read for some time.

**73 4V XB** · 11-01-2020, 11:33 AM

Quote:

Originally Posted by Yaw

The problem you have is even if you have an agreed value policy, (will be difficult to find the amount you are looking for) when a vehicle is assessed even if it is over insured such as what you suggest. the assessor still has to use fair and reasonable market values to work out a Total loss.

This means if the cost of the repair is more than the fair and reasonable market value , the car will become a total loss.

It just means the insurer will have to pay out the agreed value to you, and in the case of recovering from an at fault party if you are not at fault, the insurer can only recover the fair and reasonable market value regardless of what they paid out.

Recently one claim I was working on we paid out an agreed value on a vehicle of about $40,000.00 ….On my recovery file I can only recover from the other parties insurer the fair and reasonable market Value of $24,000.00

Please bear in mind the cost of the premium you pay will also greatly increase on anything over insured.

I have also done a Glasses Guide search on what you have advised your vehicle is 2001 AUII XR8 Ute

It seems RACV value of 3850 would be right around the ball park of market value

Below average $2300 Average $2700 Above Average $4200

(of course the assessor will adjust value based on a number of factors) But on face value you are getting between average and above average. For a car to be in above average condition when it is older than 10 years is not very common

Can you show me where in any insurance PDS it states a fair market value will over ride a agreed value?
Despite what the car is worth in real money the insurance will only ever pay out on the agreed value policy.

Yaw · 11-01-2020, 04:54 PM

Quote:

Originally Posted by 73 4V XB

Can you show me where in any insurance PDS it states a fair market value will over ride a agreed value?
Despite what the car is worth in real money the insurance will only ever pay out on the agreed value policy.

I think you are misunderstanding what I have said.

hypothetically lets say you have a car insured for $10k

The assessed value is (fair and reasonable) market value is $7k

The repairs are about $6.5 K. as clearly it is uneconomical to repair,

The car will still be a total loss...you will be paid out the $10k agreed value, but in a recovery situation eg the insurer has to recover from a third party, legally they can only recover the $7k Fair and reasonable market value. regardless of what was paid to the insured customer.

The same is true even if you are uninsured and you do your own recovery, you can only recover the fair and reasonable market value. (not what you think it is valued at)

Yaw · 11-01-2020, 07:51 AM

Yaw · 11-01-2020, 07:51 AM

https://www.dropbox.com/s/9r723f3eh6...pture.JPG?dl=0

**73 4V XB** · 11-01-2020, 11:54 AM

Quote:

Originally Posted by blakey72

Hi all. I have a 2001 Falcon Tickford AUII XR8 Ute and had it insured with RACV until recently. I hit a roo and put a claim in, they came back to me and said it's a write-off because they can't find the parts and it's only insured for a max of $3850. I basically told them to get stuffed and am looking for another insurer.

I think I want someone that will agree to a value of about $8-$10k which is probably more like what it is worth. I haven't approached Shannon's yet, just wanted to ask you guys what you go with for your older rides? What have you found best?

Cheers
Blake.

You will have to take the payout they offer if it’s a agreed value policy. You have to option to buy it back minus salvage price. Salvage price will be determined by the assessors estimate it will get at auction. You can then repair the car your self and look for insurance company’s then.

Tassie f100 · 11-01-2020, 12:20 PM

r

Quote:

Originally Posted by 73 4V XB

You will have to take the payout they offer if it’s a agreed value policy. You have to option to buy it back minus salvage price. Salvage price will be determined by the assessors estimate it will get at auction. You can then repair the car your self and look for insurance company’s then.

If it has been classified a total loss you won,t be able to reinsure it after repairs.

**73 4V XB** · 11-01-2020, 12:37 PM

Quote:

Originally Posted by Tassie f100

r

If it has been classified a total loss you won,t be able to reinsure it after repairs.

Yes you will, it won’t be registered on a WOVR unless it’s under 15 years old.

https://www.vicroads.vic.gov.au/regi...rite-off-types

jaydee · 11-01-2020, 01:05 PM

Shannons for sure, they have my XC insured and have agreed I can keep the wreck if something disastrous happens God forbid.

Blue Dog · 11-01-2020, 01:45 PM

Quote:

Originally Posted by blakey72

Hi all. I have a 2001 Falcon Tickford AUII XR8 Ute and had it insured with RACV until recently. I hit a roo and put a claim in, they came back to me and said it's a write-off because they can't find the parts and it's only insured for a max of $3850. I basically told them to get stuffed and am looking for another insurer.

I think I want someone that will agree to a value of about $8-$10k which is probably more like what it is worth. I haven't approached Shannon's yet, just wanted to ask you guys what you go with for your older rides? What have you found best?

Cheers
Blake.

"I think I want someone that will agree to a value of about $8-$10k which is probably more like what it is worth".

Don't want to rain on your parade, but.........
How could this car possibly be worth $8-$10k?
By your own admission it has been involved in an accident & sustained damage, this in itself will lower the value of the vehicle.

hayseed · 11-01-2020, 02:04 PM

Quote:

Originally Posted by blakey72

I hit a roo and put a claim in, they came back to me and said it's a write-off because they can't find the parts and it's only insured for a max of $3850. I basically told them to get stuffed and am looking for another insurer.

Just out of curiosity, What's gunna happen now..???

**73 4V XB** · 11-01-2020, 06:49 PM

Your right, I have misunderstood what you said.
However there is no third party involved, apart from skippy, hence the reasoning behind my response.

blakey72 · 22-01-2020, 11:31 AM

I ended up canceling the claim. No way they were taking it off me for $4k. The damage isn't bad so I'll do it myself what I can. New bonnet and headlight bracket. Maybe new front bar. Get someone to spray and blend.

I would say it's worth $8-$10k. I paid $7.5k and now have added and fixed a few things. AUIi XR8 utes aren't easy to come by, especially in this condition. It's not perfect but is straight as they come, no rust and zero bog.

The guy that originally owned it was a mechanic for Ford in Geelong to it's be looked after and had some handy mods/upgrades. I'm going to get an FG turbo in the next few months so the ute will be coming off the road and having a show quality rebuild. Stroke and supercharge is the plan.

xisled · 22-01-2020, 01:02 PM

Quote:

Originally Posted by blakey72

I ended up canceling the claim. No way they were taking it off me for $4k. The damage isn't bad so I'll do it myself what I can. New bonnet and headlight bracket. Maybe new front bar. Get someone to spray and blend.

I would say it's worth $8-$10k. I paid $7.5k and now have added and fixed a few things. AUIi XR8 utes aren't easy to come by, especially in this condition. It's not perfect but is straight as they come, no rust and zero bog.

The guy that originally owned it was a mechanic for Ford in Geelong to it's be looked after and had some handy mods/upgrades. I'm going to get an FG turbo in the next few months so the ute will be coming off the road and having a show quality rebuild. Stroke and supercharge is the plan.

Just thinking here, would you have been better off letting the claim go through and buying the car back from the insurance company for the salvage value. They usually will take this out of hte payout figure.

You could of then had some cash to fix the car yourself and being older than 15 years, it would not be on the WOVR register.

blakey72 · 22-01-2020, 05:37 PM

Quote:

Originally Posted by xisled

Just thinking here, would you have been better off letting the claim go through and buying the car back from the insurance company for the salvage value. They usually will take this out of hte payout figure.

You could of then had some cash to fix the car yourself and being older than 15 years, it would not be on the WOVR register.

Yeah maybe should have but didn't know I could do this at the time. Ended up getting Shannons insurance fully comp, agreed $8k. Pretty happy with that.

**Mechan1k** · 22-01-2020, 01:32 PM

Lucky you are in Vic in this instance.
If it was NSW ... forget about it.

sr71 · 22-01-2020, 06:14 PM

You could still go back to RACV and do the claim. They'll have documented the claim, even though you withdrew from claiming. You've got a 7 year period. I've recently claimed on a neighbour's tree falling on a car, from August 2016 (NRMA, in NSW). It was an old policy too.

Mowdit · 22-01-2020, 09:51 PM

Insurance often seem to be on the low value side
First (and last time) I had a policy at "market value" and had to claim I went through the same thing

Refused to accept their small offer, it was instantly raised by 20%

So I asked them to replace my vehicle "like for like"

Oh we don't do that, you mean there isn't a single similar on any sales site even close in price to what you offered ?

They ended up repairing it