underinsured??? Better check

[Legit290]

Hi all

I am getting my car repaired where a retread hit it while on a trip up to QLD

It is an Fpv gt identical to the one on your left and it is insured for MARKET VALUE

The market value on this car in the insurers is $23 grand....not enough to replace it if it was written off or stolen. Being a 2004 then when you get it repaired you will get second hand or reconditioned parts.

Who are you guys insured with? Are you sure if your car was written off tomorrow that the money paid out would replace it?

Clarkey

[Mr Hardware]

Most people around here would be overinsured, ie people with EF's that have them listed for $6k agreed or silly values like that

[BadMax]

you have chosen a 'market' value policy as it's cheaper, you should change it to an agreed and pay a higher premium.
Every insurance company will opt for recycled parts once the vehicle is out of 'new car warranty'. You have no choice in what parts are used.

[RedHotGT]

The way to go - is get an independant vehicle valuation.

Insurance companies accept them for agreed value policy.

A lot of people 'think' they are overinsured, but when it comes time to actually claim - they've mis-read their policy and the car is actually insured for 'market value' or they remember what it was insured for 3-4 years ago but haven't updated it...

Never be underinsured, because for the extra $100 or $200 you'll hate yourself when it comes time to claim...

[Paxton]

Originally Posted by Mr Hardware

Most people around here would be overinsured, ie people with EF's that have them listed for $6k agreed or silly values like that

More...

My EF is agreed value with GIO for $8,350, and even I know it is never going to be worth that again.

[Legit290]

I just got a quote from Shannons for a shade over 2 grand to insure it for 30 grand.....it's a lot of money but 30 would replace it or be a good downpayment on a new blown one

[XARATE]

Cost me (21 with full licence) $1250 a year to fully insure my 2005 ba mk2 6 speed manual XR8 with the agreed value of $24,000. Not bad really. Ps i have all my mods listed.

[Road_Warrior]

Originally Posted by Mr Hardware

Most people around here would be overinsured, ie people with EF's that have them listed for $6k agreed or silly values like that

Yeah my AU wagon is insured for $6,200 or something like that and I only paid $3,500 for it, thing is that was the value I had to bump it up to otherwise my insurer wouldn't have given me a policy because it wasn't worth enough!

[superfly]

Mine's new so I'm still in the 'replace for new' part of the insurance. But it is just insured for market value.

I remember some years ago a work collegue's car was written off and it was insured for market value. They tried to pay him out a certain amount but he could not replace his car with a similar one for that money. So he spoke to them and they agreed to pay him more so he could buy another car the same as his old one.

[Jack960]

My 2007 xr6 is insured for 21k, I thought that was rather generous seeing as I only paid 15k for it.

[TheSneakiness]

I would be stuffed as I am insured for agreed value however its not enough to pay out the loan owing on it.

[Legit290]

Originally Posted by XARATE

Cost me (21 with full licence) $1250 a year to fully insure my 2005 ba mk2 6 speed manual XR8 with the agreed value of $24,000. Not bad really. Ps i have all my mods listed.

that's pretty cool mate.
makes a difference when there aren't 4.6 million peopel in Tumut sharing your oxygen
that 2 grand quote is with a lifetime 60% no claim bonus too

[Streets]

I'm insured for agreed value that equals the amount of money I have spent on the car including purchase price. All I want in the case of a write-off is the money back that I spent on it, and that's what I'll get, so I'm content with that.

[Professor Farnsworth]

EL is insured for about 6 grand and the AU about 7 or so, both market value. So yes i'm quite confident they could be replaced.

[BPXR6T]

Originally Posted by clarkey117

I just got a quote from Shannons for a shade over 2 grand to insure it for 30 grand.....it's a lot of money but 30 would replace it or be a good downpayment on a new blown one

Shop around. I've had all my cars with Shannons for years now, up to eight cars at once. Last month they sent me the premium renewal which increased by about 100% over the previous year.

[TheSneakiness]

Originally Posted by BPXR6T

Shop around. I've had all my cars with Shannons for years now, up to eight cars at once. Last month they sent me the premium renewal which increased by about 100% over the previous year.

Suncorp trying to reclaim back costs of paying all their claims from the QLD floods last year.

[graham_h]

Agreed value with all modifications listed. its the only way in my opinion

[xisled]

Originally Posted by Rapid_Axe

Suncorp trying to reclaim back costs of paying all their claims from the QLD floods last year.

Yep true.

Most people base insurance on price and when the insurance company does a quote peeople will take out the market value policy because it is cheaper.

Cheap insurance is not always the correct insurance you should have.
If you are concerned that your policy may not suit your needs, call different insurance co's and have a talk to them.

Ask for a PDS to be sent out, or look on the company webiste.

Ask qustions about what happens when you make a claim, does the premium increase with a claim, do you have a say in who repairs the car.

This may take some time, but if you do your research you will find the policy that will suit your needs.

[Ben73]

6 months ago when I bought my car I went for an agreed value of 33k. Just got my renewal in the mail and it has it down for 28k. How can they suddenly drop the agreed value by 5k in 6 months.

[Legit290]

i thought i went for agreed value too ben. Have a good look at your paperwork. When i did i realised i had only insured it for market value.

I would ring them before you renew with them

[f1tzy]

I can't remember if im market or agreed because i don't remember agreeing to anything but my feb 2010 fg turbo ute is worth 40k as a write off

[Legit290]

i hassled people on the phone today and i am getting a brand new ba mk2 gt bar up from melbourne tomorrow instead of a plastic welded broken one...yay!

[xisled]

Originally Posted by Ben73

6 months ago when I bought my car I went for an agreed value of 33k. Just got my renewal in the mail and it has it down for 28k. How can they suddenly drop the agreed value by 5k in 6 months.

The reason why it drops is the agreed value for most insurance comp's is still based on the market value at renewal time. Once a car hits 10 years old, watch good bye to the value on it.

[IceValk85]

Originally Posted by Rapid_Axe

I would be stuffed as I am insured for agreed value however its not enough to pay out the loan owing on it.

thats why its CRUCIAL to have GAP COVER on the loan itself.

market value and agreed dont really matter in this way, because the loan provider will cover the difference between the insured amount and the residual of the loan.

i have 15k of gap cover on my current loan, due to some rather poor trade decisions from the past...

Ice

[jason71]

Silly question, why are you using retreads?

[Legit290]

it came off a truck then got run over and flicked up by the car in front and i had nowhere to go,,,,

i haven't had retreads since i was on m P's and they were on the back for hooning

there are no silly questions Jase!!

[2011G6E]

It's also vital to remember the little things, and to inform your insurance company about every single thing that your car has on it.

When we bought our G6E, it had been fitted...at the dealership...with the 19" wheels from the G6E Turbo, instead of the standard 17" wheels. I assume someone didn't want the very low profile 19's driving on the typically crap roads around central Queensland...we're going back to 17's when tyre time comes.
But anyway, we swapped out insurance over from the Landcruiser to the G6E, remembering the "non standard fitments" like the towbar and window tinting package, but a couple of months later I had a sudden thought about the wheels. I rang Allianze and asked them what wheels were listed as being fitted to our car, and she said "17 inch alloy factory wheels". I told her the dealer had fitted 19's instead, still factory wheels and optional for that model anyway, and she said that was good that I told them, and changed the wheels on our policy at no extra cost.
She said that if we hadn't, and something had happened they would only have been liable to cover us for the standard 17" wheels.
What got me thinking was a friend I work with who destroyed two 19" factory wheels on her new XR6 Turbo hitting a huge pothole on the highway in the rain, and was facing a massive bill to repair/replace them, covered by insurance luckily.

[Legit290]

thanks G6

i was thinking hard today when i was getting quotes.
At first i was just mentioning that it was tuned then i thought,,,hmmm,,,herrod quad , billet shifter and underdrives, cai and my mighty Helix spacer are all non standard inclusions

[The Yeti]

Mate that price from shannons seems a little high, I don't know the situation with driving history, address and claim history etc, but one thing I've found with shannons is a club member discount makes a big difference and so does multiple policy's, we have both our grocery getters insured with shannons, as well as the XP & 38 and the cost to insure the toys was so cheap you wouldn't not insure them (under $200 each) granted they're on limited use (2 drivers 4 cars let's face it the 2nd 2 don't see much use)

I'd give them a call back and go through a few things and see what happens

[Legit290]

thanks Yeti
I would think their premium would drop if i moved all our vehicles and house and contents to them and their partners.
I will give it a try. My current insurance expires in October so i will renegotiate this one so i am covered in case of theft/accident till then.