Market Value for insurance..

[mattman]

Hello again helpful people

As some of you have probably seen... my 97 VSII Esteem is likely to be written off tomorrow when the crash shop opens again and i can get the total loss paperwork done.

What I am wondering, what sort of payout should I expect? It had done 157K's.. Botanica Mica, was in immaculate condition (friends not familiar with commos didn't beleive it was 8 years old)... standard 15" rims, spoiler, $650 stainless 2.5" exhaust.. pioneer 3ways and HU (weren't on the policy, may be able to get the bits back). Was just a stock 3.8L auto... having a look on carsales, dealers are asking over $10k for cars with similar k's, private is less but that's to be expected, redbook lists $4800-6800 for a private sale.

I'd like to think i could get around $8k after excess.. it may be a bit of a dream (i've check on aami's site, they value it at $8800 - but i'm not with aami).. and it would be a good start towards the next car - which will DEFINITELY be covered with compo @ agreed value, i've learnt something from this at least.

 

[EXCESSV]

your more than likely to get round what redbook says private sale.
they use a variety of factors to value it. kms, body and paint condition, redbook type stats, etc.
it depends from insurance company.

the fact that you didnt have the items listed means they are not covered and will not be refunded.

you might be able to buy the stuff back or take them off depending on the insurance company.
another option might be to buy the wreck back.

like you said next car insure it as agreed value or at least market value plus the value of the extras which you SHOULD note on the policy

 

[mattman]

I'm not so worried about the exhaust.. i'd like to think it would add something to the value, it's only about 2000k's old... the HU i had only put in that morning and the speakers were recent too... I have the face for the HU here, so it's not much good to them as it is...

I'm getting agreed next time, no question about it.

 

[Scooter79]

All depends on the insurance company. One company's market value can be thousands different to that of another. Case in point: When I went to insure my 96 supercharged calais I bought last month, AAMI market value was $12,800. Budget direct market value was $9000. Needless to say I went for an agreed value of $13600 with someone else and for $400 cheaper than the others.But anyways... some insurance companies wont increase the market value for things like stereos or exhausts or paint condition. Best thing to do is contact your insurer.

 

[mattman]

Yeah i already have.. they couldn't tell me anything until the total loss paperwork is in and the car is asessed.

I think budget direct use the same backer as the people i went with tight asses... dammit.

 

[EXCESSV]

I'm not so worried about the exhaust.. i'd like to think it would add something to the value, it's only about 2000k's old... the HU i had only put in that morning and the speakers were recent too... I have the face for the HU here, so it's not much good to them as it is...

I'm getting agreed next time, no question about it.

it doesnt matter how old it is, if it isnt noted on your policy then it doesnt look good mate.

anyway good luck with it all.

 

[deserthead]

How much was it insured for with your insurance company? ? ?

U should get what ever it was insured for back, minus the excess. . . .

 

[mattman]

it was insured for market value, whatever they determine that to be.