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Insurance agreed value increase

Dirty Harry

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I just got my renewal notice from NRMA and the agreed value for my stock 2017 Redline has jumped from $60,580 to $67,300 which has surprised me.

The premium has also jumped by $55.

What are other people seeing with their insurance renewals?
 

tml678

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I'm with NRMA too. Insured it for maximum agreed when brand new - $114,000. First renewal a year later - $96000....

Expecting it to drop into the 80's next time it rolls around in January. Might have to make a phone call or two if so. Especially considering I have ten policies with them. Very annoying.
 

losh1971

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I know I opted for a higher agreed value on my old bus and they approved it. $2400 is highest they would go on agreed. However i wanted $4k as it owes me that. I had to pay extra but i was cool with that. Talk to NRMA as i reckon they will up your value if you pay more. NRMA have a special provision where they can go way above Redbook, which is how they determine a vehicle's value. They just don't tell people about it unless you push it.
If they say it can't be done, call BS and tell them ya mate Anthony it on his policy less than six months ago.
 

Forg

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It’s not really all that unusual; all insurers that’ll do agreed-value policies have calcs such that the extra premiums they charge for an increase over current market-value will statistically cover the extra payout should the car be a write-off.

It’s unusual for the agreed value to go just up without prompting as per the OP, though!
 

Dirty Harry

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That is what I was wondering. I didn't ask them to increase the agreed value, NRMA just increased it by approx. 10% / $6k.

Every other car I have had has had the agreed value decrease every year.
 

[paradox]

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yeah i think mine went up as well, but my premium was a lot more than $55 increase
 

greenacc

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The market value of the car must be going up. So Red book will reflect that and so will your agreed value. First time in a long time that Commodore value has increased since there was always so many in production in the past. :)
 

Philmecrackun

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Same thing happened with my Calais, was insured for $42K and dropped down to $38K, rang APIA and they increased it back up and was actually cheaper as I told them I have front & rear dash cams now, as I said try and buy one for that money as a replacement.
 

mpower

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The market value of the car must be going up. So Red book will reflect that and so will your agreed value. First time in a long time that Commodore value has increased since there was always so many in production in the past. :)

not necessarily, insurers are just looking for more money with record low interest rates in the housing sector. they have weighed up the risk profile and decided that upping the value means higher premiums and more $$$ for them.
 
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