Insurance agreed value increase

[blackve76]

insurance=necessary evil

Always check your excess(mine went from $400 to $500 a few years ago no mention of it unless you read your policy) lots of people quote great price etc but have a big excess.

 

[VF REDLINE SERIES 11]

i am with HUDDLE INSURANCE....switched from FAMOUS...agreed value of $59,000-00...$5-00 windscreen cover per month....total cost of $74 per month

2017 ssv redline manual sedan

 

[TTubrag]

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.

You might be getting some terminology confused:
- Agreed Value: Is the insurable value you agree with the insurer to cover you for. In the event of a complete loss, the insurer will pay you the agreed value. Agreed value doesn't change unless you and the insurer agree to change the value.

- Market Value: Is the insurable value the insurer determines to be the appropriate value of the car based on it's age and use. In the event of a complete loss, the insurer will pay you only the market value at the time of the loss. Market value of a car continues to decrease (unless it's a rare appreciable asset) and the insurer will adjust down the market value of the car on your policy with each annual policy renewal. You can use Redbooks to guage what your car's market value might be.

 

[VF REDLINE SERIES 11]

You might be getting some terminology confused:
- Agreed Value: Is the insurable value you agree with the insurer to cover you for. In the event of a complete loss, the insurer will pay you the agreed value. Agreed value doesn't change unless you and the insurer agree to change the value.

- Market Value: Is the insurable value the insurer determines to be the appropriate value of the car based on it's age and use. In the event of a complete loss, the insurer will pay you only the market value at the time of the loss. Market value of a car continues to decrease (unless it's a rare appreciable asset) and the insurer will adjust down the market value of the car on your policy with each annual policy renewal. You can use Redbooks to guage what your car's market value might be.

my AGREED value is $57,900-00.....not market value

 

[TTubrag]

my AGREED value is $57,900-00.....not market value

Cool mate, all good. You may not have noticed my reply was to Dirty Harry's post, not yours.

 

[Forg]

Agreed value is likely to change every year; there’s a default value they put on the renewal, and that reflects the depreciation they reckon is appropriate given the previous year’s agreed value (and is affected by the current market value).

If you talk to the insurer you can of course change that default agreed value; but a lot of people won’t, they’ll just renew.

 

[TTubrag]

To remove all confusion...

https://www.iselect.com.au/car/agreed-vs-market-value/

 

[DG355]

If your cars not your daily drive you can save$$$ Reducing k’s/usage on my policies saved $500 plus.
Also bumped my excess up to $2000 on one -just gotta be careful.
Have a number of policies with NRMA(not just comprehensive car) who compare favourably price wise except my VS ute. Agreed value $12000 with Shannons, $42/month, but only able to drive around 20 days a year which is about right. Once a fortnight except in middle of summer. It seems to get a bit unhappy when 35 plus.

 

[DG355]

And agreed value on VF clubsport 2013 W375 $43000. Probably enough but would struggle to replace for that.

 

[tommy_z]

I’ve recently had my insurance policy renewal come up and switched from Progressive to QBE. For me the dealbreaker is whether you can select your own repairer (as finding a decent repairer to properly look after your car with the right genuine parts and care is as unlikely as finding a Holden dealership that won’t rip you off in parts and service). Majority of insurance companies don’t let you choose your own anymore; even NRMA charge more now to enable an option to select own repairer. Even though everyone states lifetime guarantee on repairs, it’s more a case of not wanting to find out something dodgy had occurred. Had a mate’s VE go for crash repairs years back and after 4 years it was found that the repaint on one of the doors was poorly applied and rust had begun forming. I rather the repair had been done right in the first place than knowing my door is starting to rust.

Max agreed value for my Director was far too low at $54k from QBE so I went with their market value option instead as this is done at the time of the write-off and I am sure I can launch a case for a higher market value than $54k (I’ve only done 1500kms in it!). I also selected the 4 year new car replacement option as I figured I’d be content with a like-new Director they can find from a dealer or private, or even a brand new Commodore VXR which has a higher price than $54k. But the likelihood of a write off vs a repair is much lower hence going for an insurer letting you choose your trusted repairer was my preference.

For my Calais V V6 the 4 year new car replacement option and market value option was a no-brainer - market value is not that good for a the V6 and the new Calais V is VXR money. Again, want to make sure I can take it to a repairer who I know will do a decent job.