Weird insurance business

[Skylarking]

Said it before but you could argue now with an insurance company so they increase your agreed value amount and you then pay a higher premium in the process, sometimes much higher. Alternatively, you could simply get a cheaper market value policy and worry about it later if something eventuates..

Then, if you have a claim, where the vehicle is written off or stolen and not recovered, you’d argue that what they offer is well below what the market is asking for a vehicle similar to yours. As part of that process, you'd provide pictures to define the vehicle's condition, service reports to define its mileage and advertisements for whats available from the local market you're in. Such stuff like pictures, service details and adverts are easy for a car nut to provide. In my experience, advertisements and the vehicles asking prices were enough and the insurance companies to accept those current asking numbers even though red book stated something much much lower...

The only time such post write off negotiations can get difficult is if you have a real limited edition vehicle (not a sticker pack) where there are simply no current sales advertisements for such vehicles available within the market. In such cases, you just need to find something else to state what the value of your limited edition car is worth and then things move along...

Sadly Holdens 1200 Motorsports are not what I'd call limited edition but the 360 Directors and 240 Magnums are a much more limited availability and this reflects in the much lower number of advertisments generally seem (today 263 Redlines, 18 Motorsports, 12 Directors & 7 Magnum Utes are available for sale on carsales with the number of Directors being a bit of an anomoly with its high mubers).

As is, our commodores aren't in that situation of no market availability yet, but give it quite a few years and the Magnums may become harder to find for sale at which point agreed value may be an easier option for some. It will take a long long while before Redlines are hard to find...

The curerent standing today:

Cheapests 2017 Redline @ $60,000*
Cheapest 2017 Motorsport @ $75,000* (mean=$86,400 , standard deviation= $10,511 ; mean=13,359kms , standard deviatio=18,054kms)
Cheapest 2017 Director @ $72,850*
Cheapest 2017 Magnum @ $74,870*

* excluding on road costs.

Id list the mean and standard deviation forother vehicles but I couldn't be bothered

 

[wetwork65]

Have you tried AAMI?
Historically the loooove the Northern Beaches.

Thanks Forg. Yeah looked at them but same price (within $5), not surprising since they are the same company (AAI).
GIO has been helpful so far with a couple of minor house related claims, so I do feel some loyalty to them.

 

[wetwork65]

Said it before but you could argue now with an insurance company so they increase your agreed value amount and you then pay a higher premium in the process, sometimes much higher. Alternatively, you could simply get a cheaper market value policy and worry about it later if something eventuates..

Then, if you have a claim, where the vehicle is written off or stolen and not recovered, you’d argue that what they offer is well below what the market is asking for a vehicle similar to yours. As part of that process, you'd provide pictures to define the vehicle's condition, service reports to define its mileage and advertisements for whats available from the local market you're in. Such stuff like pictures, service details and adverts are easy for a car nut to provide. In my experience, advertisements and the vehicles asking prices were enough and the insurance companies to accept those current asking numbers even though red book stated something much much lower...

The only time such post write off negotiations can get difficult is if you have a real limited edition vehicle (not a sticker pack) where there are simply no current sales advertisements for such vehicles available within the market. In such cases, you just need to find something else to state what the value of your limited edition car is worth and then things move along...

Sadly Holdens 1200 Motorsports are not what I'd call limited edition but the 360 Directors and 240 Magnums are a much more limited availability and this reflects in the much lower number of advertisments generally seem (today 263 Redlines, 18 Motorsports, 12 Directors & 7 Magnum Utes are available for sale on carsales with the number of Directors being a bit of an anomoly with its high mubers).

As is, our commodores aren't in that situation of no market availability yet, but give it quite a few years and the Magnums may become harder to find for sale at which point agreed value may be an easier option for some. It will take a long long while before Redlines are hard to find...

The curerent standing today:

Cheapests 2017 Redline @ $60,000*
Cheapest 2017 Motorsport @ $75,000* (mean=$86,400 , standard deviation= $10,511 ; mean=13,359kms , standard deviatio=18,054kms)
Cheapest 2017 Director @ $72,850*
Cheapest 2017 Magnum @ $74,870*

* excluding on road costs.

Id list the mean and standard deviation forother vehicles but I couldn't be bothered

Yeah, good points but I'm reluctant to trust that I will get a good market value outcome if the worst happens, unless I sharpen my arguing/negotiation/persistence skills to be at your level.

That said, my quick research on carsales shows an expected price of mid $40ks and the few examples I found have far higher mileages. I was out of touch with prices. I was expecting some depreciation on something I paid $38k for in 2015.
Just shows what low interest rates can do for asset inflation. Just wait for the crash!

I also cannot be bothered working out the statistics of the numbers.

 

[Skylarking]

Yeah, good points but I'm reluctant to trust that I will get a good market value outcome if the worst happens, unless I sharpen my arguing/negotiation/persistence skills to be at your level.

That said, my quick research on carsales shows an expected price of mid $40ks and the few examples I found have far higher mileages. I was out of touch with prices. I was expecting some depreciation on something I paid $38k for in 2015.
Just shows what low interest rates can do for asset inflation. Just wait for the crash!

I also cannot be bothered working out the statistics of the numbers.

Its easy to fall out of touch with replacement values for things like cars, buildings, home contents... it does require a lot of work to stay on top of it and ensure one is fully covered by their insurance (home insurance is bad as they can proportionately lower the payout if you are deemed underinsured)...

As for cars, lower mileage may not add much to the price while condition does add, but that’s where stats come into play as facts/numbers and a lack of emotion is what insurance companies respond best to.

The COVID price blip aside, depreciation is always a bitch but at least you didn’t buy a $160,000 BMW M4 Competition in 2017 which may now be worth $90,000 and yielding you a $70,000 loss if you sold

 

[Forg]

The COVID price blip aside, depreciation is always a bitch but at least you didn’t buy a $160,000 BMW M4 Competition in 2017 which may now be worth $90,000 and yielding you a $70,000 loss if you sold

Or any Ordi ... I was going to buy a top-of-the-range 5yo V10 R8 with 32k kms on it in mint condition last week, but it seemed like a waste of the $500 it was worth because I knew how hard it was gonna depreciate!!

 

[wetwork65]

Or any Ordi ... I was going to buy a top-of-the-range 5yo V10 R8 with 32k kms on it in mint condition last week, but it seemed like a waste of the $500 it was worth because I knew how hard it was gonna depreciate!!

Audis are renown by many of us to be expensive to maintain when major (or any really) components wear out......hence the low resale.
Who wants to pay for a new gearbox and/or electronics?
My sister found this out the hard way with her $$$$$$S3, but she wouldn't drive anything that isn't European. What would her friends think?
I won't mention the typical driver's manners on the road.

Back to renewing insurance - GIO advised me that V8 Commodores are expensive to insure since they have a history of being crashed by young drivers, hence the cost. But I argued, I'm not young.
Still looking for a market rate policy.

 

[RevNev]

Have you tried AAMI?

Only insure junk with AAMI, not a car you value. AAMI will send you to the roughest panel shops imaginable and they'll mess the repair up guaranteed. Only insure good cars with companies who offer choice of repairer.

 

[wetwork65]

Only insure junk with AAMI, not a car you value. AAMI will send you to the roughest panel shops imaginable and they'll mess the repair up guaranteed. Only insure good cars with companies who offer choice of repairer.

AAMI = Less value from much the same price and replacement value as GIO. Their ads on TV look good though.
Yeah nah.

 

[Skylarking]

With any insurance, you need to thoughly read and understand the policy BEFORE purchasing it as no insurance company give anything away, so it’s all negotiation when its claim time just to get what you’re entitled to...

Choice of repairer and use of new factory parts, where they are still available, are a given if you like your vehicle to be returned to pre accident condition. It’s amazing how many cars are not returned to pre accident condition.

But I’ve had a good outcome with AAMI and GIO though both were frustrating to deal with, however, that’s a given if you want to minimise your loss.

 

[mpower]

Said it before but you could argue now with an insurance company so they increase your agreed value amount and you then pay a higher premium in the process, sometimes much higher. Alternatively, you could simply get a cheaper market value policy and worry about it later if something eventuates..

Then, if you have a claim, where the vehicle is written off or stolen and not recovered, you’d argue that what they offer is well below what the market is asking for a vehicle similar to yours. As part of that process, you'd provide pictures to define the vehicle's condition, service reports to define its mileage and advertisements for whats available from the local market you're in. Such stuff like pictures, service details and adverts are easy for a car nut to provide. In my experience, advertisements and the vehicles asking prices were enough and the insurance companies to accept those current asking numbers even though red book stated something much much lower...

The only time such post write off negotiations can get difficult is if you have a real limited edition vehicle (not a sticker pack) where there are simply no current sales advertisements for such vehicles available within the market. In such cases, you just need to find something else to state what the value of your limited edition car is worth and then things move along...

Sadly Holdens 1200 Motorsports are not what I'd call limited edition but the 360 Directors and 240 Magnums are a much more limited availability and this reflects in the much lower number of advertisments generally seem (today 263 Redlines, 18 Motorsports, 12 Directors & 7 Magnum Utes are available for sale on carsales with the number of Directors being a bit of an anomoly with its high mubers).

As is, our commodores aren't in that situation of no market availability yet, but give it quite a few years and the Magnums may become harder to find for sale at which point agreed value may be an easier option for some. It will take a long long while before Redlines are hard to find...

The curerent standing today:

Cheapests 2017 Redline @ $60,000*
Cheapest 2017 Motorsport @ $75,000* (mean=$86,400 , standard deviation= $10,511 ; mean=13,359kms , standard deviatio=18,054kms)
Cheapest 2017 Director @ $72,850*
Cheapest 2017 Magnum @ $74,870*

* excluding on road costs.

Id list the mean and standard deviation forother vehicles but I couldn't be bothered

this will get you nowhere, they don't determine value they just pull it from Redbook and other similar agencies.

but i mean good luck with your theory.