Weird insurance business

[Drawnnite]

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.

Its not Redbook. its the Glasses Guide (may have spelt it wrong)
Had a young lady (who was uninsured) run up the rear of my VS ute a few months back and was certain it would have been a financial write off. But the assesor knew the values well (had a good chat with him) and instead got paid out the value of repairs (this is an option). The value was high to repair because it required painting up to the front door on 1 side as the ute is a 1 piece panel.
At times you can go back to them if you don't agree on the value they try to pay you out and its insured for market value.
For example one of my cars is a limited edition and in the past probably 4 or 5 years only 1 has been sold (at auction 12-18 months ago), try value that when there is no market history.
Obviously they will have their limits but it can be done.
For the record I got all this info off a mate who is involved in the insurance game (often involving fraud or high end stuff) so if people don't want to believe me that's fine (understand the whole "mate" thing puts people off).
Was a very handy people to speak to during the process when that young lady ran into the ute.

 

[Skylarking]

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.

It’s not theory as the process has worked rather well for me with the two claims I’ve made (1 stolen vehicle, one rare written off vehicle).

Each claim stood on its own merits but still requires negaotiation as their first offer wasn’t be in your favour and in one case was even downright insulting however it’s part of the game one must play

YMMV

 

[Forg]

Its not Redbook. its the Glasses Guide

That entirely depends on the insurer, and which data-provider they're using at the time (although it's not a menial task to switch so they don't switch very often).

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.

If you can give them a few examples on CarSales, or there's enough left of the car to get a 3rd-party assessor to give a pre-prang value, those are used too.
You can be unlucky if your assessor is having a really bad day, but generally if you can give them some proof of an embiggened real-world value they'll run with that % without too much fuss. I still think it's worth paying a little bit extra every year to avoid needing to go through that hassle, however, and having an agreed rather than "market" value policy.

 

[mpower]

i have agreed just to avoid any shenanigans.

 

[Skylarking]

... I still think it's worth paying a little bit extra every year to avoid needing to go through that hassle, however, and having an agreed rather than "market" value policy.

During this COVID induced (or is it loss of local manufacture induced) price rise, an agreed value policy wouldn't have done anyone any favours if they were unfortunate enough to write off their car near the end of their policy at the end of 2020.

A little bit of hassle and a little bit of extra premiums every year to get a fair value on an agreed value policy, for what hopefully is a rare occurrence, may be countered by more effort required in getting a fair price on a market value policy on those rare occasions of a complete loss.

It’s six of one, half a dozen of the other.... But I can understand the allure of agreed value...

 

[Skylarking]

i have agreed just to avoid any shenanigans.

Insurance = shenanigans

If they feel inclined they can find a way to screw you regardless of policy type

 

[Forg]

A little bit of hassle and a little bit of extra premiums every year to get a fair value on an agreed value policy, for what hopefully is a rare occurrence, may be countered by more effort required in getting a fair price on a market value policy on those rare occasions of a complete loss.

I know that's true, but I've found only very rare need to get them to up the agreed value, I may have done it in the past that I've forgotten but the only time I can remember is this semi-recent boosting of the agreed value on the VF.
Thing is, though, that involved a 5 minute (at most) 'phone call & a very simple cordial discussion.
If instead I'd had a market-value policy & they'd wanted to offer me ~$37k, and I'd wanted them to instead give me $50k, I think the fact they had a guaranteed $13k on the line would have made that discussion a lot more ... frictiony & unpleasant.
But I'm also the bloke who rolls his eyes when someone walks into a cafe and wants to haggle down the price on a cupcake or to bargain a "bulk deal" if they buy a coffee AND a cupcake.

 

[Skylarking]

... If instead I'd had a market-value policy & they'd wanted to offer me ~$37k, and I'd wanted them to instead give me $50k, I think the fact they had a guaranteed $13k on the line would have made that discussion a lot more ... frictiony & unpleasant.

Its not really frictions and unpleasant in my experience as the the claims handler is just doing their job and generally they a polite. In fact I’ve had them ask for me to provide sales info, an6 info, as it makes their job easier... It’s just that it’s a more time consuming process and by that frustrating for some.

... But I'm also the bloke who rolls his eyes when someone walks into a cafe and wants to haggle down the price on a cupcake or to bargain a "bulk deal" if they buy a coffee AND a cupcake.

What about two covfef’s and some donuts

I roll my eyes when someone pays retail just because the system hasn’t been fixed to reflect the managers specials listed next to the product on the shelf. I’ve seen such occur again and again In those instances, if it’s me, sometimes even if it’s not me, I‘d possibly ask the retailer if they have the same policy as Woolworths

May be I was Scottish in a previous life (runs and ducks because of the political incorrect joke)

 

[tml678]

I’ve found Shannon’s really good (admittedly I haven’t had cause to claim through them, so can’t comment on that aspect).

But I got my renewal last year for my agreed value policy on the HSV and it was still the same amount ($100,000) as the year before with the same premium.

I had a look on carsales out of curiosity and noticed that there were only around half a dozen similar models being sold, all with at least twice the kilometres and they were up around the $110-$120k mark.

I thought I’d be a bit cheeky and try my hand at upping the value to $120k (with no real expectation of success), but lo and behold a five minute conversation later and they came to the party no questions asked with a nominal premium increase of around $150. Made me kind of wish I’d shot for $130k lol..

Bottom line, you don’t ask, you don’t get..

 

[Leon771]

Had to renew policy on our MY17 Redline Sportwagon. It has 108000km.
Ended up with $65k agreed with AAMI for around $1800 premium. Called Shannon’s and they would only inside for mid $50k. I found the Shannon’s rep wasn’t grasping the MY17 tax and kept countering my arguments that MY15 model redlines were in the high 40’s to low 50’s and therefore their offer was more than generous.
I can’t replace our Sportwagon for less than $70k at the moment according to Carsales. There is one car with 136k that is mid $50k, but that’s it.
I just hope nothing happens to the car as insurance won’t cover replacement with today’s prices people are asking.