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15-06-2012, 04:51 PM
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Half brain dead already
Join Date: Oct 2011
Location: South Aus
Posts: 3,080
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A couple of days ago I had to pay insurance again, only this time (I have it on agreed value at 14k) they tried to put it down to 12k with no notification.
I was always under the impression that if I wanted it to be at 14k all the time, that's what it would stay at. Although when I rang them up to change it back, they told me even though it was agreed, it would continue to go down with depretiation (?) This to me sounds like market value however. If I have it on agrred value, does this go down each year with depretitation (?), or is it supposed to stay at that value for the life of the car? Cheers
__________________
"My Shockwave Baby" Running tuned at 191.3rwkw with 475nm Torque Pacemaker PH4490 + Hiflo Pacemaker cat/catpipe + Xforce 2.5' catback into dual pipes after Diff. FG Manifold + Herrod airbox + 20% underdrive +Hi flow thermostat + 26mm radiator and Weapon X coils! Now rolling on staggered Matte black Lesnso D1R's NOW MANUAL! Shockwave Blue!
More to come Now the proud owner of a '97 NL Fairlane |
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15-06-2012, 04:59 PM
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FF.Com.Au Hardcore
Join Date: Jul 2011
Posts: 4,819
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Agreed value simply means that for the term of the cover (usually 12 months) the value is "locked in"
With market value they decide at the time of a claim how much it is worth |
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15-06-2012, 05:18 PM
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Half brain dead already
Join Date: Oct 2011
Location: South Aus
Posts: 3,080
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So, I can't keep it at 14k for the life of the car? (on agreed)
__________________
"My Shockwave Baby" Running tuned at 191.3rwkw with 475nm Torque Pacemaker PH4490 + Hiflo Pacemaker cat/catpipe + Xforce 2.5' catback into dual pipes after Diff. FG Manifold + Herrod airbox + 20% underdrive +Hi flow thermostat + 26mm radiator and Weapon X coils! Now rolling on staggered Matte black Lesnso D1R's NOW MANUAL! Shockwave Blue!
More to come Now the proud owner of a '97 NL Fairlane |
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15-06-2012, 05:28 PM
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FF.Com.Au Hardcore
Join Date: Jul 2011
Posts: 4,819
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Not unless it's worth 14 and you go to a specialized insurer
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15-06-2012, 06:56 PM
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FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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With Insurance they will have limits on how much a car is worth. No you cannot lock in the figure for the life of the car. Each year they will look at the price and use a guide such as glasses guide to work out the value.
They will then lock in the value and use that as the agreed value What your insurance has done is perfectly normal. |
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16-06-2012, 12:10 AM
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#6 | ||||
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Half brain dead already
Join Date: Oct 2011
Location: South Aus
Posts: 3,080
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Quote:
Kindve a pain in the *** isn't it haha Quote:
Cheers guys
__________________
"My Shockwave Baby" Running tuned at 191.3rwkw with 475nm Torque Pacemaker PH4490 + Hiflo Pacemaker cat/catpipe + Xforce 2.5' catback into dual pipes after Diff. FG Manifold + Herrod airbox + 20% underdrive +Hi flow thermostat + 26mm radiator and Weapon X coils! Now rolling on staggered Matte black Lesnso D1R's NOW MANUAL! Shockwave Blue!
More to come Now the proud owner of a '97 NL Fairlane |
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16-06-2012, 10:15 AM
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Getting By!?
Join Date: Mar 2006
Posts: 382
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agreed will go down for sure, stops people from having cars that are worth $500 insured for ridiculous amounts and then conveniently combustinging externally or been pinched.
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16-06-2012, 11:08 AM
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FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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Quote:
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16-06-2012, 08:19 PM
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#9 | ||
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FF.Com.Au Hardcore
Join Date: Jul 2011
Posts: 4,819
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do you want them to make a house call?
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16-06-2012, 11:55 PM
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FF.Com.Au Hardcore
Join Date: Oct 2005
Posts: 3,412
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As Shonky said,the agreed value will only stay for the term of the insurance, 12 months and then be assessed again.
Do you think that your car wont depreciate each year? sad fact of life is that everything does. |
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Insurance question
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