We are currently changing insurance and are deciding either to go with agreed value or market value on our vehicles. We have a 2004 ford falcon with 120000km and a 93 double cab hilux with 200000+km. Premiums would be cheaper with market value but reading a little on line has me wondering if its best. Has anyone else expereinced this and what did you decide!
motorboy2011,
Mar 2, 2:24pm
I wanted agreed value at $5500 as that was what I had paid for my car, how ever it was cheaper to insure it at market value, which they valued at $6500. im guessing it's because in the case of it being written off they will get to argue it's worth, and maybe save themselves some money, unlike agreed value.
megan242,
Mar 2, 2:29pm
The only reason we are looking at market value is the hilux. It is currently insured for $5500 but if we had to replace it it would cost us at least $7-10000 to get something remotely similar. but I am worried they would say because of its age it wouldn't be worth that
owen106,
Mar 2, 2:33pm
Agreed value it is certain what you will receive. Market value means you and the insurer will argue as to the value. Go for agreed.
intrade,
Mar 2, 2:36pm
i would save the money instead off feeding it to insurances whom will in the end not even pay out or refere to smallprint you signed that your claim is falling in to that and they only have to pay you there market value and the car also belongs to them once they gave you there miesly moneyafter you paid 5 years lets say 2 grand a year. thats 10 grand and they give you 1800 because thats what there smallprint market value is auction it off for a grand to make more money. thats how insurances work, and since cristchurch payout you can be sure thats exactly what they do now they dont like loosing money or they cant build another skyrise building.
mm12345,
Mar 2, 2:53pm
I had market value insurance on my old Safari.It was stolen, and preliminary meeting with insurer, their "valuer" suggested market value at $4,000. True that you can pick up a Safari for $4k (and less), but not TD42 SWB 5 speed with relatively low KM, unless it was very rough or something wrong with it.Those that were for sale at dealers were well over $10k, private sales for ones claimed to be in similar condition, somewhere around the $8k mark.Insurance company suggested that I get a valuation, and they'd split the difference 50:50.Not a very good way to establish market value IMO.That would have definitely left me out of pocket. Fortunately it turned up undamaged a few days later (tank was empty - they ran out of gas and pushed it behind some shops). I think "agreed value" is probably the way to go where establishing market value could be problematical, older vehicles, uncommon/rare vehicles etc.With popular standard newer vehicles, establishing market value shouldn't have potential to be so hard.
motig,
Mar 2, 3:49pm
With agreed value you know what your going to get, market value probably more like a lottery.
unideck,
Mar 2, 3:54pm
I have always had agreed value with full cover, now find I have a wee issue on the "almost" finished project car. It started life as a standard VR Commodore station wagon - one year later its now a two door wide bodied beast. So how do I do an agreed value on this, itsbasically a 4-5 grand wagon with 10 grand of bodyworks done (all steel conversion).
wiseone58,
Mar 2, 4:55pm
Have always used agreed value.
nick91111,
Mar 2, 5:23pm
I tried to get agreed value on my bike with AMI, but apparently the only do agreed value on cars.
chchgurl,
Mar 2, 5:29pm
You would be best to get a valuation and probably need to insure as a modified vehicle
unideck,
Mar 2, 6:38pm
So who does valuations!
annrob,
Mar 9, 9:46pm
I finally bought a new car and got an aa valuation online for $20 and made their estimate the agreed value. If there are issues then that and the purchase price will be my evidence.
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