In answer to OP i would expect premium to drop slightly - not much though.
I just insured car and was offered either TPFT or full cover market price or, most expensive, full cover agreed price using what their system tells them is current price (which was way over what i paid).
I went TPFT BUT if going full would have paid the little bit more for agreed value - hey if it did get nicked or written off I'd be gaining!
And I got windscreen with my TPFT with tower. Only claim ever made in 45 years was windscreen, imagine savings if never bothered insuring for 45 years!
smac,
Feb 26, 12:18am
Makes complete sense on anything not readily available, or modified, or classic. eg if I went market value for my mini they would try and tell me it was worth $1000 or something ridiculous. That's because even for a bone stock old mini their book value does not reflect current market. I recently sold a standard 1980 mini 1000 that needed a bit of rust work for $3500. Insurance 'market rate' was $1200. When I sell my modified car (soon) it will go for somewhere between $7k-$10k, but the book value is probably that same $1200.
fordcrzy,
Feb 26, 1:05am
i had full cover on my $900 mazda 323. cost $145 a year. i had TWO smashed windscreens in two years so a big win for me. :)
pico42,
Jul 31, 5:58pm
What happens to the full cover premium if you drop the agreed value to close to market value?
grangies,
Jul 31, 6:29pm
I can't see the reasoning behind agreed values on insurance covers, unless it's something like a fully restored classic car that has had mega $$ spent on making it immaculate.
For example say. $80,000 cover on a mint Chev Belair is worth it, so if it's smashed up you know it will be repaired properly, rather than written off.
budgel,
Jul 31, 7:05pm
I think agreed value is a good idea for those that want it, I've known a few people who didnt have it get a nasty surprise at payout time. I have 1999 BMW 740i that I have maintained well which superficially looks like all the non maintained ones on trademe that sell cheaply. I know it would cost quite a bit to or find one or bring one of those up to the mechanical condition of mine.
kyussr32,
Jul 31, 9:40pm
10/10 user name!
mals69,
Jul 31, 10:49pm
Anything under 5G just go third party !
brapbrap8,
Jul 31, 10:54pm
Yes, assuming you can afford to pay cash to buy a new car if your old one is written off.
sparkles_bc,
Jul 31, 11:43pm
$600pa is not bad for $12k agreed payout but if it were market value I would suggest dropping the cover value to reduce your premium. I would imagine if you had it covered for 5k your premium would be not much more than if you had 3rd party FT
budgel,
Aug 1, 12:05am
The cost of one windscreen would probably just about pay the insurance premium for full cover. If third party could have windscreen cover I probably would go that way. There seem to be a lot of windscreen breakages in Northland.
a.woodrow,
Aug 1, 12:19am
I would look at dropping the agreed value to a sum closer to market value. Can you afford to go without the car, or replace it if need be?
average2poor,
Aug 1, 1:17am
One thing to keep in mind as well is that if you have full cover you can usually claim on just your liability with nil excess but with third party policies you'll have an excess to pay. I personally think that $5K is still a lot to lose if written off/stolen.
mals69,
Aug 1, 1:28am
Third party fire and theft with windscreen cover, with 5k of buying power not being a great deal these days nor to save 5k the large premiums do not justify the low risk factor in my book. Been driving for 30 years, never claimed - not even a windscreen and lived in the country for half of it.
budgel,
Aug 1, 1:41am
Where do you get windscreen cover with third party? I asked State and they said they didnt do it.
vtecintegra,
Aug 1, 1:59am
I'm interested too - glass cover is pretty much why I keep full insurance on my car, otherwise it'd be third party only (don't even really care about fire/theft)
mals69,
Aug 1, 2:05am
Use an insurance broker to do the running around for you and best deal . I'm with AMI third party and not sure if have glass cover, of no interest to me as think window breakage not that common to warrant it and would be paying for it somewhere along the insurance line. Maybe if I was the pace car for moto x races I would have glass cover :) Easy to be under insured and just as easy to be over insured and waste money !
mals69,
Aug 1, 2:51am
Well they not going to work for nothing - does not cost you anything - they give you great leverage . broker not putting a gun to your head to accept their quote .
lookoutas,
Aug 1, 3:35am
I'd agree with what tnz? sez in post 15. They will not pay out an exurbanite sum, but will have your car valued - end of story.
I priced out 3rd + screen, fire & theft once - and it seemed too much extra above straight 3rd Party, so that's all I've ever opted for. (On the cheapies) Bit different on the expensive ones.
mals69,
Aug 1, 3:38am
Of course that is how they work - common knowledge - that is why you email shit loads of them and go for the best value for money quote - if you were an insurance company who would you have to work harder to get between - lonesome dick wad obtaining his own quotes or an insurance broker with 12 other insurance companies wanting his clients work too. Dick wad thinks he is getting the lowest price but it is not the lowest price -that is offered to brokers.
chynna2,
Aug 1, 3:50am
Full cover!
We paid $750+ for car which we bought for $6,750.
Several weeks ago another car ran into the back of it at a roundabout, and the insurance company wrote our car off as it was uneconomical to repair.
if we hadn't had full cover then we wouldn't have had our $6,750 to spend on another vehicle, and as a result we have ended up getting a vehicle with 40,000kms less and the same year as our previous vehicle, but had to pay another $2,000 more which we couldn't have done without getting our full payment back!
BTW - one thing which is rather strange is that we didn't get a refund of the insurance policy which we took out for one year, as they said the contract was terminated (due to the accident, not our fault!). However, another family member sold their vehicle to another family member, and had the balance of their insurance policy paid out to them.
To me it is all the same - you no longer have the vehicle in your possession therefore any insurance cover is cancelled so how is selling and having one "written off" different from each other? !
rpvr,
Aug 1, 3:18pm
My thoughts exactly.
bigmacca,
May 27, 6:53am
im with fmg . my 1998 vr4 legnum is fully covered for $4200 total cost is just over $250 per year. but both drivers are over 25 with clean licences.
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