Hi fllas. I recently looked at getting my new ute insured, and the numbers the ins co. gave me made me wonder what its value is? its a 2003 BA Falcon ute XLS (styleside) it the 4.1 straight 6 (couldnt afford a v8 haha) 215k. its in god nick, has had the diff rebuilt as they sometimes have an issue with that.
anyway, the insurance company reckoned it should be insured for 11k.
Thats more than what I paid for it, and I thought they were taking the piss to get me to pay higher premiums.
What would you fellas think that a) its value on the private market would be, and b) how much do you reckon I should insure it for?
appreciate your advice!
noswalg,
May 6, 6:18am
Agreed value? That should be based on what you want to pay in premiums, I'm usually happy with the same value I paid for the car. Most insurance companies aren't interested in KM's, condition or what you've spent on it. They base their valuation on the age and the model, not sure how they come up with the exact valuation though.
gsimpson,
May 6, 6:35am
The higher value doesn't usually affect premiums much so you are likely to benefit if the car is ever a total loss.
bigfatmat1,
May 6, 6:40am
I insured a vehicle at what I paid. Someone crashed into me wrote it off 9 months later. It cost me 5k more to replace it. So I insured my replacement at the highest price I could find a equilivent at.
franc123,
May 6, 7:16am
I'd insure it for what its going to cost to replace QUICKLY, ie what its going to cost to buy a similar one off a yard as soon as you've got the settlement money as opposed to waiting weeks or even months for that elusive bargain to pop up that saves you that grand (or two or three) compared to the other ones you were looking at but thought they were a little pricey. Lets face it everyone has eyed up a vehicle on here and thought yeah I'd like to own that but dont want to pay quite that much for it. Those are the ones you should base the valuation on IMO.
tweake,
May 6, 7:49am
what ever you insure it for, its not what they are going to pay out. they will pay out what they think its worth at time of the accident or if you insured it for less, then the lesser amount. whatever the lowest amount they can get away with.
also be careful with addons or aftermarkets bits. canopy, lights etc. a lot of them won't pay out for those.
tigertim20,
May 6, 7:57am
good info. so what would I expect to pay for the same vehicle at a dealers - assuming I use that logic to determine how much I insure it for?
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