Insurance woes

[AstralTraveller (David)]

I'm looking for a realistic insurance company, one that will insure my vehicle for what it is worth. Any suggestions??

I've just got off the phone from my present insurance company and I'm not happy. I have my comprehensive car insurance to renew and the "Agreed Value" does not come close to the real value of the vehicle. Whether I consider what it would cost me to buy an unmodified vehicle and add the extras I have or whether I consider the market value of similar vehicles the insured value is at least $9,000 too low - probably more like $15,000. Yet I have been told that the "Agreed Value" is already above the standard value because of the extras and they will not go higher. Offers to provide a detailed list and receipts didn't help.

Mine isn't the only modified and outfitted 4WD out there. There are thousands and thousands of them. Are they all running around under-insured? Or are there companies out there that understand? I'm not a member of a 4WD forum so I'm asking here first (as we all know the combined knowledge on this forum is amazing!).

Thanks for any hints.

[MrB (Simon)]

Timely, I need to change mine too.

[Astro_Bot]

Yes, the "agreed value" isn't agreed anymore. I noticed the same thing when my renewal notices arrived for a few years: that the agreed value was far less than the market suggested, sometimes 40% less, yet the premium was still significantly higher than "market value".

I recall being able to negotiate an agreed value in the past, and pay an additional premium, but that no longer works either - the last few times I tried that, they told me that they have tables that tell them the maximum agreed value they can use - it was still much lower than a realistic private sale price. Yet another rip off from an industry in need of overhaul.

The best agreed value I got for my car, though I'm sure it will vary from model to model, was from CGU.

[Larryp (Laurie)]

Have you tried Shannons?

[Kunama]

I used Shannons for my M3 and 635 but in order to get the "agreed value" that I was prepared to agree to I had to send them photos and a full inventory of the vehicles.

Another Shannons benefit is that there are 3 levels of "usage" with my M3 being driven so little I was able save $$$ by declaring "limited usage".

[Starless (Brian)]

Dave,
I have found that very few if any companies will cover you
while off road regardless of the type of vehicle.

[pgc hunter]

Same thing happened to me. My car was insured for $4000 when I purchased the policy and for the year thereafter. I get my renewal notice and it states that the car is now insured for $2900, just like that, without any reason, or authorization from me or anything. And what's more, the premium rose by a dollar! I think my car is worth more than $2900, especially since it is converted to dual fuel and other cars similar to mine are rarely seen under 3500 on the used car market.

But then again, what else is new in life? Rampant price increases without rime or reason and getting ripped off left right and center.

Going to be shopping for insurance elsewhere I think

[Shano592 (Shane)]

The problem is ... once one company implements it, they all seem to catch wind, and they all start doing it.

I'm with NRMA for my Pajero, and while they will do my agreed value for the first year, nobody contacts me on renewal for me to agree to their new figure. So now I make sure that any figure has my agreed value on it, before renewal ticks over.

And NRMA automatically cover you for extras, like spotties, racks, etc.

A $650 excess is a bit rich though...