Insurance questions

[cowboyz]

My wife had a little 1984 Laser a few years back. Nice and tidy. Always started. run really well. Always passed a warrent. Great car.

Then a truck run it over and it wasnt so good anymore.

They argued market value for ages which was $1000 but I argued I couldn't replace the car with a car that had the same realibility for $1000. In the end, after several months of arguing we took the $1000 and didn't replace her car. Shit happens sometimes.

[Grahameeboy]

So you have a car for the kids so repairs have been authorised? or if it is a total loss, have they made you an offer? so in both cases you can get back on the road asap.

Patient is a virtue
Virtue is a Grace
And Grace is a Little Girl
Who forgot to wash her face

I hope you are right. I worked in Claims 27 years and even though I am a patient person, when it comes to Insurance you cannot always afford to be patient cause it will cost you.....I just know what they can be like...

My car was hit whilst parked. Now Nzi were great getting car assessed....I knew the drill so found out myself, however, if I had been patient and waited I would not have known that repairs were authorised...I got a call yesterday from Nzi asking whether repairs had been done 10 weeks after accident.....that was the first call I had so if I was ignorant to Insurance that would have been the first I had known that my claim had been accepted.

[Grahameeboy]

You're only going to lose if you've (foolishly) insured it for more than it's worth. I know nobody likes to (honestly) reasses the value of their vehicle every year, as it hurts to see the money bleeding away... but there's no point in insuring it for more than it's real value, as that's all they'll pay anyway.

At the value stated there would probably be a negligible difference in premium, if any, if it was over insured which is why agreed values are worth considering.

[lb99]

waiting for assessor now, parts serch is currently being carried out by my panelbeater

[lb99]

At the value stated there would probably be a negligible difference in premium, if any, if it was over insured which is why agreed values are worth considering.

I cant remember specifying an agreed value policy for this car, apparantly I have one though. but it may have been automatic, as it was under finance when we took out the policy.
I have usedagreed value policys in the past for modified vehicles though, very handy.
in one case the agreed value policy was cheaper than a third party policy anyway... go figure

[imdying]

At the value stated there would probably be a negligible difference in premium, if any, if it was over insured which is why agreed values are worth considering.

Yep, but still don't pay any more than you have too, not to mention no surprises when you get into this situation

[Grahameeboy]

Yep, but still don't pay any more than you have too, not to mention no surprises when you get into this situation

You are talking a few dollars you skin flint.........

[Grahameeboy]

I cant remember specifying an agreed value policy for this car, apparantly I have one though. but it may have been automatic, as it was under finance when we took out the policy.
I have used agreed value policys in the past for modified vehicles though, very handy.
in one case the agreed value policy was cheaper than a third party policy anyway... go figure

I would check the policy...who you insured with?....Sounds like State but could be wrong as they put parts out to tender...State have an agreed value policy.

But either way like I said you can still claim 'Market Value'....just be from different pots

[lb99]

I would check the policy...who you insured with?....Sounds like State but could be wrong as they put parts out to tender...State have an agreed value policy.

But either way like I said you can still claim 'Market Value'....just be from different pots

yep, state, believe it or not they have always been good to deal with.

I have been looking around on the net, and it seems theres a few for sale around the place for a realistic price, like this one

http://www.trademe.co.nz/Browse/List...422&key=195282

or this one

http://www.turners.co.nz/TabId/188/v...0/default.aspx

similar cars, similar ks

so maybe all is not lost.....

[Grahameeboy]

yep, state, believe it or not they have always been good to deal with.

I have been looking around on the net, and it seems theres a few for sale around the place for a realistic price, like this one

http://www.trademe.co.nz/Browse/List...422&key=195282

or this one

http://www.turners.co.nz/TabId/188/v...0/default.aspx

similar cars, similar ks

so maybe all is not lost.....

Sounds good so if sounds like you could be heads up with the agreed value and I assume car is still not on finance?

[lb99]

Sounds good so if sounds like you could be heads up with the agreed value and I assume car is still not on finance?

nah, no finance, paid it off last year : :

[jetboy]

Read this.
If you have any questions after you have read the thread above, PM me.
I am an Insurance Broker.

[jetboy]

Most people don't depreciate their vehicles enough at each renewal.

Correct. The onus is on you, the insured, to tell us what your car is worth. Some insurers automatically depreciate according to some database they have access to - but most prefer that you tell us. Why? Because we are insurance people, not valuers.
If one of my client asks me for the value of their bike, I tell them to call a dealership or the like and ask them. They have a better idea then I would!

[jetboy]

And so the insurance company takes money for a service it isn't providing but hides in its "wording" of the contract which they never seem to want to spell out......

What is the insurance company not providing? How do we know what your car/house/bike is worth? We insure your property - we don't value it.
Why do we not value it? Because if we GUESS the market value of your bike, for example, and we guess a lower value that what it actually is, then in the event of a claim we have actually under-insured your bike and we would be liable for this error. We are not in the business of guessing.

By the way I am speaking from a broking point of view. On all of the insurance documentation we send out (renewal invitations, new policies, coverage summaries etc) we ask you to check the details and advise us if we have something wrong.

[Toaster]

I had some one cross the centerline and hit myself and another vehicle. They refused to admit liability, and it was taking ages for the insurance cos to work it out. Even though I had two independent witnesses and the police all saying he was at fault, the insurance co wanted a copy of the police report to verify it.

At the end of the day, I phoned the police officer who attended, got him to fax me the police report, which I then forwarded to my insurance co. Didnt cost me anything, and I had the excess refunded pretty much straight away. I highly recommend getting the report your self as the ins co will take weeks to do it - they have to request it through the "official channels" which costs them money and takes ages before the request filters through the police system. If you phone the cop directly, he'll probably just send it straight to you.

Police can actually refuse such a request. The requirement is for insurance companies to pay police for the report. They often push it onto the owner to get a copy because they don't want to pay for it. You are fortunate the officer did that for you.... as the supervisor may have said no if they found out.