Insurance
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Insurance
Everyone loves insurance right?
I received a message from HarlanSmart last night in regards to a couple of insurance queries.
Post any questions you have here and I will see what I can do to answer them.
A few quick tips when it comes to insuring your vehicle.
ARV - Agreed Replacement Value, very few insurance companies still offer this. It is extremely good for those of us with modified cars as if you insure your vehicle at ARV for 12,000 and it is really worth 5k if the insurance company have agreed to ARV, then you will be getting 12,000 for your stolen, or written off vehicle.
Market Value - This is what probably 99% of people have in terms of cover. How can you judge market value with modified vehicles? You can't. Basically market value says you can insure your car for just about any sum. I will use the same example as posted above. Your car is insured for 12,000 you write it off. Well, the insurance company will do some research, dealer ships and Trademe seem to be the best two to use. And find out that in actual fact your car is really only worth 5,000. Therefore, you will be getting a pay out of 5,000.
Just some food for thought..
I received a message from HarlanSmart last night in regards to a couple of insurance queries.
Post any questions you have here and I will see what I can do to answer them.
A few quick tips when it comes to insuring your vehicle.
ARV - Agreed Replacement Value, very few insurance companies still offer this. It is extremely good for those of us with modified cars as if you insure your vehicle at ARV for 12,000 and it is really worth 5k if the insurance company have agreed to ARV, then you will be getting 12,000 for your stolen, or written off vehicle.
Market Value - This is what probably 99% of people have in terms of cover. How can you judge market value with modified vehicles? You can't. Basically market value says you can insure your car for just about any sum. I will use the same example as posted above. Your car is insured for 12,000 you write it off. Well, the insurance company will do some research, dealer ships and Trademe seem to be the best two to use. And find out that in actual fact your car is really only worth 5,000. Therefore, you will be getting a pay out of 5,000.
Just some food for thought..
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- I have stars, you haven't. Deal with it
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When put together they all increase the value of the car. In insurance companies eyes, anything modified, including the stereo/headunit needs a higher premium.Skilfil wrote:I had to have a laugh using Towers online quote system. Automatically said my car was too modified.
Aftermarket exhaust, springs, rollbar, stereo, different wheels. But the only thing I would place value on is the exhaust and the rollbar?
Pricks right?
No, not really. Here is the reasoning. Basically in a thieves eyes aftermarket headunits are valuable, therefore more reason to break in. A roll bar is seen as being racing equipment (they must race the car rah rah rah) Springs are often viewed as either racin equipment or boy racers. Slammed. Wheels instantly add a higher premium due to the nature of people stealing wheels.
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2 X Silvia
1 X BMW E30
1 X Audi A6
3 X Mazda MX5 (1989, 1990, 1991)
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3 X Mazda MX5 (1989, 1990, 1991)
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Yes, sadly Christchurch is a great example of this.MrGrey wrote:I am extremely skeptical of insurance companies. They will use any excuse to get out of paying and this has been made even worse by the money they lost in Christchurch.
My advice to anyone sceptical about motor insurance is DISCLOSE EVERYTHING. All of your mods. Any of the drivers, and any convictions.
As long as you are sober you will have a 99.9999% chance of having your claim accepted.
1 X Primera
2 X Silvia
1 X BMW E30
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3 X Mazda MX5 (1989, 1990, 1991)
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3 X Mazda MX5 (1989, 1990, 1991)
I'm with State and according to my policy, in the case of a successful claim would get paid out the sum insured, provided the car is in a good and well-maintained (in their opinion) condition.
I intend to keep it well-maintained and in good condition, and get annual valuations so that their opinion can get fucked, or to at least have a valid basis for challenge if necessary
I intend to keep it well-maintained and in good condition, and get annual valuations so that their opinion can get fucked, or to at least have a valid basis for challenge if necessary
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Wrote this on nzhondas for the community. Have had a lot of good feedback about it.
http://nzhondas.com/general-discussion/ ... -read.html
http://nzhondas.com/general-discussion/ ... -read.html
Did you realise my post was a link?SLYDIT wrote:no seriously, some places charge for them, some places arent recognised by insurance companies etc.
Seriously, a quick Google would have found you some places that do valuations, yes for a price, and if you have questions about whether or not your insurance company will recognise the valuation... it's blatantly obvious you should ask your insurance company.
Above link on NZ Hondas is very good, though.
An interesting question, perhaps. Being with State, from what I have read in my policy the value insured is what is paid out, unless the car is in poor condition. Given that the value insured, when applying for insurance with State, seems to be the amount paid for it, does that mean that if kept in good condition and assuming an honest insurance value, I should get paid out effectively an agreed value (on the basis I agreed that I paid the price given to State)?
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Very difficult question to answer.
If it does in fact say the value that is insured (sums insured) WILL be paid out if the car is deemed to be in good condition, I assume that legally you are entitled to be paid out the sums insured.
Best bet would be email them, ask them about an agreed value, or market value. Pick their brains!
If it does in fact say the value that is insured (sums insured) WILL be paid out if the car is deemed to be in good condition, I assume that legally you are entitled to be paid out the sums insured.
Best bet would be email them, ask them about an agreed value, or market value. Pick their brains!
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2 X Silvia
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1 X Audi A6
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i just got my renewal with state for my sp20.
which, last year was insured for $9500.
the new value they have for it this year is $4250
how the hell do they get that? you couldn't even buy an sp20 for less than $7500 that hasn't done 250000kms
i rang them and the highest they could go was $7500
cant wait till my brokers back next week
which, last year was insured for $9500.
the new value they have for it this year is $4250
how the hell do they get that? you couldn't even buy an sp20 for less than $7500 that hasn't done 250000kms
i rang them and the highest they could go was $7500
cant wait till my brokers back next week
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- I have stars, you haven't. Deal with it
- Posts: 1397
- Joined: Mon Mar 26, 2012 8:59 am
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That is shit. On the brightside, if they lowered it themselves, you will be paying a lower premium. And they will still have to pay you MARKET VALUE.
The point of insurance is to leave you in the same place you would be before the accident.
So you write off your car, you get another car that is of similar quality, ks, power, etc.
Definitely call the broker and clarify that you would prefer the sums insured to be of a decent/realistic amount.
The point of insurance is to leave you in the same place you would be before the accident.
So you write off your car, you get another car that is of similar quality, ks, power, etc.
Definitely call the broker and clarify that you would prefer the sums insured to be of a decent/realistic amount.
1 X Primera
2 X Silvia
1 X BMW E30
1 X Audi A6
3 X Mazda MX5 (1989, 1990, 1991)
2 X Silvia
1 X BMW E30
1 X Audi A6
3 X Mazda MX5 (1989, 1990, 1991)
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