Comp Insurance : Agreed value of car ?

totalgadget on 30/05/2017 - 21:15

I just taken comprehensive insurance for my first used car (mazda 2000 model).

I live in QLD and taken insurance from NRMA(410) as it is decent with 1 windscreen replacement and 1 free at fault without impacting NCD.

What i was not clear with the policy and when talked to agent they said its same for every insurance company regarding agreed value.

What is agreed value? which is $3600 and excess is $1000.
Agreed value is the maximum amount we will pay to repair or replace your vehicle if you make a claim. When checking your agreed value you should take into account the cost of replacing your vehicle including:

Any modifications, options or accessories that are attached to your vehicle
GST
Registration and any CTP insurance
Other on-road costs

So if i take 12 months and if something disaster happens in 3 months (hope not) so they deduct the value of excess and CTP+ rego for 9 months. How come they consider the rego as car worth when I'm paying rego for the car i bought from my pocket (rego is expiring for my car). So in that case if i extend every 3 or 6 months is best way rather than 12 months?

So is RACQ , Bingle does the same. Bingle has cheapest quote and RACQ is expensive. I'm planning to take for a year and see how it goes.

Please suggest.

Automotive

Comments

  • [Deactivated] on 30/05/2017 - 21:18
    +3

    Lol 3rd party with fire and thief is all you need for a car worth next to nothing.

    • chumlee on 30/05/2017 - 21:34

      Except if someone with no insurance crashes into you. Do you want to chase them for the money or just give it to your insurance company to handle?

      It all depends on how you value risk

      • [Deactivated] on 30/05/2017 - 21:53

        I wish OP told Us how much he paid for the car.

  • dizzle on 30/05/2017 - 22:13

    If I understand your question there are a couple of ways to determine agreed value and different companies do it different ways:

    Some use equations to work out the value of the car and may then add value for mods
    Some let you choose the agreed value and you can then take into account anything extra - You can sometimes agree to a value higher than the car is worth, but you pay higher fees.

    The Registration is not normally included in these because you can get a refund of the unused part of you rego to then put towards your replacement cars rego.

    All that they are saying with those exceptions is that for a total write off they pay agreed value. When you are looking for a replacement car you also need to consider extra fees that are normally associated with buying a car anyway.

  • apple2016 on 30/05/2017 - 23:04

    The agreed value also includes the cost of insurance. If you are paying monthly and seek payout at 6 months then the insurance cost for the remaining 6 months is also deducted.

  • totalgadget on 11/06/2017 - 16:55

    Thanks all.

    The comprehensive is only for peace of mind for first year and dont want to take chances.

    I switched to RACQ as they price matched and no cavets like NRMA regarding the Agreed value.

    I paid upfront all the fees so wont have to look until a year later. lets see how it goes.

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