Just had a question about market value, my car is going to be repaired soon and I'm scared it'll be written off (which I can't really afford).
I'm hoping for the market value to be pushed up by accessories I've installed (speakers/headunit/wheels etc). In my PDS it says other fitted accessories/modifications are covered, however I'm not sure if it means fitted when the car was made or by me after.
Cheers
Hasn't been accessed yet. I'm taking it into be assessed/repaired on monday. How do i argue about the items affecting market value. I still have receipts for most of them if that helps?
Cheers
You can't argue about it, sorry to say but you'll have to just accept that installed aftermarket items don't push your market value up.
I can't see speakers or headunit pushing up the market value. Possibly for wheels, but then only if they look like factory optioned from a higher spec model, not some boy racer wannabe wheels.
The stuff you’ve installed adds nothing to market value.
Yeah I don't think it adds anything to the market value. I'd take everything out before you get it assessed so you can keep them
take them all off in advance before inspection if you are worried
then you can always keep it for the next vehicle or resell the items
Just wondering, if they say the market value is below repairable cost am i able to offer to pay the difference or offer to take what they can pay to another repairer who will do it for the cost?
Cheers
Can you get paid out, and then offer to buy the car from the insurer as is.
The leftover money can be used to repair the car elsewhere to a safe and driveable condition.
To the extent these could have influenced the market value (which I don't think they would BTW), I would suggest they would have needed to have been disclosed previously and included in the "market value" that has been used to determine your premium.
It's a bit rich to have a car insured for $10k (say) for the last several years and then turn around at the time when it's about to be written off and try to claim it's worth $12k (or whatever) because of all these accessories you have on the vehicle that you'd never mentioned previously.
Some after market accessories surely reduce the value of many cars.
If you declares their value when you signed up, insurer will pay said value.
If added but not mentioned, then I sincerely doubt they will entertain you.
The last line says "… included in market value" so I doubt any accessories are going to increase market value. Most accessories have little/no "market" value as well, unless there's a proper demand for them (eg genuine Japanese/JDM wheels or other parts).
Has your car been assessed yet? You say it's "going to be repaired soon" and then "it'll be written off" so it'll be one or the other. Good luck either way.