Hey people,
I just want to know about your insurance policies . Anyone bought cars that you can insure for more than what you purchased for ?
Few years back had a commodore was purchased for 13 insured for over 20
Tell Me about Cheap Cars to Buy That You Can Insure for Good Money
Bargainbattles on 24/06/2020 - 10:24
Comments
In two months time we'll be seeing an ozbargain post from this guy, going so my insurance company is accusing me of insurance fraud. And this post will be shown as Exhibit A in court.
You think I would risk my record for a few bucks ?
Do you really want an answer to this? Because my answer will be YES!
You're basically asking which car will generate a nice profit if it's a total loss. The only way to get that amount will be to get the car written-off or stolen and not recovered.
The poor person that gets brake-checked by OP who isnt paying enough attention will end up paying the write-off price.
Haha no fraud insurance companies if they have a chance will screw you . So why not protect an asset just in cause someone destroys my vechile
So you had a fully sik $7000 car audio system?
It was a standard insurance policy habib
Insure it for agreed value. You'll pay for it though.
It is unlikely you will get market value more than the car is worth unless you bought it cheaper than market value. Or you have a rare stripped down model (like manual windows, 15 in steel wheels) and they are insuring it for the full fat version (electric windows, 17" alloys, sun roof etc).
Yeh i am talking about agreed value .
Over-insuring doesn't pay.
Why?
Did your car get written off?
No I didn't .. I was going to buy a car but was turned of it when I tried to insure it for agreed value and it was less that what I was paying for it
@Bargainbattles: The $13k commodore that was insured for $20k. If you didn’t write it off, the only ‘benefit’ of insuring for a higher value is larger premiums.
@Euphemistic: Its accident mate they happen .I'm happy to pay the extra to know I'm won't have to spend more money on a good vehicle
@Bargainbattles: Over insuring doesn’t pay - unless you make a claim. But then, some people don’t have comprehensive at all because they want to save money on premiums.
NRMA is advertising TPP insurance for $10/month. I considered it, but figured I can’t afford to replace the vehicle I have with equivalent without some help from the insurance co if crashed. .
Sometimes yes, sometimes no.
My first written off vehicle was insured for market value and the payout for that car was much less than what was owing on it. Not a good situation. Since then I have always gone agreed value for a reasonably high amount. My second write off paid out quite nicely at an agreed value (V8 Holden ute). Personally I would rather be in a position where if something happens I am not left in a bad situation financially.
Matchbox Car w/$7 Profit. lol
Alfa Romeo's, excluding 147s and mitos.
$1000 gumtree version vs $15,000 carsales version.Yeh I noticed they do insure them for more like 2014 Alfa Romeo Giulietta Distinctive Jtd-m for 8 K more just not my cup of tea
Anything French or Italian
Stupid thing about insurance policies is they don't take into account low km
They do well they say that they take that Into consideration when you have market value insurance
Wrecked car is wrecked car. No matter how high or how low the km is.
The insurance company will be happy to insure a car for more than you paid for it, bigger premiums for them, but see how happy they'll be when you try for a payout when you wipe it off.
I know they are a pain to deal with but it's an agreement in the end of the day . If your vehicle is roadworthy then they have to pay
I had a car I bought for $1800 insured for market value at $3500. The only time I came close to winning in that deal reflexes kicked in and I got flat spots on the tyres instead of a payout.
How do you insure it for market value didn't you mean agreed value?oh are you saying they refused due to flat spots?
It was a cheap car, a bit rough around the edges. The market value for that type of car was $3500, so that’s what it was insured for.
The flat spots were from locking the brakes and NOT hitting the car that pulled out in front of me. If I hadn’t brakes that hard I would have t boned the other car and most likely written it off.
Ok well market value is not what they will pay you . They have 'experts' who decide what the market value is .
You can never beat your natural reflexes when your about to crash it's just natural to avoid it .
I had a guy came out in the last second in front of me I had to do a swerve at full lock at around 40 ks@Bargainbattles: Market value is indeed market value. It reduces each year. This year might be $10k, but next year it could be $8k. If halfway through the year a claim is paid out it might be $9k. Ie the current going rate for that type of vehicle.
Near new 17 BRZ $30k. insurance was valued at $35k
Thanks mate good to know . Do you still have it?
I was with NRMA, insured a civic in 2015 for 13k, when I was in an accident this year, they paid me out 5k.
Did you fight them ?
Why? It’s likely a $13k vehicle from 2015, already a few years old, is only worth $5k 5 years later.
About 2 years ago I had a bog stock VY V6 Commodore insured for $4k, lent it to my brother who got t-boned in it and it was written off.
Are you still brothers?
Wasn't his fault, some young red P-plater, with his drunk dad and brother in the car was driving without paying attention and entered a roundabout that my brother was already on and hit him on the passenger side, which spun my brother around and he went into a power pole drivers door first. My brother was lucky and only got scrapes and some window glass cuts.
Arseholes called their family and got another person out to say they were the driver before the cops arrived.
I had just bought my new Elantra so I was stoked to get $4k for a stock VY. Only happy about it when I knew my brother was okay.
That's terrible, glad your brother was OK. I just hope those bastards haven't killed anyone since.
I've had trouble with getting an agreed value as low as what I paid. Delica D:5, i-MiEV, Outback all had a minimum agreed value less than I paid for them. Then I bought a 20 year old MX-5 and there is no way you can buy one for under their maximum agreed value. Not sure if it is model specific or just age. The MX-5s seem to depreciate a lot less than most cars, so the old ones are relatively expensive to buy. Had to go to Shannons to get insurance to cover the purchase cost.
I think the premiums depend more on how likely they think they are to need to payout rather than how much they would payout, as they seem to go up every year even as cars are worth less with age.
Some insurers won't offer agreed value policies on cars >10 years old, and the others will charge a premium over market value policies. Maximum agreed value will also vary quite a lot between insurers when you play around with quotes.
My car is insured for high $7k's but I couldn't sell it for more than $2k currently. It's an agreed value policy where I maxed out the agreed value while the car was still under 10yo. Every year I check but I can't get a new policy that beats the renewal.
Yeh your right I have found Woolies will do agreed value and most big companies will insure it for agreed value but there were actually less then I was buying the car for
You can’t beat insurance companies. You may think you can, but you can’t. They know all the tricks before you have even thought about them. It’s THEIR business. Use them for what they are there for and suck it up.The best result I’ve seen is to not take their first offer on a write off. They will go higher if pushed. You need to justify the value of your vehicle to YOU not the resale market because you were not trying to sell it (at the time of the accident). Your vehicle was an investment that you wanted to keep so it is worth more than their first offer. If you’re lucky you might squeeze an extra couple of grand out of them with this logic.Planning to make money out of a claim is a recipe for disaster IMHO and probably will result in higher premiums which will offset the possible but unlikely gain.
I just had RAA (other party's insurance) pay me out exactly what I would have sold the car for. They spit it into salvage too which is paid by the auction. I rang around asking and nobody was paying half of what the salvage was going to give me through RAA. It's not all bad sometimes.
But if you weren’t going to sell it then it was worth more to you! How much did you need to kick in to replace it? Always ask for more.
I was thinking of selling it anyway in the very near future, had it for seven years. So can't complain. No point in trying to get a little bit more when that's exactly what it's worth. Also gave me a hire car for an extended period. Now have to get the third party insurance for my injuries which might be a bigger deal…
Get a lawyer. They eat this stuff up. You can get no fee no win lawyers but they take half. For most people this is still worth it because the insurance companies deal with them regularly so know the acceptable range to pay. I have a friend who went this way and did very well when they had no idea what or how to go about it.
Its the old story of BUY WELL - SELL WELL
Has nothing to do with makes and models and more to do with age, condition of car and the price you pay.
You really need to know the market very well
Now what is OP up to?
Planning a profitable claim on an insurnace company????
Good luck
Basically anything with above normal depreciation that you can pick up for good price in the private market.
Well this sounds like the beginning of some good ol' insurance fraud..