My vehicle was impacted by an at fault driver.
My vehicle has comprehensive insurance, so my insurer are currently doing a repair assessment and will chase the at fault driver for costs.
I'm certain my vehicle will be written off.
Who decides on its market value?
My policy had an agreed upon value but its below what I can replace it by. Around 30 percent. But I'm not using my policy, but rather the other person's right?
Wot ‘e said.
If you want to work for it you’ll liaise with the other insurer and possibly end up better off, you’ll need to cancel your own claim with your insurer. If you want the simpler option you suck it up and accept what your insurer pays according to your policy.
If you claim on your insurance, you get the agreed figure.
Personally, I'd be looking at the at fault driver and i'd be using my insurer to assist me in getting the correct $$
Thanks for your comment. I wish I'd knew this before my insurer towed it away, and then towed it to a repair place.
The horse has bolted now.
The horse has NOT bolted.
You stop your claim on your insurer, add the tow fee onto the claim on the other insurer…..Do you need me to hold your hand on this one?
I wouldn't let you touch me if my life depended on it.
Wow this is one of the first cases I’ve seen where agreed value has backfired. I guess it’s a lesson to look over you policy in this market.
If he went market value he'd still be worse off.
It hasn't backfired at all.
The OP has purposely underinsured to save money on premiums and has reaped the benefit of less premiums for the past x years.
Wrong. I never adjusted the agreed upon value. It is set at default.
I never adjusted the agreed upon value.
Thank you for confirming my first statement.
But an agreed value is set manually by you at some point before a claim. Where's a market value is decided at claim time.
By not adjusting the Agreed Value as displayed in your policy paperwork, you have agreed to that value. Unfortunately it is now too late to adjust it.
Not always true. Very few cars in this covid enhanced climate are insured for what they are worth to replace. Eg. I have an 2011 I30. Bought for 11k..cheapest I could find. Rac Max insurable agreed is 7k as that what there little book says. They won't budge. Obs didn't go with them but found another who would do market value
I've found different insurers have different max agreed values. If you select the max or higher than it's worth, the premium does sky-rocket almost exponentially.
For sure. I wish I'd invested in scooters pre-covid. I think the food delivery industry had a boom, and pushed the price of scoots right up.
Car prices have unusually gone upwards. Most insurance policies have relied on the price/value heading downwards, and been caught short. Thismay be a temporary situation, but who knows. If you compare a "Market Value" to "Agreed Value" policy there is a difference in price, which is often used as a factor for which type of cover to go with. This is great, until you need to claim and then find that paying more up-front gets you more cover later when you need it.
I'll admit that the cheapest cover had been my normal MO, until I worked on an insurance call-center. You only have to sit through one call from someone who found out the hard way that the cheapest cover is truly "The Cheapest Cover with the lowest pay out", to realise that you should be buying the cover you need/want, and not pay for the cheapest quote in your hand.
To @jaygriz, have a frank discussion with your claim's admin people. Tell then what you want (value of car), and see if they will work towards that result.
It nearly backfired on me. I had a set agreed value on my 4WD - a couple of grand above market to set off some of the accessories etc. Went to cancel one of my other car's policy back in July and was advised that, given the change in market conditions, I was actually insured for $1,000 less than market value. I increased my agreed value by another $6,000 - which, incidentally meant that my 3 year old 4WD is insured for the same price I paid for it (sans $10k+ of accessories).
Not sure how they come to a value, when I wrote off my car, they initially quoted $24,500, but I disputed it with my insurer when it was written off, by providing screenshots of similar cars in carsales and the redbook value and they gave me an extra $2,500.
Same. I have market value on all my policies and last car I had written off by an at fault driver, my insurance offered me $6.5k. I told them, if they can find an identical car, with close km and service history and condition for that, they can buy that car and give it to me. The cheapest I could find that wasn't even close to our car quality or km wise was $9,200. They ended up giving us $9,800.
Thanks for your comment. Its nice to hear a success story. I'll try argue too.
Argue with their insurer, not yours. You should be dealing with their insurer. Only get yours involved if they start messing you about.
Good news is, there are a few identical bikes on Scamtree that are about $2,500~$2,900ish. So, at least for your $2,100, you wont be too far out of pocket.
Argue with their insurer, and discuss civilly and courteously with your own. You need your insurer to be on your side, not wanting to get shot of you as fast as they can.
Right, let me clear up everything. The vehicle is a 2018 suzuki address with 5 thousand ks on it.
The vehicle looked and rode like brand new, but agreed upon value is 2100 while brand new they are about 3600 on the road. You can't find one for 2100 with low ks.
It only has comprehensive because comprehensive was cheaper than third party. Something about being a rider for more than a decade and perfect history, algorithm mismatch. The agreed upon value is default.
.
It doesn't matter if it is $36,000 for a new one, what you "agreed" to was $2,100. That is what they are offering because that is what you "agreed" to as part of your "agreed value" insurance.
What you need to do is deal with the other person's insurance. If they are 100% at fault and are happy to deal with you, deal with them and not your insurance company. I can sure as hell tell you now that your insurance company will give you $2,100 and charge theirs about $5,000.
Next time, get your insurance as market value, or, make the "agreed value" as much as a new bike.
WHAT?
The vehicle looked and rode like…
Something about being a rider for more than a decade
A motorcycle perhaps?
Oh jesus……we are talking about a moped…..
@jaygriz: I was looking at a Honda Deo, but prefer the Address… much of a muchness, but what was your overall thoughts on the Suzuki, in terms of reliability and build quality?
@82norm: So I only did 5 thousands ks on the Address. I've owned scooters for about 15 years though. Previously Honda C90, CT110, SCV100 (3 of these in a row, including owning one in London). I rode large capacity bikes before getting into scootering. This scoot was owned as a third vehicle, for commuting only.
I loved the address, I even put it through its paces in deep sand too for a bit of fun, port macq to crescent up the dune track. This is a fair distance and a good laugh. I pulled down the intake afterwards to see how much sand she gobbled up. None. Who knew a scooter could be up to its cooling fan and floor in sand and not choke ?
The only thing i would change about it is the seat is pretty slim for a scooter, im used to a wider seat on wider scoots and i prefer it. Also im size 11US shoe and with steel cap work boots on they just fit straight on the floor pan. But work boots are bulky, and can always angle.
The first service is costly, checking valve clearances - my advice, buy the tools and do it yourself. Chances are they dont need adjustment - youre basically checking the factory settings havnt changed. There are youtube videos on how to check it. It's not that difficult. Will you void your warranty by not having it done professionally? Im not sure. But its ~500 bux at a suzuki dealer and the scoots warranty is only 12 months anyway. I'd take that bet even if i didnt intend on doing the service myself.
Oil filters can be found on ebay for cheap, I bought a batch of 5 for a few bux each delivered from UK.
Plenty of mates and girls have been on the back too, it rides fine 2up. Thats all I can think of right now, but definitely recommend.
just googled "vehicle", this came back
This search may be relevant to recent activity:
is motorcycle a vehicle
This post got OzGoogled!
Looks like a scooter
My lawn mower has a larger capacity.
@jaygriz: Can your scooter mow the lawn?
Would you be in this predicament right now if it was a mower?
Here I am thinking this is about something that’s worth money not some POS scooter that the OP is cribbing on about for a few hundred bucks
…something that’s worth money not some POS scooter that the OP is cribbing on about for a few hundred bucks
Yes, it's a scooter and we can have a laugh about it, but to be fair, the value and money side of it is really something relative to each person. That few hundred bucks could mean a lot to OP. You could be in a similar situation with a something like a Camry and some Ferrari owner might come along and go "pffft - who cares, it's a POS Camry".
Well said. Also, even a bicycle is classed as a vehicle. And some of those are worth a pretty penny!
is everything ok at home?
Why all the scooter hate? It's not like it's a…🤢…bicycle 🤢
Who do you think? If you have agreed to a value, then that would be it, if not, it is determined by the current value of the vehicle "by the insurer"… who else would have a say?
I think OP does have a point though. If I bought comprehensive agreed value and I was at-fault, then I get the agreed value. Though if I'm not at fault, I have every reason to chase the at-fault party for full cost of replacement. If anything, your insurance company will be chasing the at-fault party's insurance company for full market value anyway, would this not mean your insurance company actually comes out ahead?
What does your insurance PDS say?
Send a letter of demand to the at fault party.
Define the value you are willing to accept to to settle the matter to get you back to where you originally were, that includes replacement of a like for like bike and also towing inspection costs etc.
The at fault party will decide if they want to pay you outright or get their insurance involved.
They might try to negotiate and that's normal too.
You claim through your insurance, you get agreed value. You claim through their insurance, you fight for market value.