My insurance is nearly due and I rang my insurer today to see about increasing my cover from market value to agreed value. One of the questions I was asked was whether my car had been regularly serviced by a licensed mechanic, with services recorded in the log book. I don't understand why that was important - can understand questions about the condition of the bodywork etc but insurance doesn't cover the engine etc… how is this relevant? I've been puzzling about it all day. Can anyone shed any light on this?
Puzzling Insurance Question - Agreed Value
miwahni on 26/06/2022 - 00:13
Comments
That makes sense, thanks.
Plus it proves the authenticity of the kms (to a certain degree) due to some cars dash clusters being rolled back to mask a car with lesser kms when for sale
We (I used to be a mechanic) used to do that in the 70's when the odo's were mechanical, but it is harder with then being electrical
When they ask me if it has been serviced regularly serviced by a licensed mechanic? I just say, yes I did :p@vinni9284: Yep, I know what a carby is; I even know how to overhaul one :p
I can even roadtest a car and diagnose a fault with it
I still have my tool box & keep it in the car behind my seat (old habit)
I come from an era when a mechanic had a way with his tool/s :p
I also come from an era when they had asbestos in the brake & clutch linings
I have some glass fibres in my left lungs. I have emphasema, propably due to too much smoking.
I was told last month that the bottom half of both of my lungs are full of green shit
My swearing would make a sailor blush: I still swear too f*#king much
Yep, I'm a real mechanic. The last of a dying breed@the Unforgiven: Old school are the best. My father comes from the same era and that's why I want to buy a V8. Although it can suck petrol like a pig and even get beaten by a newest, yuppiest 4 cylinder. When I turn the key and hear the sound of the engine …. enough said. Thanks for sharing and sorry about your lungs. Cheers
@vinni9284: I hope your father doesn't smoke, and the same goes for you. If youse do
https://icedrive.net/s/abitA7b81F2b6ZzFXbaf55gNufF5
I hope your old man has clear lungs tooThere is nothing like the sound of a V8. I used to have a V8 Sandman Panel Van in the 70's.
That is how I met my wife. She loved driving that thing to work at CSIRO.
But those V8's suck too much fuel for us pensioners to afford to fill her up
I now drive a 2005 Honda Civic (I should have got the next years model with the i-VTEC motor.
But I can't complain. I bought mine in 2015 with only 2 lady owners who kept the car serviced with log books. It has tinted windows. Power steering. Power windows. Power mirrors. Air-con. It was str8. only 5 grand. Ilike because it does ~ 8litres/100kms. It does 170kms/hour. It is low to the ground.
What I hate was the oil leak it had at the front of the motor. I did the timing belt, camshaft & crankshaft seal.
It is a manual & I got someone else to service it before I came to Tassie & they put in a C/O gearbox & while it was out I gave them an Exedy cluch kit plus new spring & pivot joint. It is the 1st FWD car I have had, but she does well in a bit of ice & snow.
But I do miss my panel van. Going for a cruise & stopping at a servo to fill up & not worry about the price of petrol. Things were different then. An entirely different time. I wish we could all go back to the 70's (b4 disco thou)
Be surprised how many people only service there car every 2-3 years and its always at the cheapest place near by (Automaster).
See a few year old Mazda 3 leaking oil, because a 18 year old forgot to tighten a bolt, owner is middle aged lady.
Which insurer?
RACQ
Maybe a regularly serviced car is less likely to have a mechanical fault (or bald tyres) that contribute to a crash.
Weird that it's racq, I was expecting it to be Youi. Racq was the only company who would insure my boat without a survey, and did it for agreed value, so surprised they are being that picky.
I was expecting it to be Youi.
Haha, the kings of "Puzzling Insurance Questions".
Perhaps in the current used car sales climate they've had a lot of customers going from market to agreed value. Just guessing here.
"Agreed value" is the value that the insurer agrees to, you can't just set your own value. Also, their value hasn't kept up with the market, it will rarely be anywhere near what it will cost you to replace the car nowdays.
Insurance renewal on my car stayed about the same price, agreed value increased without me even asking.
Agreed value gave me a range that I could choose from. I went for the value that matched the price of similar make / models for sale on Carsales. The alternative was market value, which is derived from the red book and hasn't kept up with the recent madness in second hand car prices. The difference was $12000 last time I looked (April). Well worth the extra premium.
My last renewal was last year, and the only thing the insurer agreed with was that their highest "agreed value" was nowhere near the replacement value for the car on carsales, due to increased second hand car prices.
Some people have successfully argued to increase the market value to match current prices. Market value isn’t always just what the insurance co says, it can be negotiated a bit.
A car with a full service history is worth more to most people than one without. Even more so if it's full dealer service history.
A car regularly serviced by a licensed mechanic is likely to be in better condition (and hence value) than one that isn't.