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7M-Brisbane
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Location:
Brisbane
Registered:
November 2002
Re: Insurance company rip off!!!! (Read me!) Sat, 03 January 2004 01:47 Go to previous messageGo to previous message
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PS 7M... my insurer DID change the contract without informing be like 6 months ago... I just found out the other day... they say that they could do it because it was listed as "Market Value" which when I insured the car was high 17K according to the rep and it is now $12500 so they say to me that they are doing me a favour.... Thanks heaps insurance company!


You seem to have a little trouble understanding the difference between agreed and market value.

Agreed value is a set figure that they print on your paperwork that they guarantee will not change for a period of 12 months.

Market value means that you will be paid what your car is worth on the open market at the time of your claim. This generally means that your car will be assessed before a payout is made and that, at the time, they will take into consideration and accessories you have and the general condition of the car.

You will find that many companies don't like to quote a figure for 'market value' - because of people like you who JUST DON'T UNDERSTAND how it works. If they give you a price on market value it's an indication of what an average car is likely to be worth at the current moment. It doesn't mean that this figure is what you will get for your car when you crash it in a week, 6 months, or 4 years time. You car may has half as many kms as average, or it may have twice as many. It may be fully optioned or a povvo pack. It may be a shitter with a worn interior and stuff.. or it may be a grandma car. all is taken into consideration with Market Value.

Also, the indicative Market Value figure you would be quoted over the phone HAS NOTHING TO DO WITH YOUR INSURANCE COMPANY WHATSOEVER. They do not decide the figure. They go off a guide like Red Book or Glass' Guide which specialises in valuing cars and accruing data on motor vehicle sales.
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SubjectPosterDate
Read Message   Insurance company rip off!!!! (Read me!) ToobsWed, 31 December 2003 04:02
Read Message   Re: Insurance company rip off!!!! (Read me!) rollinWed, 31 December 2003 05:08
Read Message   Re: Insurance company rip off!!!! (Read me!) binnyWed, 31 December 2003 05:19
Read Message   Re: Insurance company rip off!!!! (Read me!) LucidWed, 31 December 2003 05:26
Read Message   Re: Insurance company rip off!!!! (Read me!) ToobsWed, 31 December 2003 05:59
Read Message   Re: Insurance company rip off!!!! (Read me!) 7M-BrisbaneThu, 01 January 2004 08:24
Read Message   Re: Insurance company rip off!!!! (Read me!) Classique71Thu, 01 January 2004 08:45
Read Message   Re: Insurance company rip off!!!! (Read me!) 7M-BrisbaneThu, 01 January 2004 08:41
Read Message   Re: Insurance company rip off!!!! (Read me!) FlemThu, 01 January 2004 09:18
Read Message   Re: Insurance company rip off!!!! (Read me!) toofThu, 01 January 2004 23:53
Read Message   Re: Insurance company rip off!!!! (Read me!) ToobsFri, 02 January 2004 00:38
Read Message   Re: Insurance company rip off!!!! (Read me!)  7M-BrisbaneSat, 03 January 2004 01:47
Read Message   Re: Insurance company rip off!!!! (Read me!) langSat, 03 January 2004 04:34
Read Message   Re: Insurance company rip off!!!! (Read me!) _Why_Sat, 03 January 2004 05:17
Read Message   Re: Insurance company rip off!!!! (Read me!) 7M-BrisbaneSun, 04 January 2004 03:25
Read Message   Re: Insurance company rip off!!!! (Read me!) _Why_Sun, 04 January 2004 04:58
Read Message   Re: Insurance company rip off!!!! (Read me!) LambolicaSun, 04 January 2004 23:23
Read Message   Re: Insurance company rip off!!!! (Read me!) ToobsMon, 05 January 2004 01:09
Read Message   Re: Insurance company rip off!!!! (Read me!) SouthoTue, 06 January 2004 02:30
Read Message   Re: Insurance company rip off!!!! (Read me!) biased99Tue, 06 January 2004 11:56
Read Message   Re: Insurance company rip off!!!! (Read me!) ToobsWed, 07 January 2004 04:07
Read Message   Re: Insurance company rip off!!!! (Read me!) SouthoWed, 07 January 2004 09:20
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