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Location:
Brisbane, QLD
Registered:
February 2003
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 Insurance and apparent market values
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Sat, 15 March 2003 04:52
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As i'm finally buying my mk2 Supra tomorrow i decided i better finally get some insurance ready for the old bird.
Anyways ringing around i find out 2 interesting things.
1) i have a 30% no claim bonus...not bad for an 18 year old(well i think its good  )
2) Market value for a 1984 Toyota Supra is $8500!! According to the glasses guide or somthing like that...i think somthings amiss here.
Anyways looks like its gonna cost me about $750-$1000 a year to insure.
At the least i want third party fire and theft(best quote i got was about $750). BUT for an extra $8 a month(and another company that will give me full comp but not third party fire and theft) i could get full comprehensive...so i dunno.
What do you guys think?
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Location:
Sydney
Registered:
May 2002
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Re: Insurance and apparent market values
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Sat, 15 March 2003 04:55
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mate if full comp is affordable get it..
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Location:
Sydney
Registered:
May 2002
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Re: Insurance and apparent market values
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Sat, 15 March 2003 04:58
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mind u.....itll be insured for that market value.....so if you're not happy with the market value.....neg it
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Location:
Brisbane, QLD
Registered:
February 2003
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Re: Insurance and apparent market values
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Sat, 15 March 2003 05:07
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Well its only just over $80 a month and thats not expensive...i guess i'll go with the full comprehensive so if i prang it i'll be covered...why isnt insurance free?
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Location:
Colac, Victoria
Registered:
May 2002
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Re: Insurance and apparent market values
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Sun, 16 March 2003 12:22
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If you can get comprehensive - definantly take it
you never know - being 18 that you may miscalculate your cars abilitys and plaw into a bank or something ..
At least with compro your bums covered if your at fault and can need to repair your car .
for 750 - 1000 - thats hella cheap for a kid your age ..
Im coming on 25 and will be looking at 1300 + a year for the Gt4
re market value - its pretty spot on - youll pay that for an immaculate Mk2 ..
My dad paid 9k for his stock one 2 yeras ago and it was spotless
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Location:
Brisbane
Registered:
November 2002
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Re: Insurance and apparent market values
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Sun, 16 March 2003 22:14
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"itll be insured for that market value.....so if you're not happy with the market value.....neg it"
That's not antirely possible. It does depend on the company, but generally 'market value' is a bit of a fallacy. Basically most insurance companies work from one of two guides to set their pricing - Red Book or Glass's Guide. The figures in these books are derived from actual sale prices of actual cars Australia-wide. These are for registered and roadworthy cars sold by licensed motor dealers. There are different categories in each (eg. 1 star, 2 star and 3 star) that reflect the condition of the car (ie. poor thru perfect).
Now, the company will quote you a 'market value' but that will be an approximate figure based on that book value - and also dependant on the rating guide they base it off (eg. do they work off the 3 star price or the 1 star price?). At the time of claims, in most cases you will find that the company will have someone assess the car and give you a figure entirely different the the 'market value' you were quoted when you started the policy.
It works both ways - if they come out and look at your bucket o' bolts Mk2 with 450,000kms on it, they will pay you stuff all. However, if they come out and look at your car and think "what a shame, this is the nicest one I've ever seen!" then you will get a figure HIGHER than the quoted market value. Market value is just an arbitrary figure, and this is normally depicted in your policy wording (you DO read your policy wordings, don't you people?).
Also be careful with how they word your documentation - I once had a policy which said "$6500" and a bit further down it stated "or market value, whichever is lower". This means that they limit your payment to a maximum of $6500 but if the vehicle when inspected turns out to be worth $2000 then you'll get the smaller figure and the $6500 on your paperwork means nothing.
You will find that generally market values are NOT negotiable because they have already taken into account in their pricing for the fact that your car could be worth x% higher or lower than the 'market value' they have quoted you on.
Agreed value is a different story entirely and that is generally a fixed figure which you can negotiate. But again some companies won't let you do that - they have a figure and that's what they quote off.
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Location:
Goulburn
Registered:
May 2002
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Re: Insurance and apparent market values
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Sun, 16 March 2003 22:29
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take the full comp if you can afford it! If you don't think you can, try to anyway, mine costs me heaps, but at least if anything is to happen, i am covered.
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Location:
Adelaide
Registered:
August 2002
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Re: Insurance and apparent market values
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Mon, 17 March 2003 11:30
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So you can get full compo for about $1000? That is really cheap for your age and car. Full compo with my car would be $1200 (I'm 18 with an 85 RA65). Do you mind if I ask what company had that deal?
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Location:
Brisbane, QLD
Registered:
February 2003
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Re: Insurance and apparent market values
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Mon, 17 March 2003 15:03
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The full comp quote was with RAC(RACQ in queensland and RACV in victoria i think they call it)
I've gone with the third party fire and theft(with SGIO) untill i find out if i got this new job...if i do i'll switch it to full comprehensive.
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Location:
Brisbane
Registered:
November 2002
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Re: Insurance and apparent market values
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Mon, 17 March 2003 21:52
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Careful, some companies won't let you upgrade from TP to Comp as there are a lot of fraudulent claims in that kind of situation.
eg. Joe Bloggs insured his car TP, stacked it 3 months later, then rang up and upgraded to Comp... and made a claim on his own damage.
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