Insurance

chris · Post by **chris** » Thu May 09, 2013 8:53 am

Everyone loves insurance right?

I received a message from HarlanSmart last night in regards to a couple of insurance queries.

Post any questions you have here and I will see what I can do to answer them.

A few quick tips when it comes to insuring your vehicle.

ARV - Agreed Replacement Value, very few insurance companies still offer this. It is extremely good for those of us with modified cars as if you insure your vehicle at ARV for 12,000 and it is really worth 5k if the insurance company have agreed to ARV, then you will be getting 12,000 for your stolen, or written off vehicle.

Market Value - This is what probably 99% of people have in terms of cover. How can you judge market value with modified vehicles? You can't. Basically market value says you can insure your car for just about any sum. I will use the same example as posted above. Your car is insured for 12,000 you write it off. Well, the insurance company will do some research, dealer ships and Trademe seem to be the best two to use. And find out that in actual fact your car is really only worth 5,000. Therefore, you will be getting a pay out of 5,000.

Just some food for thought..

WideOpenThrottle · Post by **WideOpenThrottle** » Thu May 09, 2013 10:50 am

Got an agreed value for mine..best way.

chris · Post by **chris** » Thu May 09, 2013 10:52 am

WideOpenThrottle wrote:Got an agreed value for mine..best way.

Awesome! Who are you through?

WideOpenThrottle · Post by **WideOpenThrottle** » Thu May 09, 2013 10:54 am

Towes insurance-Te Aroha

Kieran · Post by **Kieran** » Thu May 09, 2013 10:54 am

I've got an ARV through my broker best way to go for sure

Skilfil · Post by **Skilfil** » Thu May 09, 2013 11:39 am

I had to have a laugh using Towers online quote system. Automatically said my car was too modified.

Aftermarket exhaust, springs, rollbar, stereo, different wheels. But the only thing I would place value on is the exhaust and the rollbar?

chris · Post by **chris** » Thu May 09, 2013 11:48 am

Skilfil wrote:I had to have a laugh using Towers online quote system. Automatically said my car was too modified.

Aftermarket exhaust, springs, rollbar, stereo, different wheels. But the only thing I would place value on is the exhaust and the rollbar?

When put together they all increase the value of the car. In insurance companies eyes, anything modified, including the stereo/headunit needs a higher premium.

Pricks right?

No, not really. Here is the reasoning. Basically in a thieves eyes aftermarket headunits are valuable, therefore more reason to break in. A roll bar is seen as being racing equipment (they must race the car rah rah rah) Springs are often viewed as either racin equipment or boy racers. Slammed. Wheels instantly add a higher premium due to the nature of people stealing wheels.

MrGrey · Post by **MrGrey** » Thu May 09, 2013 12:26 pm

I am extremely skeptical of insurance companies. They will use any excuse to get out of paying and this has been made even worse by the money they lost in Christchurch.

chris · Post by **chris** » Thu May 09, 2013 1:10 pm

MrGrey wrote:I am extremely skeptical of insurance companies. They will use any excuse to get out of paying and this has been made even worse by the money they lost in Christchurch.

Yes, sadly Christchurch is a great example of this.

My advice to anyone sceptical about motor insurance is DISCLOSE EVERYTHING. All of your mods. Any of the drivers, and any convictions.

As long as you are sober you will have a 99.9999% chance of having your claim accepted.

Skilfil · Post by **Skilfil** » Thu May 09, 2013 4:13 pm

chris wrote:Pricks right?

No I understand the reasoning, just I don't place value on those things my car has. I'd be happy with insuring it for a normal MX5 price. I only got the car for $3k anyway.

When I turbo it, thats another matter altogether.

Mr. Shine · Post by **Mr. Shine** » Thu May 09, 2013 4:29 pm

I'm with State and according to my policy, in the case of a successful claim would get paid out the sum insured, provided the car is in a good and well-maintained (in their opinion) condition.

I intend to keep it well-maintained and in good condition, and get annual valuations so that their opinion can get fucked, or to at least have a valid basis for challenge if necessary

SLYDIT · Post by **SLYDIT** » Thu May 09, 2013 5:42 pm

my "agreed" value keeps dropping every year...how do you get valuations? how much does it cost??

Mr. Shine · Post by **Mr. Shine** » Thu May 09, 2013 8:38 pm

Let me Google that for you.

SLYDIT · Post by **SLYDIT** » Thu May 09, 2013 8:58 pm

no seriously, some places charge for them, some places arent recognised by insurance companies etc.

chris · Post by **chris** » Thu May 09, 2013 10:09 pm

SLYDIT wrote:no seriously, some places charge for them, some places arent recognised by insurance companies etc.

Bingo.

Best way is to call your insurer and ask them

Snapfrozen · Post by **Snapfrozen** » Thu May 09, 2013 10:46 pm

Wrote this on nzhondas for the community. Have had a lot of good feedback about it.

http://nzhondas.com/general-discussion/ ... -read.html

Mr. Shine · Post by **Mr. Shine** » Fri May 10, 2013 9:18 am

SLYDIT wrote:no seriously, some places charge for them, some places arent recognised by insurance companies etc.

Did you realise my post was a link?

Seriously, a quick Google would have found you some places that do valuations, yes for a price, and if you have questions about whether or not your insurance company will recognise the valuation... it's blatantly obvious you should ask your insurance company.

Above link on NZ Hondas is very good, though.

chris · Post by **chris** » Mon Jun 17, 2013 11:44 am

Just a quick bump to remind everyone to keep their insurance updated

warrior · Post by **warrior** » Mon Jun 17, 2013 3:47 pm

What a fine young man you are + 1 for you

Mr. Shine · Post by **Mr. Shine** » Mon Jun 17, 2013 4:09 pm

An interesting question, perhaps. Being with State, from what I have read in my policy the value insured is what is paid out, unless the car is in poor condition. Given that the value insured, when applying for insurance with State, seems to be the amount paid for it, does that mean that if kept in good condition and assuming an honest insurance value, I should get paid out effectively an agreed value (on the basis I agreed that I paid the price given to State)?

chris · Post by **chris** » Mon Jun 17, 2013 4:22 pm

Very difficult question to answer.

If it does in fact say the value that is insured (sums insured) WILL be paid out if the car is deemed to be in good condition, I assume that legally you are entitled to be paid out the sums insured.

Best bet would be email them, ask them about an agreed value, or market value. Pick their brains!

chris · Post by **chris** » Wed Jun 19, 2013 9:02 am

Lol, here I am reminding everyone to keep thei insurance updated.. I forgot to pay mine! Came home yesterday to a letter saying my insurance has been cancelled!

Kieran · Post by **Kieran** » Wed Jun 19, 2013 10:27 am

El Cheapo Chris strikes again!

sprsta · Post by **sprsta** » Wed Jun 19, 2013 10:37 am

i just got my renewal with state for my sp20.
which, last year was insured for $9500.
the new value they have for it this year is $4250
how the hell do they get that? you couldn't even buy an sp20 for less than $7500 that hasn't done 250000kms

i rang them and the highest they could go was $7500

cant wait till my brokers back next week

chris · Post by **chris** » Wed Jun 19, 2013 10:49 am

That is shit. On the brightside, if they lowered it themselves, you will be paying a lower premium. And they will still have to pay you MARKET VALUE.

The point of insurance is to leave you in the same place you would be before the accident.

So you write off your car, you get another car that is of similar quality, ks, power, etc.

Definitely call the broker and clarify that you would prefer the sums insured to be of a decent/realistic amount.

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