Father in law just had his caravan written off by the insurance company after it was clipped by a road train.
He got offered $11k for it. Just bought the on-road, half the size version of the same van for $9k. 
Renewal for my Troopy just landed. The "agreed value" is $8200. They get this figure from Glasses which is relevant only to the base model without factory fitted AC, dual fuel tanks etc and takes no account of any accessories (cause I just paid the $16 to find out) The Glasses valuation has this handy disclaimer "The values provided by this service are NOT insurance settlement values, cash values or replacement prices and should not be presented as such"
The Redbook valuation came in at a more sensible $15800 for an Average example (even the Poor condition version is $9700!)
The insurer said that the $8200 is market value... The local Toyota dealer said "where is this magical fairy selling Troopys for $8200, cause I'll buy all that he's selling"
I'm pi$$ed because you would assume that you when you insure your stuff you would be able to replace it for something that is similar, not something that is half of what you had.
(And to top it off I now have the smug beyatch smiling at me in the advertising space at the top of the page!)
Can someone explain the differences in third party insurance. Personal injury and/or damage to other vehicle. Compulsory or not,thanks.
Select to expand quotepetermac33 said..
Can someone explain the differences in third party insurance. Personal injury and/or damage to other vehicle. Compulsory or not,thanks.
Its automatic with you're car licence and only covers personal injury from memory. Third party that you pay for covers the other vehicle and not yours.
My third party insurance was nearly 500 for 12 months on 3 litre 6 cylinder. That better cover me for damage to other vehicle. This bill was on same bill as licence.
Select to expand quotepetermac33 said..
My third party insurance was nearly 500 for 12 months on 3 litre 6 cylinder. That better cover me for damage to other vehicle. This bill was on same bill as licence.
Yes pweet it will. Not third party on licence, but you're own third party from an insurance company. Do you have third party insurance? If yes then yes, if no then no.
Now Im confused 
Select to expand quotepetermac33 said..
My third party insurance was nearly 500 for 12 months on 3 litre 6 cylinder. That better cover me for damage to other vehicle. This bill was on same bill as licence.
It doesn't.
You need 3rd party from an insurance company (not the license joint) to cover another vehicles damage caused by you. As Doggie said what you pay for with the license is to cover injury.
I'd recommend it pretty highly considering the value of some of the cars on the road! Would suck to crash into one and be paying for it for several years...
Edit: That is only if your third party is one from your rego renewal... AHhh confusing. 
I'm confused too. Parents pay the bill so not sure but will find out just in case i make a mistake.
Rod, shop around, "agreed value" normally means what you and insurance company agree its worth and that will be the payout figure for total loss, alternatively "market value" is based on red book/glass etc
I've just been through a "new for old" claim on house insurance, the first offer was a half baked amount of $150, i objected and referred to the "new for old" clause in my policy and they paid up $2100 !
Never accept their first off the cuff offer on anything, they need your money.
Petermac, car rego includes third party person injury, however car insurance "third party" covers third party property damage ie hit another vehicle, house object etc, insurance "third party/fire/theft" cover should only be a couple of hundred on an older vehicle, I only pay $450 for comprehensive insurance on a near new car.
Cheers
Nope! That is 3rd party personal injury insurance and is compulsory in most states. (CTP). Covers injury, death disability, etc to anyone, person or people you have injured as a result of you being deemed at fault in an accident.
Third party property is another thing you have to pay for and covers damage to the other guys car or bike. ( or fence :))
You will always come out better with an insurance broker.
Well, a good one anyway....
(Disclaimer - I'm a broker)
As already said, the third party insurance which is included on your vehicle license is for people damage only.
It will not pay even one cent if you total someones mecedes AND if it is your fault.
If it's their fault then you still wont pay a cent and you can sue them for the damage to your car.
Also, $500 is way too much third party insurance to be included on your car license.
It should be around $250 for the year.
Third party property damage insurance is always paid for separately from a commecial insurer and should only be about 130 to 150 dollars for 12 months, unless you have a really bad record.
I think I pay around $133 per vehicle from SGIO on third party only insurance, but I get a small discount for multiple policies.
Select to expand quoteMackerel said..
You will always come out better with an insurance broker.
Well, a good one anyway....(Disclaimer - I'm a broker)
Sorry,.. but I have to disagree with that.
From long personal experience, you do get a better deal for a year or three, but then you pay more.
After getting insurance bills via a broker which we had for years, I did a ring around and could get better prices just by ringing around as a random customer.
We ditched the broker and now just arrange our own.
So far so good because the insurance company knows that they are talking to the person who can immediately take their business elsewhere, rather than an insurance broker who will argue the case for the insurance company.
Select to expand quotepweedas said..Mackerel said..
You will always come out better with an insurance broker.
Well, a good one anyway....(Disclaimer - I'm a broker)
Sorry,.. but I have to disagree with that.
From long personal experience, you do get a better deal for a year or three, but then you pay more.
After getting insurance bills via a broker which we had for years, I did a ring around and could get better prices just by ringing around as a random customer.
We ditched the broker and now just arrange our own.
So far so good because the insurance company knows that they are talking to the person who can immediately take their business elsewhere, rather than an insurance broker who will argue the case for the insurance company.
I agree with Mackrel. The wifey is a broker as well and saves us a packet. The brokers role is to have a close relationship with several insurers to get the best deal for the client and have a good base for the unusual covers. If she can't do better for a client then she will tell them to stay with their current one.
I dont get how they can get a cheaper price though than what we can if we look around? Or do they get cheaper deals straight off the bat being a broker?
Because they deal with them on a regular basis, they tend to get a discount for using them.
Select to expand quotesaltiest1 said..
shop around.
I do... just annoyed that they dropped the agreed value over the years that doesnt reflect the reality of the replacement cost.
ie 2 valuations for the same car and 200% difference??
Select to expand quoterod_bunny said..saltiest1 said..
shop around.
I do... just annoyed that they dropped the agreed value over the years that doesnt reflect the reality of the replacement cost.
ie 2 valuations for the same car and 200% difference??
thats why we set our value at an amount and change it yearly, only takes one phone call, its a pain but it covers our accessories
when i was 21 i had a new VZ SS 6.0L and i couldnt get comprehensive insurance on it, only third party which was 1000 a year, PLUS your access 2500, and an under 25 driver access 1500 all because i was a 21 y/o, Male... thankfully i dont have it anymore 
Pweedas, I didn't mention anything about price mate, just said that you will always come out of a claim better with a broker.
Think of them like a doctor - you can put a bandaid on a cut and everything will be fine but if you need a heart bypass you should not try and do it yourself but find the a great surgeon - the best you can afford.
Likewise with insurance, if your just getting some third party property damage cover for the old ute - get the cheapest. If you are buying a policy to protect your biggest assets in life, being your home or business, get a professional to find you the best damn policy you can afford.
My first car was an R33 skyline. Way back when seeing one on the road was quiet rare.
$4800 from Just Cars paid monthly as i was broke, young and stupid. Only 1 of those 3 have changed
Mackeral do you guys deal with health insurance or just toys, house etc?
MDS, wow $4800 annually is a pretty serious premium - but then a young bloke in a super high powered, expensive car is one hell of a risk for the insurer. Always remember that if an insurer is asking for an unreasonable amount of money to buy the risk off you - be concerned. Basically they are banking on something going badly wrong and they are playing on the amount of time before that happens.
No mate I don't personally do health insurance, only general being business ect. A qualified life advisor can help with that kind of thing as it's quite different to general.
A good thing to remember when buying insurance is 'what will happen when a disaster unfolds' ie Your home wiring starts fire and burns all your possessions and house to the ground or you rear end a brand new Bentley or your new $500k prime mover hits a bloody cow and you roll. That's when your insurance policy comes into effect - till then it's just an expensive bit of paper. (Speaking very broadly).
Rod_bunny - agreed value is just what it says, a sum insured 'agreed' between the insurer and client. If you don't agree - don't use them!
Again, a broker should be able to use dealers prices or at worst a valuation to obtain agreed value to that sum. I have never come across a vehicle that I couldn't place for the figure on a valuation.
Select to expand quotePitbull said..
Because they deal with them on a regular basis, they tend to get a discount for using them.
The broker doesn't offer this service for free though.
In the end, you are paying for the insurance policy plus a percentage for the broker.
And pardon me for stating the obvious, but if your wife is an insurance broker then I would expect she provides a very good service to you for no extra cost at all.
I don't think she would offer me the same service.
Or would she? 
Select to expand quoteMackerel said..
Pweedas, I didn't mention anything about price mate, just said that you will always come out of a claim better with a broker.
Think of them like a doctor - you can put a bandaid on a cut and everything will be fine but if you need a heart bypass you should not try and do it yourself but find the a great surgeon - the best you can afford.
Likewise with insurance, if your just getting some third party property damage cover for the old ute - get the cheapest. If you are buying a policy to protect your biggest assets in life, being your home or business, get a professional to find you the best damn policy you can afford.
Oh. Sorry. I was only speaking about the price of the policies.
I have no idea what the payout situation would be like if the business burnt down because so far it hasn't. And hopefully it wont.
Select to expand quoterod_bunny said..
(And to top it off I now have the smug beyatch smiling at me in the advertising space at the top of the page!)
How come I can't see him???
Select to expand quoterod_bunny said..
The "agreed value" is $8200.
Then by definition the value isn't "agreed" now is it? 
A number of companies offer real agreed value for basically whatever amount you want, which is what agreed value is supposed to be after all...
If you don't like the $ then take your business elsewhere.
Select to expand quotepweedas said..Pitbull said..
Because they deal with them on a regular basis, they tend to get a discount for using them.
The broker doesn't offer this service for free though.
In the end, you are paying for the insurance policy plus a percentage for the broker.
And pardon me for stating the obvious, but if your wife is an insurance broker then I would expect she provides a very good service to you for no extra cost at all.
I don't think she would offer me the same service.
Or would she?
Hi Pweedas
The service the broker provides is free to you. They are paid a commission by the insurer for finding you for them. In order to stay competitive in the market, they try to offer lower rates to be on their books. The service wifey gives to the family is the commission is removed thus lowering the premium further - a perk of being in the industry.
Select to expand quoteGalahOnTheBay said..rod_bunny said..
The "agreed value" is $8200.
Then by definition the value isn't "agreed" now is it?
A number of companies offer real agreed value for basically whatever amount you want, which is what agreed value is supposed to be after all...
If you don't like the $ then take your business elsewhere.
But they do look at it in a realist view. For example, if you were to insure a 1979 commodore for $50k, then they would want to send out an assessor to see the true value. Most would say that the maximum value would be $900.
but as we know price does not equal value
Select to expand quoterod_bunny said..
Father in law just had his caravan written off by the insurance company after it was clipped by a road train.
He got offered $11k for it. Just bought the on-road, half the size version of the same van for $9k.
Renewal for my Troopy just landed. The "agreed value" is $8200. They get this figure from Glasses which is relevant only to the base model without factory fitted AC, dual fuel tanks etc and takes no account of any accessories (cause I just paid the $16 to find out) The Glasses valuation has this handy disclaimer "The values provided by this service are NOT insurance settlement values, cash values or replacement prices and should not be presented as such"
The Redbook valuation came in at a more sensible $15800 for an Average example (even the Poor condition version is $9700!)
The insurer said that the $8200 is market value... The local Toyota dealer said "where is this magical fairy selling Troopys for $8200, cause I'll buy all that he's selling"
I'm pi$$ed because you would assume that you when you insure your stuff you would be able to replace it for something that is similar, not something that is half of what you had.
(And to top it off I now have the smug beyatch smiling at me in the advertising space at the top of the page!)
yes I've been burnt by not checking this. you can ring the insurer and ask to increase the agreed value. they will increase the premium though.
you have to balance it out as if it is too low they will right it off every time and you can't replace your vehicle without chipping in more money. if its too high they will fix it, but it may not be best to fix it.
JSelect to expand quotePoida said..rod_bunny said..
Father in law just had his caravan written off by the insurance company after it was clipped by a road train.
He got offered $11k for it. Just bought the on-road, half the size version of the same van for $9k.
Renewal for my Troopy just landed. The "agreed value" is $8200. They get this figure from Glasses which is relevant only to the base model without factory fitted AC, dual fuel tanks etc and takes no account of any accessories (cause I just paid the $16 to find out) The Glasses valuation has this handy disclaimer "The values provided by this service are NOT insurance settlement values, cash values or replacement prices and should not be presented as such"
The Redbook valuation came in at a more sensible $15800 for an Average example (even the Poor condition version is $9700!)
The insurer said that the $8200 is market value... The local Toyota dealer said "where is this magical fairy selling Troopys for $8200, cause I'll buy all that he's selling"
I'm pi$$ed because you would assume that you when you insure your stuff you would be able to replace it for something that is similar, not something that is half of what you had.
(And to top it off I now have the smug beyatch smiling at me in the advertising space at the top of the page!)
yes I've been burnt by not checking this. you can ring the insurer and ask to increase the agreed value. they will increase the premium though.
you have to balance it out as if it is too low they will right it off every time and you can't replace your vehicle without chipping in more money. if its too high they will fix it, but it may not be best to fix it.
Just been through a couple of insurance claims and had "cleverly" lowered the agreed value on my car to save money on the premiums. Then it was written of, they paid the agreed value after a few months but of course in hind sight the money I saved by lowering the agreed value wasnt worth it.
Replacement car I made sure the agreed value is what it actually cost me to purchase the car PLUS enough to cover the excess they will charge.
Regarding third party property, in a seperate accident we hit a parked Mercedes, no damage to speak of to my Toyota but boot and rear of Merc bent, $25,000 for that one but only had to pay the excess !
What really surprised me was when insuring the replacement car I expected I would be a higher risk/lose any no claim bonus but they said that as I wasnt the driver who claimed and it wasnt the same car it was just like any new person - no penalty even though we had just made two major claims in 1 week. So insurance companies arent always the greedy sods we think of.
I have heard you have to be careful of market value cover as its the value of your old used car not the nice shiny one you started out with. I feel agreed value at least lets you know what your going to get back.
Hopefully wont be making any more claims for a long time !
