How can they write it off ? - Page 4

pauljh74 · 20-01-2009, 11:40 PM

If you keep your car in better than average nick and are comprehensively insured, then get agreed value - can't get any surprises with the payout in the event it is written off.

Valid8 · 21-01-2009, 05:37 AM

Have to agree about the agreed value option. I thought it would be heaps more expensive to go agreed , but with the Futura wagon I just aquired, the market value was only $8100 -$9600 with a premium of $398. Going agreed with a $12999 value was only $52 more, easy choice.

mrbaxr6t · 22-01-2009, 09:04 AM

Quote:

Originally Posted by pauljh74

If you keep your car in better than average nick and are comprehensively insured, then get agreed value - can't get any surprises with the payout in the event it is written off.

Yes you can get surprises if you don't update the value.

It shrinks faster than market value - example had agreed value on my car of 18k, one year later agreed value was 9k new cars depreciate that fast, not one 5 year old, at the time I still owed about 16k on it, had it got wrote off I would have been left holding the debt. So when I found out I wanted to change it up to 16k, got MAJOR resistance from insurance co. I had to keep telling them "its worth 16k because that is what I owe on it" - this reasoning at first took them quite some time to wrap their heads around and they spewed market value figures at me and just in general were a pain in the ****. I cannot stress strongly enough if you go agreed update the value at least every 12 months.

Rodp · 22-01-2009, 12:05 PM

Quote:

Originally Posted by mrbaxr6t

So when I found out I wanted to change it up to 16k, got MAJOR resistance from insurance co. I had to keep telling them "its worth 16k because that is what I owe on it" - this reasoning at first took them quite some time to wrap their heads around and they spewed market value figures at me and just in general were a pain in the ****. I cannot stress strongly enough if you go agreed update the value at least every 12 months.

They've got a point though.

What you owe on the car is not the insurance companies concern and certainly isn't a measure of what the car is worth.

I'd expect a large premium hike to cover double the market value.

mrbaxr6t · 22-01-2009, 01:05 PM

Quote:

Originally Posted by Rodp

They've got a point though.

What you owe on the car is not the insurance companies concern and certainly isn't a measure of what the car is worth.

I'd expect a large premium hike to cover double the market value.

mate I wrote off a car and copped the repayments with no car the cost to me was devastating, I work nights so a car is a necessity and I couldn't get a loan for a car as good as the one I had because I owed money on that one, took me years to sort it out, the car is worth what I owe on it because if I get less I get hosed and end up with no car, no income and repayments.

Sorry but I have experienced this, and its crap, this is WHY the car is insured for what I owe on it. This is a savage catch 22 anybody that has been there knows this. And fwiw the fact that if I lose the car the loan will be null and I am able to go start afresh with another car and another loan thus minimizing the hardship (and loss of income) experienced. Car insurance for me is not JUST to replace the car, the car is the backbone of getting to and from work to allow me to continue to support myself and my family.

My concience is clear I have warned others.

Rodp · 22-01-2009, 11:02 PM

Quote:

Originally Posted by mrbaxr6t

mate I wrote off a car and copped the repayments with no car the cost to me was devastating, I work nights so a car is a necessity and I couldn't get a loan for a car as good as the one I had because I owed money on that one, took me years to sort it out, the car is worth what I owe on it because if I get less I get hosed and end up with no car, no income and repayments.

Sorry but I have experienced this, and its crap, this is WHY the car is insured for what I owe on it. This is a savage catch 22 anybody that has been there knows this. And fwiw the fact that if I lose the car the loan will be null and I am able to go start afresh with another car and another loan thus minimizing the hardship (and loss of income) experienced. Car insurance for me is not JUST to replace the car, the car is the backbone of getting to and from work to allow me to continue to support myself and my family.

My concience is clear I have warned others.

This is your problem, not the insurance companies, though.

Depreciation is a part of owning a car and if your car depreciates faster than your repayments, it's unreasonable to expect an insurance company to up the agreed value (at least without an increase in your premium and not everyone elses).

Arguing over the phone that the market value of your car isn't good enough because you owe double on the car really isn't the responsibility of your insurance company. You own a BA, based on history you should have known that the value of your car was going to decrease rapidly (I did) so if you didn't calculate your finances to take that into account then why is it your insurers responsibility (particularly since you've already experienced it once before)...?

Sounds like you should have taken out gap insurance. This is what covers the difference in what you owe and what the market value of your car is - not your comprehensive insurer.

Iggypoppin' · 22-01-2009, 11:16 PM

ltd on 20's: guild insurance agency. I'll be mailing a letter to them in a few days with what you said in it so hope all goes well!

ltd_on20s · 22-01-2009, 11:27 PM

Quote:

Originally Posted by SLWXR6

ltd on 20's: guild insurance agency. I'll be mailing a letter to them in a few days with what you said in it so hope all goes well!

guild...pretty sure they are a brokerage and are underwritten by someone else. most probs CGU or suncorp. i could be wrong tho. id advise you give them 7 days to ake a decision otherwise you'll engage a solicitor and go them for sol fees as well.

2 years is a joke. if your are sure she went thru a give way on a giveway sign and it was a cross intersection, its ore then likely apportioned 85/15 blame. eg she is 85% at fault. these are guides handed down by court verdicts, howevere you could possibly argue full 100% seeing it took them so long.

Iggypoppin' · 23-01-2009, 02:18 PM

she ran a stop sign actually. And everyone crowded around tried to say it was my fault. Doesn't matter I'll contact them tonight about it

ltd_on20s · 23-01-2009, 03:27 PM

Quote:

Originally Posted by SLWXR6

she ran a stop sign actually. And everyone crowded around tried to say it was my fault. Doesn't matter I'll contact them tonight about it

even if you were doing donuts, 200kp/h, snakeys whatever, those are police matters. you could have been doing 100kph she is still liable for the damage to your car under the rules.

let me know how you go.

Iggypoppin' · 23-01-2009, 05:21 PM

definetly mate no worries. ill tell you what, if i do get some money(even the, "here you go now leave us alone" money) then ill only spend it on the car