gee i though agreed value was bases on market value of the car.
Either way i think Full comp is a rip off, majority of the time a little prang is not worth putting a claim through as you can buy second hand parts quite cheap.
Think over 5 years for example, at 2k premium thats 10k you could of saved, from that in the event that somethign happnens that 10k goes to repairs?
Then you need to worry about all your mods and if they will casue an exlusion, Then when you disclose them they bump up the quotes.
Dont get my wrong ive always gotten full comp, And as a pl plater in a skyline its not cheap.
Though now ive kind of been swayed to Fire and theft only.
End of the day insurance is a company and they want to make money.
Say you ahve full comp.....someone smahses your car and leaves.....Your stuck paying the excess are you not? who is your insurance company going to chase?
Half the time the repairs are worth more then the agreed value of the car therefore its a write off.
2 exapmles.
Mate bought a daily mirage for 8k, 2 months later gets hit by a truck on the way to work, Company says its a wirte off and he gets 5k market value for the car.
He was not at fault, Yet he looses out by 2k, Plus the money he pays in insurance,
2nd,
Mate runs up the gutter in his bimer, LOL i know..... Puts it thorugh for a claim....Takes it to repair quote and mechanic states They can only use new BMW parts.
front bumber and new wheel required with a few other little things, Bam it more then the agreed market value to wrtie off aswell.