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"Better than nothing" means compromise. Right and wrong can't be compromised on - either its right to do something, or its not. The former is a "real world" view of things and far more practical, I'll agree, but unfortunately if you're talking about something as absolute as "the right thing" its not the same.

You should take care when talking about "right" and "wrong", rather than what's "practical" and "unreasonable".

The situation right before a claim is that you had a car with a certain mileage and a certain amount of wear and tear. He's not insuring $7500 in cash, he's insuring a vehicle that would cost $x to replace around the time of the claim, regardless of how much he paid for it. "Returning him to the same situation", on principle, means getting him a near-identical car regardless of the cost, not giving him money.

So if all of a sudden the market price of a car like his jumped to $15,000 should the insurance company pay out $15,000 even though the make and model's market value was only $12,000 when he bought it and he only handed over $7500 to get his specific car? From what you've said, this sounds like the "right" thing to do.

Or, from another perspective, why can I only insure the car I paid $60,000 for in 2003 for $50,000 with my mods now? If he can't insure his $7500 car for $12,000 because that's not what he paid for it, why can't I keep insuring my car for what I originally paid for it?

Perhaps is your idea of "right" depends on whether the insurance company gets shafted, or the customer.

Winning a car is a perfect comparison, because its extreme examples that more clearly prove a principle when people are failing to understand. Fact of the matter is, you originally implied that its only "right" to insure a vehicle for what you paid for it. What happens when you pay nothing?

Well said. Put it simply, you insure a car based on the agreed value or the market value NOT what you paid for it! End of Story!

What if he bought the car for $7500 then spend another $5k to repair some mechanical or body damage, he will be out of pocket if it was a right-off and they paid him $7500.

The reason insurers will only insure for the purchase price is so people don't buy a bomb worth $5 k, insure it for $20 k then they have the car stolen , burnt whatever ...

So they will ask , how much you paid for it then they have price range on their books for that car/model , if its under the range they want to look at the car so they can see its in good nick . If its over the range they may say to you we can only insure it for the purchase price . If you tell them its in mint condition and very low k's for that model then they may cover you but will usualy want to inspect it .

All the above is from the big mainstream companies and for Australian delivered cars, most of these companies will not insure used imports ..

Whilst I was with JC I consistently got them to increase their agreed value cover, on the basis that I felt the car excellent condition and the money I'd outlaid on the car exceeded the depreciation. They asked for receipts to substantiate this, and when I sent it were happy to sign off on that value.

Well I have two real life examples.

My dad paid $25k for a Magna, when he rang up to get it insured they said they'd insure it for $29k. He was quite satisfied with that.

My mum is less knowledgeable about cars and got ripped off buying an old Tarago for $12k, and managed to get it insured for this amount. One year later while she had it one the market and was struggling to sell it for $7.5k, it got stolen and written off, and she got the $12k paid out.

So both my parents found insurance that suited them and I'm sure you can too.

Bottom line, find and insurance company to suit YOUR NEEDS. I thought the guy said Just Cars will only do $7500. If your not happy with that, find someone to do $12K.

How would you go about getting insurance on a highly modified R32 GTR you have just paid $80K for but has a market value of probably $25K? You find an insurance company who will cover it for $80K. You would be wanting to cover for your purchase price then.

Find an insurer to suit your needs.

thanks guys, thats what i am doing, im not settling for 7500, the car is in excellent condition, only done 120 804 km, who cares what i bought it for, it should be agreed value, ill keep looking, thanks guys.

How would you go about getting insurance on a highly modified R32 GTR you have just paid $80K for but has a market value of probably $25K? You find an insurance company who will cover it for $80

Some of the more general insurers maybe won't, be an insurance broker will insure anything for any price.. just like sports stars insuring their fingers for injury, or singers insuring their voices.

All silly things, but you can insure anything if they agree on a premium for what they think will make them a profit vs risk.

is kylie's butt insured? :laugh:

thing is when cars over insured....when the client wants to sell it, depending on market conditions it could be sold for half.....oh look, insuance job coming up

i bought my car for 18k but its insured for 23k (market value).

i told them i bought it for 18 but they said market value is fine. so i aint complaining :laugh:

although i did have a dodged stamp duty receipt for about 6k lol

through famous insruance.

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