Insurance And Vic Rd

[pookieboi]

like if my agreed value for the insurance is higher than purchase price in vic rd. if the car gets written off.. do the insurance chase up vic rd to find out how much the car was ?

[r34_skyline]

probably, thats why u add in the TOTAL cost of the whole car including stuff etc.

[BL01]

No they won't do that. The AGREED VALUE is the value you have already agreed with the insurance company when u signed up for the policy. It doesn't matter what the price of the car you bought it for, as long as it is around the same range as the agreed value, you should be fine.

A friend of mine wrote off his S15 a while ago. He put an agreed value of $32,000 with JustCar, the price of the S15 was only about $29,000. He got back $32,000 minus the premium of his policy.

[r34_skyline]

No they won't do that. The AGREED VALUE is the value you have already agreed with the insurance company when u signed up for the policy. It doesn't matter what the price of the car you bought it for, as long as it is around the same range as the agreed value, you should be fine.

A friend of mine wrote off his S15 a while ago. He put an agreed value of $32,000 with JustCar, the price of the S15 was only about $29,000. He got back $32,000 minus the premium of his policy.

<{POST_SNAPBACK}>

u do know they might ask ya to prove ownership of vehicle. so if u lied about the total price, i think they can deny. but i dunno.

[xRHETTx]

How do they know/care if you got a good deal when you bought ur car?

The agreed value on ur insurance is a value that ur insurance company and you are happy to insure the car for, it doesnt matter what price you actually bought it for. The higher you push the agreed value, the higher your premiums are.

On the other hand, if you lie to Vicroads in order to pay less stamp duty, and get busted, you will be in trouble...

[r34_skyline]

How do they know/care if you got a good deal when you bought ur car?

The agreed value on ur insurance is a value that ur insurance company and you are happy to insure the car for, it doesnt matter what price you actually bought it for.  The higher you push the agreed value, the higher your premiums are.

On the other hand, if you lie to Vicroads in order to pay less stamp duty, and get busted, you will be in trouble...

<{POST_SNAPBACK}>

well the same could be said about licence suspension etc. if u tell them no, why would they care etc ? why do some insurance company deny claims based on something soo irrelavent to the accident ?

im not having a go at ya or anything.

Edited November 3, 2005 by r34_skyline

[xRHETTx]

Thats cool, Im just saying that there are 2 options with insurance - agreed or market value.

Agreed value is just what you and the insurance co. has agreed is an acceptable value.

Market value is whatever they reckon the market value is for you car.

Neither of them depend on how much you paid for them, and you will never be asked to prove how much it is worth.

[saff_cossie]

What if your car has been modifed since purchase. That will give a higher value than is stated on the purchase document.

I guess it is also a good reason not to either put an obsurd price for value with insurance nor for stamp duty at purchase unless you can substantiate it or are willing to wear it.

Very good point though

[dezz]

insurance has nothing to do with the price listed for stamp duty etc.

what if you bought your parents car for ridiculously cheap....insurance cant say thats all its worth if its worth 5 times more!

if you have a high agreed value, you're going to be paying more premium to get that agreed value anyway...so its not like you're cheating them.

ive been told i can list the cost price of my car in japan rather than what its worth once i get it here on the road etc, which after compliance and all the other stuff works out to be close to double!

[Mr. Oizo]

If you told them you bought it for $5000, but you actually bought it for $15000. you can go to jail for fraud

fixed..

Edited November 4, 2005 by darK

[dezz]

yeah, but $12000 is a little more realistic.

[R31Nismoid]

if you tell vic roads you bought your car for $5000 and its worth $15000, you can go to jail for fraud

Not if that is what you actually paid for the car.

On the VIC Roads form is says the dutible value (or whatever it is)

Thats what the car could resonable be sold for.

If you get a bargain cause someone doesnt know what they are selling (as with my car as an example) then good luck to the buyer, its thier win.

Hardly fraudlent activites

u do know they might ask ya to prove ownership of vehicle. so if u lied about the total price, i think they can deny. but i dunno.

Now going on from this, whos to say that you have not spend a considerable amount of money on the car to increase its value ?

They wont deny a payout.

At the end of the day, Agreed Value is just that, Agreed Value.

Thats the amount that you and your insurer have agreed the car is worth in thier eyes should something happen to it

It has nothing to do with VicRoads in any way.

[Mr. Oizo]

Ah yeah, my bad.

If you told them you bought it for $5000, but you actually bought it for $15000.

[slow_r31]

The Whole PURPOSE of AGREED value is exactly that as Ash has stated. If you only have market value insurance on your car then the sale price could be used inidicative of the car condition. But if u have agreed value, thats it, simple, doesn't matter if u paid a dollar for the car.