Agreed Value?

[PeanutButterWolf]

Hi guys, forgive me for sounding like a noob but I have a question about "agreed value" and insurance companies.

Let's say I have a $10,000 car with $10,000 worth of modifications. Is it possible for me to increase my agreed value to something a bit more realistic? (As apposed to the $11,000 that they're offering).

My insurer (AAMI) tells me that they can only amend a policy to a maximum of 130% of the Glasses Guide value. In my instance the Glasses Guide tells them the car is worth $8000, so they have set an agreed value of $11,000 which isn't really ideal should something untoward happen.

Thanks peeps

[Sunny43.5]

Shop around play them off against each other , but remember agreed value will probably have an enormous cost for the policy as opposed to standard cover .

[wai]

And remember to check for exclusions. They might agree to cover you for your value, but then make it almost impossible to make a claim.

[brad]

Check other insurance companies - especially those that cater for modified cars - eg: Shannons, Just cars etc. You'll pay for the privelige though.

[Dutch77]

I note you're in Brisbane - your local Suncorp might be able to offer up something. They seem fairly open on modifications bar a handful of listed exclusions on their site (roll cage, nitro and a few others from memory).

Shannons will allow you to list all the mods and increase the agreed value to cover it; whether that extends to doubling the market value of the car I am unsure but would be surprised if they didn't.

Otherwise may have to accept that you are partly self-insured. As long as the rest of the car is covered regardless of the modifications then this isn't the end of the world - where the issue lies is where the insurance company doesn't want to cover a modified car in the first place.

[wai]

I note you're in Brisbane - your local Suncorp might be able to offer up something.

Actually Suncorp OWN most of the car insurers in Australia anyway. Makes you wonder why or how some of their companies offer better deals that others also owned by them!

[brad]

Actually Suncorp OWN most of the car insurers in Australia anyway. Makes you wonder why or how some of their companies offer better deals that others also owned by them!

I would have thought IAG would have that mantle?

Either way, it's all about target markets & demographics & the subtle differences in offer in the PDS.

[gldgti]

Shannons are good for agreed value - back in the day I started off with $6500 cover with them on my mk3, which after an accident which nearly wrote it off (due to the low insured value) I got them to increase it to $10k - all they asked for were some photo's to show that it was in good condition.

You do pay through the nose but they work with you (I have found).

Also, not sure if anyone has noticed but if you have comprehensive with shannons, you can get your greenslip with them and at least for the first year they seem to take about $125 off the normal cost of a greenslip (e.g. 587 for me turned into $460)

[PeanutButterWolf]

Otherwise may have to accept that you are partly self-insured. As long as the rest of the car is covered regardless of the modifications then this isn't the end of the world - where the issue lies is where the insurance company doesn't want to cover a modified car in the first place.

True.

Thanks for all the feedback and suggestions guys. I'll see what Suncorp and Shannons have to say.

In 2009 I rang Shannons to get my golf insured and they said they couldn't do it as I didn't qualify as an enthusiast. Even after telling them that all 3 of my previous cars had been golfs (mk2, mk3, mk4). LOL.

[gldgti]

Yeah you gotta get your foot in the door. Tell them anything they need to hear I reckon. Sounding desperate helps .... tell em you have 'VW' tattooed on your ...something.