Quote:
Originally Posted by Yaw
The problem you have is even if you have an agreed value policy, (will be difficult to find the amount you are looking for) when a vehicle is assessed even if it is over insured such as what you suggest. the assessor still has to use fair and reasonable market values to work out a Total loss.
This means if the cost of the repair is more than the fair and reasonable market value , the car will become a total loss.
It just means the insurer will have to pay out the agreed value to you, and in the case of recovering from an at fault party if you are not at fault, the insurer can only recover the fair and reasonable market value regardless of what they paid out.
Recently one claim I was working on we paid out an agreed value on a vehicle of about $40,000.00 ….On my recovery file I can only recover from the other parties insurer the fair and reasonable market Value of $24,000.00
Please bear in mind the cost of the premium you pay will also greatly increase on anything over insured.
I have also done a Glasses Guide search on what you have advised your vehicle is 2001 AUII XR8 Ute
It seems RACV value of 3850 would be right around the ball park of market value
Below average $2300 Average $2700 Above Average $4200
(of course the assessor will adjust value based on a number of factors) But on face value you are getting between average and above average. For a car to be in above average condition when it is older than 10 years is not very common
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About the best post on insurance I've read for some time.