Agreed value v Market value and companies
Posts : 165
Join date : 2014-12-16
Age : 52
|Subject: Agreed value v Market value and companies Tue May 03, 2016 1:49 am|| |
Can any one give me a run down on understanding agreed value verse market value as far as insurance goes in Australia? I need to renew and am thinking about one of the online companies like youi, does anyone have any recommendations for a good insurer that wont does not cost a bomb?
Posts : 319
Join date : 2014-01-02
Age : 49
|Subject: Re: Agreed value v Market value and companies Tue May 03, 2016 2:09 am|| |
My understanding is agreed is possible higher than market as you might have accessories like pipe luggage different seat etc..
I use Shannon's, there fair in price and understand you and your bike
Posts : 1789
Join date : 2014-05-22
Age : 59
|Subject: Re: Agreed value v Market value and companies Tue May 03, 2016 3:52 am|| |
Famous are doing better deals than Shannon's, so I've been told.
Posts : 3979
Join date : 2013-05-29
Age : 60
|Subject: Re: Agreed value v Market value and companies Tue May 03, 2016 4:57 am|| |
New England Insurance Brokers. Both my bikes, GRiSO and Mana, fully comp with extras and it's about $900 per annum. Also if you want to lend it to someone a quick phone call and 20 minutes later it's all sweet! Unless you're lending the bike to an idiot or convicted scofflaw.
Posts : 1854
Join date : 2014-03-13
Age : 62
|Subject: Re: Agreed value v Market value and companies Tue May 03, 2016 3:37 pm|| |
I use IMR (Insure My Ride) - not sure of the price comparison but awesome to deal with (well they were when some tool ran up my arse some years back) - they even gave me $80 to fit what the dealer decided not to (the inner guard which is a PITA to fit) - it's still wrapping in plastic for that rainy day took the money and ran though.
Posts : 1164
Join date : 2015-02-02
Age : 55
|Subject: Re: Agreed value v Market value and companies Tue May 03, 2016 5:00 pm|| |
$80 for Black beer
Posts : 4125
Join date : 2013-09-30
|Subject: Re: Agreed value v Market value and companies Tue May 03, 2016 5:18 pm|| |
Or a couple of bottles of rum.
Posts : 195
Join date : 2014-04-23
|Subject: Re: Agreed value v Market value and companies Tue May 03, 2016 8:23 pm|| |
Let me declare my interest as I work I the insurance industry.
Agreed value is the better option as providing you bike is in decent condition that is the amount you will get paid minus any excess, if you have a total loss. They can of course reduce the amount if your bike is not as described or is a shiter.
Market value may be cheaper but the insurer will determine the value and depending on who they are it may be a lot less than what you think it is worth.
It is important to be aware of the terms and conditions before you sign up and pay your money as there is no point complaining you didn't know after a claim, many people do.
Read the PDS otherwise known as the Policy Book to see what is covered and confirm the cheap policy covers the same things as the more expensive one.
Some insurers cover your riding gear and mods for no extra premium whilst others have a cheap starting price and charge you more to cover riding gear and mods so that in the end they are often not much cheaper.
If you don't understand the details ask questions and if it is still not clear find another insurer.
Most of the good companies have clear and easy to understand guidelines and exclusions if you bother to read the paperwork.
Check your renewal details each year as they may be different to what they were last year, each renewal is a new contract.
Check the claims experience with others who have used the company as a cheap policy is only cheap if they don't screw you over, refuse your claim or get cowboys to repair your bike or refuse to sort out problems after it is repaired.
Don't just take notice of those having a whinge as there are a lot more people who are happy with their claims experience than the small percentage who always want to complain about their insurer.
Always answer any questions truthfully and accurately, it is your responsibility to do this and if you tell porkies the insurer can refuse a claim. Remember the more questions they ask the more chances they have to refuse a claim.
Some of the cheap insurers do this as a means of keeping claims costs down as the fewer claims they pay the more profit they make.
Don't tell fibs about your claim as in most instances they will find out and if they do they will treat it correctly as fraud and not only refuse the claim but you will be banned by most of the insurers in the country.
This might not sound like a big deal but if you can't get your home, car, boat etc. insured and you have a mortgage or finance it is a major problem.
I won’t recommend a company, all I can say is buyer beware and be aware of what you are buying.
Posts : 165
Join date : 2014-12-16
Age : 52
|Subject: Re: Agreed value v Market value and companies Wed May 04, 2016 12:29 am|| |
Cheers folks, will definitely heed all advice.