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The Pub For General Automotive Related Talk |
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#1 | ||
*** SPRINTY ***
Join Date: Sep 2009
Posts: 306
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Hi all, was active here sometime ago, when in 2009 i purchased a FPV GS 2009, lease ran out moved the car on 18 months ago, currently driving a Chrysler 300 luxury, but have an opportunity to add a FPV GT 2008 to the stable, will replace wives car, and probably will end up as my daily and she will move into the Chrysler.
anyways, spent sometime this morning doing insurance quotes, ran between $480 and $1000+ to the usual we can't underwrite that vehicle. The amounts or the variances isn't my question, it's the agreed or market value. The car is $34k (done 70000 clicks), which according to car sales isn't the lowest (there was at one below 30k @ $29990) but certainly not the highest. All insurance companies (and i tried the main 10) wouldn't accept agreed value over $28k, most wanting market value at low 20's. Glass guides seem to accept there value the insurance companies were displaying, quite low in my opinion. Especially in the event of a write-off where my $34k quickly becomes $25k. Anyone had this experience? thoughts? Am i paying to much for an FG GT 2008 model (i don't think i am)??.... Also on Shannons website i couldn't even find the car there was only Ford, no FPV and in the Ford / Falcon selection GT wasn't one of them, strange from a performance and speciality car insurer yes!?
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#2 | ||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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Insurance company will use the Glass's guide, in the past I have found Glass's guide to over price value on cars.
As I have said in other threads, due to FPV and Ford Aus coming to an end, FPV are overpriced on the market at the moment. Everyone is buying cheap the cheap FPV and the higher priced FPV's are still on the market. These are the cars on car sales. The reason for this is because people think they will be worth big bucks later on down the track. A couple of things you need to remember a 2008 FPV GT is 6 years old, in the next 5 months it will be 7 years olds. When I got my BA GT a few years ago, I paid $30000 for it, the car was 5 years old and at the time there was cheaper versions out there. I think $34000 for a 2008 GT is overpriced. |
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#3 | ||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Wollongong
Posts: 3,111
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i think you will find most sites list FORD>FPV>GT>...... anyway shannons should be able to insure for the purchase price, same with Ryno and Lumly but will have clauses saying it has to be garaged and so-on
I bought my GT cheap (i think anyway) but the big insurers will only insure it for $10-12k based on the glasses guide but have you ever seen a BA GT for $12k? I had mine insured for $15k and asked to up it based on that its a 1 off and very good conditions and they went to $17k, i still have to inform them of the mods i have done since and that will up the value a bit more but $17k only buys a fairly well used example and to get a mint BA GT i'm looking at $20k+ I know some people have their 2003 GT insured for $30k so i'm sure you can have it insured for your purchase price just call Shannons, Lumley or Ryno
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CURRENT RIDES BA GT Mk1 #0009 - Narooma Blue SY Ghia AWD Black VZ LX8 Adventra Holden HX 50th Anniversary AU Saloon Car racecar 1980 GS1000ST - Wes Cooley Rep
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#4 | ||
FF.Com.Au Hardcore
Join Date: Apr 2007
Location: Miranda, NSW
Posts: 6,771
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Go with Ryno....My 2005 BA GT insured for 32k
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2005 BA MK2 FPV GT - 6 SPEED MANUAL , SILHOUETTE, SWISSVAX, SUNROOF, BILSTEIN AND LOVELLS, FACTORY GENUINE 19'S, X-FORCE STAINLESS QUAD CATBACK, ADVANCE HEADERS, 200 CPSI CATS, BLUEPOWER CAI, HERROD BREATHER KIT, 4:11 DIFF RATIO, MAL WOOD OPT 3+ CLUTCH, BILLET SHIFTER, MELLINGS 10227, NOW WITH REVERSE CAMERA/SENSORS, ALPINE SPEAKERS & SUB - CUSTOM TUNED TO 275 RWKW NOW WITH A NEW ADDITION - 2017 MUSTANG V8 GT FASTBACK - , 6 SPEED AUTO IN PLATINUM WHITE, |
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#5 | ||
*** SPRINTY ***
Join Date: Sep 2009
Posts: 306
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Thanks all for your responses... To get insurers to accept an agreed value of $34k the premium goes from under $500 to over $1500, so effectively buying the extra value in crazy premiums, I've made 1 claim in my 26 years of driving and none in the past 19 years, so caught between a rock and a hard place on this....
Sent from my iPad using Tapatalk HD
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#6 | ||
Regular Member
Join Date: Aug 2013
Posts: 219
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Funnily enough I just got my insurance renewal and they have my agreed value on my 2011 fg gt at $32,800 down from $46,000 I just laughed and thought **** where can I buy one at that price?
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#7 | ||
FPV GTR
Join Date: Aug 2009
Location: South Island High Country
Posts: 2,355
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This is where Market value comes into effect. Its usually the cheaper option as you lose your Value figure. But the insurance company have to replace the vehicle like for like minus rego. On your GT, if the unthinkable happens the insurance has to replace your vehicle which means they have to come up with one in similar condition no matter what the cost.
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- FPV GT RSpec - - Chill SZ Territory Titanium -
The Family Bus - Veridian Green PJ Ranger XLT - The Work Truck |
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#8 | ||
*** SPRINTY ***
Join Date: Sep 2009
Posts: 306
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Commonrails, sold, 33k, when do I pick it up!!!
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#9 | ||
*** SPRINTY ***
Join Date: Sep 2009
Posts: 306
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Rancidpunx, are you saying if I choose market value, and someone crashes into my gt or steals it or whatever, the said insurance company doesn't have cut my a cheque for 27k but must get me a gt replacement ?
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#10 | ||
Regular Member
Join Date: Aug 2013
Posts: 219
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#11 | ||
FPV GTR
Join Date: Aug 2009
Location: South Island High Country
Posts: 2,355
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Its a bit of a gamble as the figure is not fixed where as Agreed gives you a safety net. Problem is GT's seem to sell for more than the market values them at. It was explained to me that the insurance company had to replace my car like for like no matter what the cost was to them. Market value is usually the cheaper option as insurance companies can remove the owners perceived value from the equation and find a car that may be cheaper a long as its similar in spec and condition. Of course ask questions and ask for all the fine print. I didn't go down that route as I ended up renewing but I asked for quotes to be emailed with a note to cover that Market Value would replace my car with something I was happy with no matter the cost.
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- FPV GT RSpec - - Chill SZ Territory Titanium -
The Family Bus - Veridian Green PJ Ranger XLT - The Work Truck |
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#12 | ||
Regular Member
Join Date: Apr 2014
Posts: 351
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Ask the questions, and whichever avenue you go down make sure you read the pds, if someone steals your gt, you won't be happy getting a cheque for x amount because they couldn't find one that matches yours.
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#13 | |||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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Quote:
But this is how market value works. The insurance company has a guide they go from, usually called the Glass's Guide. The Glass's guide is released on a monthly basis (I think). In the Glass's guide there is 3 figures and the insurance company basis the market value on these figures. The market value on a car drops every time the new guide is released. Also the guide has adjustment figures for car with low Ks, and accessories and such. So if you have a market value policy, the insurance company will base the payout figure on this guide. Car sales is not a good way to find out what the market value, because the market value can be different to what people are selling cars for. If you have agreed value, the insurance company will use the Glass's Guide to work out the agreed value when you renew your policy or start the policy. They will take the market value at the time and lock it in for 12 months. But the agreed value maybe able to be changed and you can agree to a value with your insurance company. Also some policy have new car replacement, so if car is written off in first x amount of years, you will get the car replaced. |
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#14 | ||
FPV GTR
Join Date: Aug 2009
Location: South Island High Country
Posts: 2,355
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^ Just how it was explained to me. It was the Agreed value that was based off of redbook and glasses guide which was substantially lower than what the cars are selling for. This was how we got on to Market Value discussion. If they are replacing the vehicle, then they have to stump up with something no matter what the cost. I asked all the same questions about how they would replace a car if it cost more than what glasses guide figures were. 2 different companies said that at the end of the day it is just a guide. At the time of replacement the going rate of the vehicle may be different. I am still dubious and I hate insurance companies but might with worth the OP asking similar questions. My current insurance is new for new which is half the reason I stayed with that company.
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#15 | |||
FF.Com.Au Hardcore
Join Date: Jun 2006
Location: victoria
Posts: 840
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Quote:
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Daily: UA11 BiTurbo Everest Weekend Project 1999 AU XR8 Past rides: Mondeo XR5 Turbo RIP: FGX XR8 MANUAL Build Thread: http://fordforums.com.au/showthread.php?t=11447239 AU Fairlane Sparkling Burgundy thread: http://fordforums.com.au/showthread....61#post5854961 UX explorer limited FOCUS ST, UT Explorer limited Written OFF BA XR8 Build Thread: http://fordforums.com.au/showthread....1299363&page=7 AU XR6 VCT ED GLI Classic |
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#16 | ||
FPV GTR
Join Date: Aug 2009
Location: South Island High Country
Posts: 2,355
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Thats new for new and different to an older car being replaced like for like should his get written off.
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#17 | |||
FF.Com.Au Hardcore
Join Date: Feb 2007
Posts: 584
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Quote:
Using what you say you were told, I can buy a phase 3, insure for market value, have a total loss and then let the insurance company find me a replacement... Won't happen. |
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#18 | |||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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Quote:
I have had many years with settling claims and market value is based off the Glass's guide or whatever guide the insurance company is using. With one of the insurance companies I used to work for, they had a massive database and we just put the details into the database and it would give us a market value figure and this is what was paid out. Some people could get higher but they would have to prove why the car was valued more, such as low ks. That is why a market value policy is cheaper, because you do not have a locked in figure and the value of the car drops every 4 to 6 weeks. |
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#19 | ||
*** SPRINTY ***
Join Date: Sep 2009
Posts: 306
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Update....
Moral to story call insurance companies not just use there online quote systems. Aami, gave me agreed value @$34250, with any modification excluding turbo/supercharging/nos as long as still legal and roadworthy, for $740 p.a. ...sssoooooo am driving a very nice nitro fpv gt, ordered xforce cat back and about to order Herrod cai, sctx4 coming soon lol Sent from my iPad using Tapatalk HD
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#20 | ||
The one and only
Join Date: Dec 2004
Location: Carrum Downs, Victoria
Posts: 9,053
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When asked, I always suggest Agreed Value over market value. It saves the headaches should your car be written off.
The hardest part is getting the AV you want!
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1992 DC LTDHO 360rwkw built by me Tuned by CVE Performance Going of the rails on a crazy train Other cars include Dynamic ED Sprint, Dynamic DL LTD, Sparkling Burgundy DL LTD, Yellow, Red & Blue XB sedan & Black XB Coupe
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#21 | ||
The Original ChopstaR
Join Date: Oct 2010
Posts: 277
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just some info regarding insurance that you guys might find useful.
Market Value - Settlement would be based on the market value of the vehicle via glasses guide, less any excess or premium etc. Agree value - Settlement is based on the agreed value on your policy (this drops every year, so check your happy with it each renewal) less any excess or Premium etc. There is some New for old replacement on insurance policies.. some can be for first 1 or 2 yrs of the vehicle or lifetime of the vehicle.. with this, still make sure your Sum insured is what you would want, because say if you had life time replacement on vehicle and the car you had insured is written off and they don't make FPV GT or even a falcon in a couple of years, the settlement would not be a new car, but based on your sum insured (agreed or market)... also say you didn't want the same type of car or different model, you would have to take settlement based on the sum insured on the policy... also some insurance guidelines when it comes to the new for old replacement, the car needs to be able to be sourced within 90days, of if it cant be it again will revert back to your sum insured. yea, some times websites don't have all vehicle and aren't as flexible the price, so calling can help with the deal and options, sum insureds etc.
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Car History: May 2006 – October 2006: 2002 Proton Persona October 2006 – July 2013: 2004 BA Ford Falcon XR6 (Blueprint – 4 speed Auto – Premium Audio - No Tracton Control ![]() July 2013 - ???: 2013 Chrysler 300c Luxury (Bright white – Panoramic Sunroof – 19 speaker 900 watt Harmon/Kardon stereo) November 2013 - ???: 2013 Ford Focus Sport (the missus's car, white, manual) |
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#22 | ||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Wollongong
Posts: 3,111
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i tried with AAMI, and is will cost me $1300 pa to insure my BA GT for $10,000 with a $1400 excess...WTF
Shannons look after me so sticking with them
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CURRENT RIDES BA GT Mk1 #0009 - Narooma Blue SY Ghia AWD Black VZ LX8 Adventra Holden HX 50th Anniversary AU Saloon Car racecar 1980 GS1000ST - Wes Cooley Rep
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#23 | ||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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It is funny, basically since Suncorp own Shannon’s and AAMI, your money is going to the same place. The employee that did your quote with Shannon’s probably also does AAMi quotes.
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#24 | ||
*** SPRINTY ***
Join Date: Sep 2009
Posts: 306
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Hi heard that suncorp is the owner of aami and Shannon's or what is just car.
Can I ask with the bad quote from aami what did Shannons offer? Sent from my iPad using Tapatalk HD
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#25 | ||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Wollongong
Posts: 3,111
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well with shannons I have my 2003 BA GT insured for $17k limited use and my 2001 VX commodore for $6k and pay combined $1200pa with $500 excess, so about $700pa just for the GT
it was insured for less but i told them its a 1of 1 colour and sent pics to confirm condition and proof of the 1of 1 thing and they upped it a bit and said they are happy to up the value again when i do mods. but for $17k it won't be easy to replace for something in the same condition
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CURRENT RIDES BA GT Mk1 #0009 - Narooma Blue SY Ghia AWD Black VZ LX8 Adventra Holden HX 50th Anniversary AU Saloon Car racecar 1980 GS1000ST - Wes Cooley Rep
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