Valuation of homebuild caravans

Submitted: Friday, Dec 13, 2019 at 14:10
ThreadID: 139417 Views:4645 Replies:4 FollowUps:8
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Late 2018 I started building our 16ft x 7ft caravan with full ensuite. Upon registering it in March 2019 I insured it for build cost at that time for $17,300 through CIL.

Recently I completed some final purchases and installations, stove, solar panels etc. I got an online valuation from ASTUTEhttp://www.caravanvaluations.com.au/ after providing pics and description details. It is now valued at $35,000. Premiums will rise accordingly. I'm happy with that.
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Reply By: Keith B2 - Saturday, Dec 14, 2019 at 05:54

Saturday, Dec 14, 2019 at 05:54
Well done. The experience with my build is that they ask you what it cost to build and that becomes the valuation. I found CIL had the cheapest insurance and Club 4x4 was the dearest.
Keith
AnswerID: 629079

Follow Up By: Batt's - Saturday, Dec 14, 2019 at 11:22

Saturday, Dec 14, 2019 at 11:22
Are the policies offering the exact same overage, extras or are they different.
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FollowupID: 903789

Follow Up By: eaglefree - Saturday, Dec 14, 2019 at 17:16

Saturday, Dec 14, 2019 at 17:16
Hi Batt

The original policy was for the value of the van just built. It had a few things missing like solar and grill and diesel heater. The new policy is the same but fully completed, both were for agreed value.
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FollowupID: 903791

Follow Up By: Batt's - Monday, Dec 16, 2019 at 11:07

Monday, Dec 16, 2019 at 11:07
No worries a good result for you having better coverage sorry but I was asking Keith I clicked on the follow up below his comment
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FollowupID: 903815

Follow Up By: Keith B2 - Monday, Dec 16, 2019 at 12:05

Monday, Dec 16, 2019 at 12:05
Batt's the coverage between CIL and Club 4x4 on my caravan was similar, but Club 4x4 was much dearer by about $2K. The disparity may have been that Club 4x4 customers probably do a lot more off road work with their rigs.
Club 4x4 came in best for my 11 year old 200 Series. They agreed on $43K for the vehicle and an additional $19K for the accessories. They also came in cheaper than AAMI who would not go past a value of about $50K total. Then Club 4x4 gave me a 20% discount for doing a recognised one day off road training course.
Keith
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FollowupID: 903817

Follow Up By: Batt's - Tuesday, Dec 17, 2019 at 16:33

Tuesday, Dec 17, 2019 at 16:33
No worries just wondering if they might have offered something extra or different for the money but was not relevant to what your are looking for in a policy. Yeah no use paying more if your not gaining anything cheers.
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FollowupID: 903858

Reply By: Ron N - Saturday, Dec 14, 2019 at 12:10

Saturday, Dec 14, 2019 at 12:10
Eaglefree - That's an interesting service, thanks for the link. It's even more interesting to see that the valuers give a list of insurance companies that accept their valuations. That in itself, is some achievement.

However, the bottom line of course, is whether the insurance companys assessors agree with the valuation when it comes to a payout - or how much they will reduce the insured value come renewal time.

I'm starting to find numerous insurers (and big-name, highly rated ones, too) are providing insurance renewal quotes where the insured value has taken a major hike downwards from one year to the next.

On one 7 year old Toyota vehicle I had insured, the insured value dropped by 43% between 2018 and 2019.
Of course, this was accompanied by a 16% increase in the renewal premium (which % increase, the regulators have made the companies state on the renewal form, now).

I declined to renew with that particular big-name insurer (which I have been with for many years), and found a better deal - a lower premium with an increased valuation (as the vehicle is low kms).

Cheers, Ron.
AnswerID: 629080

Follow Up By: eaglefree - Saturday, Dec 14, 2019 at 17:11

Saturday, Dec 14, 2019 at 17:11
https://drive.google.com/open?id=1ZmV-1DyBqY-t9U7mFRDYrRqkk0_szSgR

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Reply By: Member - Vince M (NSW) - Saturday, Dec 14, 2019 at 13:07

Saturday, Dec 14, 2019 at 13:07
Make sure its agreed value & not market value. I learnt a lot recently after making a claim after 35 years with the same marine insurer, a year of legal's finally got the amount it was insured for plus my legal’s but the stress time etc. & mine was an agreed value (it was just a game to the insurance company)
AnswerID: 629082

Follow Up By: eaglefree - Saturday, Dec 14, 2019 at 17:20

Saturday, Dec 14, 2019 at 17:20
https://drive.google.com/open?id=1ZmV-1DyBqY-t9U7mFRDYrRqkk0_szSgR

yes its agreed value. I dont trust any insurance company ever! click on the link for a pic
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FollowupID: 903792

Reply By: eaglefree - Saturday, Dec 14, 2019 at 17:24

Saturday, Dec 14, 2019 at 17:24
picture

https://photos.app.goo.gl/i13v9wmFnEDAUV7G9
AnswerID: 629087

Follow Up By: 9900Eagle - Wednesday, Dec 18, 2019 at 06:33

Wednesday, Dec 18, 2019 at 06:33
Nice photo, great looking setup.



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FollowupID: 903874

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