Agreed value, Insurance

When the Ins Coy insures your vehicle for an Agreed Value then thats the amount they will pay in the event of a total loss, but generally you the client will have to have the vehicle valued by a professional person first.
Unless the Ins Coy have there own valuer.

We had the landcruiser at agreed value nearly the whole time but thinking about it it wasa bit of a waste of time....not as if its a $70k car worth $80k in our minds, the insurance was about an extra $100 but that was with the extra things on it....bullbar, rwc, c/b etc......but there was never any mention to them that it was lifted!

They automatically lwer the agreed value amount each time its due for ins.

Not going to worry about it on Mahindra....

Did you like me friday funny??!! Looked familiar hey....I had to beat Kez and thats all i had that i hadnt used before!!

Hi to Lyn.....

Laura

The agreed value is the amount you will get in a write off situation. If you are purchasing a new vehicle most companies will accept the purchase price. This obviously may not have all your extras if they are fitted afterwards. I have my vehicle on agreed value as I have finance on it and you will quite often find its hard to replace what you got if you have a market value cover. Just my opinion. My employer is an insurance broker although I am not.

Interestingly I had a 60 series stolen and never recovered a few years back, this was covered under an agreed value policy.
To get to an agreed value which was higher than the market value I listed the on the vehicle, air locker, bar work, UHF etc.
When it came to payout the ins coy sent an investigator to gather proof that all these items were actually on the vehicle. This was no drama as I had photo's with the obvious - bar work , antenna and fortunately had receipts for other items not visible from photo's. He left happy and we got our payout soon after but I wonder what would happen if we didn't have this proof.

cheers
Ed

I had an agreed value policy and when mine was written off that's what they paid less the excess as it was my fault. I pulled the extras off it and they still paid the full amount which saved me thousands. I was very happy. By the way I never asked for that type of policy but they offered it as an option so I took it and it was on an older vehicle too. It cost a small premium but it turned out to be worth it many times over.