Insurance valuations on your 4x4

Submitted: Friday, Feb 22, 2008 at 10:15
ThreadID: 54809 Views:2599 Replies:6 FollowUps:1
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Hi
Has anyone had an independent valuation of there 4x4 done for insurance/agreed value purposes?
I have a Dec 03 TD Troopy with 50k on the clock. Extra's amount to around 30k!
I'm just a bit worried that if the whole thing goes up in smoke or is knocked off(or if i'm really silly,washed down a river) the insurance states
"in cases of total lose modifications are not included"
I'm through DGA and have been very happy with the way claims have been handled. It only costs me about $550/yr with a $250 excess.
Interested in your thoughts.
Regards Lyndon
Now is the only time you own
Decide now what you will,
Place faith not in tomorrow
For the clock may then be still

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Reply By: Nav 8 - Friday, Feb 22, 2008 at 10:58

Friday, Feb 22, 2008 at 10:58
It is my understanding that when insured for agreed value that is what you are paid in the event of total loss. Any other accessories have to be listed on the policy and an extra premium paid to cover them. Different companies my vary as to how they do things. Nav.
AnswerID: 288789

Reply By: Moose - Friday, Feb 22, 2008 at 13:51

Friday, Feb 22, 2008 at 13:51
Lyndon
You really should check this out with the insurance co (not the broker if you use one) and get it in writing. I wouldn't be trusting what someone on here told me when it comes to insurance (unless he/she happens to work for the particular company you're insured with).
Cheers from the Moose
AnswerID: 288809

Reply By: Wizard1 - Friday, Feb 22, 2008 at 14:14

Friday, Feb 22, 2008 at 14:14
If mods or accessories aren't covered the find another company that does.

The other thing to me aware of is most will not cover the stuff you are carrying for more than $500. So there goes the $2000 generator and $1000 fridge.

You might need seperate insurance for that extra stuff.

TCIS Insurance
AnswerID: 288811

Reply By: Tony MD - Friday, Feb 22, 2008 at 15:17

Friday, Feb 22, 2008 at 15:17
Hi Lyndon. I have recently gone through the procedure after getting a scare on the repair bill after backing into a tree.
I have a 40th anniversary edition 80 series diesel. It was insured for market value with a full list of extra goodies - around $20k worth.
The way market value works is that the vehicle (including extras) is ensured for that value. In my case due to the low kms, it was $21.5k.
My repair bill totaled $7.5k rear bar, tailgate & door.
I had it independently valued by a company recommended by the insurance company. The agreed value is $35k, plus I have $1k worth of camping gear also covered.
I am insured with Affinity who have a working relationship with 4wd Victoria. My policy includes an L & P plater as additional listed drivers.
Discounts are given for club membership, reversing cameras, security systems etc.
Hope this is of some help.
AnswerID: 288817

Reply By: Member - Kiwi Kia - Friday, Feb 22, 2008 at 19:37

Friday, Feb 22, 2008 at 19:37
Hi Lyndon, I think that you may find that all the extras that are not actually part of the vehicle are only insured if you have a total loss. Say if someone broke into your vehicle and stole a fridge on it's own then you will not be covered (with DGA).Well thats my Troopy camper policy with them, contents only covered for theft if a total loss. Also the value of your vehicle could change over a couple of hours by a lot of $ if you put on a complete set of brand new tyres.
AnswerID: 288858

Follow Up By: Member - lyndon K (SA) - Friday, Feb 22, 2008 at 20:21

Friday, Feb 22, 2008 at 20:21
Nope, they cover damage to bullbar etc when listed but if total loss they pay only what a "equivelent" replacement vehicle would be, and you would never get one!
Cheers Lyndon
Now is the only time you own
Decide now what you will,
Place faith not in tomorrow
For the clock may then be still

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Reply By: Waza & Wend - Saturday, Feb 23, 2008 at 07:32

Saturday, Feb 23, 2008 at 07:32
Hi Lyndon,

I am in the process of re-doing our insurance now. We have a '98 100s with about 225k's on the clock - market value about $20k. $15k worth of 'accessories'. $25k for new chev diesel, gearbox etc. Got told by QBE that without receipts the best they would insure it for would be $45k. If I provide receipts for all extras, which I do have, they will insure it for the amount of the independent valuation I have had done which is $60k. I am faxing through the rec's on Monday.

Hard to find an insurance company that will cover 'modifications', it is usually only 'accessories' that will be covered, ie they will not cover new suspension, but they will cover a roof rack, etc.

Shop around, but I guess at the end of the day, customers piece of mind is not their priority, it is to make money.

Cheers,
AnswerID: 288930

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