Australian Insurance Values

[Coast GT]

It’s that time of year (for me at least) where my comprehensive insurance is due. NRMA have devalued my Stinger by $7750 compared to last year when I bought it. ($64,000 down to $56,250) Current figure based on agreed value, I haven’t got a quote for market value yet.

Just wondering what movement in value others have seen as there’s a few Aussie owners on here now that have had the Stinger over a year and in some cases nearly 2 years.

Would be interested to know what your insurance company is valuing your Stingers at after 1 year, if agreed or market value, mods or stock, and even premium if you want to post that for comparison purposes, although premium will vary based on location, driving history, age, insurance history etc so I’d expect some variation there. The value is the big one I think.

 

[ShannonC]

Don't NRMA have new replacement vehicle within the first 3 years (like most Insurers now) so whatever value is on your renewal is really irrelevant. Only change to agreed value after new replacement period has expired.

 

[Coast GT]

Don't NRMA have new replacement vehicle within the first 3 years (like most Insurers now) so whatever value is on your renewal is really irrelevant. Only change to agreed value after new replacement period has expired.

I think it’s only for the first 2 years, but I was more curious what other insurers are valuing the Stinger at. If I remember correctly their price for market value of the vehicle last year when I bought it was less than what I paid for it which I thought was odd because it was a new model and the agreed value had a price range ie up to a certain amount which allowed me to insure it for its list price

 

[Stinger GT SS]

I’m with NRMA & currently in the second year insurance with the Stinger at “Market Value” as @ShannonC says, first two years you get a new replacement vehicle is it is written off or too uneconomical to repair, next years policy renewal I’ll switch over to “Agreed Value”.

 

[Coast GT]

I’m with NRMA & currently in the second year insurance with the Stinger at “Market Value” as @ShannonC says, first two years you get a new replacement vehicle is it is written off or too uneconomical to repair, next years policy renewal I’ll switch over to “Agreed Value”.

Yeah I know but what are they claiming is the market value?

 

[ShannonC]

Yeah I know but what are they claiming is the market value?

Checked my last renewal but it states Market Value which is fine, in my case, for the first 3 years (CGU). Others with Agreed Value conditions should be able to provide better input.

 

[Stinger GT SS]

Yeah I know but what are they claiming is the market value?

They don’t nominate a market value it as a given for the first 2 years, I will become clearer once I get the next renewal notice.

 

[PxbVic]

Replacement with new for old for 2 years with AAMI, then agreed value (maximum I can get them to agree to generally $5K to $6K above market value) after that. My last car that was written off a 2007 Subaru Liberty GT Spec-B wagon, I was paid out $16,000 nearly $6,500 more than the market value. I pay $45 a year more for it but agreed value is the only way to go.

Some insurers may not allow you to change from market to agreed after the fact, I had to nominate what I wanted when the car was first insured. Of course this can be fixed by changing insurer.

Market values can be "rule of thumb" calculated from redbook.com.au data, it's generally somewhere between the trade in price guide and the private sale guide, but really the insurance company will have it's own calculation.
There are 4 different variant's of the Stinger GT on Redbook now.

 

[Wazz]

I'm about to get my Stinger, so hunted for good insurance deals. Struggled to find any insurer who would give me an agreed value of over $51,000 for a 2018 MY19 GT. I phoned Comminsure who advised me I can buy a policy, their underwriters would update to around $56,000. Still under replacement cost! Why is that? Surely underwriters would know, or could easily find out the prices of new cars given cars are their thing!

 

[PxbVic]

I'm about to get my Stinger, so hunted for good insurance deals. Struggled to find any insurer who would give me an agreed value of over $51,000 for a 2018 MY19 GT. I phoned Comminsure who advised me I can buy a policy, their underwriters would update to around $56,000. Still under replacement cost! Why is that? Surely underwriters would know, or could easily find out the prices of new cars given cars are their thing!

Assuming you have purchased the car new, then, Don't know how old you are but any of the big insurers will give new for old for the first 2 years. Any insurer that will not cover the entire cost of the car when new, don't waste your time with them. Brokers are notorious A holes, in this case.

Cheap Insurance AAMI, Budget Direct, I'm told YouI are not bad. I'm personally with AAMI, They are cheap, as long as you look after the car, they are good. They become a bit shit if you need a repair via their repairer network which are objectively totally shit, but that's the nature of insurance in Australia. I wish you luck. I don't crash my cars, but over 30 years I have had 3 written off by muppets, so AAMI have been good for me personally.

In my opinion, RACV, Shannons, Alliance, CGU, Coles, Woolworths I would not piss on them if they were on fire. They will charge you stupid fees and give you nothing in return.