Thanks for the wake up call, Mum...

[RedMk2Gti]

Sorry Mickey, I had an impression that you have comprehensive policy.

I'm no legal or insurance expert, just think about this in logical matter
If you only have third party insurance and you hit Mr.A's car and you are at fault, your third party policy covers Mr A car damage, your car damage is not covered.
On the other hand, if Mr. A hit you and it's his fault, His insurance company covers your damage, this is where that 'agreed value' grey area, you don't have your own insurance to cover your damage, and Mr A insurance policy doesn't have a agreed value for your car, that's why Mr A insurance company need to evaluate your car and came up 4K ! (whether 4K is a fair value, that's different arguement)

If you pull out your PDS to read in detail you may be able to understand where is that agreed value applied, without a lawyer involved.

Once again my mate has advised me, never buy third party insurance, you'll always has some kind of headache when something happen

[dubbed]

^^ What he said.

Unless you're going through your own insurance it won't be covered for 'agreed' value.

[Mrk_Mickey]

Well my mate is in the same predicament and he was told that if he DID have agreed value, even though he wasn't at fault and it went through the other insurer, he would be paid his agreed value.

I mean at the end of the day it comes down to common sense (but obviously they will disagree technically lol)... I pay a slightly higher premium for a reason. I don't wanna get fhuked up when something kills my car.

[gregozedobe]

I don't see how an "agreed value" means anything when you have only got 3rd party property coverage, as by definition that doesn't give you cover on your car. If you had fire and theft as well as 3rd party property coverage, then the agreed value would be your payout figure (minus any excess) if your car was toasted or stolen.

[Mrk_Mickey]

i've got property, fire and theft...so the agreed value is there for the last two. I pay a slightly higher premium because I chose agreed value instead of automated market value and because of that, supposedly states i'm entitled to what i'm insured for...

I still haven't got a fking call back from the assessor!! time for another call to the NRMA tomorrow methinks...

[thekraut]

I don't see how an "agreed value" means anything when you have only got 3rd party property coverage, as by definition that doesn't give you cover on your car. If you had fire and theft as well as 3rd party property coverage, then the agreed value would be your payout figure (minus any excess) if your car was toasted or stolen.

+1

As far as I was aware, Property + Fire + Theft covers:

Property - Everyones, except yours.
Fire - Agreed value if you chose that option
Theft - Agreed value if you chose that option

Only when your car is comprehensively insured does it allow agreed value on your own property in the event of collision damage.

In any event, I feel for ya mate and the situation truly does suck! You may be able to take it to a claims court and sue the other owner for negligent damage, inconvenience and all associated costs if you're willing to put up with the time, paper work and red tape.

[Rocket36]

thekraut has it right... There is no such thing as "agreed value" for damage to your own car if you are at fault. "agreed value" will cover it in the event it's stolen and written off or burnt out and written off.

Where there's some grey area and you will need to read your policy - you know the thick book that outlines all the terms and conditions you're agreeing to when taking out the policy - is when someone else causes damage and it's THEIR insurance that pays. Most likely, you will get market value in the event it's written off because of the fact that "agreed value" only applies to theft and fire damage.

But it's still beyond me why people don't take out comprehensive agreed value coverage. It means situations like this are avoided completely. If you can't afford comprehensive insurance on a car, then you need to question whether or not you're in a situation to afford the car or afford to replace it AT YOUR EXPENSE. Personally, anyting less than $5k is not worth it. I have used to have a daily run around car. Cost me $2k. Only had 3rd Party Property. If it was written off, **** it - just buy another one! lol

[Mrk_Mickey]

Okay...I'm 18 years old, I own a V6'd golf and the original insurance taken out was for 7k. If I'd have undertaken a comprehensive policy with ANY insurer, I'd be paying literally half the cost of my car per year in premiums, and if anything happened there'd be 1600-1800 dollars excess.

Who think's that's worth it?
Can we stop talking about comprehensive insurance now?

[Treza360]

But it's still beyond me why people don't take out comprehensive agreed value coverage.

Whilst this is nice in theory I think you have forgotten what it's like being a male under 25 and a student/apprentice at the same time.
Being slugged several thousand dollars for a car worth less than $10k it's basically impossible to justify that kind of expense when you're only making at best three or four hundred dollars a week.

If it was just some daily ****box as you said then yes you can handle it being written off. Also if through his own stupidity he wrote it off then yeah he would just have to live with it.

Driving a car that you clearly love and is not just some means of getting from A to B is another kettle of fish altogether and maybe yes if you love it that much then maybe you should have comprehensive but for some people it's just not feasible.

What I'm basically getting at is maybe instead of posting sommething slightly negative and antagonistic in your post. Maybe be a bit more supportive and sympathetic to Mickey's situation. I know it you're just being a "realist", but it doesn't change or help the situation in any way.

Cheers,
Trent

(I know I said I wasn't going to keep reading this thread but yeah...)
Edit: Sorry didn't see your post above Mickey. Took me a while before I submitted this one...

[VW Convert]

Hey Mickey,

Bad situation you are in through no fault of your own. All I can say is when you do receive an offer from the insurer that you stand up to them and challenge their valuation of your car. You should be compiling evidence as to the value of your car i.e. copies of current ads etc. and let them know that you will not allow tham to run roughshod over you. Something to be clear on, the insurance company does not have a God given right to determine the value of your car, if push comes to shove, they must be able to justify their figure just as you must be able to justify your figure.

Perhaps there are members of this forum who have bought similar cars in recent times that would be prepared to provide details of their cars and the price they paid which would be irrefutable evidence of the true market value of your car. In a case such as yours, this forum should be a powerful tool for you, let's hear from the members who can help in this regard.

Cheers

George

[Rocket36]

I'm not having a go at anyone in particular. Just based on my experience (and as has been said I am a realist), I have never had a comprehensive policy cost more than $1200 - even when I was under 25! And my first car was a $1200 datto, when I was 17. 3rd Party Property ONLY.

[Mr Messy]

I drive a Mk4 GTI valued under $20k. I'm male, 22 and live in Sydney. I was quoted between $2000 and $5000 per annum for comprehensive insurance.

Other cars I looked at included 200sx (none less than $4000) WRX (ditto) and Liberty B4 (starts at $3000) although all of these are quicker cars.

[VW Convert]

I'm not having a go at anyone in particular. Just based on my experience (and as has been said I am a realist), I have never had a comprehensive policy cost more than $1200 - even when I was under 25! And my first car was a $1200 datto, when I was 17. 3rd Party Property ONLY.

Wish I could get my Jetta insurance down to $1200. I suspect insurance in Sydney is significantly dearer than ACT.

Cheers

George

[fuzion]

Wish I could get my Jetta insurance down to $1200. I suspect insurance in Sydney is significantly dearer than ACT.

Cheers

George

Mine is $1760 i think inc ALL mods on my vehicle, not cheap but i wouldn't have it ANY other way!

[mikinoz]

Insurance premiums have climbed recently, as well as green slip prices.

It is all a bit of a rort, covering the cost of all the dodgey claims and then adding a bit so the companies can profit.

I still believe that you can ask for them (other insurance company) to find you an equivalent car if they write it off as an economical write off. And you do not have to agree to anything that they offer you. Keep being a thorn until they cough up.