So this morning on the way to work in my Navara I was car number 5 in a 6 car rear ending accident.

I am looking for all the help, info or advice I can get as my car is currently a borderline write off.
Ive only just finished paying it off ($45ks 3 years old 65,000ks still new) so I dont want to be left with a bent chasis crab of a work + beach adventure car..
Please helppppp wahhhhh



ps no body was hurt in the accident which is the only good thing about it.

Insured? If so you pick your repairer, get a second opinion or a structural assessment prior to repair

And if it gets written off thank your lucky stars you got out of the navara before 100ks and buy something less time bombish

The car is written off but I only get 27500 back even though it was insured for 38000. I suggest everyone checks there policies!!! But now what car do I get??

ok said..
The car is written off but I only get 27500 back even though it was insured for 38000. I suggest everyone checks there policies!!! But now what car do I get??

Was it agreed value or market value?

ok said..
The car is written off but I only get 27500 back even though it was insured for 38000. I suggest everyone checks there policies!!! But now what car do I get??

Please explain why this is the case. I think a lot of us would like to understand, so it doesn't happen to us. Thanks.

ok said..
The car is written off but I only get 27500 back even though it was insured for 38000. I suggest everyone checks there policies!!! But now what car do I get??

OK probably had market value not agreed value insurance, so it might have been 38000 at purchase but roll it off the showroom floor and watch the market value drop. I think he should buy a Jeep .

sotired said..

ok said..
The car is written off but I only get 27500 back even though it was insured for 38000. I suggest everyone checks there policies!!! But now what car do I get??

Was it agreed value or market value?

That's what you ask for if you want your money back agreed value

ok said..
The reason is I run my own business doing work for the state government which involves having multiple complex insurances for doing the work I do. So I employed an insurance broker for the above plus my two cars and two motorcycles which resulted in them doing a poor job and me not reading the tiniest of fine print saying AGREED VALUE 38K (Car purchased 2012 for 45k) OR market value. So it took something like this for me to realise ive been ripped off ( ignorant 25 yr old) now its off to buy another overpriced over insured **** heap! Or whatever the wise Seabreeze brains trust can recommend...

I don't understand. Are you saying the policy said "agreed value of $38K or market value", or did it say "market value"? It wouldn't have said both, would it? Ultimately you would have paid more premium for an agreed value policy, especially if you were keeping it as high as a new car price.

Where does the $28K come from? I am guessing that it is the current market value.

There are lots of similar vehicles currently on the market ,as the mining boom has collapsed .

My suggestion would be to look at the auctions and buy a (now superseeded model ) Hilux.

With the new look Hilux now for sale , the older , 2012 -2015 models will come up for around $28k.

Especially if you buy from WA and have it transported to NSW for approx $2k transport costs.

I reckon Ian K nailed it. I assume agreed value to be for people who are prepared to under-insure (i.e. less than market value) to save a bit on premiums, not intended for people to insure above market vaue. If it allowed people to insure for more than market value the roads would be chaos wouldn't they? People insured for above market value would have an incentive to get their car written off because they'd make money on the event.

Yeah, fair enough. But there is a big difference between $28k market value and $38k. It's hard to believe they would agree to $38k if the market value really is/was $28k.

It says that as my brokers pdf differs from the CGU pdf that was provided. Ive called my broker multiple times to discuss with the boss but he is yet to get back to me so next free time I get I will be making a personal visit..

Also as you say they do take the GST part out of it so now Im looking to get around $24k and today they decided to write my trailer off and give me $1000 which it is pretty much impossible to purchase another with the same setup as mine for even double that.
ANddddddd because they wrote it off today with no warning that they would do so its now illegal to drive so I have to cancel work until I can purchase another one !!!

Sometimes I think my life would be a lot easier if I was on the Malcom Turnball surf team riding my bicycle around...

I had a mate who had a factory fire at his business resulting in almost total loss. He had to supply his books with full profit, stock etc as you would expect. The insurance company decided he had it under insured by 40 percent even though it was a particularly successful year. When they settled they paid out 40 percent less than the amount he had it insured for. It seemed crazy and illegal, but the insurance company payout was successfully legally adopted. He used to warn every one about having adequate insurance for your business, house, contents, car, etc. some have a margin built into the fineprint They will pay above your sum insured. It's worth ringing and clarifying annually if you are unsure. i agree some car insurance is a rip off and if you have a clanger, just 3rd party fire and theft may be the go.Trouble is round here, the majority of backpacker, hipsters, and hippies have nothing. So even though it may not be your fault, you are going to pay.
Ps My nieces partner bought a hilux from the auctions ex mining vehicle. It had ongoing electrical problems from day one. He had the gut feeling it had been through flood water.... It burnt and melted on the road just outside his farm at Nimbin. Luckily it was insured.

ok said..
It says that as my brokers pdf differs from the CGU pdf that was provided. Ive called my broker multiple times to discuss with the boss but he is yet to get back to me so next free time I get I will be making a personal visit..

Also as you say they do take the GST part out of it so now Im looking to get around $24k and today they decided to write my trailer off and give me $1000 which it is pretty much impossible to purchase another with the same setup as mine for even double that.
ANddddddd because they wrote it off today with no warning that they would do so its now illegal to drive so I have to cancel work until I can purchase another one !!!

Sometimes I think my life would be a lot easier if I was on the Malcom Turnball surf team riding my bicycle around...

A mate wrote his car of, (a Navarra also) and he took the company up on his claim and value, he managed to get a fair amount more than they first offered. He was also later paid the GST portion as he was also registered as a business..

He thought his was also agreed value, but as s business policy it turns out they won't do agreed value..

what i have found is if you go with agreed value they will generally write the car off, if you go with market value they will try and fix it, maybe not as good as new though. Either way the insurance company will work in their own favour. just accept it and move on. try and get the best deal with a reputable company when you insure and read the fine print.