4x4 Mods and Insurance

[fitzyfootlong]

G'day guys, I wanted a bit of feedback after talking to my insurer NRMA today about my 100 series Cruisers current mods, and future mods and trying to keep it all in line with them so it is all covered in the event where I might be needing it.. They pretty much said that as the car is insured for an agreed value as long as the mods are legal then it is insured. No restrictions on where I can drive either, he told me 4wd owners should not be penalised for being able to drive further than normal cars and the car will be covered as long as what I am doing is legal and my mods are legal. Because of the agreed value I didn't even need to list to them the current mods, does this sound right?
When it comes to accessories like CB and Fridge etc the cover is capped at $500. After that the best option was to add them to the portable items on my home contents insurance, so I asked about a fridge as an example and it worked out to be about $4.00 a month, not too shabby if I plan on shelling out $1200 for a fridge in the near future.

Sound OK guys?

[Joff]

Agreed value is what they agree to pay. Not what you agree to accept.

It seems to me that insurers are not too shy with 4wds until the value of the accessories hits 20% of the value of the car then they start dancing around like scared girls with ants in their pants. And don’t even bother if the engine is different to what their little book says it should be.

I would be a little carful of the “you can drive it anywhere” statement too. They all say it but when I give them my test example, they all say ‘no not covered’. My example is Lorella Springs in the Gulf. A million private acres of tracks out to the Gulf coast. “not a gazetted road”. If you then say what happens to a farmer if he stacks his ride in his back paddock they go curiously silent.
The only mob that would insure my bus for what I can prove it would cost to replace and could  provide evidence that they would cover it no matter where I was or what I was doing (short of competing or acting as a Hire vehicle) is Aust 4wd insurance, but they still bend me over every year for the privilege

Good luck with it but as they say, the devil is in the detail

[achjimmy]

yeah its a bit of minefield. The fridge bit sounds right though i pay about $36 a year for the 40 litre Engel to be covered

[darren]

I built my car so my family can enjoy it. There are things on it that might be illegal, or not approved by insurers. In the end the insurer needs to prove the change contributed to the reason the reason you made a claim and even if they don't, i have had so much enjoyment in the last 12 years out of my car i could live with any outcome.

[MR MAC GU]

Be careful about things like river and creek crossings. Most Insurers have a clause that states something like if you intentionally drive into a river or creek and your vehicle becomes flooded then it will not be covered. Tidal movements at beaches is a nother thing that some dont cover so be careful there too.

Also accessories get depreciated every year by about 10%. I am going through this at the moment after my car was broken in to and they will not replace the items, they will only pay me their value less 10% per year (different Insurer though) and you will need photos and reciepts to prove you had them too...I had all my Accessories listed on my policy with their values and it was an agreed value policy too and it is becoming a bit of a fight and they will not pay me what they were listed for. My legal advice tells me that it will cost me more than its worth to fight it...

Cheers

[SUPA105]

Had to put a claim through NRMA many years ago for the 4x4......Vehicle had to be on a gazetted road on the claim form, so we got away with it JUST......When we bought our current Landcrusier we didnt intent to go with NRMA but asked for a comparision quote, due to the Landcruiser being supercharged they wont insure as it must be a hoons car to have a Supercharger........my wifes standard Mazda 3 will leave the cruiser in its dust !!!!

Cheers

[Bird]

It seems to me that insurers are not too shy with 4wds until the value of the accessories hits 20% of the value of the car

that has dropped down to 10% and they told me its going to drop again.

[Redback]

Last time we spoke to the NRMA, they said they would only insure us if we had a maximum of 2 modifications and that included accessories, their view was if it was added to the car after you purchaced it, it was a modification

Also if your going to insure your car, have it insured for Market value, not agree value which means whatever the Redbook value is.

Market value means the cost it will be to replace it, there is a big difference as we found out.

We drowned our car, insurence agreed to pay, they offered $12,000,

we said no because we are insured with you for Market value,

What!!

It will cost us $22,000 to replace the car, here are two cars in a caryard on carsales, one is 21,990 the other is 22,500,

they said Oh!! what about $22,000

We said OK done

The rest is history

Don't let the bastards stick you, fight the buggers hard.

Baz.

[Bird]

Also if your going to insure your car, have it insured for Market value, not agree value which means whatever the Redbook value is.

Market value means the cost it will be to replace it, there is a big difference as we found out.

are you sure you have that the right way around?

Market value is Redbook - bare minimum payout.
Agreed is what you both agree the car is worth which usually costs more..

or did I read your post wrong.

[Moto Mech]

Agreed value is what you want but make sure you both agree to it. I/we(broker) settled on $35000 plus acc. for our cruiser but on getting the insurance policy, I noted that they had the agreed value and acc. at $35000. Soon fixed it up. Plus when I turboed and Intercooled my Cruiser, I stated it was for towing a work trailer(not to go faster) and my premium went down, even though I added $6500 for the turbo/IC. Double checked and she(my Broker) said it was right.

[Bird]

Agreed value is what you want but make sure you both agree to it. I/we(broker) settled on $35000 plus acc. for our cruiser but on getting the insurance policy, I noted that they had the agreed value and acc. at $35000. Soon fixed it up. Plus when I turboed and Intercooled my Cruiser, I stated it was for towing a work trailer(not to go faster) and my premium went down, even though I added $6500 for the turbo/IC. Double checked and she(my Broker) said it was right.

we all want your brokers phone number 

[OffRoadDave]

are you sure you have that the right way around?

Market value is Redbook - bare minimum payout.
Agreed is what you both agree the car is worth which usually costs more..

or did I read your post wrong.

The market value is just like Redback said, in most policies they agree to cover market value or, or supply a replacement vehicle, if Redbook values are way off just tell them to replace the vehicle to the same standard and in most cases they will pay out better like they did for Redback.

[albyback1]

lucky youre (not) with AAMI

they will agree on a value... and list any items unitl a claim is made

then you need receipts to prove value.

My car was purchased second hand with the roof rack (as an example)

roof rack on insurance policy ... check!!!!!

time to claim... roof rack receipt please.. no dont have it.. NO CIGAR!!!!

Lucky hey???

NRMA are good to!

Easter just gone, my brother in laws son rolls the ute (75 series with bull bar winch etc) two weeks after purchasing the car for $10500.

Agreed value is $10500

now its been written off

agreed value paid out is calulated this way

10,500 less premium and excess

all good so far yeah?

cooooool. Now the bit we stich ya up with.

he had put a new 12 month rego the week before.. so NRMA says.. take the number plate and the sticker and get
a  refund.


good idea Brother in law thinks

now NRMA have adjusted the final figure by the amount refunded from RTA!

AND he cannot get the items that WERE NOT included in the policy... like the winch and some other high ticket items!

So 10500, less full cost of premium, less excess, less RTA refund AND lost his new winch, lights, UHF and the like!

No worries hey?

I love insurance companies....... not!

[fitzyfootlong]

damn Insurance companies! I will start emailing them and getting it in writing for all of this information from now on as I cannot trust the operators word by the sounds of it! Thanks for all of your help guys.

Mr MacGU Good luck on your claim... you just want to fight the buggers out of principal whatever the cost sometimes.. I wish I was a Llawyer, imagine how much stuff they could get away with knowing all the ins and outs of the law...

So.. receipts, photos and everything in writing and still expect to get screwed, am I right??!! 

[D4D]

These guys have a specific 4wd package http://www.affinityib.com.au/ I haven't had a claim yet so I don't know how good they are

[Bird]

AND he cannot get the items that WERE NOT included in the policy... like the winch and some other high ticket items!

I think you will find they are playing him like a violin there.
ombudsman that one straight away

[Redback]

are you sure you have that the right way around?

Market value is Redbook - bare minimum payout.
Agreed is what you both agree the car is worth which usually costs more..

or did I read your post wrong.

I might have

[MDS69]

I was just on the phone to my bank about an unrelated matter when they said of we can help you with car insurance would you like a quote. Anyway after going through the vehicle and drivers details it came to accessories. We have $7k worth of accessories. Sorry we only cover to $5k. I thought the premium price would reflect the risk, guess not.
Everything is listed with our current insurer.