Insurance Car Valuation?

[FST4RD]

Does anyone here have any idea how insurance companies come up with the value of a car?

Example: My starion same as this one, higher spec, better motor but this is in better condition http://www.trademe.co.nz/Trade-Me-Motor ... 618647.htm and this one as well http://www.trademe.co.nz/Trade-Me-Motor ... 946118.htm.

Ami would do agreed value at $1600 cause thats all they said their system said it was worth, State said $2600

Now I know my car would be worth alot more then both those quotes, so this got me to thinking, who acually does these quotes? And if i took this evidence plus more from trademe to whoever and showed them and asked them to acually find a good condition starion of my type for that price would they try or tell me they think they know more then the car market?
Also market value how does that work, Since there are no starions in car yards, if my car got stolen would I take a few for sale starions from trademe and go here you go, one for $12000 and one for $25000 of the same year and model pay me somewhere in between?

[Dell'Orto]

Something reasonably obscure like a Starion would require a valuation from some place like a LMVD caryard to get a correct price.
You'll probably be better off going through a specialist type insurer, mainstream types dont know much about cars really

[FST4RD]

Well the thing is that through Ami i managed $4000 agreed value and it's costing me $260 a year..... I can't find anywhere else as cheap....

[Bling]

not sure on insurance companies..... but a local car yard simply looks at the 12 pack of beer you have in one arm and asks you how much you want it to be worth.... then away you go

[FST4RD]

yeah I'm thinking that... anyone here from Christchurch work in a car yard?

[Bling]

The one i'm talking about used to be yellow, now its green. Not sure if same company but its how it was a couple years back

[hsmidy]

man go for replacement valaue, probly cost ya alot but atleats you know that is exactly how much your going to get, my uncle done that for his 74gt celica and the company pretty much said how much do you want it insured for cause theres no way we can replace it

[stalker]

Most use "redbook" valuations.
when it comes to theift, they go by age, kms, and a current depreation rate of about 6-9% p.a. based on what they were new.
(plus a few other minor things too)

If you have market rate insurance (ie. not agreed value) then if something ever happened to ya car they wll send you a letter telling you how much they think it was worth and ask you to sign a letter to say you agree with that price.
If you dont agree then you can get 3x independant values from car yards and then they (most of the time within reason) take an average and pay that out.

[method]

If you dont agree then you can get 3x independant values from car yards and then they (most of the time within reason) take an average and pay that out.

What car yards would this be?

Im having problems getting a fair insurance deal on my 1976 toyota corolla.

Maybe i should take it to some yards and ask them what they think its worth?
Maybe get something on paper.

Im finding it impossible to get agreed value, but am very hesitant to insure it as market value. A 30 year old car is worth SFA in their books.

[stalker]

What car yards would this be?

Any car yard, as long as they are licenced (ie. LMVD RTVD IMVD etc) which all most all car yards are.
some places will do it for free for ya, but most places will charge anywhere from $40 - $100.
Just call into your local and ask them how much to get a written valuation...and make sure its on there company letter head


what insurance company u with???

[method]

Im with the credit card insurance company, aka none at the moment.

Car doesnt get taken on the road as a result. Maybe the odd trip to the dairy but dont want to risk writing off a car that has had so much hard work put into it. Im not worried ill hit something, but that some un-insured driver will come barelling into me.

Im still trying to hunt down insurance.
I was with Insure Direct, but will probably try JRI again.
Last time i couldnt find decent insurance through them, ill register the car under my dads name and try again...

Its probably because the list of "modifications" is over a page long, everything down to the headlights have been changed. But how can they expect anything from 30 years ago to still be roadworthy!
Most replacement parts are from other toyotas.

And last time i was trying to insure it NA, and insurance companies were quoting me more than what i was paying when i had my well modded EVO insured. Now im going to be trying to insure it turbod...

[stalker]

ahhh i see...yea it can be very very hard to get insurance.
I would recommend maybe trying an insurance broker...or someone like pioneer insurance, national auto club, or some of the lesser known companies.

i would stress to ya to NOT put it in ya dads name and then insure it that way...ya may save some money on the premiums and ya may find a ins company that will insure the car easier, but if and when it comes time to pay out i will almost guarantee that they wont pay out!
Insurance companies will see a mod'ed car under a "mature" persons name but the accident happened when a young person was driving and know that it was insurance fraud, then you will be screwed for life with that under ya name. I used to sell insurance and we used to see it all the time...there policies were canned, then they were done for insurance fraud.

trust me, it aint worth saving $500 per year on premiums when you wont be insured at the end of it!! (ur call though)