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.
Hopefully you didn't hit the person in front of you and that the person behind you pushed you into the next car.
Insured? If so you pick your repairer, get a second opinion or a structural assessment prior to repair
pick your repairer if possible and try get a look at the different quotes to see what they are and arnt going to fix replace.
hwlps if ya know a panelbeater or mechanic and show them the list too
And if it gets written off thank your lucky stars you got out of the navara before 100ks and buy something less time bombish
Select to expand quoteok said...
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.
Are you Ok 
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??
Select to expand quoteok 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?
Could you explain to me why your only getting $27500 if it was insured for $38000 . Whats the logic behind that ?
If i was insured for $38000 thats what i would expect back .
Minus the excess . My excess is $600 not $10500 .
Select to expand quoteok 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.
The roads would be an interesting place to drive if insurance companies made a habit of paying $10,000 over market value!
The premiums are carefully calculated around the statistics for the average driver in each category. Plus a healthy margin for insurance company profit. Unless you're significantly below average in your category, car insurance isn't going to pay in the long term. We drive for about 50 years, that's a long term.
In the worst case most of us could regroup, go to a Pickles auction, and get mobile again after losing a $40,000 car. Don't get comprehensive insurance, pocket the insurance company profit. Add up the premiums, I'm way ahead after 45 yrs driving.
Select to expand quoteok 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 .
Select to expand quoteIan K said...
The roads would be an interesting place to drive if insurance companies made a habit of paying $10,000 over market value!
The premiums are carefully calculated around the statistics for the average driver in each category. Plus a healthy margin for insurance company profit. Unless you're significantly below average in your category, car insurance isn't going to pay in the long term. We drive for about 50 years, that's a long term.
In the worst case most of us could regroup, go to a Pickles auction, and get mobile again after losing a $40,000 car. Don't get comprehensive insurance, pocket the insurance company profit. Add up the premiums, I'm way ahead after 45 yrs driving.
Not to mention the gst, stamp duty and fsl that you have to pay to the government when you insure (fsl only property in some states)
Select to expand quotesotired 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
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...
Select to expand quoteok 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.
It said in big print sum insured agreed value $38000* underneath in tiny print it said or market value which ever is the lesser.
So read the fine print and read it twice to be sure you don't stuff up like I did.
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.
Select to expand quoteok said..
It said in big print sum insured agreed value $38000* underneath in tiny print it said or market value which ever is the lesser.
So read the fine print and read it twice to be sure you don't stuff up like I did.
Wow, that seems like a dodgy way to word it. Its like they are committing to market value but making sure that if its a loss early on that their total liability is limited.
On the positive side, its no worse than if you just had it insured for market value.
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.
Select to expand quotedirtyharry said..
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.
I would disagree in that it always seems to be the case where you want to insure for more than the insurance co will cover you for under market price. I.e. agreed value is more than market value.
I think if you over-insure your car, you would then have to prove it was justified. I don't think you can just buy a car and insure it for $3M and then have an accident. I am guessing that, worst case, they would argue they would replace it, exactly as it was, for less than your nominated value.
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.
Select to expand quoteok said..
It said in big print sum insured agreed value $38000* underneath in tiny print it said or market value which ever is the lesser.
So read the fine print and read it twice to be sure you don't stuff up like I did.
It is very unlikely that the wording read exactly as you note above. It may have said: Sum Insured $38,000 or Market Value, Whichever the Lesser.
Remember for a commercial vehicle that you should insure the value less the GST component as this will not be paid in the event of a total loss claim.
I am an insurance broker and I have never once seen a schedule that reads as you note above, although that I am not saying you are definitely incorrect, this may well be the case.
Re insuring for more than Market Value - insurers will only offer Agreed Value within a specified range unless the vehicle has been modified or has accessories and they have agreed to cover at the nominated Agreed Value.
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... 
My take on this would be that you have paid for what you have been show by the broker in good faith & that this is your policy & that is that any difference between that and the insurance policy that has been taken out by them should be covered by the broker.
Ring both the insurance company & broker & threaten legal action .
By my definition you have been stolen from by the broker as you paid for a service in good faith but they have reduced your policy & pocketed the change .
Find out from insurance company how much difference there was in the premium .
Good luck with it
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.
just curious, if you look back over the premiums paid in the last few years ... did they go down in accordance with market value?
Select to expand quoteok 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..
Select to expand quotegrumplestiltskin said..
just curious, if you look back over the premiums paid in the last few years ... did they go down in accordance with market value?
No, as far as I can tell, they never do. Sometimes it goes up.
I think I was told ages ago that this is because in the case of most accidents the cost of repair is still going to be about the same even if its a ten year old car versus a new one, and the cost of damage to the other car is still a consideration. In reality, when its old, if it costs $3k to repair it, they will write it off, but I think I see their point, at least on the potential damage to other vehicles.
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.
