Insurance Caution

[Williamson]

Check your policies, particularly if you're with Swann.

The Mighty ST1300 has been insured at an agreed value for approx. 10 years, at least I thought it was.  The exception being the current year, when it's now at market value.  The change slipped through unnoticed and has occurred due to me allowing the old the policy be renewed automatically.

Allowing comes about because when the old policy is coming to and end, Swann sends an email advising that no action is needed from me, they renew the policy, keep deducting the monthly fee from my bank, I need to review the attached documents (policy, summary - includes monthly deduction, which had reduced since previous year).

Even at my age, I live & learn.

[ruSTynutz]

I have Swann Insurance "agreed value" coverage on my ST...
I just double checked my policy and all's good. 

[Biggles]

I have Swann Insurance "agreed value" coverage on my ST...
I just double checked my policy and all's good. 

Same here, but with renewal due next month, I'll be sure to check the fine print before I commit.

[ppopeye]

I will check mine as well. Looking at changing to Youi as I have a few policies with them and might sve some extra dollars. Roadside service included. Need to check all the parameters.


Go figure this one too. I have the 100 series land cruiser insured for agreed value. Last year 38k. This year value is 48.8k
I wont complain but dont understand how agreed can change???????

[Bodø]

Seasonally adjusted.

[Brock]

Be carefuwith Youi and 4x4, I have seen reports of disallowed claims while off road, modified from manufactured standard...

[Williamson]

Be carefuwith Youi and 4x4, I have seen reports of disallowed claims while off road, modified from manufactured standard...

Garry, off-road?  No problems with that!

[ppopeye]

I have done some checking and got a quote from Youi.
Swann
Market value exc 400
Theft exc.           250
Premium  2022 was 304.  2023   302.  I need to check an old policy but I might be in the same boat as Michael
and the policy changed from agreed to market value.
Just checked and the policy has always been market value.


Monthly premium at no extra cost might be the difference



Youi market value. Premium 293. Exc 725
                            Premium


        Agreed value 7000 premium 309. Exc 725
                                    Premium 327. Exc 400


Youi has 2 free roadside assist calls a year. I have no idea if their service would be useful

[Williamson]

I have done some checking and got a quote fr9m Youi.
Swann
Market value exc 400
Theft exc.           250
Premium  2022 was 304.  2023   302.  I need to check an old policy but I might be in the same boat as Michael
and the policy changed from agreed to market value.




Youi market value. Premium 293. Exc 725
                            Premium


        Agreed value 7000 premium 309. Exc 725
                                    Premium 327. Exc 400

Agree value probably too low, bit hard to be sure, what year and km?

[Williamson]

Agree value probably too low, bit hard to be sure, what year and km?

Comment based on my current experience. 

It's unlikely that if your ST is totalled that, when taking into account year, km, accessories, extras, overall condition, rego, etc.. (any other variables?) that there'll be a like-for-like replacement available on the market.

Currently, the closest to my ST1300 is pretty close, 2011 model, 10k less km, but almost standard in terms of accessories and extras.  This is currently at $9k (local), next closest is at $9.9k, plus on-road costs (at a dealer in Sidely).  For me, agreed value (for mine) would've needed to be at least $12.5k. 
Which coincidently it was. 

Check your policies.

[ppopeye]

Mine cost 12k I think in 2014. max they do is 7400 agreed value. It is a 2005 model it had 12400 km when purchases. Just over 41000 now. I dont see anyone paying more than 7-10k for an ST now. Really low KMs maybe or a very keen buyer.

[ppopeye]

Michael what was the premium for 12.5k agrred value.


Yours is much newer too.

[Williamson]

Michael what was the premium for 12.5k agrred value.

Yours is much newer too.

Current policy:  $21.02 per month = $252.24 per year.

Previous policy:  $21.21 / $254.52 - checked, also market value.

Previous to that:  $25.74 / $308.88 - agreed value.

Looks like the change snuck in August 2021.

The ST1300 is a 2011 build, first registered 2013, ~ 72,000km.

[ppopeye]

Thats interesting Michael. Very good rate. I wonder what the difference in policies that results in a lower premium

[ruSTynutz]

My 2005 ST has agreed value of $11,273...
Monthly payment is $29.54 or $354.45 for the year.
Excess is $400.

[ruSTynutz]

Re car insurance, I've found most of the big insurance companies suck when it comes to agreed value.
Only company I came across with anything half decent was QBE which I'm currently with.

Previously I had been with APIA...Their agreed value was a couple of thousand less than QBE.
With QBE I ended up with a higher agreed value, windscreen cover and less "excess" for roughly the same monthly payment.