NRMA Agreed Value

Dan · Postby **Dan** » Wed Jan 14, 2015 8:19 am

I thought I'd post this since assume a few people here are with NRMA that own NC's

I had to renew my car insurance and the agreed value that NRMA sent to me was reduced by over a third to $11,450 which looking at carsales appears to still be below market for an NC1.

I ended up calling to complain and had it fixed to be 17k (I have a few mods on it) and reduced the cost of the contract by changing the policy to a low km one but was told the value in their system was $11,450 for the NC1.

Thought I'd let people know so they check next time they get a renewal since this one nearly got past the keeper for me.

smy0003 · Postby **smy0003** » Wed Jan 14, 2015 9:34 am

Mine went down to $5K for a low km nb8b :S

sailaholic · Postby **sailaholic** » Wed Jan 14, 2015 9:35 am

Also worth checking that your policy covers you for agreed value not "agreed value or market value"

My NA took a big drop with shannons as well. When I rang they just said it's an automatic thing applied to all policies. Looking at the car and the mod list, it's obviously not going to be affected the same and put it back up again for minimal cost.

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AndrewM · Postby **AndrewM** » Wed Jan 14, 2015 11:30 am

Sign of things to come with the new ND release imminent...watch resale values drop like a stone..

emx005 · Postby **emx005** » Wed Jan 14, 2015 11:40 am

smy0003 wrote:Mine went down to $5K for a low km nb8b :S

My 76km NB8B was about to be renewed AAMI for $8750 this year at $58 per month.

I've moved to Virgin who have it at a market rate of $10500 for $39 per month which went to $41 when I chose to maintain my rating if I have an at fault claim.

Pays to shop around.

This is for nominated drivers over 30 only in the Hills NSW as an FYI.

greenMachine · Postby **greenMachine** » Wed Jan 14, 2015 1:07 pm

Last time I checked, NRMA comp insurance on my NB was about double what I pay at Shannons, with multi policy discount and max NCB.

Yes, get quotes.

:mrgreen:

Regie · Postby **Regie** » Wed Jan 14, 2015 2:15 pm

im with NRMA and renewed about 3 months ago. my agreed value is still around the $21k

$11k seems very low

Dan · Postby **Dan** » Wed Jan 14, 2015 2:46 pm

17k was the max value they had for my car I was told.

Admitidly mine is an early NC so maybe that's why the value is what it is and 17k is probably fair since I paid less than that for the car two and a half years ago.

speed · Postby **speed** » Wed Jan 14, 2015 5:35 pm

8 cars and the house insured with Shannon's. Would never use NRMA again.
Insured my NA for 7.5k agreed value. Will up the value once the SC is engineered.

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cookie · Postby **cookie** » Wed Jan 14, 2015 7:05 pm

smy0003 wrote:Mine went down to $5K for a low km nb8b :S

Should ring up and ask! I have my na6 valued at 10500 with just car for 620ish/annum. I'm only 23 too.

Charlie Brown · Postby **Charlie Brown** » Thu Jan 15, 2015 8:09 am

Dan, I'm with Shannon's. Agreed value is $18K on my 2005.
We have two cars on the policy the NC + another vehicle with a value well over double that of the NC and it costs around $1100pa. If you give them your CAMS licence number you get a further reduction.

lizard · Postby **lizard** » Thu Jan 15, 2015 9:20 am

Shannons They are just so EASY to deal with even when you need to clame they help you and How many Insurance companys let you chose the repairer use new parts and keep the wreck if its written off

Lokiel · Postby **Lokiel** » Thu Jan 15, 2015 10:36 am

lizard wrote::
How many Insurance companys let you chose the repairer use new parts and keep the wreck if its written off

Regarding that last point:

I asked about buying the wreck back for my written-off hail-damaged Mazda 3 assuming that I could deal directly with the insurer (Allianz). I drove it to the asessment centre and was told that I would have to negotiate with Pickles (the auctioner) since written-off cars went directly to them from Allianz. I then drove home and Pickles collected the car a few days later (the car was automatically unregistered the day after I drove home).

ie. Make sure that you know your insurers policy regarding wreck buy-backs, there may be more dicking around than you expect.

MattR · Postby **MattR** » Thu Jan 15, 2015 1:17 pm

With Shannons on most policies where the car is over a certain age, from memory 25 years, or could now be 30, you have automatic retention of the wreck, i.e. you break it and it is written off, they give you the agreed value, less any excess that may be due and you have a broken and bent car in your driveway if you want to keep it.

Personally, after the dramas I had with NRMA for a not at fault claim and trying to use the repairer of my choice, as per the policy, I wouldn't insure a skate board with them.

My choice of insurers is based on more than the price, I go through the PDS for each providers policy very carefully to make sure I don't get hit with any surprises if I need to make a claim.

Rob · Postby **Rob** » Thu Jan 15, 2015 2:10 pm

I've done everything with the NRMA since I was a kid in my first car. Never had any issues with them.

But... that said, I haven't had to claim anything for, jeez, donkey's years. Maybe things are different with them now.

I've always been curious about Shannon's. Maybe when I get my NC in the month(s) ahead, I will try them?