GIO Insurance value drop on Patrol!!

Hi Michael, I am with GIO and have found the same.With car insurance they annuallly reduced the value of the sum insured but the premium goes up a bit. I have dicussed this with them. Their response was that it helps to keep their premiums down. If however, I felt that the vehicle had not depreciated by that much I could always negotiate a higher amount and pay the associated premium. I did look into changing companies but found on comparison- they were much cheaper. Probably the most important reason I have stayed with them is that in the past when I have had the misfortune of having to make a claim(house and car) their response has been swift, efficient, and with compassion. This is in stark contrast to other companies I have had to deal with. The value in the premium is not just the sum insured- but how the company handles your claim-especially when you are traumatised and really need a positive outcome.regards, doc.

hi michael
thats pretty much par for the course of insurance with any company and your vehicle is 8yrs old they go by redbook value averages and yes the premiun always goes up each year with the cost price indexing
agreed value doesn't mean for ever
each year of age the value must come down other wise the poor insurance company's would go broke ! cant have that can we ??? lol
cheers barry

Mike, ...With Toyota the Insurance companies cover you for more than the thing is worth every time...LOL.

Cheers Axle.

Hi Michael

Try Allianz I have found them pretty good.
Ph 131 000

Ed

I am with GIO also and found them to be easily the most competitive for my 2004 HDJ100.
Agreed value $49K costing $840.
First year after online quote then they jacked it up a fair bit but I went online for another quote, rang them and they agreed to use that figure.

Whats the problem with using agreed value for yours anyway?

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I am insured with RACV I think they use Glass's guide and under state the value of my vehicle every year I have TD/LCR and you can not find a vehicle anywhere at the price that they quote.
When I first insured it was accessories as extra now it is with accessories included.
Tried to change price but it's like talking to a brick wall.
To go else where was dearer for the same.
reggy2

Thanks everyone, I will give GIO a ring and stir them up and see how i go. Michael

This speel that NRMA use, never lose your no claim bonus while ever the policy is current is a load of crap. (im insured with them as they have been the cheapest) Prior, they use to have a full break down of all cost on the policy they would send to you, so say started at 3g, the years of service, no claim bonus, etc, so you new it was 60% based on 3g now its "you have 60% no claim bonus for life of the policy"" 60 % of what, 3g, 5g ?? They dont inform you any more of the full price prior to breakdown, when my wife had a claim the next year the policy was nearly $300 more, but still said she had 60% no claim bonus, I asked why it went up $300 ""oh because of break in and thefts"" I said what on a Toyota Yaris sedan $22k worth, I told them they were full of crap and was due to the claim she made, I spoke to manager and complained and they reduced it by just under $300. Worth a phone call to any of them to get the best price, personally wouldnt touch "youi"" could have saved $500 on my prado but be extremely carfull of what they cover, they couldnt tell me what he price was going to be because I couldnt tell them wether my prado would be in the garage at night or maybe under carport, two different prices, told them depends on who gets home first and gets the garage or carport, totally no cover for anyone not mentioned on policy, so if you went to the pub with all intentions of driving home, then decided you may have had one to many wnd you let say your mate drive home (who is sober) and he crashes there is totally no cover even under emergency situations like i asked, only cover to wading depth wich I think on the prado is 22cm, no other off road cover, told them I drive through potholes deeper then that even with snorkel if you got halfway through a river crossing and wrote it off not covered, so for those reasons and other questions I asked (total of 2 times at 40 mins each phone call) I decided not to use them in any way............

Guys, I have recently been through the insurance premium game, last year with our new Pajero then its recent renewal and then last month with our Tvan camper-trailer. Trust me, I have spent many hours checking policy wording and premiums, emailing and seeking clarification and even talking to folk holding various policies and all up I found GIO - dollar for dollar average - to be the cheapest and it seems, also the most reasonable to do business with. I am an IAG (NRMA) shareholder and long time (Gold) member previously with 7 policies, all with outstanding no claim history with them but I have found them more often than not far to expensive in recent years. Six months ago I wrote (now 3 times to the NRMA GM) about their premium prices and have not had the courtesy of a reply. Following my research I have gone with GIO with four of those 7 policies. Yes, there are other insurers that give good coverage but you must read the policy wording very carefully and ask questions when in doubt - one I found has a different excess when damage occurs on ANY dirt road - even from the highway 6 kms to your rural house. I won't know until I make a claim but it seems to me - that for me and my type of usage - the GIO offers the best value, not just the cheapest premium. And yes, I too have found a variation in web prices and office/phone given prices. Beware, they record all conversations/contacts and know that you have sought other quotes from them. Also be aware that each major company has several other companies under which they trade - so that an enquiry to one might be known about by another related insurer.

In my book 'agreed value' is just that: it's the cover you ask your insurer to accept. If the insurer has lowered the cover amount due to depreciation, it sounds like 'market value' to me.

Some insurers will ask for an inspection or pics of a vehicle before issuing an agreed value policy.

Thank you to all who replied and many in great detail. I guess i will go through the motions and see what is what!! Thanks again, Michael