Just got my insurance renewal in the mail and they have dropped the Agreed Value from $22k to $20k !?!? I thought the whole point of Agreed Value is that it does not decrease unless you negotiate a new one. But no one had ever contacted me about it.
Can someone correct me if I'm wrong?
I'm already peeved because I just noticed that they changed my cover from Market Value in the first year to Agreed Value of $22k in the second year. Now they want to covertly decrease it by $2k in the third year .
Does anyone know the approximate market value of a '97 FTO GPX or at least know who I can contact to find out???
there is a publication called Redbooks and it lists all the market value of the cars according to model/make/year...
for a '97 FTO GPX, i'd say $23K would be a fair price, if you look at the market today most FTOs are selling for low 20K to high 19s, and most are 95-96 models...
why don't you call your insurance company and ask them why they had the 'agreed' value dropped without your agreement?
Market value is determined at a time of a total write off.
They look at the year, make, and model of the car. What type of condition its in to determine the value of the car.
You can negotiate your agreed value price with your insurance company, because that is the amount that you and the insurance company agree to insure the car for. If you car hasn't done many Km's, then you can most probably get it insure for more. If you aren't happy with the price, don't just accept it, they can change it by up to 15% if you really dig at them.
After working for an insurance company, you are a sucker to agree to insure your car for a market value if it isn't a brand new car. But that is just my opinion.
[quote="chy
Because the older the car is the parts are harder to find.[/b][/quote]
Funny how the panel beaters reckons differently though, they said 2 me once (not FTO), cause your car is too new, so the parts are harder to get, & more expensive, but once the car got older, the parts will become more readily available, & therefore its cheaper.
Every industry had there own BullShit excuses to dig consumers.
DISCLAIMER: The above text is the personal opinion of the author and does not represent the indisputable truth. The author is not responsible for any deaths, injuries or mental illness caused by the above statments.
If anyone wants to know the redbook value of their fto go to the AGC finance web page which has a link to the redbook web page.Redbook price is what most insurance companies use to obtain market value. Regardless of redbook values a good clean 96 gpx tip. would still cost around $26000. I have seen gpx cheaper at around $19000 but they are in very poor condition inside and out.
Unfortunately the FTO is not listed there and most of the latest grey imports aren't as well.
I still think that an agreed value of $20k is too low for a '97 FTO GPX. So I'm going to take your advice chy and negotiate with them.
Does anyone know if the Agreed Value should also include the cost of modifications? I've got approximately $3k worth of mods that I'm paying an added premium for, but I'm not seeing the agreed value rise correspondingly .
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