Click here to enlarge Originally Posted by PreeCilla Click here to enlarge
I've been told that your agreed value can only be 'market value' +15% after the first year. Hence , purchase price insurance is the safety net.
Not 100% sure on this though..
It has to be reasonable yes, however sometimes they will insure for an agreed that is well above market if you have the car independently valued due to it being highly modified, collectable etc. For example i used to have a hotted up Gemini that was insured for $8k vs market value of $3-4k but only with an independent valuation and when that car was written off they paid up in full. You can't just say i want to insure my clapped out Datsun 120Y for $50k though and expect them to pay.