FTO AUSTRALIA

As some of you will know, I was recently involved in an accident which resulted in my car being written off. When I first signed up to my insurance company (Famous Insurance) a couple of years ago, I signed an Agreed Value policy. However, when I got the letter from them stating what my payout would be, the payout was for market value instead. After going back over my paperwork, it seems that when my policy was renewed after the first year, I was switched from an agreed value policy to a market value policy. Now, since it was just a renewal form I expected I was just renewing the policy - I guess thats why I missed that particular detail.

Anyway, is that a normal thing for an insurance company to do? I'm going to contact them tomorrow, but I'd like to know roughly where I stand.

That is a good trick ....

I have never really looked at mine .... But, as mine is pretty much stock anyway, and with FTO prices dropping.... I think I would still be able to get a replacement....

My insure value was 15k through Custom Car (GIO) ... Will make sure I check what the put the price as in about 5 months ...

if it was agreed then they would have stated the agreed value in the renewal letter. Usually in bold and plain as day.

In the first policy it was stated as an agreed value policy of $16.5k. When I got the renewal form, they'd changed this to $16.5k market value. I'm asking if this is normal practice?

alku83 wrote:In the first policy it was stated as an agreed value policy of $16.5k. When I got the renewal form, they'd changed this to $16.5k market value. I'm asking if this is normal practice?

not with shannons.