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Thread: I are flabbergasted???

  1. #1
    Nuon Fangirl

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    Default I are flabbergasted???

    Did a bit of insurance updating and stuff the last few days. Amongst others, I got the retail values of our vehicles to reduce the insured amount on th einsurance. What's got me flummoxed is the values of my Zookee and Mags' Beemer.
    • Zook percentage value drop over 26 months: 16,5%
    • Beemer percentage value drop over 12 months: 16,4%
    Basically the Zook dropped the same percentage of value in two years than the Beemer did in a single year. I realise the largest drop is in the first year, but surely this is a tad strange?

  2. #2
    Capt Grumpy - The Comedian
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    Vat
    Spent my therapy money on a K1200S
    Therapy must have worked, bought a GS
    Insanity crept back in, in the shape of an R1200R

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    Nuon Fangirl

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    So, the bike being ridden by the vat oke loses value slower?

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    Evil Biker Scum smotter's Avatar
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    Hulle "vat" jou by die balles, en maak nie los nie ...
    In retrospect, the future looks quite promising ...

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    The Right Reverend luv2ride's Avatar
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    I also don't understand this value thing. The cricically injured BMW F800St was officially written off last week.

    The values are as follow: Bought it earlier this year (used) for R79K with accesories top box etc. (Insured for R79K) Insurance will only pay out R67 300 (market value), when Retail is R72 900 and trade is R61 700

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    Nuon Fangirl

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    Quote Originally Posted by luv2ride View Post
    The values are as follow: Bought it earlier this year (used) for R79K with accesories top box etc. (Insured for R79K) Insurance will only pay out R67 300 (market value), when Retail is R72 900 and trade is R61 700
    Most insurance companies pay the average between Trade and Retail, which is exactly what they are going to pay you. This is why you should never insure for more than that and modify your policy at least once a year, possibly even once every 6 months. It is basically what I just did. Check the Trade and Retail values and then drop the insured value to that. Just on the two cars it made a difference of R220 per month in premiums. IMHO opinion, with modern technology, a halfway decent insurance company should do this automatically every three months or so.

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    Capt Grumpy - The Comedian
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    I will try

    First off VAT is not part of the base value of the bike although many insurers will include this in the first ***** of insurance and may offer full replacement value.

    Thereafter the vehicle will lose value starting with the VAT and then the base value of the vehicle. In order for there to be parity in the market place, just about everyone will work off the published retail and trade prices that are published every year. Some insurers will work off retail, others will work off market which is the average between retail and trade. The onus is on the owner of the vehicle to update the policy on a regular basis.

    Extras will only be counted if you specify them, for example a bike can not run without an exhaust, therefore your fancy can will not be included in the base price unless you specify it as an extra, same goes for panniers, top boxes and bling.

    So in your case, it appears that the extras are not being included in your base and you have not added them as an extra and you are insured for market value and not retail.

    You have not mentioned what your excess is as this also will affect your pay out. You say they will pay out 67 300, but is this with the excess taken off or do you still have to pay that ????
    Spent my therapy money on a K1200S
    Therapy must have worked, bought a GS
    Insanity crept back in, in the shape of an R1200R

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    Capt Grumpy - The Comedian
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    Quote Originally Posted by AMZ View Post
    Most insurance companies pay the average between Trade and Retail, which is exactly what they are going to pay you. This is why you should never insure for more than that and modify your policy at least once a year, possibly even once every 6 months. It is basically what I just did. Check the Trade and Retail values and then drop the insured value to that. Just on the two cars it made a difference of R220 per month in premiums. IMHO opinion, with modern technology, a halfway decent insurance company should do this automatically every three months or so.
    Although this may sound reasonable, the liability issues involved are huge, hence why it does not happen. There is also an ongoing drive from the FSB for people to get more involved with their own financial affairs.
    Spent my therapy money on a K1200S
    Therapy must have worked, bought a GS
    Insanity crept back in, in the shape of an R1200R

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    The Right Reverend luv2ride's Avatar
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    Quote Originally Posted by Stranger View Post

    You have not mentioned what your excess is as this also will affect your pay out. You say they will pay out 67 300, but is this with the excess taken off or do you still have to pay that ????
    Thx Stranger!
    Excess still to be subtracted from the 67 300. We also have "top-up /shortfall" insurance - will see what they will cover

    Can you choose to be insured for market or retail?

  10. #10
    Capt Grumpy - The Comedian
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    Some will give you a choice, others stick to one or the other. As long as you know to ask when you make the deal.

    Top up or shortfall cover usually cover the difference in outstanding interest payments.
    Spent my therapy money on a K1200S
    Therapy must have worked, bought a GS
    Insanity crept back in, in the shape of an R1200R

  11. #11
    Hardcore Biker Scobs's Avatar
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    Quote Originally Posted by amz View Post
    most insurance companies pay the average between trade and retail, which is exactly what they are going to pay you. This is why you should never insure for more than that and modify your policy at least once a year, possibly even once every 6 months. It is basically what i just did. Check the trade and retail values and then drop the insured value to that. Just on the two cars it made a difference of r220 per month in premiums. Imho opinion, with modern technology, a halfway decent insurance company should do this automatically every three months or so.

    Wahahaha - ja right
    Keep thy eye on the tach and thine ears on the engine lest thy whirlybits seek communion with the sun.

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    Nuon Fangirl

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    Quote Originally Posted by Scobs View Post
    Wahahaha - ja right
    One can only hope, be positive and believe and the set a 6 monthly reminder in tour calender.

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    Biker Trash Psycho's Avatar
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    Quote Originally Posted by Stranger View Post
    Some will give you a choice, others stick to one or the other. As long as you know to ask when you make the deal.

    Top up or shortfall cover usually cover the difference in outstanding interest payments.
    Top up usually covers the shortfall but in my case with my Suzuki last year i still had to pay in a few K, not cool esp when you have extra bills from medical costs as well.
    "Filtering information for the public eye, designed for profiteering, your neighbour what a guy..."

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    Mary Poppins Norty's Avatar
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    Quote Originally Posted by AMZ View Post
    Most insurance companies pay the average between Trade and Retail, which is exactly what they are going to pay you. This is why you should never insure for more than that and modify your policy at least once a year, possibly even once every 6 months. It is basically what I just did. Check the Trade and Retail values and then drop the insured value to that. Just on the two cars it made a difference of R220 per month in premiums. IMHO opinion, with modern technology, a halfway decent insurance company should do this automatically every three months or so.

    Now why on earth would they do that ??? If somebody decides to give you some money for for mohala on a monthly basis, are you going to go out of your way to try and get them to stop ...

    they are relying on the apathy of their clients to rake in MILLIONS of FREE money ...
    Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways - Klipdrift in one hand - chocolate and biltong in the other - body thoroughly used up, totally worn out and screaming "WOO HOO, What a Ride!" [Unknown - modfied]

  15. #15
    Nuon Fangirl

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    Quote Originally Posted by Norty View Post
    Now why on earth would they do that ??? If somebody decides to give you some money for for mohala on a monthly basis, are you going to go out of your way to try and get them to stop ...
    Me? No, I would not. A multi-billion Rand company, should.

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    Mary Poppins Norty's Avatar
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    Quote Originally Posted by AMZ View Post
    Me? No, I would not. A multi-billion Rand company, should.
    Not according to their share-holders, who all get a piece of the pie. Bottom line, it boosts their operational profits, so they will NEVER do anything about it. If they are legislated into doing something about it, you can bet they'll put up one hell of a fight.
    Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways - Klipdrift in one hand - chocolate and biltong in the other - body thoroughly used up, totally worn out and screaming "WOO HOO, What a Ride!" [Unknown - modfied]

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    Whippersnapper dc_grimm's Avatar
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    Quote Originally Posted by AMZ View Post
    Did a bit of insurance updating and stuff the last few days. Amongst others, I got the retail values of our vehicles to reduce the insured amount on th einsurance. What's got me flummoxed is the values of my Zookee and Mags' Beemer.

    • Zook percentage value drop over 26 months: 16,5%
    • Beemer percentage value drop over 12 months: 16,4%

    Basically the Zook dropped the same percentage of value in two years than the Beemer did in a single year. I realise the largest drop is in the first year, but surely this is a tad strange?
    Are you really that surprised?
    We are talking about a BMW...
    "Any pile of stunted growth unaware that entertainment is just that and nothing more, deserves to doom themselves to some dank cell, somewhere, for having been so stupid!! Movies, books, T.V., music - They're all just entertainment, not guidebooks for damning yourself!"

  18. #18
    Smooth bottomed bunny hugger Brendon's Avatar
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    Quote Originally Posted by dc_grimm View Post
    Are you really that surprised?
    We are talking about a BMW...
    Hey!!!

    Careful now, careful... ask AMZ what the repucussions are of stepping too far over the line young man!

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    Whippersnapper dc_grimm's Avatar
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    Quote Originally Posted by Brendon View Post
    Hey!!!

    Careful now, careful... ask AMZ what the repucussions are of stepping too far over the line young man!
    pray tell!
    "Any pile of stunted growth unaware that entertainment is just that and nothing more, deserves to doom themselves to some dank cell, somewhere, for having been so stupid!! Movies, books, T.V., music - They're all just entertainment, not guidebooks for damning yourself!"

  20. #20
    Nuon Fangirl

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    Quote Originally Posted by dc_grimm View Post
    Are you really that surprised?
    We are talking about a BMW...
    I must admit, I was a tad surprised. I truly believed these Beemer dudes when they told me a Beemer holds value better than Jap tuopperware.


    Quote Originally Posted by dc_grimm View Post
    pray tell!
    He foams around the mouth, goes red in the face and start making tweeting sounds like a boiling kettle. Rather amusing actually.

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