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My January 1997 GXL was caught in the hailstorm and under my market value policy my insurer has decided to write it off. I decided to keep vehicle so not getting full payment as insurer deducting salvagable value + my excess. Expecting a cheque in next few weeks. Damage to roof & bonnet with bonnet receiving about ? of dents. Only a couple on driver door. Roof no one sees and can replace bonnet. That should take care of most of it. Now, the vehicle is a repairable write off and I have until its next registration to have it inspected and re-registered. Got 7 months to do this which is good. Should have no problem with roadworthiness as will have it serviced before then. In the meantime, as soon as I receive cheque the Prado will no longer be insured. Given that I have been paid out, without repairing the dents market value will be substantially under $10000. I see that a number of insurance companies state that their Third Party Property Fire & Theft policy is only available to cars valued under $10000. Using this as a guide there doesn't seem to be much point insuring the Prado under a comprehensive policy. My insurer will allow me to reinsure under comprehensive but only market value but that's what I had before. If I had known I should have gone agreed value as would have received a bigger payout. Things are great in hindsight!!
I've got some 50 or so dents and it appears that average price is about $50 per so total cost will be about $2500. Even if I get a secondhand bonnet and have it painted to match I reckon the total cost will still be around there. Even if I have everything repaired the fact is that market value of my Prado is going to be around $10000 at best. If I don't repair it the market value is probably around what? $5000 - $6000?? Doesn't seem worthwhile using comprehensive insurance.
As vehicle is hail damaged, a lot of insurers won't permit Party Property Fire & Theft so that leaves me with choosing Comprehensive market value or Third party property. Thinking I'll go Third Party Property as I've been paid out even if I repair the dents. Actually if I go third party property I may not bother with any repair apart from maybe replacing bonnet. As I do take it fishing on beach the fact that I have been paid out is a peace of mind as it no longer matters what it looks like. Still it's in my best interest to keep it looking good. Difference in premiums is about $450 for me and I can use this as form of self insurance.
Would like to know what you guys think and which insurance plan you would choose in my position.
I've got some 50 or so dents and it appears that average price is about $50 per so total cost will be about $2500. Even if I get a secondhand bonnet and have it painted to match I reckon the total cost will still be around there. Even if I have everything repaired the fact is that market value of my Prado is going to be around $10000 at best. If I don't repair it the market value is probably around what? $5000 - $6000?? Doesn't seem worthwhile using comprehensive insurance.
As vehicle is hail damaged, a lot of insurers won't permit Party Property Fire & Theft so that leaves me with choosing Comprehensive market value or Third party property. Thinking I'll go Third Party Property as I've been paid out even if I repair the dents. Actually if I go third party property I may not bother with any repair apart from maybe replacing bonnet. As I do take it fishing on beach the fact that I have been paid out is a peace of mind as it no longer matters what it looks like. Still it's in my best interest to keep it looking good. Difference in premiums is about $450 for me and I can use this as form of self insurance.
Would like to know what you guys think and which insurance plan you would choose in my position.
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