QUOTE(SKYjack @ Sep 16 2015, 08:15 AM)
I too was keen on the 508. But at that time 508 engine still had some unresolved issues. Got to be careful if want to get used 508. If not mistaken from 2014, 508s were fitted with EP6CDTM engines. These are the reliable Prince engines. At the same time 2 of my friends who have the older Prince 508, have had no problem with 3years ownership. I guess luck plays a part too!
IMO, 82k is overvalue as you paid only 60k. When it comes to claims,Inc co insist on market value. I insured mine ( 2012 model ) for 65k, windscreen 3k.
Hi Skyjack,
Nowadays insurance company offers Agreed Value & Market value Insurance.
AIG & Allianz Insurance offers this product... If take Agreed value insurance, refund will be full amount.
But The Value quoted higher than market value.
Here is the comparison
Agreed Value vs Market Value
Posted on June 17, 2015 by admin in what is
You may have noticed in some of our quotation that the proposed sum insured are stated as Agreed Value. While there are time it is based on Market Value. So, what actually is the difference between Agreed Value and Market Value? And which value should you insured your vehicle for?
Our recommendation would be insuring your vehicle based on Agreed Value. Agreed Value is the sum insured amount agreed by the Insurance Company (in this Case, Allianz General) for your vehicle based on your vehicle’s age and model. Allianz has a comprehensive motor vehicle database for common vehicle in determining the Agreed Value. Insuring your vehicle based on Agreed Value will eliminate the risk of under or over-insuring your vehicle. In the event of a claim, your sum coverage will not be questioned and Allianz will payout accordingly to your policy, as it is an Agreed Value.
If you insured your vehicle based on
Market Value, in the event of a claim, your insurer will pay out according to your vehicle market value at the time prior to the accident. Assuming you insured your vehicle for RM80,000 and after 9 months, your vehicle’s market value could have reduced to RM72,000. Thus, in the event of a total loss or thief, the insurance company would compensate you RM72,000 and not RM80,000.
If you insured your vehicle based on the
Agreed Value provided, example RM80,000. In the event of a claim, Allianz will pay out based on RM80,000 as it has been agreed upon.
As market value for your vehicle may be difference based on different sources, thus, there could be a risk of under-insuring. You may think that your vehicle is worth RM30,000 and thus insured for RM30,000. But, the insurance company may value your vehicle at RM40,000. Thus, in the event of a claim, you are actually under-insured by 25%. This will affect your claim payout, as the payout will be reduced by 25% proportionately.
Thus, it is advisable to insure your vehicle with an Insurance Company that has Agreed Value system. Allianz is among the first insurance company to implement Agree Value coverage.
AIG Insurance Term & Conditions;
Full payout on total car damage
If your vehicle is covered with an agreed value1 policy with us, you'll get the full pay-out on total car damage. It's always recommended to get covered with us on agreed value1 policy.
1 Initial agreed insured value instead of the depreciating market value of your car
Today's value 408T
16 Sep 2015 - Allianz Agreed Value
Home About Vehicle Market Valuation
Allianz Agreed Values
HIGH PERFORMANCE VEHICLES - MARKET VALUE ONLY.
Manufacturer > Model > Agreed Valuation
Manufacturer
: Peugeot
Model
: 408 Turbo Saloon 4door Turbo (A) 1.6i
YEAR
AGREED VALUES
2012
82,000
IMPORTANT NOTICE
IF THE ABOVE VALUE IS CHOSEN AS THE SUM INSURED, IT IS AGREED THAT THE VEHICLE IS INSURED ON AGREED VALUE BASIS.
ALL CLAIMS SETTLEMENT WILL ACCORDINGLY BE BASED ON THIS AGREED VALUE.
IF ANY OTHER SUM INSURED IS CHOSEN , THEN ALL CLAIMS SETTLEMENT WILL BE BASED ON INDEMNITY; MEANING THE SETTLEMENT WILL BE BASED ON THE MARKET VALUE AT THE TIME OF THE LOSS. PLEASE TAKE NOTE THAT THE AGREED VALUE IS ONLY APPLICABLE TO PRIVATE CARS.
Sep 6 2015, 11:57 AM
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