Full Insurance Cover

[pj123]

I have been getting online insurance quote for a possible future purchase of a used Everest. Value would be about 1,050,000 but cover is only for 850-880,000

is it possible to get the full value of the car covered? Is the 850-880k based on the Red Book value or do insurance only offer 80% cover?

[canthai55]

They cap the payout at market value - theirs, not yours.

I bought my Forza last year for 40K - insurance pays out 75K

[Doctor Tom]

I am insured with Roojai on a 4 year old Vios that I have had since new.  Each year's renewal document always gives a price they will pay out if the car is written off.  It seems to correspond, as far as one can tell, with the realistic resale price on the second hand market.  The second hand market here is not at all as predictable or stable as  the UK or the US, so its a bit of a hit and miss affair, still, the price always seems a fair approximation of how I value the car. 

[Kwasaki]

We are with Roojai if you speak to them the have English speakers you obviously will have a bigger premium but I reckon they will come to some arrangement.

[pj123]

12 minutes ago, Kwasaki said:

We are with Roojai if you speak to them the have English speakers you obviously will have a bigger premium but I reckon they will come to some arrangement.

Yes, it would be interesting to see how much they charge extra for 100% cover

[Kwasaki]

1 hour ago, pj123 said:

Yes, it would be interesting to see how much they charge extra for 100% cover

We found them very helpful because we have a pickup truck and buying the truck new we got 1st class insurance thrown in but we found out from Roojai that stuff in the rear tray was not insured which at the time was something we needed.

[Liverpool Lou]

On 8/16/2021 at 10:02 AM, pj123 said:

I have been getting online insurance quote for a possible future purchase of a used Everest. Value would be about 1,050,000 but cover is only for 850-880,000

is it possible to get the full value of the car covered?

For normal vehicles car insurers do not provide 'new for old' cover, they cover for what they consider the vehicle to be worth.     If you want an 'agreed value' policy, you'll pay extra for that cover.

[NanLaew]

Considering the first 30% of any depreciation kicks in as soon as the proud new owner drives it off the dealership's forecourt, there's no way of getting 100% replacement value coverage from any insurance company.