The owner of a 2010 Hyundai i30 who wanted an insurer to raise its maximum value by almost $2000 has been told to seek cover from a different provider if they’re not happy.

Suncorp had offered to insure the car for a maximum value of $6630.

The Hyundai owner told the Australian Financial Complaints Authority (AFCA) the market value was much higher and Suncorp should be required to insure the car for $8500. AFCA told the driver he should shop around if unhappy, ruling in favour of the insurer.

“The insurer can decide how much it is willing to insure the car for,” AFCA said. “If the complainant wants to insure the car for a higher amount, he can seek insurance from a different insurer.”

AFCA said it would be unfair for Suncorp to force the Hyundai owner to buy an insurance product he did not want, and it would also be unfair to force Suncorp to “sell an insurance product it did not want to sell”. Neither party could be forced to enter a contract and the man “is free to seek insurance from another insurer”.

AFCA explained insurers can decide what policies they offer, who they offer insurance to and on what terms.

“The insurer is not required to change the policy terms to satisfy the prospective customer.

“This includes deciding how much they are willing to insure a vehicle for. If a prospective customer is not satisfied with the terms of a policy being offered, they can ask the insurer to change the terms, or seek insurance from another insurer.”

Even if the Hyundai was worth much more than $6630, insurers are not required to insure vehicles for their full market value.

"There is no law, code, or other rule that requires the insurer to insure the complainant’s car for a specific amount. The insurer is not required to increase the insured value,” the ruling said.

See the full ruling here.