Insurance

Growler · Post by **Growler** » Wed Jun 19, 2013 4:45 pm

chris wrote: The point of insurance is to leave you in the same place you would be before the accident.

So you write off your car, you get another car that is of similar quality, ks, power, etc.

Thats the problem, it would never leave you in the same place as before the accident. What if you have spent money modifying your car over time? I understand you will never get the value back (in dollar terms) if you ever sold the car etc, but paying market value for a car you could potentially sell for more isn't really fair.
I have a low km NA that is slightly modified, but in very good condiditon. I could easily sell it for $5,500 - $6,000 if I wanted to, but at the moment it is insured for around $3,200 - $3,400 because that is the perceived market value. I can gaurantee I would never find a replacement vehicle similar to quality, ks, power, etc at that price.
Insurance companies have us over a barrel whatever option we choose.

chris · Post by **chris** » Wed Jun 19, 2013 4:49 pm

Growler wrote:
chris wrote: The point of insurance is to leave you in the same place you would be before the accident.

So you write off your car, you get another car that is of similar quality, ks, power, etc.
Thats the problem, it would never leave you in the same place as before the accident. What if you have spent money modifying your car over time? I understand you will never get the value back (in dollar terms) if you ever sold the car etc, but paying market value for a car you could potentially sell for more isn't really fair.
I have a low km NA that is slightly modified, but in very good condiditon. I could easily sell it for $5,500 - $6,000 if I wanted to, but at the moment it is insured for around $3,200 - $3,400 because that is the perceived market value. I can gaurantee I would never find a replacement vehicle similar to quality, ks, power, etc at that price.
Insurance companies have us over a barrel whatever option we choose.

Sadly you are correct. I have only got third party on mine (at the moment need fire and theft shortly) because I find no point in spending $$ when it comes to full cover, when I'm not going to get back what I have put in.

If someone else hits me, I will be going hard to get back what is owed.

You could always try emailing you insurance company some mx5's on TM with similar k's and a higher price and saying "Look!"

Snapfrozen · Post by **Snapfrozen** » Wed Jun 19, 2013 4:53 pm

Get a valuation! Think of it as part of your annual service. This will tell you what it's worth and your insurer cannot argue!

marcellarius · Post by **marcellarius** » Wed Jun 19, 2013 5:42 pm

I changed to comprehensive cover as soon as I could afford it. Even if you think the car is worth more, wouldn't it be better to have most of the cost of your car covered, rather than zilch?

Plus, it means that if you're involved in an accident, you can make a claim with your insurance company; rather than having to deal with the other driver's insurance company assuming they have one.

After the piss-around I got when trying to make a claim against someone's policy with "sorry-we-lost-your-contact-details" State a few years back, I'd much rather have my insurance company deal with as much of that as possible.

Growler · Post by **Growler** » Fri Jun 21, 2013 3:45 pm

marcellarius wrote:"sorry-we-lost-your-contact-details" State

Thats where your problem is....

marcellarius · Post by **marcellarius** » Fri Jun 21, 2013 4:51 pm

Yep.

They were the insurer of the person who rear-ended me in traffic. It was 6+ weeks before I actually got the paperwork from them, and after a couple of weeks of putting off getting quotes, seeing a JP etc., because I was busy with final year Uni work I gave up and never completed the claim.

Snapfrozen · Post by **Snapfrozen** » Fri Jun 21, 2013 9:36 pm

marcellarius wrote:Yep.

They were the insurer of the person who rear-ended me in traffic. It was 6+ weeks before I actually got the paperwork from them, and after a couple of weeks of putting off getting quotes, seeing a JP etc., because I was busy with final year Uni work I gave up and never completed the claim.

Full insurance - Your company deals with it, K4K is approved within 1 week, winning.

SLYDIT · Post by **SLYDIT** » Sat Jun 22, 2013 1:56 pm

insurance companies in NZ are fuckwits.
in the states if someone crashes into you, they assess the damage and write you a cheque. if you use that cheque to buy genuine factory parts or that new garage vary after market bumper they dont care. also if you have your car insured for 6K you pay your premium for 6K and you get 6K if its written off. here in NZ we pay premiums for 9K but then they only pay out 7K. .....what the fuck is that all about? to me thats fraud! you made a bet with them for 9K that you wnt write your car off and they placed a premium on you for that likelihood...they should pay wgatever dollar value YOU are paying premiums for....none of this market value bullshit.

harlansmart · Post by **harlansmart** » Sat Jun 22, 2013 3:04 pm

This is what they, do, they WEAR YOU DOWN till you give up or die of old age or tearing your hair out.

Only wealthy people w/lots of time on their hands have an easy time claiming successfully.

I 100% do not trust Insurance Companies, they're NOT in the business of paying out, and I know for 99% certainty if I ever claimed they would almost certainly rip me a new one regardless of the situation.

I'd get burned, for sure.

marcellarius wrote: It was 6+ weeks before I actually got the paperwork from them, because I was busy with final year Uni work I gave up and never completed the claim.

Snapfrozen · Post by **Snapfrozen** » Sat Jun 22, 2013 3:32 pm

harlansmart wrote:This is what they, do, they WEAR YOU DOWN till you give up or die of old age or tearing your hair out.

Only wealthy people w/lots of time on their hands have an easy time claiming successfully.

I 100% do not trust Insurance Companies, they're NOT in the business of paying out, and I know for 99% certainty if I ever claimed they would almost certainly rip me a new one regardless of the situation.

I'd get burned, for sure.

marcellarius wrote: It was 6+ weeks before I actually got the paperwork from them, because I was busy with final year Uni work I gave up and never completed the claim.

Here's the thing. 99% of policies are for standard cars. If you car is modified it presents a higher theft risk (amongst other things) therefore insurance companies care if it isn't standard.

If you need to claim, your policy and schedule are a legally binding document, so unless you are breaching your contract with your insurer, they MUST pay out what is in the policy schedule, in the means stipulated by your wording. If your wording says market value and you think that's BS, shop around.

I am getting full cover, all mods noted, agreed value with a choice of wheels/bumpers (diffuser/splitter or not combo) at any time for $350 a year. I work for an insurer and I chose not to even insure under my own company (I'm an underwriter like Chris).

Get a valuation, if you think it's wrong, speak with them why. At the end of the day, valuers do it all day, every day. Assessors do too. But there will be inconsistancies and if you feel your vehicle is worth more pre-loss you need something to prove it.

Kieran · Post by **Kieran** » Wed Jun 26, 2013 11:19 am

Just confirmed that I can put coilovers and new wheels/tyres on my car and be fully insured for the value of everything without increasing my premium or excess...

FUCK YEAH!!!

Kieran · Post by **Kieran** » Wed Jun 26, 2013 11:19 am

opps double post

Snapfrozen · Post by **Snapfrozen** » Wed Jun 26, 2013 7:23 pm

Kieran wrote:Just confirmed that I can put coilovers and new wheels/tyres on my car and be fully insured for the value of everything without increasing my premium or excess...

FUCK YEAH!!!

If your sum insured hasn't changed, this sounds correct. But keep in mind:

Before:
Sum insured:$5000
Max total loss payout:$5000

After:
Sum insured:$5000
Coilovers:$1000
Max total loss payout:$5000

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