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Insurance values and the current Holden used car market

Skylarking

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Call me Stevie Wonder ..... but I have just looked at my Shannons PDS booklet dated March '21, and the website PDS, and can't see anything about buyback or age of vehicle, unless they are using big words that I don't understand.
Well Stevie, i just skimmed through the Shannons pds here, where it state the following:

(page 35)
SALVAGE RIGHTS
Available with: Comprehensive Applies to: All Vehicles
✓ What is covered

If your vehicle is over 35 years old, or this option is shown on your certificate, and we
declare your vehicle a total loss, you will keep the unrepaired vehicle.
✗ What is not covered
Salvage rights will not apply if your vehicle is stolen and we settle your claim as a total loss.

(page 53)
SALVAGE
We own the vehicle salvage
When we replace your vehicle or pay you for the total loss, your vehicle salvage becomes our property unless the optional cover ‘Salvage rights’ applies (see page 54).
If a credit provider is entitled to the salvage of your car, then we will deduct our estimate of the salvage value of your vehicle from any amount we pay.
We give you the option to purchase your unrepaired vehicle.
If your vehicle is a total loss, you can choose to purchase your unrepaired vehicle. We will determine the salvage value of the unrepaired vehicle, and deduct this amount from your settlement amount, or you must pay the salvage value to us before we release the unrepaired vehicle to you. The option to purchase the unrepaired vehicle will not apply if your vehicle is stolen and we settle your claim as a total loss.

So after my quick skim, my take is that it seems Shannons automatically provides owner salvage rights to vehicle over 35 years old and they can provide owner salvage rights for younger vehicles if they choose (and write this iinto your policy). If you don’t have owner salvage rights, you have the option to buy the wreck at a price Shannon’s decides (with non details about how they decide and what you can do if you disagree) ;)
 

losh1971

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I had to pay $500 for my old ute to get it back maybe that's not technically salvage rights?
 

Fu Manchu

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Yep i was surprised myself as they have been zero hassles to deal with in the past ..

My impression was they don't want to deal with this market segment anymore (enthusiast cars) so were not worried if customers walked - so time to leave ..shitcanned my roadside assist policy while i was there also..




How long ago ?
Did you specifically have that included up front?

Their PDS on the website says 35 years old...
Was 2020.
 

figjam

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Well Stevie, i just skimmed through the Shannons pds here, where it state the following:

Whale oil beef hooked ........ guess I'm gunna have to go to Specsavers.

If any of my cars ended up a total loss ( and I wasn't), I would now be happy to just take the money, regardless of age of the car.
I may not be as old as you (121 .... :eek: ) but old enough that I CBFd with the hassles.
Went through that sort of process about 25 years ago with my HJ wagon with GIO and their market value BS.
I 'won'........... but in retrospect, not worth the effort, as the vehicle only lasted another 10 years before it disintegrated.
 
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