VF Ute "New Car Replacement" value

[Wood Dust]

Last week someone (speeding and on their phone) ran into the back of my 2016 VF SV6 Black. GIO have declared it a total write off.
Fortunately when I bought it new I took out the Lifetime New Car Replacement option, which was a great decision as second hand cars are now selling for more than what I paid for mine new!
So the question is, how do I determine (for the suspected upcoming debate) what the equivalent new car value is of my 2016 car since utes are no longer made?
By way of example, folk are asking $39k for a lower optioned 2017 VF which is $2k higher that what I paid.
Any suggestions on what an equivalent new car is to a VF ute appreciated.
Has anyone had a similar claims experience.
All advice appreciated.

 

[tml678]

If the policy covers a replacement new vehicle, would they simply not replace with another six cylinder Ute as close to the value of the SV6 as possible?

What does the policy say in relation to vehicles that are no longer available new?

 

[KING46Calais V]

By way of example, folk are asking $39k for a lower optioned 2017 VF which is $2k higher that what I paid.

Asking and selling for. Two completely different things. You should be looking for what they actually SOLD for. That will be a much better idea of what they may be worth

 

[Skylarking]

I‘d assume there is no new dealer available VF SV6 Black to replace yours so any new car replacement policy makes for an interesting situation. You must read your policy and understand what it says so you can best present the situation to your advantage.

If the policy states that if the vehicle is no longer available they will pay the original purchase price, you may not have much choice... if it states they will purchase a similar vehicle if yours is not longer available, you may have no choice... but I’d argue it’s grossly unfair if they try and pay you < market value as it would be a rort and grossly unfair when yo7 paid extra to get a new car... but the speciality of insurance companies is to screw down a policy claim...

Redbook states the private price guide is $27,800 - $30,700 and the price when new is $37,190 (excluding ONC). So use that as a guide. Also check the usual literature in terms of what is actually available. If you're lucky, someone will have a new old stock VF SV6 Black with 20km advertised for sale for say $45k.. If that is tne on.y new old stock (if I can call it that) then that’s what I‘d present to the insurance company...

At the moment, a quick search shows $38k ish (+ORC) is the highest asking price.
https://www.autotrader.com.au/for-sale/holden/commodore/sv6-black-pack?sortBy=price&orderBy=desc

https://www.carsales.com.au/cars/holden/commodore/sv6-black-badge/?sort=Price

But it all comes down to what you want to achieve... just keep in mind that if you push the replacement price up then the insurance company may decide it’s repairable and not write it off... then you’ve got to make sure it’s fixed correctly (and hopefully with life time repair warranty)...

As for adds and their asking price, insurance companies do accept such info as long as it’s not wildly screwed as that is the $$ you‘d need to ensure a purchase, since even $1k less may not achieve a purchase. Even magazine articles on rare vehicle where hey list values can be used as evidence of actual value (which i‘ve successfully argued before and got 4x the initial offer being the low redbook value).

Read your policy as the first task...

 

[Wood Dust]

The inference in the policy is settlement is by negotiation if a replacement new car can’t be found. I’m trying to determine what an equivalent new 6 cylinder car is. Is there one?

 

[Wood Dust]

Asking and selling for. Two completely different things. You should be looking for what they actually SOLD for. That will be a much better idea of what they may be worth

Agreed, though the insurance is for the new car equivalent price. I gave this example as an example of how prices have increased.

 

[Skylarking]

Take various 2016 SV6 Black vehicles with various kms and prices and do some maths to project a price that some fictitious vehicle with 20kms would set one back..

Repeat the maths to cross check the logic with a 2017 Motorsport available at various kms and prices and compare with one @ 20kms (there are a few). See if it holds true.

If it does present all this to the insurance company

 

[tml678]

Agreed, though the insurance is for the new car equivalent price. I gave this example as an example of how prices have increased.

Considering they can’t be bought new anymore, I’d expect they’d pay you the price you paid for it new back in 2016.

Highly unlikely you’d get more than that out of them, irrespective of what second-hand examples are selling for now.

 

[Skylarking]

... the insurance is for the new car equivalent price....

Considering they can’t be bought new anymore, I’d expect they’d pay you the price you paid for it new back in 2016.

Highly unlikely you’d get more than that out of them, irrespective of what second-hand examples are selling for now.

So what’s the new car equivalent price on something that is no longer available?
I’d argue it can’t be the 2016 purchase price when old cars are selling near that price

 

[tml678]

If they were still being produced and a new one now cost $5k more than it did in 2016, then under the terms of the policy, they’d be obliged to supply the new one at their cost.

But given that they aren’t being made anymore, IMO, you won’t be made ‘better off’ than you were before the accident took place. You shouldn’t (and likely won’t be) out of pocket, but that’s as far as they’ll take it I’d say