VF Ute "New Car Replacement" value

[wobbles123]

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.

I have a VE 2008 SV6 Auto UTE with genuine leather upholstery …..12 years old....100,000Kms....pristine condition......motor & gearbox have never been touched except for oil changes etc.....insured for $12,500 NRMA.....cost $841.59. (agreed value )….maybe this will help!

I have seen the adds for new for old of late GIO....NRMA have the same only for the first 2 years......I take it you would insure brand new and pay a higher premium for this with GIO.

Now if GIO had this policy in 2008.....what would my Ute be replaced with if written off !!!!….maybe a shopping trolley from China if you forced the replacement vehicle policy.

So stick with the big guns not GIO/Woollies/Coles/Ue/Back yard fly by nighters/FC boot sales......stick with the big guns like Com.Bank...Telstra, NRMA....they will be around when the year DOT starts again....when covid 19 finishes... and all the politicians wind up all their relationships etc!

 

[Wood Dust]

I have a VE 2008 SV6 Auto UTE with genuine leather upholstery …..12 years old....100,000Kms....pristine condition......motor & gearbox have never been touched except for oil changes etc.....insured for $12,500 NRMA.....cost $841.59. (agreed value )….maybe this will help!

I have seen the adds for new for old of late GIO....NRMA have the same only for the first 2 years......I take it you would insure brand new and pay a higher premium for this with GIO.

Now if GIO had this policy in 2008.....what would my Ute be replaced with if written off !!!!….maybe a shopping trolley from China if you forced the replacement vehicle policy.

So stick with the big guns not GIO/Woollies/Coles/Ue/Back yard fly by nighters/FC boot sales......stick with the big guns like Com.Bank...Telstra, NRMA....they will be around when the year DOT starts again....when covid 19 finishes... and all the politicians wind up all their relationships etc!

I managed to find a 2016 VF Black with 11,000km for around $37k with transport and ORC. I have to put a towbar on ($1k), but it will come in under the $43k settlement with GIO. Have to say I was very happy with the way GIO handled the whole thing - I’d definitely recommend them, except when I came to insuring the replacement car the premium was more than double the previous cost!
So I went to Shannon’s for half the GIO price!
To your question on what they’d pay you if you had the GIO platinum policy. I guess the same as they paid me - its a new for old. Doesn’t matter what age.

 

[atimicute]

I have Platinum insurance with GIO. The policy states if vehicle is no longer available and a suitable replacement id not AGREED upon the full purchase price will be refunded.

 

[Wood Dust]

So the full purchase price you paid is the minimum payout.
The price of cars tends to increase, so if you can’t agree on a an actual replacement vehicle (Eg colour choice not available), they will pay you what the car would cost you to buy - if its more than your original purchase price.
What GIO would prefer to do is source a new car for you as they can purchase at a discount.

 

[stooge]

So the full purchase price you paid is the minimum payout.
The price of cars tends to increase, so if you can’t agree on a an actual replacement vehicle (Eg colour choice not available), they will pay you what the car would cost you to buy - if its more than your original purchase price.
What GIO would prefer to do is source a new car for you as they can purchase at a discoun

yes it is what they can "legally" pay you regardless of the value of the vehicle at the time of write-off.

prices of most cars dont increase within the first 15 years they depreciate over time/kms until they are like a "vintage" vehicle that are sought after like your old fords and holdens etc.
the only reason the commodores are currently holding value is because of nostalgia and price gouging because of the end of holden but give it a couple of years and they will drop in price with the limited editions/hsv's still holding some value but in 5 to 10 years most of them will be cheap and then when they get to like 20~30 years old they will pickup value again.

 

[Skylarking]

yes it is what they can "legally" pay you regardless of the value of the vehicle at the time of write-off.

prices of most cars dont increase within the first 15 years they depreciate over time/kms until they are like a "vintage" vehicle that are sought after like your old fords and holdens etc.
the only reason the commodores are currently holding value is because of nostalgia and price gouging because of the end of holden but give it a couple of years and they will drop in price with the limited editions/hsv's still holding some value but in 5 to 10 years most of them will be cheap and then when they get to like 20~30 years old they will pickup value again.

I don't think Wood Dust meant used car values increase.

In the context of this thread and the new for old (platinum) insurance policy, he'd have meant that the purchase price of a new cars keeps going up every year. In that context the minimum payout one would get from their policy is what they originally paid for their vehicle or what it would cost the insurance company to replace your car if available, whichever is the higher. And as new cars keep getting more expensive, you should do better than that your purchase price of some years earlier regardless of the fact the car is no longer being produced

 

[Forg]

prices of most cars dont increase within the first 15 years they depreciate over time

He's talking about the cost to the insurance-company of an Old For New Replacement policy ... most new car prices go up every 3-6 months or so.

*edit*
Which @Skylarking just said.