Weird insurance business

[wetwork65]

I was going to call them but AAMI will do full coverage for $1100 and best agreed value either RACV or AAMI will do is $44,590.
AAMI have free roadisde assistance in their price so they are winning so far but RACV say the cover your modifications whereas AAMI say we cover your legal modifications. It is stock at the moment but going the standard OTR and exhaust soon(ish) so not sure if i should be worried by AAMI's wording or not.

I would be. Get a definite answer in writing.

 

[mpower]

Going through this myself.
Bought my 2016 VFII Redline November last year insured with RACV for $1293.52 agreed value $46,000.
Now they want $1369 and dropped the value to $32,550. Absolute madness.
I know people don't like using carsales as a pricing system but i bought my car for $46,990 with 38,xxx kms on it.
I just ticked over 50,00kms and there are cars on carsales with 70,000+ kms advertised for $50,000+
Am i missing something? Maybe I should park her up and buy a beater?

someone stuffed up the valuation, that's VF1 money.

 

[Skylarking]

I was going to call them but AAMI will do full coverage for $1100 and best agreed value either RACV or AAMI will do is $44,590.
AAMI have free roadisde assistance in their price so they are winning so far but RACV say the cover your modifications whereas AAMI say we cover your legal modifications. It is stock at the moment but going the standard OTR and exhaust soon(ish) so not sure if i should be worried by AAMI's wording or not.

Whether an insurance company explicitly states “legal modifications“ or simply states “modifications” makes no difference as the presumption is always that your car is roadworthy and thus legal to be on the road when taking out a policy.

Even if you tell them of a mod and they accept it, the presumption is that the mod is indeed legal and should they look into it at claim time and i5 proved not to be the case, they can deny the claim.

At the end of the day, insurance companies have enough out clauses to not pay if they choose to. But if they take a hard line, it may hammer their reputation and thus their income can drop as people take their business elsewhere. Sadly, with cheap performance cars, some insurance companies simply don’t want such business and price accordingly (I’ve had $4500 premium from one company when others were offering $900 for the same car)...

So choose based on where their offices/call centres are, where their assessment centres are, who they use for repair, whether they use new or used parts in repair, whether you get choice of repairer, premiums, excess, hire car, glass and other factors... Pick what’s important and get a policy that reflects your needs/wants, otherwise you may regret the poor support you’d get if you go real cheap insurer (unless cost is only factor and you expect some attempted shafting at claim time).

As to the cars value, you can go through a negotiation process now with agreed value (which can cost you some dollars more for the policy) or you can leave it at market value and then go through the negotiation/argument process when they low ball you on price should you have a claim.

PS: I’ve found the life time repair guarantee offered by some insurance companies has been very worth while and saved me lots of $$. In that case the 1st repair was done poorly but through the guarantee, it allowed the original repair to be redone some years later... then a respray later again... hire car each time...

 

[Kakodaemon]

I have had some trouble with RACV and their website and their stupidity but i think i might get in contact with AAMI and ask about their "legal" modifications.

 

[lmoengnr]

I have had some trouble with RACV and their website and their stupidity but i think i might get in contact with AAMI and ask about their "legal" modifications.

Instead of the web site, try calling them for a better deal. Shannon's is the same.

 

[VS 5.0]

There are many vehicles on the road that are easily 100k+ and the repairs on some can be quite expensive so it is not just lambos to be worried about.

the thing with insurance is we always wonder if it is really worth it until we need it to payout.
Many people make the mistake of either not getting insurance at all or getting the wrong level of cover and sometimes it bites them.

I used to think that way and i wondered if it was really worth paying for top home and contents.
I always thought i am responsible and i dont leave crap running or smoke or light fires and i live in a country town thats quite with hardly any severe weather etc.

Then the guy next door passed out with a smoke or something and set his house on fire which spread to my house and took out my house too at 4am and within 30 mins all i owned was a pair of shorts.


The insurance paid out the entire policy for total loss which was more than 400k and now i know the value of insurance


This was the next day...

http://[URL]https://www.colliemail....-missing-two-houses-destroyed-in-collie-fire/

[/URL]

What a horrible experience.

Good thing you were OK and got your payout.

 

[Forg]

Whether an insurance company explicitly states “legal modifications“ or simply states “modifications” makes no difference as the presumption is always that your car is roadworthy and thus legal to be on the road when taking out a policy.

I'd agree with this ... if you're modifying a car such that it's not legal, your insurance becomes void ... a lot of the time they'll pay out anyway, but they don't HAVE to because its not legal to be driving around in an illegal car.

The one exception I can think of - insurance that covers a laid-up, not-being-driven or race-only car. Of course. But that's not the case here!

 

[shakows]

$1000 a year with NRMA
$53K Agreed

 

[Kakodaemon]

someone stuffed up the valuation, that's VF1 money.

Called RACV last night and asked that question, they confirmed that their evaluation was correct for a VFII Redline
Both RACV and AAMI are only willing to cover $44.590 agreed and both also confirmed they only cover legal roadworthy modifications.
With that said RACV covered my GTS with full 3" DPE OTR and a cam.

 

[peteinoz]

seems like I can't get my
98 commodore in excellent nic with approved engine mods and my 1 year "good behaviour" (after losing all my points) driving record, insured at all, by anyone.. 20 mins on the phone with different companies only at the end to be told they won't insure me. I left Shannons till last, same deal.

Looks like I'll have to get my wife to insure it in her name.