Comp Insurance costs and how to rape a person.

Submitted: Wednesday, Dec 29, 2004 at 16:30

ThreadID: 18932 Views:3774 Replies:8 FollowUps:9

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Truckster (Vic)

Since I'm up for insurance, I thought I would waste some time on the phone today, its slow here at work!

No claims in 10+ yrs, no convictions in ~8yrs no nothin, currently insured with rating 1/60% no claim.. Cant get much better than that..

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The new Vic 4wd Association Company - Affinity Risk Partners on 1300 655 850
Give up, they only do 70mm lifts, - not 75mm lift or bigger. So screw them.

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DGA Insurance.
$794 Market value of $18,300 INC accessories (as i say theres $15+k of accessories! So in their words the car is worth ~$3,000 - knowing that you never get full value on accessories, say theres $10k of accessories, the car then is worth $8k?
OR

Agreed value of $26k for $836, but have to have car and accessories valued, and written valuation which is around $200.00 which takes it to over a grand. (better than last yr, they quoted me $1500!)

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RACV - if accessories exceed 1/3rd of the value of the car your BLEEP.
Even though they came to our club and promised us the world, and club members told them about the invested $ in our trucks.

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AAMI - $14,000 inc accessories. $504.
Again they are kidding themselves.

I called 2ice, I asked the where are you insured thing, not that I could understand Apu's wife, but she got all flustered when I asked more Mike Carlton in depth questions, like what is a track - something on a map or just a mark on the ground in the bush that vehicles use as a track. Never got a straight answer.

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Unique Car Underwriting through TCIS.
$719 Agreed $25k inc accessories.. I think I have about $15k of accessories if I was to go to ARB/TJM and try and buy them all new. so would say $10k at least used prices.

So looks like Unique Car get the $.

Is it wrong to expect insurance companies to insure you for a value where you can replace your current vehicle to the original accessorized condition (which you are paying for I thought) - if its damaged or stolen? Isnt that the whole point of insurance? Am I missing something here?

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Reply By: navaraman - Wednesday, Dec 29, 2004 at 16:45

Wednesday, Dec 29, 2004 at 16:45

You are missing the point completely Truckster. Insurance is not about service or value for money, it's about making fortunes for large corporate investors and super funds.

AnswerID: 90661

Follow Up By: Truckster (Vic) - Wednesday, Dec 29, 2004 at 17:10

Wednesday, Dec 29, 2004 at 17:10

I apologise... how stupid of me, but now that its explained, the picture is fully cleared in my mind....

FollowupID: 349252

Follow Up By: Truckster (Vic) - Wednesday, Dec 29, 2004 at 17:11

Wednesday, Dec 29, 2004 at 17:11

PS I hate insurance companies, and pretty much everything...

FollowupID: 349253

Follow Up By: motherhen - Thursday, Dec 30, 2004 at 00:08

Thursday, Dec 30, 2004 at 00:08

Spot on Navaraman. They want to make all the profits and only cover us if the risk is negligible.

If your not likely to wirte a vehicle off in the first few years, or is your live doesn't depend on you having that type of vehicle, take the highest quote, put that much each year in an interest bearing term deposit or an e-saver account or something each year, and use this for your own insurance. Cheaper in the long run - just a risk in the first few years.

FollowupID: 349292

Reply By: GOB & denny vic member - Wednesday, Dec 29, 2004 at 17:14

Wednesday, Dec 29, 2004 at 17:14

evening
and your not allowed to take the accessories off after a bingle because "THEY OWN THE CAR " LOAD OF HORSEbleepE

STEVE

AnswerID: 90668

Follow Up By: Truckster (Vic) - Wednesday, Dec 29, 2004 at 21:48

Wednesday, Dec 29, 2004 at 21:48

I know..
Talk about ALL FOR ONE AND ALL FOR ONE..
aint it.

FollowupID: 349276

Reply By: Nudenut - Wednesday, Dec 29, 2004 at 18:30

Wednesday, Dec 29, 2004 at 18:30

truckster, try Hotline?
reduced market value 2001 100 series from 1162 (Allianz) to 772.00 for company vehicle....

AnswerID: 90677

Follow Up By: Truckster (Vic) - Wednesday, Dec 29, 2004 at 21:49

Wednesday, Dec 29, 2004 at 21:49

yea may as well waste the works $0.40 on a call.. LOL

FollowupID: 349277

Follow Up By: Truckster (Vic) - Thursday, Dec 30, 2004 at 14:44

Thursday, Dec 30, 2004 at 14:44

got a # for 'hotline' .. ??

FollowupID: 349312

Follow Up By: Nudenut - Thursday, Dec 30, 2004 at 17:27

Thursday, Dec 30, 2004 at 17:27

Client services
1300 360 066
fax 0733778855

FollowupID: 349328

Reply By: rihearn - Thursday, Dec 30, 2004 at 08:26

Thursday, Dec 30, 2004 at 08:26

What happens if you only insure the vehicle but not the accessories? Surely you are then within your rights to remove the accessories as the insurance company can only own the car. You might lose out on a few accessories but this might be offset by a lower initial premium. I would think in a lot of cases the majority of your bits and pieces would be salvagable anyway.

AnswerID: 90720

Follow Up By: Truckster (Vic) - Thursday, Dec 30, 2004 at 09:14

Thursday, Dec 30, 2004 at 09:14

Interesting point.. Im betting that they would TRY and fight you, but someone else here went through that and got some of their gear off the truck....

but what if the truck is stolen? You could be out $10-15k...

FollowupID: 349297

Follow Up By: rihearn - Thursday, Dec 30, 2004 at 09:37

Thursday, Dec 30, 2004 at 09:37

Have to admit I'd forgotten about thieves. You'd be screwed then.
I guess a good immobiliser might help or you could fit your own wheel clamp to stop it getting nicked.
Best security would be the insurance but thats just giving money to thieves over a longer period!!!

FollowupID: 349298

Reply By: motherhen - Thursday, Dec 30, 2004 at 12:05

Thursday, Dec 30, 2004 at 12:05

Off the subject, but thanks Truckster for posting those plans of your Nissan rear shelves - my husband was most impressed and is designing shelving units for the back of ours, also leaving the cargo barrier in place. Great idea and thanks for sharing it. Motherhen

AnswerID: 90738

Reply By: Rick Blaine - Thursday, Dec 30, 2004 at 13:07

Thursday, Dec 30, 2004 at 13:07

Truckster...far be it for me to suggest that you may get a better deal from APIA They were half what AAMI wanted...and all APIA admin is done by AAMI...go figure. But please dont start me on the Insurance industry...it is 'Le ripp off totale" Just one of the many vissitudes of life.....

AnswerID: 90743

Reply By: Member - Landie - Tuesday, Jan 04, 2005 at 11:18

Tuesday, Jan 04, 2005 at 11:18

Hi Truckster

This is an old chestnut and whilst not jumping to the defence of insurance companies there are a couple of points that are not well understood.

One of these is the replacement of damaged or stolen vehicles. Most insurers will replace a vehicle that is less than 12 months old with a new vehicle. However, comprehensive insurance is generally for an agreed value or market value. Both should roughly equate to the same in any case.

You ask is it wrong to expect insurance companies to insure you for a value where you can replace your current vehicle to the original accessorised condition. The simple answer to that is – probably you are wrong to expect this!

What you are buying is a contract where they will compensate you to a value that equates to the current (depreciated) value of your vehicle and accessories. If you could find an insurer that would insure you for a much higher number - that is a value that would enable you to effectively replace old for new, at anytime in the future, the cost would most likely be prohibitive.

If your accessories and/or vehicle is 10 years old than your insurance policy should enable you to replace it with the same – a vehicle and accessories that are 10 years old. That is what you are paying for and your premium should reflect this – this is what is so often misunderstood about insurance. After all you have had the use of these accessories (and/or vehicle) up until the time they were damaged or stolen

Imagine if insurers started offering the type of insurance you want – old for new replacement, anytime in the future, and at a cost that you would be happy with. The number of vehicles that would get torched, pushed over cliffs, by those wanting to rort this to simply upgrade their vehicle and accessories would without a doubt increase

Who wants that – after all one of the reasons we pay through the nose for vehicle insurance today is due to the rorting that already goes on.

Again, not jumping to the defence of the insurance industry, I’m sure they are big enough to do that themselves, however you need to be realistic as to what you get for the price you want to pay as well as understanding what it is you are actually getting and why.

All the best….

AnswerID: 91248

Reply By: Member - Gary W (VIC) - Tuesday, Jan 04, 2005 at 12:07

Tuesday, Jan 04, 2005 at 12:07

Pay the premium and buy shares in the insurance company. With the money they're making off you, they can then pay you a big dividend.

*tongue firmly planted in cheek*

Seriously its the same with banks don't winge - become an investor.

Take HIH for example .... wooops um....

Gaz

AnswerID: 91258