Insurance

[rudiger]

QBE anyone?

[boardie_19]

New for old within a 24 or 36 month period.

This is only applicable to vehicles that have just been newly registered or are sold as a demonstrator vehicle.

There are conditions around when a vehicle is replaced under this condition. Naturally a vehicle needs to be deemed a total loss by the insurance company providing this feature on their policy. Your policy will come to an end no matter who is deemed 'at fault' and no refund is provided for the balance of the unused portion. In the event that you pay your premiums by the month, you will be required to pay out the balance of the policy term. The reason being is that when an insurance company replaces your vehicle or pays you out, then they are allowed to keep the years premium for that vehicle.

Upon deeming the vehicle a total loss, the insurance company will make the insured (customer) an offer to replace the vehicle and pay all of the on-road costs for the first 12 months in that customers state or territory.

If the customer accepts, the insurance company will then contact the manufacturer for stock availability. They will be searching for the exact same, make and model including all necessary options and paint type. In the case of the Golf, for customers with the standard or Comfortline models, this usually won't be an issue sourcing one... for customers with special vehicles with a host of options such as the Highline, GTI and R models, the search as a lot of people would know becomes harder.

The insurance company has 21 days to close off the claim. This means that once they deem the vehicle a total loss, they have 21 days to find you a replacement vehicle and put it on the road. If one is not available, you will then be paid out your agreed value or market value depending on the way you were insured. Your finance company is always paid out first, and the balance is transferred to the insured. Remember, your insurance company is not going to keep a claim open while you wait 3 months for a vehicle to be made available from abroad and supply you with a hire car (if you have this option on your policy) for the full duration of the wait. One of a insurance companies measures is how fast they open and close claims.

If you are insured for a market value but owe more then the insurance company is willing to pay based on the fair and reasonable value for your vehicle at the time of loss, as your contract with your finance provider will come to an end (your insurance company will notify them and the vehicle will be noted on a total loss registerer), you will have a short fall. Your gap insurance would cover this, if you do not have gap cover, then you will be liable for the difference straight away as there is no longer any 'security' on the loan.

One should never rely on the 'new for old' feature. This is a great one for a mainstreem vehicle that is readily available, but for any special vehicle, or one that is optioned, your best option is to always insure for an agreed value, to cover your financial committment.

[Mountainman]

My new for old is for an unlimited time. As long as I own the car and it gets written off Suncorp replace with new. It only added $12 a year to the cost. Paid $537 with free windscreen, hire car and $600 excess. I don't reckon I'd have much trouble sourcing a base manual.

[DeboDasAuto]

I still am amazed that I got comp insurance for my week old Comfortline DSG from NRMA for $242. I get a 17.5% multipolicy discount but this seems dirt cheap???

[boardie_19]

I still am amazed that I got comp insurance for my week old Comfortline DSG from NRMA for $242. I get a 17.5% multipolicy discount but this seems dirt cheap???

'DeboDasAuto',

This seems like a fantastic rate for full comprehensive car insurance.

Question: were you previously insured for another vehicle with NRMA and traded in the vehicle? This figure sounds like a changeover figure. Its called a 'change of vehicle' where you change the vehicle on your policy a mid point (12 month contract). You then pay a pro-rata amount to cover the new risk (vehicle).

If this isn't the case and its a 12 month brand new policy... triple check they haven't accidentally sold you a third party policy. If its full comprehensive, then well done!

[boardie_19]

My new for old is for an unlimited time. As long as I own the car and it gets written off Suncorp replace with new. It only added $12 a year to the cost. Paid $537 with free windscreen, hire car and $600 excess. I don't reckon I'd have much trouble sourcing a base manual.

Hi Mountainman,

This is a great feature of any policy.

Just be mindful of a few things. If you break coverage with Suncorp, i.e.: you insure with a competitor one year and then return to Suncorp, then you will not be able to take out this level of cover. It is actually a sneaky way to keep a customer insured with the brand. Actually quite a good marketing technique.

Also, when it comes time to replacing a vehicle for a customer under this condition, which is called the 'Comprehensive Advantages' level of cover, the insurance company will provide you with a new car which in their opnion is a smiliar make and model to your car.

In saying that, Golfs will be around forever, and sourcing a base model shouldn't prove to be to difficult.

Just make sure your agreed value is sufficient, because in the event a car can not be sourced in a reasonable time frame, you at least want to be financially compinsated for the correct amount.

[boardie_19]

Here are some comparison quotes that I've done on the Mk7 R (full options):

- NRMA (I've had roadside with them for 6 years now and prior car insurance was with them): $915
- AAMI (Current car insurer for 6 years): $1,250
- Allianz: $1,160
- Bingle: $1,550!!!
- Suncorp: $1,300
- youi: $789

All quotes are comprehensive on market value for 2 drivers (late 20's) listed, perfect driving history, and no extras (hired car, windscreen etc.), and youi's quote already includes hired car for a maximum of 14 days (on theft claims). Excess is $725

It's obviously worthwhile to shop around!!! Has anyone gotten anything better?

The pricing you have received is pretty good for an 'R' considering the performance of the vehicle.

I am currently with the NRMA, i hold a 'Comprehensive Plus' policy, giving me an agreed value of $45,400 (2014 103TSI Highline), an unlimited hire car for the full duration of any repairs, unlimited excess free glass claims including sunroof and tinting, choice of repairer, open driver policy with a $300 standard excess (i reduced this from $650). I live in the heart of Sydney... $892.40 (annual).

Never insurer for Market value.... extremely risky especially on an 'R'.

[DeboDasAuto]

Hi Boardie - it is a comprehensive policy vehicle insured for market value - no changeover from another vehicle - seriously I still don't get it.

[irossiter]

Anyone gone with VW insurance? I can't remember but they are underwritten by one of the big companies. Quoted just over $1000 for my PP GTI for $55,000 but they also have this rubbish "theft excess" of. $2000. C'mon guys!? Still looking around.


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[boardie_19]

Hi Boardie - it is a comprehensive policy vehicle insured for market value - no changeover from another vehicle - seriously I still don't get it.

DeboDasAuto,

Good for you... some people have monthly phone bills more than your insurance premium!

[boardie_19]

Anyone gone with VW insurance? I can't remember but they are underwritten by one of the big companies. Quoted just over $1000 for my PP GTI for $55,000 but they also have this rubbish "theft excess" of. $2000. C'mon guys!? Still looking around.


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Hi irossiter,

Volkswagen Insurance is underwritten by Allianz. I wouldn't worry to much about a $2,000 'theft excess'. No one steels cars these days and besides, they are to hard to knock off.

The premium seems quite good for that level of cover!

[irossiter]

Yeah it does seem to be a pretty reasonable package deal. They have a similar package to the Merc insurance with the A class. They were very good to deal with. Not that I've claimed though! Still need to beat VW down on extra 2 yrs warranty. They want $2300 from memory.


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[ACID]

^^ $2300 is lower than what I was quoted. I think they wanted approx $3k for the 2yr warranty.

[boardie_19]

I secured the extra two years or Volkswagen extended warranty for $1850 as i ended up financing thru VW financial services. Apparently its discounted when you:

A. Take out the extra cover at time of vehicles delivery
B. Finance the whole or part of the vehicle thru VW financial services.

It was closer to $3K if i took it out within the three years of the warranty, after the vehicles delivery. Was a no brainer for me as i intend on keeping the vehicle for at least 5 years.

[irossiter]

That's VERY interesting. Thanks boardie. The quote I was given was also with a quote for VW finance. I'm not picking up the GTI for a couple of weeks most likely while I try to sell my Merc privately. I'm even looking at insurance with them so they'll have to do better.


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