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After doing some hunting (see the other insurance thread just below here) some insurers offer extended new for old coverage which might suit you. Agreed value is basically what you pay for the car including in roads because that is what it will cost your insurer to replace your vehicle. Unfortunately, if you think your car is still worth $31k after 3 years and you write it off, you will b in for a surprise because your insurer works off a "like for like" policy, you will get the price of what it will cost for you to buy a second hand version of your car from the identical build year.
I'm finding it so frustrating getting quotes and being able to accurately represent the options you've added to the car. For example, when completing an online quote with Bingle there's no ability to add Bi-Xenons nor components of Comfort and Audio packs. Can't understand why most insurers don't seem have the actual VW option packs in their quote systems.
2011 Polo GTI - I have it, I Love It!!!!
Candy White 5 Door, Comfort Pack, Audio Pack - RCD 510, Bi-Xenons, Panoramic Sunroof
There are 3 things you need to tell them - 1) The type of insurance you want, 2) The total sum you wish to insure, including the car, options, modifications and accessories, 3) The excess you'd like to pay.
That's it. They're not concerned with you itemising things.
And for gods sake. Don't go and spend a nice sum of money on a car such as a Volkswagen and then go and skimp on these crappy insurance companies that are so bad that the "good repairers" want nothing to do with them or their customers.
My sister just bought a new Yaris and insured it with Youi. Then I started reading her some of the stuff from their PDS. The amount of "get out of paying causes" that they had - even things like, if there is a mechanical failure in YOUR car which causes you to have an accident, they won't pay. WTF! She called them back up, cancelled (as you have the right to do during the "cool down period") and then insured it via NRMA. That's for a Yaris...
My Astra's insured with AAMI (rating 1) and when I tried to do an online quote with AAMI for the Polo, I couldn't get a quote because of the price I paid for it. When I called, they quoted me about $650. RACV on line quote was about $850 and when I did an online quote with Allianz I almost fell off my chair - $2,065!!
I haven't bothered getting quotes from any other insurers.. I'll just stick with AAMI. My Astra was t-boned last year (not at fault) and I found AAMI excellent to deal with.
2011 Polo 77TSI Manual Comfortline | Flash Red | Sportspack | Panoramic Sunroof | Front Tints | Euro plates
If you have Comprehensive Insurance and
we consider your vehicle to be a total loss: we will:
pay you the agreed value or market value
depending on the cover listed on your
current Certificate of Insurance.
If they adjusted the agreed value down each year would they have to issue you with a new Certificate of Insurance each time with the adjusted amount on it?
The amount of "get out of paying causes" that they had - even things like, if there is a mechanical failure in YOUR car which causes you to have an accident, they won't pay. WTF!
I like some of the stuff in the NRMA PDF your not covered for loss or damage from such as: - the use, existence, or escape of any nuclear or radio-active material. Okay so don't transport any radioactive stuff around or have a satellite crash into it and its okay.
- any act of terrorism that involves biological, chemical or nuclear pollution or contamination. So as long as the terrorists just use an IED or something and your car gets blown up its okay
There are 3 things you need to tell them - 1) The type of insurance you want, 2) The total sum you wish to insure, including the car, options, modifications and accessories, 3) The excess you'd like to pay.
RAC (for WA) is exactly the same.. and very reasonable price.
My quote is under a grand for agreed value and a relatively young driver.
If you have Comprehensive Insurance and
we consider your vehicle to be a total loss: we will:
pay you the agreed value or market value
depending on the cover listed on your
current Certificate of Insurance.
If they adjusted the agreed value down each year would they have to issue you with a new Certificate of Insurance each time with the adjusted amount on it?
Yeah that's right, each yeah they send you out the renewal notice, and on it it has the new agreed value. If you disagree, you can always call up and renegotiate it up (if you have a valid reason to do so), but otherwise it will "depreciate" each year.
One then I should point out, I don't know if it has been mentioned in this thread or not, but it certainly has in other insurance threads in other subforums: DO NOT RELY ON "NEW FOR OLD INSURANCE"!!! A condition for new car replacement is often that the "replacement car" is in the country and readily available. Whilst that might work for Toyota and Honda owners etc where there are either manual or auto, with maybe 10 colours and at worst, two "equipment levels" and therefore only about 40 combinations and therefore a great chance of your combination already being in stock somewhere - as you know with your Polo's and the waiting times, they're almost never in stock, and almost never the same "options".
Therefore, it is not likely you will be able to use the "New for old" option, or if you can, you will have to compromise with the specifications. You had a white car, you might get a black car etc. [b]IF YOU GET PAID OUT because there isn't a suitable "replacement car" in the country", then they fall back on "MARKET VALUE", or "Agreed Value" if you have chosen an Agreed Value policy. Again, those of you who have got insurance quotes will understand that Market Value doesn't take into consideration the true replacement cost of your car (onroads, options, accessories, etc). So make sure you're not caught out!
Laura, email aami. That's what I did after trying an online quote and I got $751 for the gti!
I emailed aami and they've replied saying I can't get an emailed quote, so frustrating! I think it might be because I had an at fault claim last year.. oops!
DO NOT RELY ON "NEW FOR OLD INSURANCE"!!! A condition for new car replacement is often that the "replacement car" is in the country and readily available.
Yeah - remember insurance is not about happiness. It's about reducing your overall risk. It won't make all of your risk disappear though.
Polo 77TSI Comfortline with Sports, Audio, Comfort Packs in White.
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