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Post #1
 9th April 2013 - 04:44 PM
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Gday Dudes... long story short I was in a crash on monday avo... A hilux with a bull bar rear ended my corolla well and wrote it off... the hilux was virtually undamage, a testament to their build quality My 2007 corolla hatch was full comp insured with Racq for market value (only available cos of age) Tuesday Racq assessed the car and valued the parts only damage at $10,500. but it has a bend floor pan hence the write off... Today I get a call from Racq offering $10,000 payout, I basically said I cant take that cos I cant buy a "same same" corolla for that much... he then upped it to $10500 and his statement was "just because cars are advertised for a price doesn't mean they sell for that amount"... Racq have on their website a Market Value Car Price Guide and it lists the corolla as $11,380.00 - $12,655.00. Ive done the research and with their payout I still cant buy a "same same" corolla, of the 5 listed on carsales in qld the avg price $11937 (not including qld rego transfer fees or inspection fees) "same same", meaning same make, year, model, body and k's Has anyone else been in the same situation where your not at fault and your own insurance has tried to rip you? any tips and advice? 
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Twat In The Hat
Post #2
Did you mention to the bloke on the phone that his own company website lists the market value at 11,380-12,265? If so, what was his response to that? |
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alpharx7
Post #8
they're looking at a number of things about your vehicle in giving you that quote, apart from trying to be tight asses and pay you out as little as possible. |
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.Tim.
Post #9
ok, so CGU underwrite CUA's motor insurance according to CUA's website |
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impulsesv6
Post #10
racq called and the car is being reassessed... |
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impulsesv6
Post #12
cheers dude... |
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vk134
Post #14
Ok, not sure why RACQ trying to stiff you, it is the ute drivers insurance paying after all. |
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DAL32
Post #15
I insured my daily for market value and they told me how much market value was on it after I tried to insure it for a higher agreed amount. I suppose at the end of the day I paid $250 more than market, boy is my face red. |
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.Tim.
Post #16
QUOTE (DAL32 @ Apr 10 2013, 11:49 PM)  I insured my daily for market value and they told me how much market value was on it after I tried to insure it for a higher agreed amount. I suppose at the end of the day I paid $250 more than market, boy is my face red. Do RACQ not do this? I would think that they should just have the car revalued each year and then the insured amount is stated on your policy rather than just leaving it "market". That would make it an Agreed Value policy rather than a Market Value policy Easy way to differentiate the two... its like comparing a home loan... fixed rate (agreed value) versus variable rate (market value)... only thing is, with a variable rate( aka market value) you know its only going to head in one direction; downwards. As such It might be on at $10k sum insured at renewal based on market guides, but if a total loss is experienced 6 months in, there's nothing stopping them offering $9,500 because the market may have depreciated $500 in that time. With an agreed value (subject to the definition of the term in the PDS), at least you have a good idea what to expect. Just be cautious... some insurers can include loopholes in the definition of agreed value by including phrases like '..or market value, whichever is lesser' or 'up to' This is why it always pays to read the booklet you get sent. Too many people buy a product, dont familiarise themselves with it, then cry foul when it hits the fan and they realise the few bucks they saved hasnt saved them from a loss (eg: brisbane floods for example) |
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impulsesv6
Post #17
well didnt have a win... |
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DAL32
Post #19
When I had my write off, I was 6 months into owning a car with 90k on and bought for 22. |
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GHOSTY
Post #21
Just on a side note here, when you signup for full comp policy, they may offer for you to insure it for a 'value' you set, i.e. most people would like to insure it for a bit more then they paid for the car to cover extras in the event of loss, however the insurer will say they will pay you the lessor of the agreed value or market value, which ALWAYS turns out to be their "market value", but they're happy to let you pay premiums on the higher specified value, even though they have no intention of honouring that. Second bit, for a laugh, ask the insurer how they determine their "market value" of a vehicle, then ask how many of the ads on carsales/etc at that point in time they planted there to bring the "market value" down to what they have in mind... |
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DAL32
Post #22
Hmm. I am spending $160 a month to comprehensively insure both of my cars I better get to reading my PDS. |
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mann1983102
Post #23
Hi guys |
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eXo
Post #26
hate to sound like an oldie but I think after how RACQ basically screwed QLD over with the floods I think they should not get any business at all. |
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