Beware!!! Check your insurance fine print!!!

Hi all

A friend at work today was telling me of how he went to insure his recently restored Ford Capri (i know, I don't really want one either )

Throughout the discussion as to the level of cover, he was asked the amount he wished to insure it for. after thinking, he asked for $6000 (redbook $3900, but he has spent a fair amount doing it up). The lady replied, that it was no problem at all, and she would draft the paperwork. Upon receiving said paperwork, he proceeded to check through the fine print, only to discover (by chance mind) a well hidden clause stating that in the event of a payout, the payout would amount to the LOWER of sum insured, or rebook value. Ergo, he paid higher premiums, yet was still insured for redbook value only, despite the larger font indicating a higher sum insured.

So even though you may be insured for a higher amount, it is possible you are insured for redbook value only, SO CHECK YOUR FINE PRINT!!!

Cheers!

Cheeky buggers!!!

What was the name of the company?

I have an agreed value policy with RACV - I hope it is not them !!!!!!

Insurance companies don't use redbook they use Glass's vehicle guide.

http://www.glassguide.com.au/

Cheers

Thanks for the info

Just got my insurance renewal yesterday and the GQ is insured for $3000....lol.

That would barely cover the turbo let alone the actual vehicle.

Quote:

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Originally Posted by ab

just got my insurance renewal yesterday and the gq is insured for $3000....lol.

That would barely cover the turbo let alone the actual vehicle.

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strong as a bullock team good to have but as far as insurance is concerned
out dated just like the bullock team a thing of past history++++++++++lmfao

More than just read the fine print ask them questions.

When I rolled mine onto its side................yes it was covered............. 1st day back from the panel beaters the power steering started squealing its head off. Popped the bonnet and sure enough no power steering fluid in box. Rang my insurance company and asked if the motor, oils, etc had been checked due 2 it been on its side. No...was the answer we only do that if its requested...............WTF!!!!!!!!, my 4b has been on its side........ doesn't it make sense that fluids more than likely leaked out and needed 2 be checked. There answer......but we only check if requested.

My advise is................. ask lots of questions on your coverage and make sure its printed on the policy