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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!!!
The Following 6 Users Say Thank You to Punderhead For This Useful Post:
AB (1st December 2011), DX grunt (23rd December 2011), growler2058 (22nd December 2011), Leighw85 (1st December 2011), patch697 (1st December 2011), snicko (1st December 2011)
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