Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




4333 posts

Uber Geek
+1 received by user: 805

Trusted

Topic # 78813 8-Mar-2011 22:48
Send private message

i have one question about car insurance, let say i bought brand new car that was retail (RRP) for $100. however, i managed to get some personal discount and the car was sold for $80. when i buy the comprehensive insurance/first party, do i need to put the car value at $80 or at $100?

friend asked me this and i wasnt sure what will be the correct answer.





View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2
19282 posts

Uber Geek
+1 received by user: 2600
Inactive user


  Reply # 446822 8-Mar-2011 22:49
Send private message

replacement Value

20274 posts

Uber Geek
+1 received by user: 3830

Trusted
Subscriber

  Reply # 446824 8-Mar-2011 23:07
Send private message

Get $120 worth of insurance in that case...




Richard rich.ms

 
 
 
 


2739 posts

Uber Geek
+1 received by user: 1160


  Reply # 446845 9-Mar-2011 08:23
Send private message

Depends on the company I think. The ones I have used work on an "agreed value", that is either the purchase price or the actual value of the car at the time, it has always been my choice provided I can justify the value.

I would get the insurance for the normal replacement cost (RRP)






Always be yourself, unless you can be Batman, then always be the Batman





4333 posts

Uber Geek
+1 received by user: 805

Trusted

  Reply # 446846 9-Mar-2011 08:25
Send private message

richms: Get $120 worth of insurance in that case...


reason for this?

scuwp: Depends on the company I think. The ones I have used work on an "agreed value", that is either the purchase price or the actual value of the car at the time, it has always been my choice provided I can justify the value.

I would get the insurance for the normal replacement cost (RRP)




thanks. 





Baby Get Shaky!
1467 posts

Uber Geek
+1 received by user: 330

Subscriber

  Reply # 446853 9-Mar-2011 09:05
Send private message

nakedmolerat:
richms: Get $120 worth of insurance in that case...


reason for this?



Cover your excess? My Car's insured for purchased price + cost of excess. Not my idea, insurance salesman I dealt with recommend it.

3546 posts

Uber Geek
+1 received by user: 121

Trusted

  Reply # 446855 9-Mar-2011 09:08
Send private message

I would quote $100. It's the replacement value. You may pay slightly more in your premiums - it's well worth it though!

111 posts

Master Geek


  Reply # 446907 9-Mar-2011 12:11
Send private message

As old as I am, the car insurance is on my dads name, full insurance covered for much cheaper.

Got my Lancer from a friend for a very good price of $1000 and it's insured for $3000, so technically if I write off my car, I could get a better one.

446 posts

Ultimate Geek
+1 received by user: 47


  Reply # 446909 9-Mar-2011 12:14
Send private message

As long as it is an agreed value of $3000, not market value.

As for brand new cars. some insurers offer replacement with a new unit within x-timeframe. so if you bought a 2010 camry for $80k (rrp $100k) and wrote it off this year, you'd get a 2011 camry be it $80, $100, or $150k. Chances are obviously it'd be a pretty similar price to original rrp.

Bee

591 posts

Ultimate Geek
+1 received by user: 109


  Reply # 446912 9-Mar-2011 12:29
Send private message

go with $100 or $120 yes.

On one of my cars I made the mistake of telling the insurance company that I got a car for $50 but its worth $100 - they insured it for $50.
I wont make that mistake again.

the strange thing is that they never bother to find out what its really worth... what if its actually worth $40???
Ive never made a claim so perhaps thats when they think about that?

2215 posts

Uber Geek
+1 received by user: 219


  Reply # 446913 9-Mar-2011 12:31
Send private message

Vero ask for both purchase price and market value.

362 posts

Ultimate Geek
+1 received by user: 338


  Reply # 446916 9-Mar-2011 12:34
Send private message

Cyris: As old as I am, the car insurance is on my dads name, full insurance covered for much cheaper.

Got my Lancer from a friend for a very good price of $1000 and it's insured for $3000, so technically if I write off my car, I could get a better one.


Bear in mind that what you're doing is fraudulent.  In the event of an accident, if your insurance company gets wind of the fact that you were the primary user of the vehicle (and not your father) then they would be entirely within their rights to decline your claim.

Not judging...  Just sayin is all Smile

1351 posts

Uber Geek
+1 received by user: 15


  Reply # 446917 9-Mar-2011 12:37
Send private message

6FIEND:
Cyris: As old as I am, the car insurance is on my dads name, full insurance covered for much cheaper.

Got my Lancer from a friend for a very good price of $1000 and it's insured for $3000, so technically if I write off my car, I could get a better one.


Bear in mind that what you're doing is fraudulent.  In the event of an accident, if your insurance company gets wind of the fact that you were the primary user of the vehicle (and not your father) then they would be entirely within their rights to decline your claim.

Not judging...  Just sayin is all Smile


This has happened to two people i know. It's actually pretty common and people think they are being really clever fooling the system when all you are actually doing is throwing away money.

They have some very clever techniques to check if you where the owner or not - things like checking who paid for wof/rego's - whos card has paid for petrol and other things as well.

If you are the owner and say your not i can guarantee they will find out if you crash. 

111 posts

Master Geek


  Reply # 446919 9-Mar-2011 12:39
Send private message

6FIEND:
Cyris: As old as I am, the car insurance is on my dads name, full insurance covered for much cheaper.

Got my Lancer from a friend for a very good price of $1000 and it's insured for $3000, so technically if I write off my car, I could get a better one.


Bear in mind that what you're doing is fraudulent.  In the event of an accident, if your insurance company gets wind of the fact that you were the primary user of the vehicle (and not your father) then they would be entirely within their rights to decline your claim.

Not judging...  Just sayin is all Smile


Oh we made sure of that, There was an option to add a secondary driver to the Insurance. It's perfectly legal =)

Edit - PLUS my dad and I have the exact same first and last names.

1351 posts

Uber Geek
+1 received by user: 15


  Reply # 446924 9-Mar-2011 12:41
Send private message

Cyris:
6FIEND:
Cyris: As old as I am, the car insurance is on my dads name, full insurance covered for much cheaper.

Got my Lancer from a friend for a very good price of $1000 and it's insured for $3000, so technically if I write off my car, I could get a better one.


Bear in mind that what you're doing is fraudulent.  In the event of an accident, if your insurance company gets wind of the fact that you were the primary user of the vehicle (and not your father) then they would be entirely within their rights to decline your claim.

Not judging...  Just sayin is all Smile


Oh we made sure of that, There was an option to add a secondary driver to the Insurance. It's perfectly legal =)



No it's not, if you read your T & C's you will see that a driver should not be paying for WOF/Rego/Maintance - i assume you are paying for these which means you are the owner.

IANAL but IMO you would not be insured.  

Infrastructure Geek
4043 posts

Uber Geek
+1 received by user: 193

Trusted
Microsoft NZ
Subscriber

  Reply # 447025 9-Mar-2011 17:45
Send private message

Cyris:
6FIEND:
Cyris: As old as I am, the car insurance is on my dads name, full insurance covered for much cheaper.

Got my Lancer from a friend for a very good price of $1000 and it's insured for $3000, so technically if I write off my car, I could get a better one.


Bear in mind that what you're doing is fraudulent.  In the event of an accident, if your insurance company gets wind of the fact that you were the primary user of the vehicle (and not your father) then they would be entirely within their rights to decline your claim.

Not judging...  Just sayin is all Smile


Oh we made sure of that, There was an option to add a secondary driver to the Insurance. It's perfectly legal =)

Edit - PLUS my dad and I have the exact same first and last names.


i think you'll find that a "secondary" driver has terms that describe how often they drive the car.  If you drive it more than x% of the time, you will find that you will need to be the primary on the insurance and you may get denied if you try and make a claim....




Technical Evangelist
Microsoft NZ
about.me/nzregs
Twitter: @nzregs


 1 | 2
View this topic in a long page with up to 500 replies per page Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Vodafone TV — television in the cloud
Posted 17-Oct-2017 19:29


Nokia 8 review: Classy midrange pure Android phone
Posted 16-Oct-2017 07:27


Why carriers might want to embrace Commerce Commission study, MVNOs
Posted 13-Oct-2017 09:42


Fitbit launches Ionic, its health and fitness smartwatch
Posted 12-Oct-2017 15:52


Xero launches machine learning automation to improve coding accuracy for small businesses
Posted 12-Oct-2017 15:45


Bank of New Zealand uses Intel AI to detect financial crime
Posted 12-Oct-2017 15:39


Sony launches Xperia XZ1, a smartphone with real-time 3D capture
Posted 11-Oct-2017 10:26


Notes on Nokia’s phone comeback
Posted 10-Oct-2017 10:06


Air New Zealand begins Inflight Wi-Fi rollout
Posted 9-Oct-2017 20:16


The latest mobile phones in perspective
Posted 9-Oct-2017 18:34


Review: Acronis True Image 2018 — serious backup
Posted 8-Oct-2017 11:22


Lenovo launches ThinkPad Anniversary Edition 25
Posted 7-Oct-2017 23:16


Less fone, more tech as Vodafone gets brand make-over
Posted 6-Oct-2017 08:16


API Talent Achieves AWS MSP Partner Status
Posted 5-Oct-2017 21:20


Stellar Consulting Group now a Domo Partner
Posted 5-Oct-2017 21:03



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.