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  1. #1
    Join Date
    May 2013
    Location
    Sydney
    Posts
    334

    Platinum Insurance lifetime new replacement

    Anyone got any real life examples of claims with the lifetime replacement?

    I'm with GIO and have the platinum cover which is up for renewal shortly. The policy has the lifetime replacement bit also states an agreed value off 64k.

    I asked them on facebook what the crack is, and got the following:

    " We'd only replace the car if it was still available from the manufacturer. The fallback is a similar make and model, this would be negotiated with the assessor at the time of a claim. I don't believe there will be a HSV version of the ZB Commodore, so it might be a Camaro depending on the value. If we can't come to an agreement then the Agreed Value is the fall back."

    And..

    "The replacement car is based on the original price of the car not the Agreed Value, so you'd want to avoid being paid out. The Platinum cover also give you unlimited hire car while your car is being repaired after a claim and windscreen cover."

    So sounds OK to be honest. The pds does state it's all in their opinion and whether they can source within 90 days.

    There's part of me thinking that they'd just pay out. 60k is a fair bit less than 90k for a Camaro or whatever. OTOH, it'd be illegal to blatantly false advertise.

    Hence wondering if anyone had any experience, personally or otherwise, regarding actually actioning a claim for replacement? Especially for something several years old (I think the policy has been around for 4 or 5 years now?) the

  2. #2
    Join Date
    Mar 2008
    Posts
    2,688
    What car do you have, and what is the renewal premium for this "replace vehicle" policy?
    Pickles.

  3. #3
    Join Date
    May 2013
    Location
    Sydney
    Posts
    334
    F2 gts.

    $1390

  4. #4
    Join Date
    Jul 2013
    Posts
    102
    disorganise,
    I have the same policy on my 2013 GTS and have asked the same questions to GIO every year on renewal. I receive the same answers that you have.Every year the value of the car drops, but the premium does not, it is hard to get a straight answer from them about this.Here is a list of my premiums and there value.
    2013 $750 $95490,2014 $693 $70600,2015 $700 $66500,2016 $727 $59700,2017 $773 $50800.
    It will be interesting to see this years figures due this month.
    Bob

  5. #5
    Join Date
    Jun 2013
    Location
    Sth West Syd ��
    Posts
    1,560
    I recently got my quote for my E3 GTS, I have had the same happen with it for the last 5 years. NRMA told me it was due to the car not being manufactured anymore (VE Commodore) and the resulting lack of new parts, therefore repairs cost more. So if that is true and across the board we will all continue to watch that premium climb each year.


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  6. #6
    Join Date
    Nov 2016
    Posts
    765
    Insurance is poop

    I pay almost $10,000 a year for all our cars, the value has gone down a lot cause most over 5yrs old

    Seriously considering cancelling the lot

    Maybe every 2 years a $3000 bingle here and there

  7. #7
    Join Date
    Aug 2006
    Location
    6019
    Posts
    5,353
    That contact is not to good im thinking.
    Last edited by Audi; 18-11-2018 at 12:46 AM.
    Zorst video: https://youtu.be/R0oKu5PMQG4

    #21 2001 VX R8 series II (HSV Racing Green)
    #16 2006 HSV Dealer Team ClubSport (Phanton Black)
    #771 2010 E2 GTS (wildfire)

  8. #8
    Join Date
    Jul 2013
    Posts
    102
    Audi,
    At the time of taking out this GIO policy it sounded like a good idea as it would mean in the event of a total loss of my GTS I would receive a new replacement one, this was fine as long as GTS were still being made. If I had taken out a more "standard" policy and suffered a total loss say after four years there is no way the insurance payment would cover a similar replacement. The problem that I see now is who decides which car is similar or the value of the policy as the replacement car cost and the current insurance value are miles apart.
    Bob

  9. #9
    Join Date
    May 2013
    Location
    Sydney
    Posts
    334
    Iirc it's a bit over $100 a year premium over the std comprehensive policy. Once you out out you cannot opt back in.

    My policy was around $1270 first two years. And I put a huge voluntary excess to bring it down (if I go defaults I'd be paying a shade over 2k this year..... My 'savings' have already covered most of the excess).
    How do you get such a comparatively low premium?

  10. #10
    Join Date
    Jun 2013
    Location
    Sth West Syd ��
    Posts
    1,560
    Quote Originally Posted by disorganise View Post
    How do you get such a comparatively low premium?
    A lot depends on your postcode. Liverpool Sydney was costing me $1900+, Branxton near Newcastle $1200 and Canberra just under $1000. All three quotes done on the same day.


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