Warning to all who insure their cars..

[nstg8a]

Originally Posted by gtxb67

the original poster cashes in his rego (maybe the insurance company cannot legally do it, or maybe they are just too busy/lazy), the insurance company then deducts this amount that the original poster now has from the payout figure

no double dipping - the original poster (and a few of us here) have all learnt something

unfortunately it is another slap in the face we get from time to time, because insurance companies are not charities - they are businesses and as such need to watch every dollar. if they did not take the rego money from us on payouts, we would be paying an extra few hundred dollars each year on rego and then complaining that rego is too high

ok, so its not so bad if the insured still has the right to claim back the rego from the govt.

however shouldnt the amount taken by the insurance company match what the govt returns, not what the full value of the rego is?

eg, a member on another forum recently wrote of his xr8, had paid for 12 months rego one month prior to accident, the govt return on rego was just $400. so it has effectively cost him $600 for one months rego.

so while the insurance company would take out $8-900 as the rego value, the insured will get considerably less than that back upon cashing in the rego.

[vispix]

Originally Posted by gtxb67

but that has nothing to do with the insurance company being tight - only unlucky timing for you and lucky timing for them. if the accident happened in 10 months, you would be happier and the insurance company less so

You're spot on GT.
But it gives you something to think about doesn't it?

I was unlucky the whole way around the merry go round.

I got bent over the barrel every which way.

This whole experience has made me think now.
My cousin has a beautiful ford XC coupe.
And it made him think too.

I will now basically insure my car for more.

If I get another AU or BA... and it's worth $7k, I will insure it for $8500

That way... if I just paid the rego and insurance...and god forbid I have another accident (touch wood) then at least I know I will get 7k for it, after they take out the premium, excess and rego = $1500 or so dollars

By the way...I am 38 yo and never ever had an accident in my life and I am a rating one...so I think I have done pretty well to stay safe.

[gtxb67]

Originally Posted by nstg8a

however shouldnt the amount taken by the insurance company match what the govt returns, not what the full value of the rego is?

Originally Posted by vispix

and...and..wait for it...
they took out the 11 months rego I had left on the car.

it seems it was the remaining part of the rego




the original poster was no doubt a little unlucky with the timing. to lose virtually a year of rego and insurance is a kick in the teeth

[FgNewbie]

Originally Posted by vispix

Look at the RACV PDS here..
http://www.racv.com.au/wps/wcm/conne...df?MOD=AJPERES

Pages 34 (under agreed value) and page 36(under total loss)

Basically what they are saying is.. whatever refund you have coming to you from the rego... they get to take OFF the payout figure.

Are you also saying that you can't get a pro-rata refund from the registry for unused registration?

Confusing

[vispix]

Originally Posted by gtxb67

it seems it was the remaining part of the rego




the original poster was no doubt a little unlucky with the timing. to lose virtually a year of rego and insurance is a kick in the teeth

Yes GT it was..
I am still feelin it too.

Anyway..All I would like out of this is..
1. I learn from it and insure my car for $1500 over what it is worth agreed value.
2. I get you guys thinking if your pride and joy is insured for the correct amount and make sure you get what you want and need from the insurance company on final payout to buy a new car. without having to fork out another $1500 if you are as unlucky with timing as me.

I keep thinking to myself... why couldn't I have had the accident... 11 months AFTER I paid the rego and insurance. Or even not at all.

**** happens hey.

[vispix]

Originally Posted by FgNewbie

Are you also saying that you can't get a pro-rata refund from the registry for unused registration?

Confusing

Basically, just say you have 10 months rego left on your car.
And that rego is worth $500
You can cash this in and get the $500
However, the insurance company takes that $500 from your final payout figure.

Hope that is understandable...

[MrsLow006]

Originally Posted by vispix

By the way...I am 38 yo and never ever had an accident in my life and I am a rating one...so I think I have done pretty well to stay safe.

Wonder how much cash you would have in the bank if you had put the premium away into a term deposit every year, rather than paying the insurance company, for the years that you have been driving and never had an accident or claim. Be like playing russian roulette though

[nstg8a]

increasing your agreed value to hedge against it may backfire too, with increased premiums...


moral of the story? dont tailgate...

[vispix]

Originally Posted by MrsLow006

Wonder how much cash you would have in the bank if you had put the premium away into a term deposit every year, rather than paying the insurance company, for the years that you have been driving and never had an accident or claim. Be like playing russian roulette though

Yeah thx alot Mrslow...lol
I think I will go and get drunk now and drown my sorrows.
At least I still have my legs, arms and head.

[vispix]

Originally Posted by nstg8a

increasing your agreed value to hedge against it may backfire too, with increased premiums...


moral of the story? dont tailgate...

NS,
Spot on mate.

Like I said.. I have learnt from this whole situation..
And just for the record, I wasn't tailgating as we were only doing about 30k an hour..it's just that you don't expect some idiot to stop dead and lock them up to grab a parking spot.
But point well taken... I now have to stay extra far away because there are idiots like this on the road.

[bodes-sh]

Originally Posted by vispix

Look at the RACV PDS here..
http://www.racv.com.au/wps/wcm/conne...df?MOD=AJPERES

Pages 34 (under agreed value) and page 36(under total loss)

Basically what they are saying is.. whatever refund you have coming to you from the rego... they get to take OFF the payout figure.

i'd double check with racv and rta (or whatever you have there), i think you'll find the insurance co will notify the rta that the vehicle has been written off, then the rta will usually send you a letter stating the vehicle has been written off and you can return the plates to get a refund on the remaining rego.

as for who is better off with the policy, it all works out the same in the end. whether you paid the policy in full or monthly and however long you had been paying for, the policy is now finished as the vehicle that was insured is written off, that's why you need a new policy for a new car. i'd definitely be querying about getting the remaining rego back tho.

[MrsLow006]

Originally Posted by nstg8a

moral of the story? dont tailgate...

Ahh now depends if he was tailgateing - see I was involved in a very similar incident a few years back where I ended up being the rear ender and rear ending the silly B... that stopped dead in the middle of the road - she said later she thought she was going to kill a bird, anyway - I was not following too close - How do I know this? (and yes I was found to not be at fault by the police and insurance co) You see I had just finished a 10 hour working day and was heading home from work in peak hour traffic, I was watching the vehicle in front and noticed that there was smoke coming from the back tyres.... Very strange to see because I could not work out what was happening - I could see no brake lights but could see something was not right - the lanes of traffic on either side of me were still moving forward but I appeared to be getting closer to her rear end. Too late she cried when I slammed into her at about 40k's an hour. Turns out the sheila's brake lights were not working. So the moral of this story is - you are not following too close if you can see smoke coming from the rear tyres. That came from the horses mouth - man in a blue uniform

[vispix]

Originally Posted by bodes-sh

i'd double check with racv and rta (or whatever you have there), i think you'll find the insurance co will notify the rta that the vehicle has been written off, then the rta will usually send you a letter stating the vehicle has been written off and you can return the plates to get a refund on the remaining rego.

as for who is better off with the policy, it all works out the same in the end. whether you paid the policy in full or monthly and however long you had been paying for, the policy is now finished as the vehicle that was insured is written off, that's why you need a new policy for a new car. i'd definitely be querying about getting the remaining rego back tho.

Hey bodes,
I hope I haven't confused anyone on this.
I am not that good at expressing myself when I have had a few beers.

Basically, that is what happened.
The insurance company let vic roads (RTA) know about the write off.
The insurance company sent me a voucher for the rego for $500 odd dollars to cash in at vic roads.
However, they also reduced my payout by $500 odd dollars.

It was just bad timing as I had 11 mths rego left.

So, I thought I would get $6000 less excess and premium = $4950

Then I thought to myself...ok I have got $4950.
I will go and cash the rego in and I will have $5450

But I only got about $4300 from the insurance company because they calculated what refund I would get from Vic Roads and reduced that amount on my payout, in the end I ended up with $4800 instead of the $5450 I thought I would have.

that is $600 or so less than what I thought I would get.

[BadMax]

I don't understand, you are the one who crashed an everyone around you is the idiot?
Obviously you didn't keep a sufficient gap in front of you to avoid someone emergency stopping, would you have felt better if they avoided a child running out? And then the person who t boned you, why the hell would they expect someone to swerve into their path on the wrong side of the road?
You probably also deserve a ticket from the Police to top it off!

[ELGT4me]

Originally Posted by vispix

Exactly.
But to the insurance company..they now own your car if they pay you out and so the agreed value needs to include the remaining rego as well.
That's what the R$$V told me.

I also looked at CGU and a couple of others policy books and they all say the same.
They take the unused portion of rego.

It wouldn't be so bad if you only had 1 month left on your rego... but when you have 11 months left and you pay $630 up front... and then the insurance company gets it...that just ****** you off.

Interesting, a family member wrote off my XR6 (EB) I was paid out for the total loss of the vehicle (eventually). I then returned the plates (custom) off the car, cancelled the rego, & received a refund, although it was no where the value of the remaining rego. My vehicle was under comprehensive insurance. As a wise man said, "insurance companies do not make money being nice to people!!!"

[vispix]

Hey Max,
Settle dude..gees.

1. The guy who smashed into me was SPEEDING.
You don't write off a car doing 30k an hour do you?
He was doing like 70k around a sweeping corner.
Even the repair guys who took my car said that he had to of been speeding because he caused so much damage.

2. If a child ran out on the road...then I would have thought to myself... thank god it was me and not the kid.
However, the stupid ***** locked them up to get a damn parking spot before some other person got it.

Also, when you are in an accident...things happen in a split of a second and you have to make a split second decision sometimes.
No matter where you are on the road.

Yes, they are idiots because one of them was breaking the law and one of them locked them up to get a parking spot of all things...not to avoid a child.

[FgNewbie]

Originally Posted by BadMax

I don't understand, you are the one who crashed an everyone around you is the idiot?
Obviously you didn't keep a sufficient gap in front of you to avoid someone emergency stopping, would you have felt better if they avoided a child running out? And then the person who t boned you, why the hell would they expect someone to swerve into their path on the wrong side of the road?
You probably also deserve a ticket from the Police to top it off!

I didn't read vispix say they were on the wrong side of the road, maybe I missed it

[Franco Cozzo]

Originally Posted by vispix

Hey VZ,
If I had paid it in full..they still would have taken the whole years premium.
So just say I paid the $500 up front and had the accident a week later... theres $500 down the drain.
Mind you, I now need to start a new policy and pay another $500 again..and they take the other $500 premium that I got a weeks worth out of.

And yep, they take the damn rego as well dude.

Here are the words straight from the disclosure book...

" We will pay you the agreed value after deducting...
- any unpaid premium
- any excess
- The unused portions of your registration and vic roards third party liability insurance"

Yep, happened to me,

Paid for a full years worth of insurance with AAMI for around $2300, a few weeks later I total the car in a not at fault accident, because the car is written off, they "don't have any obligations to refund the premium" and they keep the refund from the rego which was 11 months worth.

So all up it cost me $2300 + rego refund + few weeks with no car + $1779 for another insurance policy on the new car + CD #3 of my floor fillers disco CD that was in the player and my floor mats.

Oh yeah, and my glasses are screwed when the airbag hit me, so I'm up for another $400 for those.

Not bad, cost me nearly $4500 because someone accidentally had the steering wheel turned the wrong way and punched the accelerator to show off.

At least I got the last frozen white 6sp manual TDCI LV MKI Focus left in Australia, exactly the same as my previous one.

[vispix]

Originally Posted by FgNewbie

I didn't read vispix say they were on the wrong side of the road, maybe I missed it

Correct FG,
everyone was traveling the same direction on a 2 lane road.
That is why the guy hit me... because I swerved and his front T'Boned me between the drivers door and passenger door.

[FgNewbie]

If I had written off my car, it would be nice to cash in as much as possible but I accept the rego is part of the car they have effectively just bought. Has been said... crap timing.

I've been reading the NRMA's Comprehensive PDS. They deduct the same.

What I find interesting; if your car is written off and you are eligible for a new replacement vehicle, they also pay for 12 months rego and CTP.

[vispix]

Originally Posted by FgNewbie

If I had written off my car, it would be nice to cash in as much as possible but I accept the rego is part of the car they have effectively just bought. Has been said... crap timing.

I've been reading the NRMA's Comprehensive PDS. They deduct the same.

What I find interesting; if your car is written off and you are eligible for a new replacement vehicle, they also pay for 12 months rego and CTP.

Yeah, RACV do that too FG.
If the car is less than 2 years old and has less than 30,000 ks on the clock..they will replace it with a new car and 12 months reg. as long as it is in good cond.

I just hope none of you have to go through what I have gone through.
Just make sure you have your pride and joy insured for what you want to get to replace it.
May your pride and joys stay safe and may you all stay alive..
even though there are some real morons on the road.

[bodes-sh]

Originally Posted by vispix

Hey bodes,
I hope I haven't confused anyone on this.
I am not that good at expressing myself when I have had a few beers.

Basically, that is what happened.
The insurance company let vic roads (RTA) know about the write off.
The insurance company sent me a voucher for the rego for $500 odd dollars to cash in at vic roads.
However, they also reduced my payout by $500 odd dollars.

It was just bad timing as I had 11 mths rego left.

So, I thought I would get $6000 less excess and premium = $4950

Then I thought to myself...ok I have got $4950.
I will go and cash the rego in and I will have $5450

But I only got about $4300 from the insurance company because they calculated what refund I would get from Vic Roads and reduced that amount on my payout, in the end I ended up with $4800 instead of the $5450 I thought I would have.

that is $600 or so less than what I thought I would get.

yeah, fair enough. from reading the original post it looked like the had gipped you twice on the rego.

on the other hand, you may have actually been better off rear ending the beamer. from what i understand and from reading a thread on here recently, if someone brakes heavily / stops suddenly in front of you with no good reason (apparently even braking for an animal isn't a good enough reason) they are liable for an accident if rear ended. but i guess hind sight is a great thing to have...

[sudszy]

Originally Posted by vispix

Hey Max,
Settle dude..gees.

1. The guy who smashed into me was SPEEDING.
You don't write off a car doing 30k an hour do you?
He was doing like 70k around a sweeping corner.
Even the repair guys who took my car said that he had to of been speeding because he caused so much damage.

2. If a child ran out on the road...then I would have thought to myself... thank god it was me and not the kid.
However, the stupid ***** locked them up to get a damn parking spot before some other person got it.

Also, when you are in an accident...things happen in a split of a second and you have to make a split second decision sometimes.
No matter where you are on the road.

Yes, they are idiots because one of them was breaking the law and one of them locked them up to get a parking spot of all things...not to avoid a child.

I take it no-one was injured in this accident and the police didnt attend, otherwise dont see how you escaped a dangerous driving charge.

If the worse that is happened is that you are $2000 out of pocket, then you've got out of it very lightly. Insurance is just protecting yourself from a total loss, coming out square or on hardly ever happens, and even if you end up on top, you've still got time ahead of you trying to find a car to replace the one you've just lost.

If you were only doing 30km/h and got caught out by the vehicle in front braking hard, then even if you hit the brakes late, you'd possibly only have hit the car in front at 0-15km/h, but you chose to swerve into a lane where you had no clue what traffic was in it? Luckly you didnt take out a motorcyclist or have the car in the right land do what you did and swerve to the other sie of the road.

Sounds like you not only were you not concentrating on what was in front of you, but you were also unware of traffic behind/around you and hadnt done a mirror check for some time.

Why is it when anyone rear ends someone that they always attribute blame to the vehicle in front? the average driver follows to close, its not a matter of if they will rear end someone, just when.

[vispix]

Originally Posted by bodes-sh

yeah, fair enough. from reading the original post it looked like the had gipped you twice on the rego.

on the other hand, you may have actually been better off rear ending the beamer. .

You know, That has gone through my head too mate.
I should have just hit the car in front at 10 to 15km or so.
Again, split second decision.
It's all good to think about it while writing it...but in the moment..it happens in an instant.

[FgNewbie]

Originally Posted by bodes-sh

*snip* from what i understand and from reading a thread on here recently, if someone brakes heavily / stops suddenly in front of you with no good reason (apparently even braking for an animal isn't a good enough reason) they are liable for an accident if rear ended. but i guess hind sight is a great thing to have...

Every time I read reference to animals indirectly/directly causing a smash, I wonder why people don't claim it was a child.

[vispix]

Originally Posted by sudszy

I take it no-one was injured in this accident and the police didnt attend, otherwise dont see how you escaped a dangerous driving charge.

If the worse that is happened is that you are $2000 out of pocket, then you've got out of it very lightly. Insurance is just protecting yourself from a total loss, coming out square or on hardly ever happens, and even if you end up on top, you've still got time ahead of you trying to find a car to replace the one you've just lost.

If you were only doing 30km/h and got caught out by the vehicle in front braking hard, the even if you hit the brakes late, you'd possibly only have hit the car in front at 0-15km/h, but you chose to swerve into a lane where you had no clue what traffic was in it? Luckly you didnt take out a motorcyclist or have the car in the right land do what you did and swerve to the other sie of the road.

Sounds like you not only were you not concentrating on what was in front of you, but you were also unware of traffic behind/around you and hadnt done a mirror check for some time.

Why is it when anyone rear ends someone that they always attribute blame to the vehicle in front? the average driver follows to close, its not a matter of if they will rear end someone, just when.

Hey Sudsy,

I can understand your reasoning..but sometimes it just does not happen that way. You are talking about a split second reaction time.

I was obviously far enough away to swerve and miss yes?

There was a truck behind me and the guy that hit me was not there when I checked in my side mirror and then all of a sudden he was there, I think he came from behind the truck to overtake and was going pretty damn quick(RE: He was Speeding) but I only had a split second to think.
You can not really critisize me when you were not there.
I understand what you mean though.
Hey, I take responsibility for not being 1 more car length behind... but the fact still remains...you don't expect some friggin idiot to stop dead in their tracks for a damn car park...that is just dangerous and eratic driving that can get someone killed.

You also don't expect a young bloke speeding around a corner while overtaking a truck..but hey..there he was.

Also, how is swerving to avoid an accident dangerous driving.
You have a split second to react.
In hind sight, I should have just locked them up and I would just have hit her at 10k or so... but when you see a brand new BMW in front of you... you knda try to miss it if you can...
Yes, was my fault legally... but if the other 2 had not have been driving eratticly and speeding...it would bnever have happened.
Thank god a child or person was not hurt...
That is the main thing.

[SLO AU XR8]

Originally Posted by nstg8a

ok, so its not so bad if the insured still has the right to claim back the rego from the govt.

however shouldnt the amount taken by the insurance company match what the govt returns, not what the full value of the rego is?

eg, a member on another forum recently wrote of his xr8, had paid for 12 months rego one month prior to accident, the govt return on rego was just $400. so it has effectively cost him $600 for one months rego.

so while the insurance company would take out $8-900 as the rego value, the insured will get considerably less than that back upon cashing in the rego.

The member on another forum was myself. My AU was written off by an unisured driver on Monday. Rego cost me basically $1k ($987 actually) on April 24, to be written off May 23. Due to only having 3rd party, I haven't been able to make a claim on my insurance about being hit from behind.

Rego has left me $600 behind, for 1 month, and then the fact that 6 months ago, when I was unemployed, 3rd party was a stretch. Due to this I couldn't afford $1.5k for full comp, so rather than be completely uninsured, 3rd party, at $370, was the option.

Since the accident, I have been made aware of another option from another forum member involved in underwriting, but due to the actions I had taken, I am unable to make such claims. Do not trust anything that is said by anyone who does not have first hand experience.

[FgNewbie]

vispix, while I feel your frustration, with your line of defence (and/or justification) I hope you have a good flame suit.

[sudszy]

Originally Posted by vispix

Also, how is swerving to avoid an accident dangerous driving.

Surely in your accident the answer to that is obvious, you dont see a problem with swerving into the lane coming the other way, swerving onto the footpath, swerving into another lane where you have no idea what is there. Regardless, you were swerving to avoid the consequences of your dangerous driving , following too close.

Originally Posted by vispix

you don't expect some friggin idiot to stop dead in their tracks for a damn car park...

Well perhaps not, but driving is about expecting the unexpected(though women stopping suddenly for parking spot in shopping centre is hardly unhears of), leaving space "incase", hopefully you will change your ways and we wont have to endure another "the silly bit.....just jumped on the brakes in front of me......"

[vispix]

Originally Posted by FgNewbie

vispix, while I feel your frustration, with your line of defence (and/or justification) I hope you have a good flame suit.

Not sure what you mean..lol flamesuit?

anyway, they were idiots for driving like stupid friggin morons and I should have been 3 car lengths behind and not 2..for 30kmh.
Once bitten, twice shy.