Read the fine print
Posted by Melissa on | November 23, 2006
Further to my tome about the theft of a favourite old white car, I thought I would share some of my hard-learnt knowledge about insurance and what you don’t get if you are in the unlucky position of making a claim for a stolen car. I will refer to them from now on as GOLDEN RULES .
Here’s how my tale unfolded:
1. Car stolen
2. Contacted insurer
3. Sent many documents proving ownership and condition of car
4. Wondered out loud to phone rep how long this will take, but noone willing to outline timeline
5. Negotiated perceived market value of car
6. Received cheque for market value amount MINUS excess (fair enough) AND the rest of the year’s insurance premiums (as I had elected to pay monthly)
7. Still waiting for compensation for contents lost, having spent an afternoon touring retailers asking for ‘quotes’ for items, even though my insurer will not pay replacement value. A mystery algorithm will be applied to item value and age of said item, resulting in the amount to which I am entitled. Hoping I will receive the maximum of $550 to replace the $1300 worth of stuff hidden in the boot of my car for the 40 minutes it took for the *insert expleeeetive here* person to take my four-wheeled friend.
Point 6 troubles me, even though it is in the fine print (which we all know noone reads). Name another industry where you pay for a service you don’t receive? I am going to write to the Insurance Ombudsman Service to voice my disappointment with this ‘industry standard’. Stay tuned re outcomes.
On a happier note, VicRoads gets a round of applause for the good sense that governs their policies - they will return a percentage of my registration for PUF, as she will not be on the road under the care and guidance of her rightful owner for the remaining 9 months of the year’s registration that I paid in September.
I must say I feel safe that my car-that-is-no-longer-in-my-possession will be insured until July 2007. If a crazy person ploughs through a red light and t-bones me in my imaginary car at an intersection, I will not have to worry. I will be insured. It’s a weight off my mind. But wait a minute, my imaginary car will not be registered.
I am told that my experience lines up with ‘industry standard’, but I think it sucks anyway.
GOLDEN RULES for jaded:
GOLDEN RULE 1: Document car services for future reference to prove state of repair/mileage (thus assisting calculation of market value)
GOLDEN RULE 2: Check your policy - will you be returned a percentage of premiums paid if you make a claim?
GOLDEN RULE 3: Grab the car hire offered to you as soon as you report the car gone. I decided that I would wait (as noone could tell me how long the claim would take to process) and 8 days later was told I was too late as on that very day they were finalising the payment. Efficient but mean spirited.
GOLDEN RULE 4: Check your policy - will your insurer give you cash for the items that are in your car when it gets stolen? Do they offer replacement value or depreciated value? To what total value?
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5 Responses to “Read the fine print”
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November 23rd, 2006 @ 12:27 pm
GOLDEN RULE 5: Insurance companies suck!
November 23rd, 2006 @ 1:40 pm
GOLDEN RULE 6: Buy a mother of a chain and wrap it around the base of the driver’s seat twice and then around the steering wheel column three times and then bolt it with a ginormous padlock. Remember where you hide the key.
November 23rd, 2006 @ 1:51 pm
GOLDEN RULE 7: if GOLDEN RULE 6 fails then install a device that makes the car explode when stolen.
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