Insurance red tape could you help.

Brent · Post by **Brent** » Fri May 04, 2007 5:15 pm

Hello All,

I need some help with my car insurance, I have insured my car for R60.000.00 but if I smash it ill only get the book value R30 – R35.000 if luck. I have spent around R80.000.00 on buying it and fixing it up. I was told by my insurance that if I got someone to value the car at R60.000 or whatever they would take it into consideration and maybe insure it for that. Do you know of anyone in Cape Town that could help me out with that or is there a insurer that would insure it for more than book value…. If anyone could help me, I would really appreciate it.

Thank Brent

The Calibrator · Post by **The Calibrator** » Sat May 05, 2007 7:22 pm

I dont know who would do that but I can tell you that all insurance companys are theiving snakes and you better get everything in writing or you will get shafted. I also suggest taking photos of everything that alone has doubled my pay out on 2 occasions.

I insured a car once for the value of all the mods I did with invoices and they tried to screw me when it was stolen.
It was implied that I was making a fraudulant claim luckily the car was recovered in a written off state but I could prove all the mods so I was eventualy paid out.

johansx · Post by **johansx** » Sat May 05, 2007 7:35 pm

Aig, phone them, get a recommended brokers name from them that support their product. If you have a good track record like me (ncb7+age), nobody can match their premium and their product is supperior. (Don't bother if you are young (under 25) and had a claim in the last 2-3 years unless you are willing to pay!)

http://www.aig.co.za/contactus.htm

Yes they are all crooks!!!

Vlade · Post by **Vlade** » Sun May 06, 2007 12:18 am

Yeah insurance is tricky when it comes to this kind of thing, if you didn't specify your mods/changes they don't cover it...

Also you there are options to cover the car for
A: Replacement value - what it will cost you to replace the vehicle
B: Book Value - what they say you can buy/sell the car for

Now firstly A is the better option, but there is a catch if you say your vehicle is worth R80 000 to you, bookie value is only ±R40 000 they'll want to know why, once you tell them you have modded the car, they will jack up your rate by a shit load any way so its a catch 22 situation.

They dont really care if you spent X fixing the car up, they just say that is your problem, if you didn't specify it they don't cover it... I have had this problem before, my buddies have had this problem...

Charl · Post by **Charl** » Mon May 07, 2007 10:25 pm

My insurars told me to get it valued at a nissan dealer. They even gave me thei specific papers to fill in. So i got it valued for what was spent on the car and all the mods... But they still only want to insure it for book value. I dont get it.
Geuss i should speak to them again. its been a year now.

Vlade · Post by **Vlade** » Tue May 08, 2007 6:41 am

My car isn't even insured at the moment, but it would be semi stupid to insure it any ways... since its not on the road

Brent · Post by **Brent** » Tue May 08, 2007 11:20 am

So what is the best thing to do then..... Insure or don't insure that is the question..... Or is there a way to get around this red tape?

johansx · Post by **johansx** » Tue May 08, 2007 11:35 am

If you are insured it will cover the other vehicle(s) if you crash into them...
If you specify the mods, get a valuation certificate and you keep the receipts, you can use that as the value of the vehicle above book/trade value. Your vehicle must be 100% road worthy. The broker must insure it for the replacement value. Insurance is all about putting you back in the same situation after a claim occured. As long as you disclose everything and all is in order the ombudsman will look after you. KEEP THE PAPERWORK!!!