daysofourlives wrote:dedja wrote:daysofourlives wrote:My car was bought new and insured with RAA under their new for old lifetime replacement policy. It has been insured with them ever since.
My current policy has it listed as market value. When i called to question they said that the new for old still applies.
Should i be worried that they wont cough up if it actually came to a replacement claim?
If you have it in writing then there should be no issue.
If i can find an old policy im sure it is, other than that im relying on them. Its about 8 years old now
In the event of an accident, the Lifetime Vehicle Replacement will kick in, but the first thing they'll ask you for as proof, is a copy of your new car contract, which shows the driveaway date being the same as the date you started the policy. The LVR has been provided to you on the basis that you've disclosed that you're the first registered owner and have insured the car with RAA since the day you drove it out of the dealership.
If you can do this, then your insured amount pretty much becomes a guide as to whether RAA chooses to repair or replace, depending on the severity of the damage, so don't panic if you see this amount slowly depreciating, as cars do.
This benefit is no longer offered on new policies, however anyone who had it before our policy changes in December maintains the benefit, provided they keep the car insured with RAA and it is not cancelled by us or by you for any reason.
PS: your current policy will not show market value, it is insured for the value on your insurance certificate (if you don't have the lifetime replacement)
