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General Info Pros and cons of different makes and models (incl. international)

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Old 05-02-20
arrow arrow is offline
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Default Insurance ................

A friend had his car written off in the recent hailstorm in Melbourne's eastern suburbs.

His insurance company intends to deduct the balance of the registration (around $600) from the agreed value? Thus, the deductions will be his excess AND the ramining rego value.

Under the terms of the policy, they will own the vehicle upon payout so are in effect double dipping by deducting the balance from the payout and then having the ability to cancel the rego and get it back from Vicroads.

Is this common in policies?
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Old 05-02-20
BruceandBobbi BruceandBobbi is offline
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Tell your friend to remove the plates. Return them to Vic roads and cancel the rego.

He still owns the car until the payout.

BTW. I think everything in the vehicle except personal items belongs to the insurance company. If he has fitted a dash camera etc he has most likely lost it.
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Old 05-02-20
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Tell your friend to remove the plates. Return them to Vic roads and cancel the rego
No, unfortunately, another clause requires the vehicle has to be registered at the time of settlement.
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Old 06-02-20
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MSF MSF is offline
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Check the PDS, Most companies now state that in the event of a Total Loss, the vehicle (including any remaining registration / CTP / Personal injury cover) becomes theirs..
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Old 06-02-20
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My arguement would be if I sold the car with 9 months rego it would be worth more than if it had 1 weeks rego, therefore the market value needs to include the balance of the registration value.

OJ.
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Old 06-02-20
Mundy55 Mundy55 is offline
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Quote:
Originally Posted by arrow View Post
A friend had his car written off in the recent hailstorm in Melbourne's eastern suburbs.

His insurance company intends to deduct the balance of the registration (around $600) from the agreed value? Thus, the deductions will be his excess AND the ramining rego value.

Under the terms of the policy, they will own the vehicle upon payout so are in effect double dipping by deducting the balance from the payout and then having the ability to cancel the rego and get it back from Vicroads.

Is this common in policies?
Whilst I am not arguing with you, I have to say this doesn't make logical sense. On what basis is the rego being deducted? I could understand if the insurance company doesn't own the remnant rego as the value of the vehicle includes its registration. But if they do own it, why would they deduct it? I can understand an insurance company not wanting to be bothered with the adiministrative work involved in recovering the remant rego. But it just doesn't make sense to me.
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Old 06-02-20
Seigried Seigried is offline
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Id ask the ombudsman and read the fine print.

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Old 09-02-20
fajer fajer is offline
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We had our sons car written off. RACV deducted the remaining rego on it and that was paid to him in a week with the remaining balance. Simple
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