NSW writeoff legislation
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  1. #1
    Fellow Frogger! cme2c's Avatar
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    Default NSW writeoff legislation

    There was a thread about this pre crash, but I searched and couldn't find it.

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    Anyway, the legislation came in Jan 31, and it's not too bad. Basically it only applies to vehicles less than 15 years old, and you can get an exemption under several conditions like: high net worth, owned the car more than 5 years, it's rare, or you inherited it.

    As far as I'm concerned, if I wrote off my 206, I'd get another car ( probably a Renault, for a change)

    My Bedford, now that's something else, but being 30, it's safe.
    206 GTi 2003
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    JBN
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    Phew! So the 1995 Xantia that I bought for $2000, then spent $1000 to bring its suspension up to scratch wouldn't have been automatically written off after I suffered a rear ender which cost the other parties insurance $3,800.

    I ended up with a straight Xantia which was completely resprayed (cost me an additional $1100) and is now insured for $6000, which is insurance for the value of the car AND insurance against a premature writeoff (not needed now that it is 16 years old).

    All things come to he who waits.

    John

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    1000+ Posts 504-504-504's Avatar
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    Default Qld Writeoff

    Couldn't find anymore more relevant to post this so here it is.
    Friends car caught fire whilst sitting in their driveway.
    Insurance company wrote it off.
    They want him to pay the excess which is fair enough.
    He is paying his policy monthly and the insurance company has told him he has to keep paying even though car written off and nothing left to insure.

    Is this standard practise?
    Its a well known motoring association he is insured with.

    Paul

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    Administrator GreenBlood's Avatar
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    Quote Originally Posted by 504-504-504 View Post
    Couldn't find anymore more relevant to post this so here it is.
    Friends car caught fire whilst sitting in their driveway.
    Insurance company wrote it off.
    They want him to pay the excess which is fair enough.
    He is paying his policy monthly and the insurance company has told him he has to keep paying even though car written off and nothing left to insure.

    Is this standard practise?
    Its a well known motoring association he is insured with.

    Paul
    That sounds very suss? For how long are the insurers expecting payments?
    I would have thought once the excess is paid the contract is finalised, your friend should then receive his/her payout??



    Cheers
    Chris
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  5. #5
    1000+ Posts 504-504-504's Avatar
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    Quote Originally Posted by GreenBlood View Post
    That sounds very suss? For how long are the insurers expecting payments?
    I would have thought once the excess is paid the contract is finalised, your friend should then receive his/her payout??



    Cheers
    Chris
    My thoughts too.
    The insurance company has said it will deduct excess and what payments it would have received till the end of the insurance year before it pays out.
    Question arrises if one pays annually and car is written off part way through year is the remaining part of the insurance refunded?
    I think not, so how can they justify continued installments?
    Have suggested to friend that he enquire about "transfereing" policy to the replacement vehicle and see what they say.
    Present situation is not much of an inducement to reinsure with his present company.

    Paul

    “A straight is merely the distance between two corners.”

    Current: Peugeot 205 GTi Mi16 1987
    Peugeot 205 Si, one red one silver, both 1991.
    Peugeot 504 Wagon, V6 and 5 speed gearbox.
    Isuzu (Holden) Rodeo, 4WD dual cab, extended chassis.
    Past: Goliath, Isuzu Bellett, Austin A30, Peugeot 203, 403, 404, 504,505.
    Subaru 4WD wagon, Toyota Hilux Dual Cab Diesel 4WD.
    Last edited by 504-504-504; 7th March 2012 at 05:38 PM.

  6. #6
    Administrator GreenBlood's Avatar
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    Quote Originally Posted by 504-504-504 View Post
    My thoughts too.
    Question arrises if one pays annually and car is written off part way through year is the remaining part of the insurance refunded?
    I think not, so how can they justify continued installments?
    Have suggested to friend that he enquire about "transfereing" policy to the replacement vehicle and see what they say.
    Present situation is not much of an inducement to reinsure with his present company.

    Paul
    It certainly poses some interesting questions with regard to pay by the month, which I have not raised with our insurer. Does that contract last for a full 12 months even if the car is written off in the first month? Does the same apply if the policy is renewed after 12 months and again is written off in the first month of renewal? I might have to investigate

    Cheers
    Chris
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    "Déesse" Roland Barthes, 'Mythologies', 1957

    The Déesse has all the characteristics of one of those objects fallen from another universe that fed the mania for novelty in the eighteenth century and a similar mania expressed by modern science fiction: the Déesse is first and foremost the new Nautilus.

    (Umberto Eco [Ed], The History of Beauty, Rizzoli, NY, 2004)

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    1000+ Posts robmac's Avatar
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    Quote Originally Posted by GreenBlood View Post
    It certainly poses some interesting questions with regard to pay by the month, which I have not raised with our insurer. Does that contract last for a full 12 months even if the car is written off in the first month? Does the same apply if the policy is renewed after 12 months and again is written off in the first month of renewal? I might have to investigate

    Cheers
    Chris
    In the past, based on my own experience with total loss claims, once fully paid out, I've always found:

    The vehicle becomes the property of the insurance company.
    The remaining registration can be cashed in by the owner prior to disposing of the vehicle (if you are quick!)
    If paid in advance the remaining premium balance is forfeited.
    The vehicle insurance policy is considered cancelled.

    I would not pay one cent more of the policy premiums (provided you have the full payout). If it's still under discussion you may have to pay whilst they are considering the claim.

    The Motor Insurance code of practice says they must give an answer in 10 days if you ask them in writing. http://www.insurancelaw.org.au/fact-...car-insurance/

    After all you don't have the benefit of the vehicle and never will, so there is no need to insure any further.

    READ THE POLICY DOCUMENT TO CONFIRM WHAT YOU SIGNED UP FOR
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  8. #8
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    In the great betting racket that is insurance the Company wants its full wager from you prior to finalisation of the bet due to full pay out.

  9. #9
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    Quote Originally Posted by robmac View Post
    In the past, based on my own experience with total loss claims, once fully paid out, I've always found:

    ....

    If paid in advance the remaining premium balance is forfeited.

    that is how i understood it too.
    you pay for a year in advance. if they pay out, you dont get back any part of that.
    paying by the month is an installment plan; you are not actually paying for your insurance by the month.

  10. #10
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    Quote Originally Posted by alexander View Post
    that is how i understood it too.
    you pay for a year in advance. if they pay out, you dont get back any part of that.
    paying by the month is an installment plan; you are not actually paying for your insurance by the month.
    Of course if the insurance company views the periodic premiums as a not a pay-as-you-go scheme, but rather a finance scheme for a years a premium you are st*ffed.

    Then you could be required to pay for for all the premiums! READ THE POLICY!

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  11. #11
    1000+ Posts bluey504's Avatar
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    My daily driver is up for insurance renewal and I may just read a little bit more carefully the terms and conditions.
    Have had some HUGE punch ups with insurance companies in the past and now couldn't be bothered. Just need to know on which leg to stand when applying the Blundstone to their backside!

  12. #12
    Administrator GreenBlood's Avatar
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    Quote Originally Posted by GreenBlood View Post
    It certainly poses some interesting questions with regard to pay by the month, which I have not raised with our insurer. Does that contract last for a full 12 months even if the car is written off in the first month? Does the same apply if the policy is renewed after 12 months and again is written off in the first month of renewal? I might have to investigate

    Cheers
    Chris
    I've spoken with our insurers (just happens all our policies are up for renewal this month), and all are paid by the month.

    All policies are for 12 months and renewable annually. If your motor vehicle is written off at anytime in that 12 month period the balance of the full 12 month premium owed will be deducted from any payout figure.

    Cheers
    Chris
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    The Déesse has all the characteristics of one of those objects fallen from another universe that fed the mania for novelty in the eighteenth century and a similar mania expressed by modern science fiction: the Déesse is first and foremost the new Nautilus.

    (Umberto Eco [Ed], The History of Beauty, Rizzoli, NY, 2004)

  13. #13
    JBN
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    Quote Originally Posted by bluey504 View Post
    My daily driver is up for insurance renewal and I may just read a little bit more carefully the terms and conditions.
    Have had some HUGE punch ups with insurance companies in the past and now couldn't be bothered. Just need to know on which leg to stand when applying the Blundstone to their backside!
    Standing on THEIR middle leg gives the most leverage in these situations.

    John

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