Rac

[3R1K]

Hi guys,

It doesn't have any relationship with skyline.

My sis got a civic with RAC but she insured it last year for the sum of $28000 but when she wants to renew it , the sum reduce to $25800, Is that how RAC work?

My previous QBE never reduce the legal liability limit.

Cheerz

Erik

[Sneeza]

Its depreciation in the car's value. The civic is not going to be worth $28000 for ever. Also it depends if she has agreed value or not. Agreed value means that they will pay you the insured amount - not the market value.

[3R1K]

Oh ok thanx alot, It's weird though.

does every insurance company work like that? of just RAC?

If it just RAC, I'm going to move to SGIO next year

[Sneeza]

All insurance companies will work like that. I mean if you insure a brand new commodore for $40 000 and still own it 10 years later... its not going to be worth that anymore is it??

[3R1K]

It won't has value for $40000.

So Why does QBE still insured my car under $20000 after 2 years time? I insured with them with $20000 2 years ago

[Sneeza]

as I said before - you may have an agreed value policy.

[3R1K]

Ok, Do you know other insurance company that works differently with RAC?

But with good name

[Sneeza]

Erik - its not JUST rac that does this.... unless you have agreed policy OR your car is vintage or something spesh - then I am pretty sure the depreciation will occur in the insurance amount. I had my 180sx insured with RAC and the insured amount did not depreciate. Get your sis to ring RAC and inquire

[3R1K]

Oh yeah,

Somebody crash my sis car, I think that's the cause of it

[MarkR33]

HI erik

that can work in your favor aswell , if the market value depreciates on the car which it would you can negotiate your premium , I am with famous for my line and it was set to market value of $27000 : 2800$ a year GTST 95 R33 20yo

they rang me up and said they could only insure for purchase price $19500 , so I said ok but its not fair that i pay the same amount for my premium if your going to pay me stuff all if i crash it

they agreed and lowered it by $100 , i ' negotiated' a bit more they spoke to their manager and lowered it now to 2500 , so thats a lot cheaper

I plan to speak to them again soon to renegotiate my contract as they will match competiors (usually) if not i will go elsewere

as for your insurance either get her a lower premium with RAC by doing that or reinsure the car for agreed value . 2 different forms of insurance if they wont do it

try WEST QBE or Suncorp Metway i have found them to be very helpful and have 2 different cars insured with them . tell them what you want if your not happy take your business elsewere

[3R1K]

Thanx mark,

Actualy my sis only got reduction around $100 for her premium, I'll try SGIO next year.