Insurance

[jawrgy]

Ok I have a question about insurance companies and what information they are legally allowed to access about yourself. I know that all insurance companies share information about past claims etc but can insurance companies request information from the RTA about your license and its details??

I mean insurance companies are like any other business and if they request personal information from the RTA the RTA would not give it for privacy reasons. Or are insurance companies special and can gain access to that sort of information.

Im just trying to figure out what information insurance companies can get access to, besides the information they collect themselves.

[jawrgy]

No1 has experience or knowledge of this??????????

[GTR32G]

The insurance company will advised you to get the records yourself from the RTA and you will be advised to provide the insurance company the records. If you fail to do this when requested they will not authorise your claim. If you got nothing to hind should have no worries.

[jawrgy]

The insurance company will advised you to get the records yourself from the RTA and you will be advised to provide the insurance company the records. If you fail to do this when requested they will not authorise your claim. If you got nothing to hind should have no worries.

Yepp just what i thought =D, its because i was told that you would need to give a letter to the Insurance company saying that you advise the rta that they may access your records. This is what sounded a bit shady to me.

[.:: GimpS-R34 ::.]

Well just ring the insurance company and ask what information of yours they will be collecting.. They are under legal obligation to inform you first and saves asking a forum that possibly know or possibly having a good guess..

[GTR-N1]

Sticky Point:-

Many people - too many people in fact - when buying a car - let's say for $20K from a private seller - insert the "purchase price" at something less than $20K to save on stamp duty paid at the RTA (whilst transferring registration).

This action can come back and bite you!

Because, even though the insured value of that car might be $20K or even well above - what are you going to value your car at, when the insurance company rep. asks you what you paid for it? Remember, you may have already lodged with the RTA a $$ figure somewhat less than $20K.

And will you be pissing your pants if your car gets stolen > insurance company wants to access your RTA records of both driver history and registration transfer???

It's always best in other words to pay the full stamp duty at the RTA (reflecting the correct value paid for that car) and then negotiate with the insurance company, a higher sum insured based on the fact that you got a bargain. I know that Shannons is highly reluctant to agree to that form of negotiation. PM me if you want to know more.

Some people want to get the best of both worlds by deflating the value when transferring registration at the RTA (as mentioned above) and then also get a bill of sale from the seller with an inflated sale price for the insurance company. This is not without quite a risk (- see bottom of 1st paragraph).

[mad082]

terry, for that very reason i have never once said that i paid less to get cheaper stamp duty, however people i have sold cars to have asked me to put a lower value on the form.

[DivHunter]

Sticky Point:-

Many people - too many people in fact - when buying a car - let's say for $20K from a private seller - insert the "purchase price" at something less than $20K to save on stamp duty paid at the RTA (whilst transferring registration).

This action can come back and bite you!

Because, even though the insured value of that car might be $20K or even well above - what are you going to value your car at, when the insurance company rep. asks you what you paid for it? Remember, you may have already lodged with the RTA a $$ figure somewhat less than $20K.

And will you be pissing your pants if your car gets stolen > insurance company wants to access your RTA records of both driver history and registration transfer???

It's always best in other words to pay the full stamp duty at the RTA (reflecting the correct value paid for that car) and then negotiate with the insurance company, a higher sum insured based on the fact that you got a bargain. I know that Shannons is highly reluctant to agree to that form of negotiation. PM me if you want to know more.

Some people want to get the best of both worlds by deflating the value when transferring registration at the RTA (as mentioned above) and then also get a bill of sale from the seller with an inflated sale price for the insurance company. This is not without quite a risk (- see bottom of 1st paragraph).

Pro-tip, get a quote for the insurance BEFORE you buy the car at it's full sticker price = doesn't matter what you actually pay.

Example - my XR8 - sticker price a rediculous $35k. Immidiately dropped to $32k and obtained quote from Shannons at that value. Paid much less then took the quoted insurance (inc mods).

Another example - brother bought a 1989 735i, rang up insurer and said how much it was advertised for. They said they would not insure it as it was less than 60% of the market value (lulz yeah right). He asks....what if it was a gift (he paid cash)? No worries.

Edited November 22, 2010 by DivHunter

[evil_weevil]

Ok I have a question about insurance companies and what information they are legally allowed to access about yourself. I know that all insurance companies share information about past claims etc but can insurance companies request information from the RTA about your license and its details??

I mean insurance companies are like any other business and if they request personal information from the RTA the RTA would not give it for privacy reasons. Or are insurance companies special and can gain access to that sort of information.

Im just trying to figure out what information insurance companies can get access to, besides the information they collect themselves.

No insurance company can get info from the RTA/Vic roads etc - the driver itself can only do it.

However if the insurance company request it during a policy period - it is part of your contract to provide it.

If it is just a quote and they need to site it before cover, you dont have to provide it but you wont get cover.

there is a data base where insurance companies put a request in for claims history and searches customers claims with other companies.

divhunter - that can work, but I still wouldnt admit to it.

simple fact - you have a total loss they'll ask for proof of purchase.

if it isnt what is disclosed - they can refuse or reduce a claim.

so they could reduce the value to what you actually paid for it.

again - with your contract you need to provide all this information at claim time - if you claim that is!!

[GTR-N1]

A Question For The Insurance Gurus On This Thread:-

There are requests from SAUers for our cars to be used for Weddings/Formals etc.

Is there any risk to one's cover attached to this (if not mentioned in a Policy)?

Things are getting hairy in South Australia

http://www.skylinesaustralia.com/forums/Pe...in-t344615.html

...which means that if it's illegal, insurance coverage will be "not applicable" during the course of a wedding.

[evil_weevil]

Just read that article, what a fkn joke!!!

I had 3 mates use their cars!

An lc Gtr, 66 Pontiac gto and a stroked vl

(I'm so bogan!!!)

I want to pay them, but being the mates they are they wouldn't accept anything!

Terry, it's more the fact that if u start doing it every weeken rather than 1 or 2 a year.

I'd suggest call the company and see if they do a wedding use endorsement.

I'd suggest looking into liability cover also

[DivHunter]

divhunter - that can work, but I still wouldnt admit to it.

simple fact - you have a total loss they'll ask for proof of purchase.

if it isnt what is disclosed - they can refuse or reduce a claim.

so they could reduce the value to what you actually paid for it.

again - with your contract you need to provide all this information at claim time - if you claim that is!!

Either it's agreed value or market value in both cases what you paid is irelevant unless you happen to write it off within a very short space of time. The example of my brothers car is perfect for this, they would not insure it because he wasn't paying enough for the car - unless it was a gift. Their market value was roughly twice that of everyone else though.

sif not get agreed value anyway.

[simp0]

Shannons won't insure me as I dont have a lock up garage

[macdog]

Shannons won't insure me as I dont have a lock up garage

Just car is your answer.

[macdog]

terry, for that very reason i have never once said that i paid less to get cheaper stamp duty, however people i have sold cars to have asked me to put a lower value on the form.

Been there done that as well Marc, lots of people always do that..

[GTR-N1]

An import can get damaged in a "Roll on > roll off" situation, in transit, coming loose within its container and by two-legged hyenas on the dock.

The importer (and that may be you) will have freight insurance.

Shannons will only pick up insurance for you in one of two ways...

1) straight after compliance or...

2) after it comes off the ship (before compliance) so long as you takes pics yourself from all angles

I didn't know about #2 before.

[syfon]

Going by the fact that I work for the Dept of Transport in WA, due to privacy laws & regulations, no one is allowed to obtain any information regarding someones driver's licence, vehicle licence or any other confidential information.

If we were to give out information regard someone's driver licence or vehicle to a third party, that would be a breach of the privacy laws & regulations.

So, in essence, I'm pretty sure it would be the same for the eastern states. So, no they would not be able to obtain information from the RTA about your driver licence and/or vehicle/s.