Insurance

The major problem we have had is that each year we come to reinsure we have to change the sum insured ... all insurance companies have a problem valuing BT's as they don't come up in their little book of values as most vans are sold privately.

So each year we have to talk to the underwriter to get an agreed value... each year they tell me they wont increase next year ... but usually they do. .. I got sick of this with the NRMA and moved over to CIA with our second van. We are about to reinsure ... we will see what happens
Lorraine

Phil & Lorraine,

Perhaps it would be a worthwhile move to maintain a registrar of BT private sales on this website. If we could record things like age of van, resale date & amount, length and extra fittings, then insurance companies may be able to adjust agreed values accordingly.

Maybe we could drop the Copeton 07 and /or Copeton Photos sections on the site and replace it with a BT Sales section. Any thoughts Turist or Motley?

Cheers.............Rob

You can arrange insurance through CIL when you collect the van- BT don't act as agents, but you can do it over the phone from their office. No fuss.
Or you could in March 2005
Cheers
Bob

Hi Quicksilver,
Insurance is always one of those subjects where everyone knows a bit and sometimes when an incident occurs they discover they didn't have the full story.

Your insurance needs will vary depending on whether you are a full time traveller living in the BT, or if you use it for holidays and still own a home, correction, maintain a "residence".

Most insurance companies have a problem if you do not have a "residence". Not sure if it is because if you do not have a post code their computers cannot look up a rating scale, or if they are worried about you being "transient". !!!!?? LOL

In post 3963 there are some comments on insuring "contents" in the car and van for someone living in the van full time, those comments may assist.
The important comments are those relating to_
-"PERSONAL" liability as distinct from "PUBLIC" liability.
- and insured value.
I think all insurers use "market' value as the base, which is usually defined as "new replacement value less depreciation".
(You can negotiate an agreed value, but as far as the insurer is concerned that is an agree market value, it is not a replacement value unfortunately)

The starting point "new replacement value" can be determined by an assessor in event of a total loss (the time when insured value becomes most important).
The assessment of depreciation is usually up to the loss assessor after he has inspected the van, but they tend to go on market average depreciation.
BT does not depereciate like a normal van because of the long waiting list to have one built (about 15 months at present), and the fact the base costs of a BT rises a couple of times a year at least.
This makes setting the insured value of a BT difficult, even if you negotiate an agreed value policy like Phil and Lorraine have done.

I would suggest that if you take delivery of a van today that cost you $100,000 and you insured it for that, you would be underinsured and out of pocket if it were a total loss withing that first year.
The replacement value would be highter because of all the cost increases that BT have made during the 12 months or more it took to build the van.

I doubt anyone would actually insure their van for more than they paid, it might seem like a waste of money, but a total loss early on would leave you out of pocket if you immediately ordered an identical replacement BT.

Rob has made a suggestion about recording secondhand BT sale values on the site. This could build up to give evidence to counter the "depreciation" rates that assessors will try and apply in event of a total loss claim.

Quicksilver, you said you have your broker on the job and were there any specialist van insurance companies.
Firstly most brokers are not specialists in van insurance, it is a minor sideline for them, so you could get better info from specialist insurance companies.

However I do recommend a specialist broker, Caravaners Complete Insurance, (a Shepperton Vic Insurance Broker who has a facility with Insurer CGU )
Although I worked 40 years as a general insurance broker I was unable to match the extent of cover, let alone premium, through my old employer, even though they had enormous connections with CGU. I moved to CCI.
I have no connections with CCI other than as one of thier clients.

Trust there is some info in here that might prove helpful.

Have a happy festive season
cheers
Ian

My BT copped the hail in Sydney and sustained a $9,500 repair bill. CIL have been good (so far) all approved and booked in for January repair although they have noted that my no claim bonus will be reduced (fair enough for an at fault accident, Hail damage? not so fair).

If there are any problems I will certainly be letting everyone know!

Insured value (total loss) is a problem it has never been replacement cost.

Regards

We have also found that some Insurance companies have a problem with the weight issue of some vans... recovery is only to a certain weight... NRMA used to be to 2 tonnes... but have since changed this and you need to check this out as well...
We are also insured with CIL.... got the A and L wrong in my first post.