Insurance

Submitted: Thursday, Dec 20, 2007 at 10:46
ThreadID: 124289 Views:4095 Replies:6 FollowUps:6
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Have got our Broker looking into insurance policy for the new van.

Can anyone with experience make a recommendation ?

Are there companies that specialize in van insurance - or is it best to go with the company the towing vehicle is insured with ?

Besides the actual van, are there senarios we should be covered for - remembering Bob & Joan from the Gold Coast being stranded due to injury in WA.
and the dramas of getting vehicle and van back home.

David & Denice

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Reply By: Flipp'n Lorry - Thursday, Dec 20, 2007 at 17:14

Thursday, Dec 20, 2007 at 17:14
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
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Follow Up By: Quicksilver - Thursday, Dec 20, 2007 at 22:42

Thursday, Dec 20, 2007 at 22:42
Thanks for the reply. Judging from others insistance on an agreed value each year is the way to go. Having a history of prices as suggested by Rob would certainly help too.

Cheers, Denice
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Reply By: Tellem Bugrem - Thursday, Dec 20, 2007 at 19:14

Thursday, Dec 20, 2007 at 19:14
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
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Follow Up By: Quicksilver - Thursday, Dec 20, 2007 at 22:23

Thursday, Dec 20, 2007 at 22:23
Very good suggestion Rob. Would make it a lot easier when dealing with Insurance companies & also help keep abreast of prices for those wanting to purchase a 2nd hand van, or even to do the comparison between new & 2nd hand.

Hope the committee consider it a worthwhile addition to the BOG.

Thanks, Denice
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Reply By: Pixellator - Thursday, Dec 20, 2007 at 20:38

Thursday, Dec 20, 2007 at 20:38
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
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Follow Up By: Pixellator - Thursday, Dec 20, 2007 at 20:39

Thursday, Dec 20, 2007 at 20:39
PS... you could check with KEITH and Joan (Gold Coast) what they have done re the injury/health insurance
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Follow Up By: Quicksilver - Thursday, Dec 20, 2007 at 22:26

Thursday, Dec 20, 2007 at 22:26
Oops, thanks for putting me right with the name & thanks for your suggestion.

Cheers, Denice
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Follow Up By: Keith & Joan - Friday, Dec 21, 2007 at 18:30

Friday, Dec 21, 2007 at 18:30
Hi Quicksilver, (and Bob & Lyn )
Keith & Joan here, we got stuck in WA and I could not drive and Joan has never driven and does not have a licence. We rang CIL as they had insured the Bt, and we told them of our situation and were told to arrange transport to get the Bt home ourselves, which we eventually did. We did not realise that we were covered by CIL for this until I got home and read the small print in the policy. So we made a claim, and they were very nice about it and we were fully compensated within a couple of weeks. But I was a bit cranky that they did not mention to us that we were covered when we were desperately wondering how to get the rig back home.
The car however was a different story, as that was insured with AAMI, and was not covered for vehicle recovery, so we had to pay that and wear the cost ourselves. We have since changed to RACQ, who do cover both car and van for recovery in the event of accident (this was not our case, I just could not drive) or sickness.
I have not changed the BT insurance just yet, as it is covered for recovery and we have had good service from them in the past, and I just think it was an oversight on the part of the person that took our call, not to mention that we were covered. Maybe the procedure is to pay to get it home first, and then get reimbursed, I do not know, but it would have certainly eased the burden on Joan if she was told at the time, and had to make all these arrangement by herself.
I did get a quote from RACQ to insure the BT and it was $200 cheaper than CIL, and their quote for the car was cheaper that AAMI. Having said that, I am still in doubt about changing from CIL because they will take your BT back to the factory for repairs no questions asked, and I would not want any other caravan repairer place mucking about with my BT. Whereas the RACQ might want to take it to the nearest caravan repair place to be fixed, and we do not know what sort of job we would be getting. But with BT we know we get it back as good as new. So we will probably leave well alone as far as the CIL insurance for the BT, and stick to RACQ for the car.
Hope this helps, Kind regards, Keith & Joan.
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Reply By: Taj Mah Tracker - Thursday, Dec 20, 2007 at 21:08

Thursday, Dec 20, 2007 at 21:08
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

AnswerID: 573747

Follow Up By: Quicksilver - Thursday, Dec 20, 2007 at 22:31

Thursday, Dec 20, 2007 at 22:31
Thanks Ian for taking the time with such a lengthy reply. With all the considerations, it is definately a specialised field.
I will check out post 3963.

Thanks for your help.

Denice

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Reply By: Richo - Friday, Dec 21, 2007 at 07:27

Friday, Dec 21, 2007 at 07:27
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
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Reply By: Flipp'n Lorry - Saturday, Dec 22, 2007 at 23:25

Saturday, Dec 22, 2007 at 23:25
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.
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