WARNING on Caravan Insurance policy renewals.
Submitted: Tuesday, Feb 24, 2009 at 02:55
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Noosa Fox
A friend of ours who is a Jayco owner recently received his caravan renal policy from RACQ and being someone who used to work in the Insurance Industry read the fine print in the revised renewal policy statement.
RACQ offer both an AGREED value and MARKET Value policies but down in the fine print he found the words similar to. In the event of a total loss RACQ will pay the lesser of the Agreed Value or Market Value.
As he had previously had an Agreed value policy he went and queried this wording and was told that this was their new policy.
It would be a total waste of money to pay extra for an Agreed Value policy when they will only pay a lesser market value. Needless to say he is checking around for a better policy.
It might be a good idea to check the wording of all Insurance Policies, as RACQ might not be the only one doing this.
Brian
Reply By: Bushtucker Man - Tuesday, Feb 24, 2009 at 19:59
Tuesday, Feb 24, 2009 at 19:59
CIL Insurance policy on page 26, "Total loss of your caravan", looks good to me.
Cheers, Stan
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Reply By: TripnTaps - Friday, Feb 27, 2009 at 04:03
Friday, Feb 27, 2009 at 04:03
Why am I not surprised!!
When we were hiring out Camp-O-Matics we held a commercial policy and they changed the policy too... no longer covering any canvas!!
Not much point holding a policy at all when Canvas was 2/3rds the camper
Dont you just love insurance companies - another necessary pain in the proverbials!!
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