so someone hit my SE yesterday

project.r.racing · Postby **project.r.racing** » Tue Dec 03, 2013 12:50 pm

wow interesting concept that i dont see insurance companies furfilling.

we just covered you for 14 days free until you decide to pay. now you've crashed that car and done $3000 damage, if you pay the $600 annual premimum, then we'll fix you car.

somehow i cannot see this being smart business. nor i see an insurance company opting to do it like this.

hks_kansei · Postby **hks_kansei** » Tue Dec 03, 2013 12:54 pm

project.r.racing wrote:we just covered you for 14 days free until you decide to pay. now you've crashed that car and done $3000 damage, if you pay the $600 annual premimum, then we'll fix you car.

Not that I've used a cover note, but I would assume the cover is only for bare bones 3rd party, damage to your own car is your problem, it only covers other people's property.

edit:
Just googling to find who actually offers cover notes, it seems most insurers aren't offering them (or at least, aren't listing them)
Which makes sense since they're not really needed these days, most companies will offer cover from the time payment is received, so just organise insurance a day or two before picking up the car. (that's how I've always done it)

fastfreddygassit · Postby **fastfreddygassit** » Tue Dec 03, 2013 1:11 pm

hks_kansei wrote:
project.r.racing wrote:we just covered you for 14 days free until you decide to pay. now you've crashed that car and done $3000 damage, if you pay the $600 annual premimum, then we'll fix you car.

Not that I've used a cover note, but I would assume the cover is only for bare bones 3rd party, damage to your own car is your problem, it only covers other people's property.

I have only had 3 "cover notes" (refer below):
2000 for the Hayabusa (Swann)
2005 for the NA8 (Shannons)
2013 for the SE (Shannons)

Each one was a FULLY COMPREHENSIVE cover and each covered me for at least 14-21 days.
I used the inverted commas as I think that now it may not be a cover note per se, but the start of an insurance policy with a 21 day cooling off period.
Same, same but different. :mrgreen:

NRMA website wrote:What is a cover note?

A cover note is a document issued by an insurer as an interim cover for the period before a formal insurance policy is issued.
We do not provide cover notes. However, when you purchase an insurance policy with us we will issue you a Certificate of Insurance. You have a cooling off period that allows you to cancel your policy within 21 days of its being issued if you tell us within this period.

A full refund is only given where there have been no claims made under the policy within the 21 days.

meanmx · Postby **meanmx** » Tue Dec 03, 2013 4:16 pm

A cover note is essentially you just not paying for it yet. You ring up the company and say you want insurance and they ask you if you want to pay now. You say no, send the paperwork out and I'll check it over and then pay. Generally you will have 14 days to pay this amount and if you don't then the insurance will lapse. On arranging this cover you will be fully covered by the insurance company in case of an accident. If you have an accident you will be expected to pay the premium before they will pay out any claim. Either way you are covered whether you have paid yet or not as you have entered into a contract.

meanmx · Postby **meanmx** » Tue Dec 03, 2013 4:28 pm

project.r.racing wrote:we just covered you for 14 days free until you decide to pay. now you've crashed that car and done $3000 damage, if you pay the $600 annual premimum, then we'll fix you car.

Who says it's free? The contract would stipulate that the premium would have to be paid before a claim can be made just like any other insurance contract. So if you paid up front for the insurance and made a claim in the first 2 weeks what difference is there? There is still the contract and the paperwork involved. I've done this many times and used the 2 weeks to find a better deal. Of course many companies are trying to eliminate this by offering discounts to "pay online now".

Sal.kalandos · Postby **Sal.kalandos** » Thu Dec 05, 2013 1:29 pm

Ok guys quick update. The assessor offered me 12.9k which I laughed at. I called GIO TO speak to the assessor. Both times saying he was unavailable and he would call back.

The call back came, and straight away changed his offer to what I paid for the car. Plus I will be getting back $700 for the rego(I didn't pay for the rego). So ultimately I've made profit. I am also going to buy the car back. If youre interested in buying it message me.

All in all worked out in the end.

project.r.racing · Postby **project.r.racing** » Thu Dec 05, 2013 1:39 pm

Sal.kalandos wrote:Ok guys quick update. The assessor offered me 12.9k which I laughed at. I called GIO TO speak to the assessor. Both times saying he was unavailable and he would call back.

The call back came, and straight away changed his offer to what I paid for the car. Plus I will be getting back $700 for the rego(I didn't pay for the rego). So ultimately I've made profit. I am also going to buy the car back. If youre interested in buying it message me.

All in all worked out in the end.

Great news. I knew that lowball offer was coming. Was surprized though he backflipped so quickly or didn't have a secondry offer.

Now when you get you money and buy a new car, what will you do the week for picking it up? :lol:

bruce · Postby **bruce** » Thu Dec 05, 2013 2:25 pm

That is rude the insurance coy tried to lowball you.
Insurance coys truly are vampires - they charge you the maximum possible for their premiums and cut all possible corners in the repairs.

Sal.kalandos · Postby **Sal.kalandos** » Thu Dec 05, 2013 2:35 pm

bruce wrote:That is rude the insurance coy tried to lowball you.
Insurance coys truly are vampires - they charge you the maximum possible for their premiums and cut all possible corners in the repairs.

Yeah i know but it was expected, it's just business. I'm sure a lot of people agree to their first offer so that's why they at least try.

project.r.racing wrote:Great news. I knew that lowball offer was coming. Was surprized though he backflipped so quickly or didn't have a secondry offer.

Now when you get you money and buy a new car, what will you do the week for picking it up?

haha dont worry i've learnt my lesson!

shuey · Postby **shuey** » Thu Dec 05, 2013 3:16 pm

Are you buying the car back to repair or buying it back to part out while you buy another SE?

Sal.kalandos · Postby **Sal.kalandos** » Thu Dec 05, 2013 3:34 pm

shuey wrote:Are you buying the car back to repair or buying it back to part out while you buy another SE?

changed my mind, had a mechanic look at the damage.. will not be buying it. It will most likely be at auctions next week on pickles guys, so go bid on it if you want

hks_kansei · Postby **hks_kansei** » Thu Dec 05, 2013 3:45 pm

With all the paperwork and rubbish needed these days it's just not worth fixing up repariable write-offs.

When dad and I rebuilt a Laser years ago it was as easy as straightening it out, replace the broken bits, then get a vicroads to sign off that it had been fixed.

When I was looking for my first car they'd bought in all this stuff about needing a VIV certificate, and some garbage about needing to have a receipt for each replacements part to prove it's not stolen (which of course ruled out using secondhand parts from private sellers)

It's just easier now to find a shell with a clean VIN and put all the mechanicals into that.

Apu · Postby **Apu** » Thu Dec 05, 2013 3:48 pm

Hmm...buy cheap old Ford Laser...naaah

hks_kansei · Postby **hks_kansei** » Thu Dec 05, 2013 5:21 pm

Apu wrote:Hmm...buy cheap old Ford Laser...naaah

Same weight as an NA6, BP engine (more power than an NA6 if you put the twin cam TX3 head on, even more again with turbo froma TX3t)

Mr Morlock · Postby **Mr Morlock** » Thu Dec 05, 2013 6:00 pm

how do we describe Insurance cos as vampires. Sal did not have any insurance and fortunately the other person did and if the other person had no money it would have been a fine pickle. Sounds like an excellent result to me. Also the word rude does not apply- business is just that business- you often have to speak up. If an Insurance co digs in then you will probably not win- they have the resources. Recently a mate had a car written off in an accident which did not involve another driver and the payout was more than what the car was really worth and fault did no come into it. How many people in Melb let alone Sydney and QLD had their cars repaired or replaced as a result of hail damage because they were insured. Insurance on cars- its a must- esp since write offs are even more common that ever.

Repairing write offs- thankfully they did toughen up the laws- it was so slack and the world is full of crooks. Protection for the consumer is light years ahead of the old days.