Some Questions Regarding Insurance...

[xpl0sive]

So my insurance renewal was up recently, and I also recently added some wheels to my car, so rather than pay the renewal then pay any additional costs that may be incurred from adding the wheels, I decided to call up and note the changes to the policy so they can put it all under one notice so I can pay it once.

Anyway, on my policy I also have the factory options listed such as leather, premo sound & sat nav. The bloke helping me over the phone noticed that there was no value listed for the options, there was a figure of '0' next to each one, even though I gave rough estimates for each item when I first took out the policy. So he corrected this after I gave him some rough estimates for each item based on ford pricing, and also noticed on my policy that they had listed 'non-standard turbo' in place of intercooler. He fixed this also (could not list intercooler as it wasn't in their list of available mods, so he just put 'other'). After making these changes, my total premium was reduced by 110 bucks and he bumped up my agreed value from 24900 to 32100 pretty happy with that...(it's a 06 BF XR6 Turbo btw)

Now the questions I have, in the event of a write-off, or if my car was stolen, would I be asked for receipts for the factory options, or some sort of proof as to what they are actually worth indivually? As I bought the car second hand, it's a bit hard to provide any receipts or proof of pricing, unless I'm able to get something from Ford, but I just want to cover all my bases as I don't want to give them any excuse not to pay me out if something were to happen. What about my mods? Some of these were purchased new, so receipts wouldn't be an issue, but the wheels were second hand, and I did not get a receipt for them. Would this matter?

Last question, with premium sound, they just have it listed as 'sound system', however, if I upgrade the speakers/sub with aftermarket items (same size), would I need to mention this?

Cheers fellas

[bfturb]

You shouldnt need any receipts or proof of pricing as if you call up ford with your vin they can tell you all the factory options that where on that car

[Zerosignal]

Regarding receipts and any proof of ownership, when you have an agreed value. In the event your vehicle is stolen or written off your payout would be based on what the policy value is. As such yours is agreed so you would receive the insured amount less any applicable excess' and/or any remaining premium (if you pay monthly).

The other point I would like to mention is that when you list options the value should be as accurate as possible however it's not entirely necessary to be on the actual value. Its a guideline so the insurance company knows how much to charge you and IF for instance you submit a claim that would require replacement of lets say a front mount intercooler if you have listed it as aftermarket usually you will be covered up to the amount it is insured for but if it is not listed they will only put the standard unit that came with the car back on. Some companies wont even put a value so be aware, if they dont they will usually replace it with what was on the car at the time of the incident. Receipts are good however if items are listed keep photo's, booklets etc as a back up where receipts are not retained or lost.

Obviously every claim is subject to individual review and is on a case by case basis, refer to your PDS!!!

:D Hope that helps

[xpl0sive]

Thanks for the helpful replies fellas, much appreciated.

As I was asked on the spot what the value of each item was, I was unsure so I gave rough prices off the top of my head based on what I had seen mentioned by other forum members. I listed the sat nav as $2000 (I believe it was somewhere around that mark), leather at $3000, premium sound at $2000 (wasn't sure on this one so I just gave a figure of $2000, if this is way off please someone correct me). With the wheels, I listed them as $4500 as they are genuine FPV 19's. I believe Wheelking sells these at just over 5k with tyres, not sure what Ford charge but I do know they charge around 950 per single rim with no tyre.

One of the mods I was concerned about was the cooler, as the bloke said they don't have 'intercooler' listed in their available mods (not sure why?), so it was just listed as other but he mentioned that in the event of a claim, there is a possibility that I may not be covered for the cooler because of this, and that they might just replace it with the standard one. I also do not have a receipt for the wheels, but I do have photos with them on my car so I hope they would accept this as proof of ownership if the car was stolen.

Would also like to ask if anyone knows what reverse sensors are worth brand new from Ford? My car came with these too, but I forgot to list them in the policy. Did not bother calling back yet as I know they'll ask me what the value is and I'm not sure what they're worth lol.