Perth 350z

The other issue that may put a dampener on a replacement vehicle is if the finance company insists on a pyout of any outstanding amount

coatsie

Insurance companies have enormous buying power and are generally able to get fleet discount ($7,000+ on a new Z) which is how they can afford to give you new for old.
If you opt for cash (it's probable that they won't give you the choice) you'll lose the benefit of their buying power.
Interesting to see what they do.
Again, sorry to hear about your misfortune and trust everything works out OK.

cheers
coatsie

MELB350Z

I would have thought that since the car was under 12 months old it would not be settled on market value?

As for finance, i took out a supp home loan for the car, the bank doesn't care if i have that car or not, as long as i keep paying! It's secured against my house anyway.

In anycase, lets see what happens... the insurance company hasn't contacted me yet. It's pretty much a wait and see game at the moment. I hope it all works out well for me too, i.e. car not recovered and payout for a new Zed!

Perth 350z, have you had experience with a car being stolen? Who was the insurer?

mchapman

iTrader: (1)

Wether its market value or not depends on the type of insurnace policy you have. You should have a copy, I'd have a look at it before they contact your as insurance companies can be dodgey when it comes time to pay out.

MR RIZK

iTrader: (7)

Sorry too hear the car has gone walk about.

My main concern is that if you do get another one are you going to park it in the same spot?

Michael

MELB350Z

RACV just contacted me and they said that they wait 10 days before they declare the car unrecoverable. After that it goes to the fraud department for investigation before coming back to the claims department.

After reading my policy completely (Zzzzzzzzz) it says that if the car is within the first 12 months of purchase and i'm the 1st owner of the vehicle (yes to both) then they will pay for a new car including all on road costs (registration, stamp duty).

If however we cannot agree on the replacement car (i.e. i don't want it) they will pay me out the market value as my insurance is for market value not agreed value. BUT considering it's 10 months old wouldn't they pay me close to the cost of a new Zed considering they are willing to replace my car with a new Zed?

In anycase, i'll be holding my breath till next Wednesday... for my sake, i hope they don't find it because who knows what has been done to it while it wasn't in my possession.

Also, whatever my next car happens to be (Zed or not) it will be parked in the same street as there is no off street parking available! I'll be sure to buy a noisy alarm though, not that it will be much of a deterrent to professionals.

Z350Lover

iTrader: (2)

If you (anyone of you or your friend) want a Nismo zed and would like to buy my car, I can offer you a very good and attractive price and sell it to you as it is!

cheers,

richie

Perth 350z

Sent you a PM Melb350

apsilon

Noisy will just be annoying and people will still ignore it. What you want is an alarm with a pager or mobile contact so it notifies you directly so you can rush out and introudce any would be thief to your cricket bat.

frosty

Go to www.redbook.com.au to see the market value of your Z.

You'll be horified - let them supple a new one!

BTW, when's the new model due?

FRIZZLE

DavidM

Also, whatever my next car happens to be (Zed or not) it will be parked in the same street as there is no off street parking available!

Sorry to hear about the theft of your car. Can you tell us what Suburb this happend in? Also the name of the street (if you don't mind)?

MELB350Z

I know i had a look at redbook.com.au, the 350Z doesn't hold it's value at all! I was thinking if they pay me out at the redbook price i might opt for a new 350Z and then trade it in straight away... i don't know, i hate waiting to see what happens.

DavidM, i live in Brunswick which according to RACV is prone to car thefts. But my street is quiet and there are a lot of nice cars on my street and surrounding it, Audi TT Cab, BMW X5, Mini Cooper S, Merc Sports Coupe... but then again, according to NRMA a Holden Commodore is harder to steal then the 350Z and those other cars are even harder to steal.

MR RIZK

iTrader: (7)

Unfortunatly cars in the 60-80K bracket take a hefty hit in resale unlike cars in the 130-150k price bracket.

Ah well I have learned the hard way.

MELB350Z

***UPDATE***

Tomorrow morning the RACV investigators will be coming over to my place to take my statement. They also requested a copy of the contract of sale for a new vehicle and my loan documents.

After that i'm not sure what else to expect, i only have the rental car for another 7 days. So hopefully it will all get sorted within the next week so that i'm not without a car for too long.

In anycase, i was having a look at my contract of sale and i purchased the Zed for $60K + on roads, ended up being $65K drive away with tint and floor matts. I'm amazed that they sold it $6K below the RRP.

MR RIZK

iTrader: (7)

The investigators come out to see what you are like and your living conditions. They will usually ask questions like:

Are you a gambler
Are you in debt
What is owing on the house
etc

My friend got investigated when his S15 was stolen 2 weeks after purchase. Just make sure you are calm, cool and collected and point out that you are happy with the car and there is no reason why you would not like another one etc.

frosty

When my son-in-law's WRX was stolen recently the investigator gave us a form to complete in regard to personal financial details, amongst other things.

I found it invasive and obnoxious so contacted my solicitor.

He told me that I was NOT to answer any questions unless they related DIRECTLY to the terms of the policy. There's nothing in the policy that for instance says that your financial position is relative to the claim. Are they inferring that you are dishonest because you have fallen on bad times? They better look out if that can be inferred by their questions!

When confronted with my objection, and in effect put on notice that the solicitors were hovering in the background,

1. The claim was processed smartly

2. The questionnaire was only "OPTIONAL".

Here's the relevant paragraph from my letter to them (rest available upon request):

Clause 1.1 of the National Privacy Principles contained in the "Privacy Amendment (Private Sector) Act 2000 clearly provides that personal information sought to be collected MUST BE NECESSARY FOR THE FUNCTION OR PURPOSE being performed (in this case the processing of the claim).

Take the hard line with them - rest assured that insurance companies don't have your best interests at heart, and even an innocent slip on your part just might mean refusal of a claim.

And you won't have the financial clout to persue them and their solicitors to the Supreme Court to resolve.

I can fax you the draft if you wish.

FRIZZLE

mchapman

iTrader: (1)

Nice work Bill.

MELB350Z

Thanks for the info frosty but i didn't read your post till now and i've already had the interview. The investigator was a farkin b!tch and initially treated me like a criminal. She was just a farkin glorified secretary in my books.

Anyway, she did ask about my financial situation but there is nothing of alarm there. I have never been late with a payment and have even paid extra each month. BUT i wish i had a draft of your solicitor's letter as i did find some questions intrusive.

In anycase, like i said the stupid glorified secretary had no farkin idea when i asked her questions like, how long will this investigation take and how long before my claim will be settled. I told her that my rental car finishes in 6 days and she was like, the investigation will take longer then 6 days.

So it appears i'm going to be without a car for sometime and i'm still a ways off from settling the claim.

frosty

MELB - send them a blast from your Solicitor to put them on notice that they are in breach of the act - that'l hurry them up if nothing more.

Once they know that the guns are interested, and especially now that they are illegal (you are on stress leave and can't sleep and might loose your job because they have altered your life with their intrusion) they'll get their theiving ***** into gear and treat you with a bit of respect.

Tell them that the TV is coming to interview you.

ICEMAN

MELB350Z

UPDATE

I've been calling the insurance company constantly to get updates. The lastest is that they have come to the conclusion that i didn't organise the theft of my 350Z but as this is the first 350Z to be stolen in Oz they are trying to obtain as much info on it as possible. They were under the impression that the 350Z came standard with an alarm??? I told them it just came with an immobiliser.

Anyway, they are going to give me a new 350Z, no payout. Which is great but not sure if i want to keep the 350Z anymore so i might try to sell it prior to picking it up so i don't put any kms on it? Anyone know someone who wants a new 350Z at a cheap price?