Toymods Car Club Inc: General Car Talk => Insurance company rip off!!!! (Read me!)

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7M-Brisbane
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November 2002

Re: Insurance company rip off!!!! (Read me!)	Thu, 01 January 2004 08:24

1975 Toyota Corolla, 1.2l manual, 600,000kms, flogged, never serviced, 18yo male driver, driven every day with no remorse, $15,800 ONO. Those ads don't mean shit. Just because someone advertises a car at price X doesn't mean that it will sell for that price, or anything even resembling that price. "Market Value" is based off actual sales, not dreamers who post ridiculous prices or have romantic notions of what their cars are worth. Red book is generally on the LOWER side of the actual value, and Glass's Guide is generally more accurate and sometimes on the HIGHER side. That said - it is not legal for an insurance company to change anything on your policy once you have paid for it - it is a contract for a set period (generally 12 months). When the contract ends (generally a year after inception) they offer you a new contract, which you MAY or MAY NOT choose to undertake. When the contract has ended, they have every right to change whatever they like, as long as they notify you (be it a telephone call, a new renewal notice or a whole new set of policy booklets and documentation). You said your insurance renews in January - I think you will find that your insurance company is well within their rights to make the change and did not 'rip off' anybody. People like you are just like the media - quick to make a stink out of something that is perfectly commonplace and/or a load of rubbish. [Report message to a moderator]

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