MY CAR
What is new for old car replacement?
28 May 2019
You may have heard that most cars start losing their value as soon as you leave the dealership.
But what does that mean for your car insurance? If your car’s written off or stolen, are you covered for the amount it was originally worth, or just the amount it’s now worth after depreciation?
Suncorp Car Insurance with new for old replacement can ease the financial burden of suddenly having to replace your vehicle. It means that, if you do find yourself without a car due to a write-off or theft covered by your policy, we’ll replace the car with the same make and model or as close as we can find.
When does new for old car replacement apply?
If your car is eligible, new for old replacement will kick in when its been written off after an accident, or stolen and unrecovered.
Your car is eligible if:
- you’re the first registered owner or you purchased an ex-demo from a licensed dealer who was the first registered owner,
- the loss or damage to your car occurred less than two years from the original registration date,
- anyone who financed your car provides us with written consent to settle the claim in this way, and
- you have a Comprehensive, Comprehensive Extras or Comprehensive Advantages policy with Suncorp Insurance.
What factors influence a new for old replacement claim?
Here are a couple of factors that influence your new for old replacement claim.
Modifications and accessories
When determining an appropriate replacement for your car, we take into account any accessories and modifications you’ve added. Most work you do on your car can be replaced, but make sure you let us know about it, so it’s mentioned on your certificate of insurance and covered come claim time.
We do not insure for:
- custom paint
- Nitro or hydrogen fuel
- petrol turbo and supercharger,
- or, roll bar, cage and racing harness.
If your accessories or mods are illegal, or you haven't told your insurer about them, you won't be entitled to a pay out.
Availability
If your vehicle isn’t available in Australia at the time of your claim, we’ll find something similar in specs and features. If one isn’t available, or you choose not to accept the replacement we offer, you can elect to receive a payout.
The payout figure is your amount covered or vehicles market value (if the market value option has been chosen and shown on your Certificate of Insurance) minus any applicable deductions. Deductions can include things like excess payments and unpaid premiums (your Product Disclosure Statement (PDS) has a detailed list).
What is a lifetime new for old replacement?
If you have a Comprehensive Advantages policy on an eligible car, lifetime new for old replacement is automatically included.
Your car is eligible if:
- you’re the first registered owner or you purchased an ex-demo from a licensed dealer who was the first registered owner and,
- your car has been continuously insured under our Comprehensive Advantages level of cover from within 13 months of your car first being purchased and the time of the insured incident and,
- anyone who financed your car provides us with written consent to settle the claim in this way, and
- you have a Comprehensive Advantages policy and the incident occurs at any time during your insured period.
For more details on how you can enjoy new for old car replacement, get in touch with us today. If you’re an existing customer you can always send us a secure email from your Suncorp Insurance App.
Browse our different car insurance policies on our comparison page or get an easy online quote today.
Read more
- What kind of car insurance do I need?
- Australia’s most common accident types revealed in 2018 AAMI Crash Index
- VIDEO: Car maintenance 101
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
