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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.
If you’ve had an incident on the road, you might be wondering what your car repair process will look like.
We will manage the repair process through our trusted repairer network.
The process is designed to make repairing your car as stress-free for you as possible.
Keep in mind the claims process will vary depending on your level of cover and whether you’re at fault or not for the accident.
Suncorp Insurance also offers a Lifetime Repair Guarantee on all authorised repairs.
This means the quality of the workmanship and materials we authorise to repair your car are guaranteed for your car’s lifetime.
Let’s run through the assessment and repair process, including how to book a repair and hire car during the claims process, what to do when your car can’t be driven, how to track the repairs and how we can get you from point A to B during all of this.
One of the biggest factors in determining how we repair your car is whether your car can be safely driven or not.
First, let’s explore what happens if you can safely drive your car from the scene of the collision to a repairer.
If you have Suncorp Comprehensive Car insurance,
you can book a repair using the Suncorp App, or online!
You’ll be navigated through the booking process after you lodge your claim.
An excess applies unless it is waived because you had no fault for the accident and can provide us with full details of the other driver at fault.
We will help locate a recommended repairer in your area, then you will be prompted to select a repair appointment.
At the time of your scheduled repair, you’ll need to drive your car to the repair shop.
Here, the repairer will assess the damage and provide Suncorp Insurance with a quote.
In some cases, the quoted repair work can automatically be approved and the repairs commence!
Your repairer can arrange your transport to your next destination, whether that’s straight home, to work, or to collect your hire car.
The cost of this transport can be covered under your Suncorp car insurance policy.
Our recommended repairers will keep you updated throughout the repair process, so you won’t be left in the dark.
They’ll let you know when your car is ready to be picked up!
And they will arrange your transport to the pickup location.
What if your car can’t be driven safely to a repairer?
Sounds like it’s been a nasty accident. That can be daunting.
But know that we will do what we can to help get you back on the road.
If your claim is covered we will help find one of our recommended repairers in your area.
We can also cover the reasonable cost of towing your car from the scene of the incident to the nearest repairer or in some cases, a storage facility.
If your car is in an unsecure or unsafe location, give us a call and we can arrange an urgent tow.
Once your car is at the repair shop, the repairer will review the damage and let you know the next steps.
They will keep you informed throughout the process, including when your car is ready to be picked up!
They even can arrange your transport to collect your car.
Assessors consider a variety of factors, like how much it would cost to repair the damage and how extensive the damage is.
Based on what the assessor says, it's possible your car may be deemed a total loss (a write off).
Either way, you’ll be notified what the outcome is as soon as possible.
If you have Suncorp Comprehensive Car Insurance, we'll either arrange for your car to be repaired, pay you the amount of the assessed quote to repair your car or settle your claim as a Total loss.
Read the PDS to find out more.
Suncorp Insurance will keep you notified via SMS and email with the contact details you provided.
You can also track eligible claims online or using the Suncorp app.
To learn more about tracking your claim, why not watch “Suncorp Insurance makes it easy to track your claim. Here's how!”
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 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.