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Sorry to dig up an old post... but the "Australia" section is not very active lol
Just a quick question for those in Australia with insurance.
Anyone have any experience with GIO's "lifetime new for old" insurance... Reason I ask is... my car is up for my 3rd year insurance... obviously as the car gets older, agreed value naturally drops.
Apart from insurance being alot more expensive these days (same address only getting older) but 2 years ago my insurance was $1362 with 88k agreed value... now for my renewal it's $1295 but only $63,700 agreed value lol
The renewal quote for my car is $1295.19 with an agreed value of $63,700 but since it's continual renewal since new the "lifetime new car replacement" will continue.
I did a new quote for my car (with exact details), but I can get a higher agreed value $66,780 for $1296.25 (basically the same price).
Anyways, with this "lifetime new car for old replacement" does anyone think it's just a gimmick? PDS says something along the line of... If a total loss, insurer (within 90days) will try to find a new car with the same year and model... or the closest to it....
So here's the problem...
1. They don't make M235i anymore... It's M240 now...
2. The cheapest M240i is like $75k...
There's no way, GIO will rather fork out $75k to replace my car over paying $64k cash right? They'll just say "We can't replace the model, therefore will just pay you $64k cash"... which is valid as they don't make M235i anymore...
Thoughts? If anyone still hang around here? lol
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