For policies purchased or renewed on or after 27th June 2017
Total loss payment
Well firstly, we’re sorry and we hope everyone’s ok.
If we determine your car to be a total loss and we don’t provide you with a new car under the New for Old option, we’ll settle your claim by a total loss payment for your car’s market value. We’ll work out the market value as at the date you lodged your claim, but as if the loss or damage you’re claiming for had not occurred.
For more information on total loss payments please see your product disclosure statement.
New for Old
Even though saying goodbye to a car that’s been deemed a total loss can be tough, a brand new car is pretty awesome and that’s why when you’ve taken out this option and your car’s determined by us to be a total loss, we’ll replace it with a brand new car of the same make and model, including similar options, accessories and modifications, if it’s available.
For more information on the New for Old option please see your product disclosure statement. This PDS can be found HERE.
For policies purchased or renewed on or before 26th June 2017
Total loss payment
The estimated value is the maximum amount we’ll cover for loss or damage to your car, it’s not the guaranteed amount you will receive at claim time. If during us settling a claim, we determine that the market value of your car is lower than the estimated value, then we’ll limit cover for loss or damage to your car to that market value.
For more information on total loss payments please see your product disclosure statement. You can find it here.
In any case, a car’s a write-off if it’s been damaged and isn't safe or economical to repair. We’ll also declare it a write-off if it’s been stolen and not recovered after 14 days of reporting its theft to us, so long as your claim is in order.