Please review the amount your commercial or private vehicle is insured for.
Do you know how much your vehicle is insured for?
One or more of your vehicles are insured for market value. That means you’re insured for what your vehicle is worth. As the value of your vehicle changes over time, it’s important that you regularly update the amount that your vehicle is insured for and adjust it to match what your vehicle is worth. This will help avoid overstating the value or your vehicle or underinsuring it.
What is market value?
The market value is the reasonable sale price of the same or a comparable vehicle immediately before the loss, excluding GST and any signwriting, wraps or artwork.
What is the sum insured?
The sum insured is the specified limit listed on your insurance schedule. It’s important to understand that your sum insured may not be the amount you would be paid if your vehicle is stolen or damaged beyond repair. The most you will be paid, in the event of a claim is your vehicle’s market value immediately before the loss, up to a maximum of the sum insured shown in your insurance schedule. It is your responsibility to set the sum insured for your policy, based on your vehicle’s actual market value when you first arrange your insurance and to keep it up-to-date each year after.
How do I know what my vehicle is worth?
Vehicle values change over time depending on the vehicle’s age, make, model and market conditions, as well as many thing that are specific to your vehicle such as mileage, maintenance and modifications. That’s why we are unable to automatically adjust your vehicle’s sum insured for you. Here are some tools and resources that may help you work out the market value of your vehicle.
► Ask your Registered Motor Vehicle Trader (RMVT) – visit motortraders.govt.nz to check the traders in your area
► Visit driven.co.nz for a free calculator for light vehicles
► Check out trademe.co.nz for a good guide to vehicle sales prices
► Contact a professional valuer like:
– Manheim by emailing firstname.lastname@example.org, or
– Turners at turners.co.nz
Once you know what your vehicle is worth, speak to your adviser and they will update your sum insured for you.
Ideally we’d rather not be in a position to claim but it’s of great comfort to know that the insurance has worked as intended. As a side note we have found Graeme exceptional to work with.
We have found the team at Greenstone Insurance fantastic! They ensure that we have the correct insurance cover to protect our business. Our business insurance requirements are constantly reviewed and revised due to all different types of insurance needed in the construction industry. These needs are varied covering building insurance, public liability, vehicles and equipment and during that time we have had vehicle damage and the process of making a claim is made so easy and hassle free. Greenstone are efficient and helpful in every aspect. Their services and knowledge have proven valuable to our company and we would highly recommend.
The reason we are with Greenstone Insurance is because of Nicki Gray. She is pleasant and cheerful at all times. Nothing is too big a problem. When issues come up suddenly, they are dealt with effectively and quickly. If she doesn’t know, she finds out. Nicki is an asset to Greenstone Insurance.
We have found the team at Greenstone Insurance to be very helpful, efficient and extremely pleasant to deal with. In particular, our Adviser – George Bodley – who continually ensures that our covers are up to date and adequate for our needs.