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An important reminder: Vehicle insurance – market value

  • June 3, 2020

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 valuations@manheim.co.nz, 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.

This does not apply to any vehicles that are insured for Agreed Value or Third Party Cover. If you have Third Party, Fire and Theft cover, then the market value is the most we will pay if the vehicle is stolen or damaged beyond repair by fire. This information is only intended as a guide. Policy limits and exclusions apply. Please refer to the policy wording for full terms and conditions.

 

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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.

Jason Smith, Smith Concepts – Rolleston, Christchurch

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.

N & J Baxter, Taupo

George, it's time I went on record to state how pleased we are with the decision to put our insurance affairs in the very capable hands of Greenstone. Fron Graeme thru to Nicki, Diana & all the Greenstone staff we have always had prompt, professional & friendly service. Insurance is a cost most don’t like but an absolutely must have! Greenstone have always seen to it that we always get the best deal across the range of insurance products so essential in our business.

P May – Director – Manawatu Building Projects Ltd

My dealings with Greenstone Insurance (Nicki Gray) have been great. Nicki is always so helpful and always replies to our requests in a timely manner and provides an excellent service. I wouldn’t hesitate in recommending them to anybody looking for assistance with their insurance.

Nicky Retter

Our company requires confirmation of insurance in order to complete funding for our clients. Often there is short notice of this requirements yet prompt attention is necessary. We have found Greenstone Insurance service to be superb, professional and very timely. We always receive prompt responses when requests are made. We greatly appreciate and value the service Greenstone Insurance provides us with.

John McGillivray

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Carina Chambers

Thank you so much for your professional assistance with our Insurance needs. You have provided sound advice, prompt service and have been a pleasure to work with.

Sam and Drew

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