GIO Platinum Car Insurance - Payout

Lmike-LKV on 05/01/2023 - 11:23
Last edited 05/01/2023 - 13:18 by 1 other user

Hello everyone,

I am currently dealing with a car insurance claim with GIO NSW for a vehicle that has been written off in an accident (fortunately, no one was hurt). I have the platinum car insurance policy. My car was a Volvo C30, made in Belgium but is no longer made.

I am wondering if anyone has any advice on my entitlements when speaking to GIO about the replacement car. They're offering me an 2022 XC40 or a payout figure of $70k. I am wondering if it is appropriate for me to request that the replacement car be made in Europe rather than China due to manufacturing controls etc. How can I go about making this request, and what are my chances of success?

Additionally, I am wondering how we can objectively judge which car is a suitable "like for like" replacement. What factors should be taken into consideration when making this determination? Could I reasonable ask for a different make such as a Merc A or GLA?

Finally, I am wondering if it is possible to ask GIO to cover the cost of a servicing package (5yr) that I had purchased for my C30. They've indicated that they only cover physical aspects of the car. Is this usually the go or could I make a case here?

Greatly appreciate any advice or guidance on these matters as it's my first time dealing with anything car insurance related.

Edit:
I should have been clearer, this is GIO's lifetime new for old platinum cover. I'm just trying to get what I'm entitled to, as we all are here on OzB.

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Comments

  • Ughhh on 05/01/2023 - 11:29
    +60

    I would have thought the $70k payout was so you can pick whatever car, colour, make, country you wanted.

      • oscargamer on 05/01/2023 - 11:47
        +27

        Just take the money.

      • Herbse on 06/01/2023 - 11:23
        +21

        Grow up

        • ssmith3104 on 07/01/2023 - 18:11

          go away

    • Fredfloresjr on 05/01/2023 - 11:50
      +3

      But he wants $70,100 payout

  • Tyken on 05/01/2023 - 11:34
    +16

    Take the 70k and buy the car you want.

  • boomramada on 05/01/2023 - 11:36
    +4

    replacement car be made in Europe rather than China due to manufacturing controls etc

    Good luck, I would just take the money but you can use it as excuse to negotiate for more.

  • Drakesy on 05/01/2023 - 11:53
    +19

    Firstly i want to know how on earth a volvo c30 is worth $70k in this day and age.
    The most expensive one is $21,000 on carsales (and they stopped making them in 2012/13
    Something definitely sounds off.

    Just get the payout.
    If anything, the Chinese cars are inherently more reliable than eurotrashwagons at the moment.

    Mind you the XC40 is a good car.

    And yes they don't have to cover the servicing package

    • mike-LKV on 05/01/2023 - 11:59
      +11

      This is GIO's platinum cover with new for old lifetime replacement.

      • Drakesy on 05/01/2023 - 12:00

        Jaysus, how much was this per year!?

        • mike-LKV on 05/01/2023 - 12:02
          -1

          On average, $1.5k.

          • Drakesy on 05/01/2023 - 12:05
            +8

            @mike-LKV: oooh
            I guess you get what you pay for.

            • Jugganautx on 05/01/2023 - 14:02
              +16

              @Drakesy: Well no, raa quoted me $1080 a year to cover a $4500 car yesterday. And I've had my driving license for 10 years and no accident history.

  • Ocker on 05/01/2023 - 11:55

    What year model was your C30 and how many km on the clock?

    • mike-LKV on 05/01/2023 - 11:57

      2013, 90,000km

      • Jackson on 06/01/2023 - 13:55
        +1

        Truly a free upgrade. Can you only get this if you start off the policy with a brand new car?

        • dwarves on 07/01/2023 - 05:17

          It’s not “free”. OP paid for it via higher annual premiums.

          • Jackson on 07/01/2023 - 08:54

            @dwarves: Yeah, but the 500/year difference is 10k, not 70k. Show me somewhere I can get a brand new c40 for 10k and I will show you a chicken that lays kfc breasts

            • dwarves on 07/01/2023 - 12:01
              -4

              @Jackson: Hey I don't mean to diss u bro but you appear not to know how either maths or insurance work. It's okay, I'm here to help.

              1. 500 x 10 = 5000. Pro tip: the easiest way to perform the "x10" calculation is just to add a zero to the number you're multiplying.

              2. Insurance is a contract by which one party (the "insured") pays an amount (the "premium") to another party (the "insurer") and in return the insurer agrees to pay the insured certain amounts upon the occurrence of certain events that would otherwise have been at the risk of the insured. The majority of consumer insurance contracts operate for a period of a single year. Most often, none of the events encompassed by the insurance contract will occur. In that case, and explaining things simplistically - always important t know your audience! - the premium paid by the insured goes partly towards paying the insurer's corporate / administration and other costs, and partly towards its profits. However, when one of those events does occur - and, again, that will not be very often - the insurer will usually need to pay out a lot more than what it received in premium for the given contract. Now, applying these basic principles to the matter at hand: OP paid (not free! OP paid!) GIO to take certain risk relating to OP's motor carriage. An insured risk event occurred. GIO now pays to OP the amount that the given insurance contract requires it to pay. Simples? Simples!

              LMK if I can help further,

              cheers

              • Jackson on 07/01/2023 - 12:47

                @dwarves: Yeah maths isn't my strong point when I first wake up in the morning. And it doesn't make much difference really, it's a small fraction of the total at 5 or 10k,

                The rest of your comment is Tl/Dr, word economy is a real thing. You are mixing up what's is assumed knowledge in this world with people not understanding. Thanks for you help champ

  • sim777 on 05/01/2023 - 12:00
    +6

    How is a 2013 Volvo C30 with 90k km worth $70k?

    • Drakesy on 05/01/2023 - 12:05
      +21

      OP may need to update the original post.

      GIO Platinum has lifetime new for old replacement.
      Almost incentivises crashing your car.

      • mike-LKV on 05/01/2023 - 12:10

        Agree. Apologies for the confusion.

        • Drakesy on 06/01/2023 - 12:52
          +3

          If it were me i'd take the $70k, bump it up $11k and get the XC40 recharge, electric and probably will depreciate less.

          • Jackson on 06/01/2023 - 13:56

            @Drakesy: or a model 3/Y, which will depreciate even less

    • Ocker on 05/01/2023 - 12:06
      -5

      It's not, nor would the insurer offer a replacement car for a 2013 car that is written off.
      Nothing in OP post seems to add up

  • Hardlyworkin on 05/01/2023 - 12:17
    +5

    Sounds like a great little money maker you got going on OP.

    • drfuzzy on 06/01/2023 - 19:52
      +1

      OP when are you scheduling the next free upgrade to occur?

  • brendanm on 05/01/2023 - 12:18
    +24

    Lol, take your $70k and buy whatever you like, what a ridiculous question.

    • mike-LKV on 05/01/2023 - 12:25
      -3

      What do you think I'm actually asking for?

      • boomramada on 05/01/2023 - 12:38

        You asking for entitlement and based on the website

        You must be the first registered owner and your car continuously insured under GIO Platinum cover from within 13 months of purchase until the time of total loss.A replacement car of similar make and model must be available.

        Just a cheque 😁

      • brendanm on 05/01/2023 - 14:52
        +8

        More than you get in your policy. Your policy is new for old. They have offered you what is arguably an upgrade. You want more, as well as being paid out for a servicing policy that you've already used. May as well ask them to cover the fuel you've used as well. If you want something else, you take the payout and buy it.

        • ankor on 08/01/2023 - 19:29

          A huge upgrade with 10 years' worth of features and safety improvements..

  • thatonethere on 05/01/2023 - 12:33
    +14

    Take the $70k and buy a secondhand C30 (keep the change) - back to square 1

    • prisonmike on 05/01/2023 - 13:03
      +14

      Buy the same policy again from GIO and then crash again … this could soon become the best deal on OZB.

      • kerfuffle on 05/01/2023 - 14:34
        +9

        You must be the first registered owner

        Which buying a second-hand vehicle won't qualify for

  • Seraphin7 on 05/01/2023 - 13:30
    +3

    I can only assume that the XC40 is the most similar make and model to the C30 and that it's retail price is $70k. While there might be a bit of wriggle room, you can be assured that this is the basis of their settlement offer and it's not going to change radically. You can throw up all the arguments you like above Euro vs. Chinese build, but I would be very surprised if you're ultimately going to be getting anything other than the C30 or ~$70k.

    • mike-LKV on 05/01/2023 - 13:36
      -8

      Thanks. Do you think it's reasonable for Gio to pay for the cost of the servicing package that I paid for when purchasing the car?

      • Seraphin7 on 05/01/2023 - 13:39
        +2

        All depends on what the PDS/policy states.

      • Nugs on 05/01/2023 - 13:45
        +4

        Does the service provider allow for partial refund?
        .

      • dasher86 on 05/01/2023 - 14:08
        +2

        no. most insurances don't cover this in new for old. check the pds.

      • SydneySwan on 06/01/2023 - 10:48
        +2

        I would say no as you have used the servicing package in its entirety prior to the crash.

      • ankor on 08/01/2023 - 12:10

        does the car insurance extend cover to this optional servicing package? If the answer is no, then no.

    • Ghost47 on 05/01/2023 - 15:15

      I can only assume that the XC40 is the most similar make and model to the C30 and that it's retail price is $70k.

      Wow, OP must have got seriously lucky or someone at GIO is clueless, the cars don't look anything alike lmao.

      • mike-LKV on 05/01/2023 - 15:35
        +1

        Actually Volvo don't make hatchbacks/small cars anymore. This really is the nearest non electric car option.

        • Ghost47 on 05/01/2023 - 15:39
          +1

          Wow I see. So you got pretty damn lucky then!

  • Sweetsugar on 05/01/2023 - 14:23
    +13

    But you bought the servicing package when you bought the car back in 2013 and used it right? So why would they refund that?

      • Poor Ass on 06/01/2023 - 09:09

        Generally all these accessories you added are in the agreed amount on the car

        If you got child seats, or some damaged items inside the car (usually portable like a mobile phone) during the crash then there is a limit which you can claim on top. It'll be on your PDS.

  • Switchblade88 on 05/01/2023 - 14:30

    The OP never actually said how much a 2022 XC40 from Europe is worth (as compared to a Chinese model or the payout).

    If you tell GIO yes, I'll take a replacement XC40, then give them the exact dealer listing that you want it might be the easiest solution. Then GIO doesn't even have to know that the OP specifically wants that vehicle because of the country of origin - they can assume it was because of location, or colour, or trim etc.

    • mike-LKV on 05/01/2023 - 15:55
      -2

      All XC40s are built in China. But you do raise an interesting point. If I was to pursue the car option, it seems that I should be able to ask for delivery from my preferred dealer whom I've had good a experience with and want to stick to.

      • Switchblade88 on 05/01/2023 - 16:02
        +10

        All XC40s are built in China

        So what exactly did you want from GIO then?? You're asking for a vehicle that doesn't exist, or you're asking for a completely different brand or model?

        If you don't want an XC40 as offered (because it's made in China) then you only alternative is to take the cash and get your own vehicle.

          • Ughhh on 05/01/2023 - 17:25
            +8

            @mike-LKV:

            GIO can choose to offer other makes and models.

            They have already chosen what to offer you… if you don't accept the car model, then take the cash and buy whatever you want. You're not their only customer.

              • Ughhh on 05/01/2023 - 20:21
                +9

                @mike-LKV: Might as well ask for the petrol you've used for last ten years too.

  • original15 on 05/01/2023 - 17:09
    +1

    Service package for the first 5 years of the car (Which had been used from 2013-18/19?)? Or a service package purchased and still live?

      • Hansi on 06/01/2023 - 10:05
        +4

        Well those are all physical aspects but you have received the services you paid for so I’d say no luck.

      • YellowDieselGolf on 06/01/2023 - 11:21

        I have a couple of litres of used oil in my garage OP. I can save it for you.

      • Randolph Duke on 07/01/2023 - 17:28

        Bloody hell, thought the age of entitlement was over. Greedy AF.

  • SBOB on 05/01/2023 - 22:06
    +11

    I'd take the $70k in an instant, before they come to their senses….

    You questioning it will give them time to review their offer and I doubt it would end up being adjusted favourably:)

  • Euphemistic on 06/01/2023 - 07:41
    +2

    They’ve given you options. Choose one.

    • WhyAmICommenting on 06/01/2023 - 10:19
      +6

      I'm just trying to get what I'm entitled to, as we all are here on OzB.

      Entitled is the key word here

  • Rally Dave on 06/01/2023 - 08:42
    +4

    I have the Platinum as well and have considered these questions as my car is also no longer made and I will be interested to hear how you go. Firstly, what was the initial price you paid for the car anyway. Secondly, with regard to the servicing, I do not see how they can justify that in any way under the policy as you did not insure the servicing. If your car was say, a year old, then maybe you could argue they include another 4 years but I don't see how you can argue it otherwise seeing as you would have been paying for servicing the car in recent years and if you had of sold the car, it had no value in servicing attached to it anyway. I know you paid for it up front, but you paid for a servicing package for a period of time which is not part of the car but the ownership and running costs. Just because you included it in your purchase (maybe salary sacrificed benefits) does not make it part of the car. And as for the type of car offered, if you consider a car that would have been the equivalent in the market with pricing at the time that still exists now, then make them an offer. Insurance company's normal business is to make offers and counter offers. I agree that now Volvo is not only made in China and also Chinese-owned, they are not the equivalent of what they used to be and I would also not buy any Chinese made car. A Mini Cooper S may be a better comparison. Also consider that the C30 (not sure what version you had) but were mostly Ford powered units so not top of the premium pile in European standards back then.

    • Eeples on 09/01/2023 - 21:34
      +1

      Dave, with the greatest respect, paragraphing your wall of text will make it easier to read.

  • Poor Ass on 06/01/2023 - 09:16
    +3

    Volvo is owed by Geely a Chinese company so it makes sense for some of their cars / parts to be made in China due to influence

    Take the cash and buy what you want. Probably not a Volvo.

  • Spamazon on 06/01/2023 - 09:39
    +4

    Car replacement only would relate to same make and similar model. Requesting a completely different car is outside the PDS T&C. It isn't reasonable for your insurer to provide a completely different car.

    Take the payout or get the Volvo. There should be no issues with it being made in China, the reason they bought Volvo is to catch up with the European makes. I would have a issue with say a GWM, but not a Volvo made in China due to this.

    However you can ask for a completely different car. It wont affect the claim in anyway. So may as well ask.

  • he3at on 06/01/2023 - 09:58
    +9

    If you're going to ask them to reimburse you for a servicing package, why not ask for all the rego, fuel and car washes too?

    Heck, why not ask for all the insurance premiums you paid.

    /s

    Both options (XC40 / $70k) are great - you've done really well here OP. Pick one and enjoy your windfall.

  • lachhelix on 06/01/2023 - 10:57
    +5

    They're offering you $70,000 instead of a replacement?!?!
    On a 10yo Volvo C30?!
    TAKE THE MONEY!

  • EFC94 on 06/01/2023 - 11:18

    OP how much did you pay for the servicing add on?

  • kiitos on 06/01/2023 - 11:23

    If you take the money, what cars do you have in mind for a replacement?

  • JafferMoney on 06/01/2023 - 12:00
    +1

    Chinese built Tesla have WAY better build quality than the US ones…becareful what you wish for and don't believe all the nonsense.
    Not EVERYTHING made in China is crap quality…

    • Poor Ass on 06/01/2023 - 12:52

      What Tesla's are now US built?

      Feel like the S and X are like discontinued in Aus or are they just temporarily suspended?

  • pufffdragon on 06/01/2023 - 12:10
    +1

    Another first world problem post. Geez

  • jayzee on 06/01/2023 - 12:24

    It's pretty simple, either take the XC40 GIO offered, or take the cash. With the cash, you can buy whatever the car you want, from whoever the dealer you prefer with.

    You can still argue for more money than $70k they offered, to see if GIO agrees.

  • trapper on 06/01/2023 - 13:00

    Take the $70k and get a Tesla :)

    • Euphemistic on 06/01/2023 - 13:43
      -1

      Or any other EV that is not a Tesla.

  • Tiredman on 06/01/2023 - 13:16

    What a deal. Will take the 70k top up a bit and get a model Y. Cash is always best to me. Can put in towards the home loan too if not spending all.

  • Kremleen on 06/01/2023 - 13:56
    +1

    You get $70k for a 10yo Volvo? I'd personally take the cash, buy a second hand model of your car, fix it up real nice and still have money to spend.

    On another note, you can argue for different car if it's closer the your mode in terms of build, engine, transmission and market availability but highly unlikely. They'll probably use their extensive network to even ship the car to your door rather than forking out for a more expensive car

  • GoIdDigger on 06/01/2023 - 14:11
    +1

    Take the $70k and invest it all in one crypto of your choice. Keep $500 for a nice bike though

    • ThePeterGriffin on 06/01/2023 - 20:06

      i'd reckon that's all you get for investing in crypto lol.

  • capslock janitor on 06/01/2023 - 14:14
    +1

    interesting post tbh cheers for asking

  • andyken on 06/01/2023 - 14:33

    Take the money

  • fozzie on 06/01/2023 - 14:59
    +1

    Take the money op, seriously. 10 years old Volvo and they offer you 70k? That’s unreal.

  • praga on 06/01/2023 - 15:01
    +2

    Most who commented on the post don't understand the type of insurance you have.

    What trim of C30 did you purchase? Did you purchase any add-ons when you bought your car?
    If yes, see if the addons are available in the XC40 they are offering. If the trims don't match, you could ask them to bump up and see if you could get more than $70k. Also factor in the drive-away price. If you cant buy XC40 drive-away for $70K in your state, ask them to match the price.

    I don't think you will be able to get the servicing package you paid for.Personally, I would take the money and buy whatever car I like

    • mike-LKV on 06/01/2023 - 15:55
      +3

      Thanks, this is the most sensible post I've read on here.

      I already requested a panoramic roof, tinting, paint protection, metallic colour and to their credit GIO agreed to each one.

      GIO initially proposed an XC40 B4 which had lower acceleration performance than my original. I just enquired about the B5 and, again, GIO agreed without any fuss.

      That meant a payout of ~$76k. I decided to take the figure and not bother with an alternative car that's not made in China. The policy is too ambiguous and there doesn't seem to be any precedence/guidance on how to even argue that to GIO. Also now agree reg. servicing simply because it wasn't included in the insurance cover. There was some confusion as the GIO rep said in the first call that they'd cover the car as I bought it "with all the bells and whistles".

      While reading some of the responses on this thread who suggested to take the initial offer and run, I wondered if I was even on OzBargain.

      • praga on 06/01/2023 - 16:59
        +3

        I guess most were suggesting taking 70k because they didn't know about this insurance type (new car replacement).

        Good job on squeezing another 6k

        • lachhelix on 06/01/2023 - 17:08

          I mean personally, I knew new for old was a thing, I just never realised they'd actually pay out the value of the car you originally bought! Very impressive

        • Brick Tamland on 06/01/2023 - 19:34

          I think people do understand as thats why $70K has been offered. If it was a standard policy it would have been market value of the C30 which would be around $20-$30k

      • Assburg on 06/01/2023 - 19:58
        +4

        You must be getting downvoted by insurance company bootlickers. Well done on the almost 10% increase on your payout.

      • cooni on 07/01/2023 - 09:56

        Have you checked what you can buy the car you want for from a dealer? I got quoted the RRP of my replacement new vehicle for the pay out figure. I'd bet you can negotiate a least a bit with the dealer and pocket the difference.

  • Marty156 on 06/01/2023 - 16:01

    The $70k must be the "Market Value" on your current policy?
    —If not acceptable as to suitable replacement car, you get the market value as listed on the insurance policy.

  • Hydrool on 06/01/2023 - 17:10

    Need to get on with the times. Chinese manufactured vehicles nowadays are better quality than their european counterparts

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