Your vehicle is covered for the agreed value shown on your schedule, which can be found by viewing your policy online through myRAC. As vehicles depreciate each year, your agreed value (sum insured) may decrease at each renewal. You have the option to adjust this by managing your policy online or calling us on 13 17 03 when you receive your renewal.
If we assess your vehicle as not safe or economical to repair, it will be declared a total loss and our motor assessing team will contact you.
When your claim is settled, your policy may be cancelled as per the standard terms and conditions of your Product Disclosure Statement (PDS).
If you pay your annual premium by monthly instalments, any outstanding amounts will need to be paid on completion of your claim.
If you have comprehensive car insurance, motorcycle insurance or caravan and trailer insurance and your vehicle is determined to be a total loss, it is less than two years old and you were the first registered owner, we will, at our option, replace it with a new vehicle of the same make and model where available, up to the value of the agreed value.
Terms and conditions apply. Please see your see your Product Disclosure Statement (PDS) for more information.
An excess is the amount that you’re required to pay when you make a claim. This is the amount you agreed to when you purchased your policy.
Depending on your circumstances, you may need to pay more than one type of excess. We will tell you if any other excess applies based on your individual risk details and claim scenario.