Household Insurance Online :: News
SHARE

Share this news item!

Car Collector Fails in Bid for $122k Insurance Windfall

Car Collector Fails in Bid for $122k Insurance Windfall

Car Collector Fails in Bid for $122k Insurance Windfall?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

A car enthusiast's efforts to boost his insurance payout from $78,000 to $200,000 after his rare vehicle was destroyed by fire have been thwarted.

The dispute began when the owner's 2005 HSV Coupe GTO Z Series succumbed to flames in March of the previous year. RACQ Insurance accepted the total loss and initially valued the vehicle at $68,000.

However, the unsatisfied owner declined this offer, leading to an independent valuation which described the car as being in “good condition for its age and mileage” despite its 315,000km on the odometer.

Although comparable lower-mileage vehicles were advertised above $81,000, the heavy usage severely reduced its collectible appeal, the independent valuer noted. Conclusively, the evaluator deemed the insurer's offer reasonable.

The car owner contested this, alleging RACQ Insurance's assessment was flawed, particularly regarding the engine type and the car's rarity as one of only 60 manual transmission models, asserting its condition was excellent.

In response, RACQ revised their offer to $78,000 factoring in the vehicle's unique modifications and reconditioned engine, but the claimant stood firm in his refusal.

The Australian Financial Complaints Authority (AFCA), upon review, sided with the insurer. AFCA deemed RACQ Insurance's valuation and the independent assessment to be “logical, well-considered and helpful.”

According to Glass's Guide referenced by the AFCA, the vehicle's maximum estimated market value could not exceed $58,100, considering its age and mileage. Although rare, evidence was insufficient to justify a $200,000 evaluation.

The AFCA stated, “The complainant has not provided persuasive evidence to demonstrate the vehicle's worth is beyond what the insurer offered. Under such conditions, adjusting the settlement upward would not be justifiable.”

Reference: Original findings from the Australian Financial Complaints Authority's ruling were sourced from RACQ Insurance's appeal letter. Read more about the decision here.

Published:Wednesday, 24th Jul 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

AIA Australia Introduces Enhancements to Priority Protection Life Insurance
AIA Australia Introduces Enhancements to Priority Protection Life Insurance
28 Feb 2026: Paige Estritori
AIA Australia has announced significant updates to its Priority Protection life insurance suite, effective from 9 November 2025. These enhancements are designed to simplify discounts, improve policy clarity, and support premium affordability for policyholders. - read more
Decline in Life and Income Protection Insurance Premiums Benefits Australians
Decline in Life and Income Protection Insurance Premiums Benefits Australians
28 Feb 2026: Paige Estritori
Recent data indicates a notable decline in life and income protection insurance premiums across Australia, providing consumers with more affordable coverage options. According to the latest Direct Life Insurance Report from Rainmaker Information, direct life premiums have decreased by 7% since 2024. Similarly, direct income protection premiums have seen significant reductions, with average premiums for waiting periods of 30 days and 90 days decreasing by 12% and 13%, respectively. - read more
Club Marine Launches Land-Based Insurance for Race Boats
Club Marine Launches Land-Based Insurance for Race Boats
28 Feb 2026: Paige Estritori
Club Marine, Australia's leading boat insurance provider, has expanded its offerings to include land-based insurance coverage for race boats. This initiative is designed to support participants in the Australian Offshore Superboat Championship (AOPC) by providing protection for their vessels while on land. - read more
Pantaenius Australia Offers New 90-Day Lift Cover for Boat Maintenance
Pantaenius Australia Offers New 90-Day Lift Cover for Boat Maintenance
28 Feb 2026: Paige Estritori
Pantaenius Australia, a specialist in marine insurance, has introduced a 90-day lift cover policy designed to provide boat owners with third-party liability insurance while their vessels are out of the water for maintenance or survey purposes. - read more
Australians File Record 111,373 Financial Complaints in 2025
Australians File Record 111,373 Financial Complaints in 2025
28 Feb 2026: Paige Estritori
In 2025, Australians lodged a record 111,373 complaints with the financial watchdog, marking a 14% increase from the previous year. This surge underscores growing consumer dissatisfaction and challenges within the financial services sector. - read more
Click for more Insurance News


Household Insurance Articles

Understanding the Basics: What Does Home Insurance Really Cover?
Understanding the Basics: What Does Home Insurance Really Cover?
Home insurance is an essential safeguard for homeowners in Australia, acting as a financial shield against unexpected damages and losses. It offers a sense of security, knowing that your largest asset is protected should the unforeseen occur. With the diverse range of natural perils that Australians face, from bushfires to floods, securing a home insurance policy is not just wise but almost indispensable. - read more
The Essential Guide to Comprehensive Household Coverage in Australia
The Essential Guide to Comprehensive Household Coverage in Australia
Comprehensive household coverage, often referred to as home insurance, is a policy designed to protect your home and its contents against a wide array of risks. This type of coverage typically includes protection against natural disasters, theft, vandalism, and various unforeseen events. In simple terms, it's the safety net that ensures peace of mind should the unexpected happen to your property or possessions. - read more
10 Tips for Lowering Your Home and Contents Insurance Premiums
10 Tips for Lowering Your Home and Contents Insurance Premiums
One of the best ways to lower your home and contents insurance premiums is to shop around for the best deal. Insurance companies often have varying rates, discounts, and offers that could save you a significant amount of money. Start by researching different insurance providers and their policy offerings. Make sure to compare not only pricing but also features, coverages and deductible amounts. - read more
Top 10 Questions to Ask Before Buying Home Insurance in Australia
Top 10 Questions to Ask Before Buying Home Insurance in Australia
For many Australians, owning a home is a significant life achievement and a substantial financial investment. Protecting this asset is crucial, which is where home insurance becomes indispensable. As we navigate the complexities of life and confront the unpredictable forces of nature, the right home insurance acts as a financial shield against potential losses. Whether it's a natural disaster, accidental damage, or theft, having a robust insurance policy ensures that your home and peace of mind remain intact. - read more
What to Look for When Choosing a Home and Contents Insurance Policy
What to Look for When Choosing a Home and Contents Insurance Policy
Home and Contents Insurance is a type of insurance policy that covers any damage or loss that may occur to your property, as well as the contents within it. This can include damages caused by fire, flood, theft and other unforeseen circumstances. In Australia, Home and Contents Insurance is of utmost importance due to the increasing rates of natural disasters such as bushfires and floods. - read more


Your free Household insurance quote comparison starts here!
First Name:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Umbrella Policy:
An additional insurance policy that provides extra liability coverage beyond the limits of the insured's primary policies.

Quick Links: | Home And Contents Insurance Australia | Home Insurance Australia | Contents Insurance Australia | Household Insurance | Home Insurance Quotes | Best Home Insurance Policies | Affordable Home Insurance | Home Insurance Comparison | Home Insurance Coverage | Home Insurance Premiums | Home Insurance Discounts
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.