Thanks TreggsWe are insured (house and contents) with RACQ. So...

Thanks Treggs

We are insured (house and contents) with RACQ.

So far they have been very disappointing.

Apparently our contents will not be covered as they will only pay out claims that have resulted from flash flooding. Makes we wonder why I have been paying the premiums for all these years.

The car is another story. Last year in June I called RACQ to question why my premium for car insurance was so high being a 'rating one for life' customer.

They said that the premium was based on my cars 'market value; which they appraised at $79,000. I argued that my car was not worth even $65,000 and would be happy to have it insured for only $60,000.

RACQ warned against changing to 'agreed value' saying words to the effect of - you need 'market value' to protect you against loss and it was calculated accurately based on replacement value taking all features into consideration. I wasn't convinced but decided to accept their advice.

Now that I am needing to make a claim it has all changed.

I called RACQ yesterday to make the claim and asked them what the 'market value' for my car was now.

The operator said that he doesn't have access to that information on their computer system and market value would be based on their 'assessment'.

But hold on a second I said, you guys were happy to let me know this last year??? The operator asked me to hold the line for a few minutes and came back with a shaky disclaimer saying the 'market value' I have been paying my premiums on has no relationship whatsoever to the car's pay out figure which will be assessed by RACQ.

He suggested the payout claim could be half of the 'market value' that they have been charging me comprehensive insurance for (less than what I owe on the car). What a bloody joke.