With the SQ8 the biggest financial risk lies not in the damage itself but in the difference between what the car cost and what it is still worth if you lose it.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
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A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
The SQ8 is almost always bought new or nearly new, with a considerable amount spent on options, and is often financed or driven on a private lease. In that case the insurance turns on one concept: the basis of value. On a total loss, is the calculation based on the replacement value as new, on the purchase price or on the market value? The answer is not in the brochure but in the depreciation rule in your policy.
Insurers usually apply a period during which the replacement value as new or the purchase price applies, followed by a period with a fixed monthly depreciation, and after that the market value. How long each phase lasts differs by company, and the arrangement carries requirements: usually you must be the first owner, the car must have been supplied new in the Netherlands and the mileage must not exceed a limit.
If finance is running, there is a further gap. The insurer pays the party entitled, but if the outstanding debt is higher than the payout, you are left with an residual debt. Cover for that is not included as standard in an own-damage policy and has to be arranged separately. See also comprehensive or third-party, fire and theft and the overview Audi car insurance.
The structure of the cover in three parts, with an overview per situation below.
Compulsory
Third-party liability
Damage you cause to others.
Required by law
As long as the registration is in your name
Suspend the registration when not in use
Third-party liability plus
Third-party, fire and theft
Causes beyond your control.
Fire and storm
Theft
Windscreen damage
Comprehensive cover
Comprehensive
Including damage you cause yourself.
Own fault
Vandalism
Replacement-as-new period
What is covered
Situation
Third-party liability
Third-party, fire and theft
Comprehensive
Damage to the other party
Yes
Yes
Yes
Theft
No
Yes
Yes
Fire and storm
No
Yes
Yes
Damage you cause yourself
No
No
Yes
Wear and mechanical defects
No
No
No
Driving without a valid licence
No
No
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Read the depreciation rule before you sign
The rule describes exactly how long the replacement value as new or the purchase price applies, what monthly depreciation is applied after that and when you fall back on the market value. Those periods differ considerably by insurer and cannot be changed afterwards. When you get a quote, ask for the relevant passage from the conditions and set it against your purchase invoice, so that you know which basis applies at the point when you have had the car longest.
Options only count if they have been declared
Factory-fitted options should be included in the list price declared. Subsequently fitted accessories such as an audio system, different wheels or a towbar are not automatically included and often have a limit of their own. Declare them when you apply and keep the invoices. Without proof of purchase they are not taken into account in establishing the value on a total loss and you effectively pay for them twice.
An outstanding balance is a separate risk
With finance or a private lease the outstanding obligation is often higher than the value of the car in the early period. If the vehicle is lost, the payout does not clear the debt in full and the difference is at your expense. Additional cover against an outstanding balance takes care of that, but is not included as standard in an own-damage policy. Also check to whom the insurer may pay. With finance that is usually the lender.
What falls outside the cover
The replacement value as new rule does not apply to an imported vehicle or one previously registered abroad, nor to a second owner, nor once the period has expired. Also excluded are: a fall in value after repair, wear and mechanical defects, and damage during hire or the carriage of passengers for payment. Where the actual purchase price or ownership history is concealed, Articles 7:928 DCC and 7:930 DCC.
What does your premium depend on?
List price including factory-fitted options. It forms the basis of the own-damage part and of every replacement value as new or depreciation rule.
Basis of value chosen. A longer replacement value as new period or a purchase price arrangement costs more premium than market value alone.
Age of the vehicle. It determines which phase of the depreciation rule you are in and whether that rule still applies.
Ownership position. First owner, second owner or import makes a difference to whether the arrangement can be applied.
Form of finance. With a loan running, the lender requires comprehensive cover and is often the beneficiary of any payout.
Declared accessories. Parts fitted afterwards are rated separately and usually have a limit of their own.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your situation, your risk and your wishes.
We compareseveral insurers, on premium as well as conditions.
You receive a proposalWith an explanation of the differences and the exclusions.
We arrange the switchIncluding cancellation, so there is no gap in cover.
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
How long does the replacement value as new rule apply on this car?
That is set by your insurer, not by the manufacturer, and the periods vary widely. After that period there is usually a phase with a fixed monthly depreciation and then the market value. When you get a quote, ask for the relevant passage from the conditions and check the requirements as to ownership, mileage and country of first supply while you are at it.
What happens to my finance on a total loss?
The insurer pays the party entitled, which with a loan running is usually the lender. If the outstanding debt is higher than the payout, the difference remains at your expense as an outstanding balance. Additional cover against an outstanding balance takes care of that, but is not included as standard in an own-damage policy and has to be insured in advance.
Are my extra wheels and accessories insured?
Only if you declared them when you applied and the policy has accessory cover, usually with a limit of its own. Factory-fitted options should be included in the list price; parts fitted afterwards are not. Keep purchase and fitting invoices, because without proof the assessor will not take them into account in establishing the value on a total loss.
Does the purchase price arrangement also apply to a nearly new example?
With some insurers it does, provided you can produce the purchase invoice, the car falls within a certain age and it was supplied new in the Netherlands. With an imported vehicle or a second owner the arrangement often lapses. Ask about this specifically and have it confirmed in writing which basis applies under your policy.
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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