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The Pub For General Automotive Related Talk |
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#1 | ||
Regular Member
Join Date: Jan 2008
Location: sydney
Posts: 261
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ok my brother has a sss pulsar insured for 5k prangs it his fault. any way long story the insurance company wants to write the car off and only pay him 2k.
now they are saying that if it wasnt his fault he would get the full amount. does this seem right to any of u? id assume that it wouldnt matter if ur at fault or not u get the amount its insured for payed out. its agreed value and excess is not taken into account with that 2k figure |
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#2 | ||
Getahaircutandgetarealjob
Join Date: Jul 2007
Location: Newcastle area, NSW
Posts: 123
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ALWAYS read the fine print. Then take the insurance contract and offer of settlement to the NRMA/RAA etc in your state.
Of course, if the insurance is WITH them, take it to a solicitor.
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Te pilos recidene volo et opus solidus capere ![]() |
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#3 | ||
Regular Member
Join Date: Dec 2006
Posts: 241
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ha? i'm no expert but isnt that what insurance is for, they pay out even if your fault.
scream and shout, maybe they're trying to screw him. its their job to screw him and they're good at it. scott
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1970 Ford Mustang 351 Cleveland 1971 Ford XY Falcon Wagon 250 2009 Black Dodge Nitro 2.8 CRD |
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#4 | |||
BA XR8
Join Date: Sep 2006
Location: Central Coast NSW
Posts: 39
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Quote:
Name the insurance company |
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#5 | ||
Regular Member
Join Date: Jan 2008
Location: sydney
Posts: 261
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its the biggest one in nsw
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#6 | ||
FF.Com.Au Hardcore
Join Date: Jan 2009
Posts: 1,171
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and the biggest insurance company in NSW is... lol
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#7 | ||
Join Date: Dec 2004
Location: Sidonee
Posts: 1,062
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Did he have a $3k excess ?
If so this would explain it.
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#8 | ||
Regular Member
Join Date: Jan 2008
Location: sydney
Posts: 261
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no his excess was 1k and this amount had nothing to do with it.
it seems to be a bit of what i think to be scare mungering possibly i mean if they get the 1k excess off him and then give him 2k they are only out of pocket 1k. plus the car which isnt badly damaged, rear quarter bumper thats all. |
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#9 | ||
Ford Fanatic
Join Date: Feb 2005
Location: Brisbane
Posts: 1,480
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I would be thinking there is something misleading in what or we we are not hearing the full story.
For instance I have seen a lot of people (plucking examples from the air here) insure their car as the incorrect model, eg saying its a 1997 model when they take the policy out and then when its in an accident and assessed its found to be like a 1995 model. In those cases the higher amount its insured for is not what they get paid out, instead they get what the "real" make and model is worth. And if you really want to push the point of "agreed" value you would be effectivley not telling the truth when the policy was incepted which means the insurer would have every right in the world to cancel the policy from the inception date meaning the policy never exisited and just refund the years premium. The other possibility that comes to mind is maybe they are reducing the payout figure less the rest of the remaining monthly installments, which once again is within thier rights.
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Everyone is entitled to my Opinion ![]() 2007 Territory TX SY RWD Ego |
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#10 | ||
The one and only
Join Date: Dec 2004
Location: Carrum Downs, Victoria
Posts: 9,053
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A) There is no fine print.
B) Are you sure it's agreed value not market value or Sum Insured? C) The insurer will explain why they payout is $2000, they usually send a letter to explain it. Try reading the letter
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1992 DC LTDHO 360rwkw built by me Tuned by CVE Performance Going of the rails on a crazy train Other cars include Dynamic ED Sprint, Dynamic DL LTD, Sparkling Burgundy DL LTD, Yellow, Red & Blue XB sedan & Black XB Coupe
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#11 | ||
Regular Member
Join Date: Jan 2008
Location: sydney
Posts: 261
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yeah totally agree its my younger brother who i dont live with but will be seeing on the weekend, i told him to get the insurance guy to put it in writing first that way u have every thing on paper and can take it further if needed.
any way i just thougth that it was weird that they would pay the agreed value if it wasnt his fault but because it was the 2 k was the amount, thats what i want him to get in writing. cheers |
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#12 | ||
XB in progress
Join Date: Apr 2007
Posts: 296
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Ask them to do an independent valuation if you have a market value policy. If the valuation comes back more than their offer, it gives you a point of argument
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#13 | ||
OzEcruisers PRESIDENT
![]() Join Date: Mar 2005
Location: Melbz
Posts: 15,761
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It may be insured for $5,000 or market value whichever is the lesser.
Is he paying monthly? I think you have some wrong information somewhere - Get the facts first - So many variables - bad insurance company blah blah..............lol
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1994 Ford Fairmont EF NA 6cyl Man 3.9 diff Sedan PROEF 13.46 @ 105.78mph Tuned by DYNOMOTIVE 200BUX - AFF Drag Nats 2019 EF Wagon
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#14 | ||
Regular Member
Join Date: Jan 2008
Location: sydney
Posts: 261
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yeah totally many variables, thats why i only was asking for opionins on if it seemed right there being a difference between at fault and not at fault, thats what the main question is.
he pays it in full once a year |
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#15 | ||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Perth WA
Posts: 1,204
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Maybe it's actually market value and the cars worth 3K, take the 1K and that gives you 2. If it wasn't his fault, the other persons insurance company ultimate pays so his insurance company isn't out of pocket.
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#16 | |||
Ford Fanatic
Join Date: Feb 2005
Location: Brisbane
Posts: 1,480
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Quote:
For instance if you have an agreed value of $5000 and the cars market value is $3000, your insurance company can only recover $3000 as it is not the other companies fault it was overinsured.
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Everyone is entitled to my Opinion ![]() 2007 Territory TX SY RWD Ego |
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#17 | ||
Starter Motor
Join Date: Apr 2006
Posts: 17
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so if my car which is insured for an agreed value of $50000 and it gets written off i might only get a payment of market value?which will only be $33000 - $36000/
phil |
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#18 | |||
The one and only
Join Date: Dec 2004
Location: Carrum Downs, Victoria
Posts: 9,053
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Quote:
If you have a Sum Insured policy, you will receive the market value of your vehicle up to the Sum Insured. Market value is naturally just that, market value. Third party policies, they are similar to Sum insured.
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1992 DC LTDHO 360rwkw built by me Tuned by CVE Performance Going of the rails on a crazy train Other cars include Dynamic ED Sprint, Dynamic DL LTD, Sparkling Burgundy DL LTD, Yellow, Red & Blue XB sedan & Black XB Coupe
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