Insurance questions

**lb99** · 23rd May 2007, 08:52

yesterday someone rear enede my car while it was parked, and caused serious damage to the right rear corner, while the chassis seems ok, it needs all of the panel work from the rear door back replaced, so the bill is most likely to be in excess of the value of the car, which is insured for $4480.
so my insurance is sorting it out with their insurance, but they will most likely write it off.
My question is apart from the hassle, I'm gonna loose aren't I, will the insurance co rip me off for something thats not my fault, and pay me out a sum thats lower than the insured value of my car?

**Grahameeboy** · 23rd May 2007, 08:57

No, they will obtain values from Independent Valuers. Some get 2 and offer the average.

Depends on your policy wording but if market value is more than your value, you will still get market value.

**KoroJ** · 23rd May 2007, 09:52

You can dispute the insurance company's valuation and get your own independent valuation if you think it's inaccurate but the assessors are usually pretty good. (I imagine Blenheim wont be overflowing with assessors either, so you'll probably end up with the same guy).

It's usually more a case of what you think the car is worth and insured for being quite different to the 'Market Value'. Most people don't depreciate their vehicles enough at each renewal.

**sAsLEX** · 23rd May 2007, 09:57

Originally Posted by KoroJ

It's usually more a case of what you think the car is worth and insured for being quite different to the 'Market Value'. Most people don't depreciate their vehicles enough at each renewal.

And so the insurance company takes money for a service it isn't providing but hides in its "wording" of the contract which they never seem to want to spell out......

**lb99** · 23rd May 2007, 10:10

my hassle is replacing the vehicle with something similar for the same money, as well as hassle 3wks without a car ect...
I just talked to my insurance co, it turns out I have an agreed value policy, so they will pay the insured sum, less any excess if they cannot estabilsh liability, my main problem is now that the third party won't fess up (local honda shop), so that delays the process a bit

**KoroJ** · 23rd May 2007, 10:11

Originally Posted by sAsLEX

And so the insurance company takes money for a service it isn't providing but hides in its "wording" of the contract which they never seem to want to spell out......

Aaah....words like 'Caveat Emptor' spring to mind.

It's a requirement that a policy wording be issued when insurance is taken out. The fact that few tend to read them is where these problems arise.

That's why I recommend using a broker........Pick Me! Pick Me!

**Nasty** · 23rd May 2007, 10:12

Originally Posted by KoroJ

That's why I recommend using a broker........Pick Me! Pick Me!

I did I did

**KoroJ** · 23rd May 2007, 10:29

Originally Posted by Nasty

I did I did

Aren't you a pet! (Even if you did drag me away from the forum at the time).

I'm free now that's all done and dusted...next please. Our mature staff are eager to help!

**sAsLEX** · 23rd May 2007, 10:34

Originally Posted by lb99

my hassle is replacing the vehicle with something similar for the same money, as well as hassle 3wks without a car ect...
I just talked to my insurance co, it turns out I have an agreed value policy, so they will pay the insured sum, less any excess if they cannot estabilsh liability, my main problem is now that the third party won't fess up (local honda shop), so that delays the process a bit

Surely they pay for a replacement transport solution? The other party since you know who they were?/

**WRT** · 23rd May 2007, 10:36

Originally Posted by lb99

my hassle is replacing the vehicle with something similar for the same money, as well as hassle 3wks without a car ect...
I just talked to my insurance co, it turns out I have an agreed value policy, so they will pay the insured sum, less any excess if they cannot estabilsh liability, my main problem is now that the third party won't fess up (local honda shop), so that delays the process a bit

I had some one cross the centerline and hit myself and another vehicle. They refused to admit liability, and it was taking ages for the insurance cos to work it out. Even though I had two independent witnesses and the police all saying he was at fault, the insurance co wanted a copy of the police report to verify it.

At the end of the day, I phoned the police officer who attended, got him to fax me the police report, which I then forwarded to my insurance co. Didnt cost me anything, and I had the excess refunded pretty much straight away. I highly recommend getting the report your self as the ins co will take weeks to do it - they have to request it through the "official channels" which costs them money and takes ages before the request filters through the police system. If you phone the cop directly, he'll probably just send it straight to you.

**Grahameeboy** · 23rd May 2007, 10:37

Originally Posted by lb99

my hassle is replacing the vehicle with something similar for the same money, as well as hassle 3wks without a car ect...
I just talked to my insurance co, it turns out I have an agreed value policy, so they will pay the insured sum, less any excess if they cannot estabilsh liability, my main problem is now that the third party won't fess up (local honda shop), so that delays the process a bit

You were parked so liability is not in question.

Check your policy.....if is says ' if you are clearly not at fault your excess will be waived' then your Insurers should waive it regardless of what the other guys says in this case which 'Prima Facea'....Facts Speak for Themselves.

I had the same thing said to me by NZI when my bike was hit whilst parked..was told 'we have to establish that other guy accepts liability'....I told then "No", spoke to a supervisor and she agreed with me.

If your car is worth more than agreed value then you can claim the balance from other guys Insurance.

**lb99** · 23rd May 2007, 10:47

Originally Posted by sAsLEX

Surely they pay for a replacement transport solution? The other party since you know who they were?/

thats up to their insurance co, I did not have a rental extention on my policy
I have to hire a car and then write a sob story for consideration by the third party insurance

Originally Posted by WRT

If you phone the cop directly, he'll probably just send it straight to you.

there was no need for cops, didn't call them, they'll just make it a bit messier in this case IMO, the local feds seem to flip out the ticket book at the slightest fender bender.

Originally Posted by Grahameeboy

You were parked so liability is not in question......

If your car is worth more than agreed value then you can claim the balance from other guys Insurance.

they will come to the party, they are just doing it by the book, going through their broker ect, so they are doing what they are prfectly entitled to do, anyway I don't have a problem with the fact that they crashed into my car, shit happens, their man fucked up, it happens to all of us, I know the manager, I own a Honda or 2 so I am a customer, have been for years. Its between our insurance co's, I don't expect to get a better car than what I had, but it was a 6 seater 92 falcon, perfect for my big family, I want to get another, but it would be unfair if I had to borrow money to replace a car that I didn't wreck.
This is the third car in a row that has been written off while parked.

**Grahameeboy** · 23rd May 2007, 11:16

Originally Posted by lb99

they will come to the party, they are just doing it by the book, going through their broker ect, so they are doing what they are prfectly entitled to do, anyway I don't have a problem with the fact that they crashed into my car, shit happens, their man fucked up, it happens to all of us, I know the manager, I own a Honda or 2 so I am a customer, have been for years. Its between our insurance co's, I don't expect to get a better car than what I had, but it was a 6 seater 92 falcon, perfect for my big family, I want to get another, but it would be unfair if I had to borrow money to replace a car that I didn't wreck.
This is the third car in a row that has been written off while parked.

Your Insurance should waive the excess..........you are being mucked about.

If your car is worth more than the agreed value then you are entitled to market value from your Insurance (Agreed Value) and difference from the TP Insurance...........nothing about getting a better vehicle.

Hire Car..yes you can claim but the other Insurance will deduct normal variable running costs, depreciation etc from bill.

They will try and argue you should use buses etc, however, Courts will not stand for that nonsense.....technically speaking you could also claim Loss of Use' of your vehicle as well as Hire Car costs but Insurance a bit backward here and don't understand that.

**imdying** · 23rd May 2007, 11:24

You're only going to lose if you've (foolishly) insured it for more than it's worth. I know nobody likes to (honestly) reasses the value of their vehicle every year, as it hurts to see the money bleeding away... but there's no point in insuring it for more than it's real value, as that's all they'll pay anyway.