Insurance market value

[LBD]

Credit to my insurer...they came back with a fair valuation and have begun 10K worth of repairs...

[bsasuper]

In almost all vechicle claims where there is a write off, insurance companys are going to offer you the lowest amount, and in most cases it gets accepted.
Do a bit of homework yourself, simple stuff like seeing what dealers prices are,ring your insurance company posing as a new client to get a payout figure etc etc.You DO NOT have accept what they are offering you, most people would want a few thousand $$ more payout all for doing a bit more ground work and standing up to insurance companys.

[KoroJ]

Yes, however, you effectively have to over-insure. It's doubtful they would ever pay the full amount of the valuation, they would certainly never over-pay.

My policy does adjust every year... I would prefer to pay more and have agreed value, but it doesn't work like that...

I've have experienced a payout of $95K on a truck insured for $90K...The Insurer had a pre-accident valuation done and paid on it with no questions asked, no coersion required. It doesn't happen often, but it does happen.

It does pay to review/adjust the Sum Insured at renewal as, too high and your paying too much in premium (not that a $1K in value will affect the premium greatly), too low and who wants to encourage an arguement at claim time!

In almost all vechicle claims where there is a write off, insurance companys are going to offer you the lowest amount,.........

You obviously don't deal with very reputable insurance companies? (and by that, I don't mean high profile)

I would suggest that cheapest isn't always best and there is some merit in going through a broker rather than a call centre.

[pritch]

You obviously don't deal with very reputable insurance companies?

Reputable insurance companies? That concept might be influenced by geographical location.
F'rnstance, there may not be many "reputable insurance companies" in Canterbury these days?

Actually that phrase reminds me of another: "honest politician".

[baffa]

You mean there was reputable insurance companies in Christchurch to start with?

[caseye]

Worse, a Poli with a solid rep??? Na couldn't be.Only dealings with insurance co's of late they've both settled quickly and fairly, can't complain, and one of em was AMI, the other was Swann and what a bunch of GC's they were.Kept in touch and did it all right.Still with them now got three bikes there, pity they don't do cars, houses etc, they'd have all my stuff.

[LBD]

In almost all vechicle claims where there is a write off, insurance companys are going to offer you the lowest amount, and in most cases it gets accepted.
Do a bit of homework yourself, simple stuff like seeing what dealers prices are,ring your insurance company posing as a new client to get a payout figure etc etc.You DO NOT have accept what they are offering you, most people would want a few thousand $$ more payout all for doing a bit more ground work and standing up to insurance companys.

A big factor hinges on...
Your insurance company and you are at fault or...
Your insurance company and the other party is at fault..with a different insurer.
Not sure how an insurer would play it if the one company covered both partys...?

[Winston001]

Sorry to hear about this Paul - was it the 1098? And more importantly, were you on the bike and are you ok?

[Winston001]

Just a general comment on the subject of insurance. When you pay a premium that sum is based upon the history of tens of thousands of claims. Actuaries (who are maths geniuses) can calculate very accurate risk profiles from that information.

Most claims are for damage not total loss, which means that the core of the premium doesn't differ much. Increasing your cover $1000 may cost $12 extra - but underinsuring will cost you $1000 or more. This is fundamental to insurance but most of us don't know it.

I always overinsure (after a broker explained) because I'd rather pay a few cents extra premium than be underinsured and have the stress of arguing with a large company. And I say that having spent my professional life arguing on behalf of people.