Insurance. Is it true?

jaybee6, Jul 27, 8:17am
Long story short. Car was parked and hit. Our insurance now say they will pay x amount of dollars, but. We have to buy our car back for x amount of dollars and also have to pay back premiums on the insurance. One would thi k the premiums would continue. Anyone have any knowledge on all this. We have had a fight on our hands. Thanks. Note the other person that hit us had Insurance.
_peas, Jul 27, 8:23am
You aren't claiming on their policy!? Is "x" the same in both occasions or do they pay x and you buy back for y? Never heard of needing to pay back premiums unless your policy is under a year old.
exwesty, Jul 27, 8:25am
i assume the car is deemed a write off but you want to keep it and repair it?

You shouldn't be having to pay anything IMO to be paid out for the car but if you want to buy the wreck that's up to you to pay.
jaybee6, Jul 27, 8:26am
We are doing the business through our insurance. It is Economical to repair so why wouldn't they just go ahead and do it is what I am asking really. Yes policy is u der 12 mths, but this could continue is how I see it.
jaybee6, Jul 27, 8:28am
No it is not a write off but they just want to write it off on their books but leVe registered. Blackmail I see it as.
_peas, Jul 27, 8:41am
If its the other parties fault you should claim on their policy. No excess, no sacrifice of no claims discount.

Have they deemed it economical to repair or you? They are well within rights to write it off, pay you out and offer it to you for you to consider buying back.

As I understand you will need to pay remaining years premium (makes little common sense to me but that's normally how it is), I'm sure that if you look closely it will be in the small print.
jaybee6, Jul 27, 8:44am
Yes Economical to repair. Thanks for the info on premiums. Never heard of that though.
msigg, Jul 27, 9:11am
Not economical for them to repair, they will sell it and de rego it.
skull, Jul 27, 9:19am
Yes the premiums are an annual premium just broken down into bites to make it easier for you and also to help encourage you to actually insure the car. If it is under 12 months you will need to make it up to the full annual amount.
supernova2, Jul 27, 9:55am
You do realise that you don't have to claim on your insurance. You could get a repair quote and contact the other party and tell him to pay up. He/she will then contact their own insurance. The other party's insurance can not write off your car- they simply have to indemnify their client for the cost of the damage he has caused.

It will be a battle but in theory you will win.

Now how do you know that it is economic to repair your car? At present your insurance coy will pay you "x". They will sell you back the wreck for "y", plus the balance on the annual premium. So you have this

Pay you "x"
Deduct "y" and premium
Balance "z"

Can you get the car repaired for "z" or less ?

Also quite probable that insurance coy will have the wreck deregistered. If they do you will need to factor in the cost of recompliance which could be thousands.

Whats the vehicle ?
tamarillo, Jul 27, 10:01am
Having trouble understanding this post. Am I correct that your car was hit, and your insurance company wants to write car off? That is their right. They then own it. If you want it back to fix it you have to buy it from them.
And yes premiums are annual.
You do claim on your insurance, they then attempt to get money back from third party, or their insurer. Whilst you could try claiming direct it's a tall order.
If this understanding is wrong please try to explain better.
kazbanz, Jul 27, 9:52pm
Either the car is written off or it isn't
if it is then they pay you out. If its not then they fix it.
Everything else is smoke and mirrors.-
Back payments on your insurance.---well if your insurance isn't paid up to date then your insurance would be null and void.
The thing is though that the person that hit you was insured. THEIR insurance should be paying out.
intrade, Jul 27, 10:16pm
pull your policy out read the fine print what does it say there?
i would prepair for the next phone call to tell them your going to contact fair go to see what they have to say about this insurance company practice.
elect70, Dec 19, 1:34am
just take the $ ,pay remainder of premium & buy back the car hopefully without it being deregistered . anything else will be a fight through the courts @$$ & no garauntee you will get what your after .