I was rear ended by a vehicle that was rear ended by a distracted driver. Distracted driver admitted fault and was fined by the police. My car has now been written off and insurance company is paying out what I had the vehicle insured for. Is it possible to get the payout at market value or is it paid out at my insured amount?
loud_37,
Jun 11, 4:29pm
Market value unless you had an agreed value policy.
akd100,
Jun 11, 4:41pm
Policy says Sum insured, but I can't find anywhere on the policy as to whether it's the agreed value or market value
akd100,
Jun 11, 4:43pm
Ok, found it. It's agreed value.
lyl_guy,
Jun 11, 4:45pm
If it's another driver's fault, don't they decide what to offer you for your written off vehicle? You might be pleasantly surprised. Our Ford Taurus was recently 'written off' by the insurer of the 'at fault' driver, and we were paid out about twice the amount we thought was market value.
akd100,
Jun 11, 6:51pm
I've been offered my insured amount which is under market value.
franc123,
Jun 11, 10:11pm
Wow what a shock. Sorry but if that figure is what you have been paying your premiums based on then that is all you will get.
cjohnw,
Jun 12, 3:22am
Market value according to . . . . .?
martin11,
Jun 12, 3:27am
Agreed value will be what you get paid out .
intrade,
Jun 12, 5:24am
There is one problem He was rear ended= it is not his fault. So if there was not insurance He or she would get more money i think is the problem. If anyone on here cant read and compute in your brain what the issue is. Now your insurance should help you get more. unless Like the last one we had where the insurance who has to pay= other person was the same insurance as the one they need to pay out= insurance will do anything to not pay nothing if they can. and if not pay as little as possible if they must. And only if you know exactly what buttons to press you will get what you should . like you will take it to court and they know your next step will be that step likely. , Only then will they usually pay= why i have absolut 0 nill insurance .
akd100,
Jun 12, 5:33am
Thank you. You are absolutely right, if I didn't have insurance what would they base the amout payable on? I would assume market value. We have different insurers so that is definitely a bonus.
intrade,
Jun 12, 5:33am
like you insure it for 1$ in case you write off your car . But then somone else writes it off and there insurance pays you 1$ because thats what you insured it for. As where it was not insured it was 10 grand worth . So you should be happy to only get 1$? . oh its your own fault, No its not he did not crash his own car to get paid the 1$. If you have no insurance you get 10 grand but get 0 if you write it off. That are the facts.
intrade,
Jun 12, 5:35am
So who is your insurance if i had insurance it be only FMG. from what i hear what one seemingly is best.
bryalea,
Jun 12, 5:36am
Happened to me too. Ended up paying me what 2 independent valuers assessed as market value which was way under both actual and replacement value. Expect to get robbed whatever you do. They did say I could go the other persons insurance company for the difference but after having to deal with my own incompetent lot I really had had enough.
akd100,
Jun 12, 5:41am
It sucks doesn't it. I'm now going to be without a vehicle until I find I new one and somehow it's my responsibility to work out how I'm going to get to work everyday.
budgel,
Jun 12, 6:36am
You could have elected to have a replacement car as part of your policy, and paid premiums for that. If you have an agreed value policy the insured value is usually stated on the renewal form.
franc123,
Jun 12, 7:04am
Lol and apparently everyone else is stupid. Insurance co's aren't charities, you cause a crash with no cover expect to get your bottom reamed that hard by the other party's insurer that you will be yodelling out worse English than you dribble now. You might even have to sell the 300$ torch.
franc123,
Jun 12, 7:04am
Quite right.
kazbanz,
Jun 12, 10:45am
Yep that is correct. You have named the value of your vehicle so that's what you expect them to pay you. If you want more then you could take YOUR insurance company out of the picture and deal directly with the at fault drivers insurer. But be aware your negotiating power is greatly reduced.
bryshaw,
Jun 13, 9:16am
FMG cover all glass, including sunroofs. Many companies like AA stop at windscreen and surrounding glass.
tegretol,
Jun 13, 6:26pm
So if you had an agreed value policy and your insurer is willing to pay out that agreed value, what's the problem?
None of this has anything to do with the other party or parties - your contract is with your insurer. They can do whatever they like in trying to recover from the other partys.
tjholding,
Jun 14, 3:41am
Lots of misinformation here.
From your insurer you are entitled to the Agreed Value. You can then get the 'uninsured' portion of your loss from the other parties insurer; your insurer should be able to engage in this with the other parties insurer. This is the same as if you have any other uninsured losses.
(Source; Been in claims for over a decate)
kazbanz,
Jul 26, 8:53am
Except that you agree that the agreed value payment is full and final. So on that basis I would be dealing directly with the insurer of the at fault driver. -Basicly insurers can and will drag the chain to see if you just think "this is too hard"
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