OR KNOW. I had a near miss accident with a truck. Damaged my ute and sideswiped my trailer. (Truck crossed centre line , I avoided by going onto other side of the road). Avoided a head-on. Ute has been repaired, was just the back guard and bumper. Trailer has waited 3 months for a decision. I had it insure for 3k. It's a braked tandem with crate. Been values at 4k. Now I expected that the truck drivers insurance company would be liable for the cost of repair or replacement. FMG are only offering 3k. Been having an ongoing discussion about it but they are not wavering. What does everyone think. Why is the insured amount even relivant. what if I wasn't insured ?
saxman99,
Sep 15, 2:19pm
So you insured it for 3k and they are offering a payout of 3k?
stevo2,
Sep 15, 2:33pm
You have been paying premiums on a $3k trailer, not a $4k. $3k is the maximum payout sorry. If you had it insured for $100, why would they pay out $4k?
gunhand,
Sep 15, 2:43pm
The other question to ask yourself is, How much do you think you would have got if you wrote the trailer off yourself? What kind of policy do you have, agreed value or current market value?
tony9,
Sep 15, 2:45pm
Is FMG your insurer or the truck company insurer?
If it is yours, as others have pointed out, you have only paid for $3K cover. Take the $3K but proceed against the truck company for the balance.
If FMG is the truck company insurer and the trailer can be proved to be worth $4K and is a write off, stick to your guns and start Disputes Tribunal proceedings if you don't get quick action.
bryalea,
Sep 15, 2:52pm
They have a valuer quote of 4k. I just don't see why the amount of my insurance cover has anything to do with it. Would the truck owners insurance company not owe me trailer value if I was uninsured? There is a police report stating the truck driver is at fault.
bryalea,
Sep 15, 2:53pm
If I did it yes, I would consider the 3k applicable.
tony9,
Sep 15, 3:09pm
The truck owner/company owes you for 100% of the damage they caused.
It is still not clear to me who offered you $3K? Whoever it is, the truck driver or owner owes you the full $4K. Some may come from an insurance company, but the truckie will owe the balance.
bryalea,
Sep 15, 3:14pm
My insurance company offered the 3k. I too think it is the truckies company that owes me full value. Just wondered if others have had any experience with this sort of thing.
intrade,
Sep 16, 3:23am
ok so the truck driver insurance is fmg . And you insured it with also fmg for 3k is how they know its insured for 3k? the truck drivers insurance has to pay and as far as i know you can demand they get you a replacment. Thats how it worked with gungster thug insurance i had to have in switzerland. And i think somone said it the same here. They provide a trailer replacment or pay you what it cost to buy one and if neither they repair it and if it costs a billion bux to repair.
sw20,
Sep 16, 3:28am
I'm assuming OP claimed with their insurer. They will pay him the $3k he had insured it for. OP can then go after the truck driver/company for the extra $1k. If there is a dispute it will end up in the DT.
kazbanz,
Sep 16, 4:37am
I can't see any way you would get an insurance payout for more than the sum insured. if the trailer was valued at/worth 4k then it should have been insured for 4k. Sorry I genuinely don't see how you can claim more than you are insured for.
3tomany,
Sep 16, 4:45am
My first thought is 3k is all you are entitled to. However the other 1k could be chased from the truck owner but good luck with that. I paid 5k for my trailer 16 years ago brand new and still have it insured for 5k because a new one is about 8k. Just the way it is with trailers.
supernova2,
Sep 16, 4:51am
It's simple. The guilty party is liable to make good your loss which in this case has been valued at $4K. Your insurance will pay you $3K so you chase the truckie for the remaining $1K. Your insurer will only pay you the value of your policy.
richynuts,
Sep 16, 5:46am
Take the 3k and see if the insurance company will let you keep the trailer. Then sell it on someone will no doubt pay $1000 for it.
kazbanz,
Sep 16, 6:15am
But he (OP) valued the trailer at 3k not 4k Ive got no skin in this but just cant see how you can claim more than you yourself value the "vehicle" for
annie17111,
Sep 16, 6:21am
yep agree with this. If op thought the trailor was worth 4k then he should of insured it for that.
bryalea,
Sep 16, 10:15am
If I had no insurance would the truck driver be liable for the value of the trailer? One would hope so. And that is 4k according to two separate valuers. Why would I be entitled to less because I was insured?
martin11,
Sep 16, 10:33am
Because you only insured it for what you thought it was worth $3K
apollo11,
Sep 16, 10:40am
The other driver has been found liable. He should ask for his trailer back in exactly the condition it was in before the accident, or for whatever it will cost to find an equivalent.
kazbanz,
Sep 16, 10:50am
Again ive got no skin in this. You got paid insured value so if you want more then fight it with your insurer. To answer your question about no insurance.--based only on observed cases you get the bums rush trying to get anything
tony9,
Sep 16, 11:05am
Nope, looks like the trailer is honestly worth $4K. But he chose to only buy $3K of insurance so that is the most a claim on it will pay.
He (apparently) has lost $4K, $3K to be refunded from his insurer so he is perfectly entitled to chase the person who caused the accident for the rest of his loss.
apollo11,
Sep 16, 11:06am
Where the other driver has been found liable or has admitted liability, in my experience (though it was 20 years ago) the other person's insurance co bends over backwards to make sure you are happy.
rhys12,
Sep 16, 11:31am
Of course they have only offered you $3k, that is what you had it insured for. If Insurers went around paying out their value, not what they were insured for, everyone would just insure their vehicle for $100 lol. You paid premiums on a $3k trailer, not a $4k trailer.
If the other driver has been found at fault though, and their Insurer has accepted liability, then you can approach the other parties Insurer and recover your 'uninsured' loss of $1,000.
gunhand,
Sep 16, 11:54am
I see the OPs point of view here for sure but what if I decided to insure my car for 5k knowing full well its worth an easy 8k but I lowered its value to get cheaper insurance premiums and just hope that when I do have non liable accident I get the 8k. Sounds win win to me. And if I do prang it myself I still get 5k
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