He's not claiming against his insurer though, but the insurer of the other party. If he had no insurance at all they would still be liable to set him right. The trailer has be assessed as being worth 4k, so this is what they need to pay him. Edit: just saw your last sentence. I agree he needs to chase the other insurer for the extra grand, they should come to the party.
tjholding,
Sep 17, 8:51am
Ok I think I can help. hopefully.
Insurance is an agreement between you and your insurance company to transfer a certain amount of risk (your sum insured) in exchange for a payment (your premium). In this case, you have transferred $3000 worth of risk for the trailer to your insurance company.
The other party has an obligation to make you good in Tort law. Your loss in Tort is $4000.00.
Your insurance company has offered you the $3000.00 worth of risk you transferred to them. This is all you are entitled to under your insurance.
Your insurance company should then go after the truckers insurance for the full $4000.00 value; and then pass on the additional $1000.00 once they have recovered it.
theo35,
Sep 17, 9:22am
I don't think so. Once they've paid the $3k they've done their bit. I don't see them having any obligation to do any more.
apollo11,
Sep 17, 9:26am
Because you are claiming against the other parties insurance, not your own. If you had zero insurance, the other party's insurer would still have to pay out, because their client (the trucker) has been found to be at fault.
theo35,
Sep 17, 10:14am
I see what you mean^ Thanks
bryalea,
Sep 17, 10:30am
This might be it. For some reason they thought my cover was 3k gst in. I have forwarded my actual quote made which was 3k + gst. (Which was what I insured it for). So thismorning I have received an email apologising and saying I was correct and the offer changed to 3k + gst and also $550 from the sale of trailer proceeds. Which is at least cost back and better than 3K if I had accepted their first offer and not question it.
apollo11,
Sep 17, 11:28am
Good job. Sometimes it pays to push back a little.
loud_37,
Sep 17, 11:36am
I had a similar situation, Not my fault, I got paid in full and then my insurance company chased their insurance company, this is why we have insurance so I don't have to be out of pocket and I don't have to chase anyone.
rhys12,
Sep 17, 8:38pm
OK, so your policy covers you for sum insured PLUS GST, which is what they should have paid you from the start (unless the market value was less). They haven't done anything different, other than pay you the GST portion, which they always should have! They still haven't paid anything other than the amount you insured it for (obviously the amount you insured it for was exclusive of GST and someone fkd up). It's nothing to do with your quote lol, just the fact the person looking after your claim didn't add on GST if your Sum Insured was exclusive. READ your policy wording; it will either say the sum insured is inclusive or exclusive. You possibly should have read this first, then you would have known.
loud_37,
Sep 17, 9:12pm
It shouldn't have anything to do with the wording on his policy, it's the truck drivers insurance that needs to sort it out. Unless the truck driver had no insurance then his policy would come in to effect.
rhys12,
Sep 17, 9:20pm
No, OP needs to claim through their own vehicle insurer first, so yes, it does come down to how they have insured their own vehicle. THEN they can claim over and above their 'uninsured losses' from the truck drivers insurer.
shortee2,
Sep 18, 2:42pm
Sounds to me like you should have insured your Trailer for 4K Agreed Value, not Market Value, if you wanted to get the full 4k if your Trailer was damaged and deemed a write off. Just a thought.
wind.turbine,
Sep 19, 12:19pm
you are not at fault so other parties insurance must pay you full market value, it does not matter what you insured it for even if both parties are using the same insurance company, it must be treated completely separate like it is two insurance companies. if you have got 3K from your insurance then that is it, BUT you are fully in your rights to chase the other parties insurance for the remainder of your loss.
amasser,
Sep 19, 12:21pm
As many have stated, O/P accepted the extra $1,000 as his own risk.
tony9,
Nov 17, 5:48pm
That depends entirely on your insurance company. We are with AMI and they will help to recover the other costs (including excess) if it is not our fault but they don't guarantee it. Other companies will do nothing.
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