travel in time to see this thread for legal purposes
Have you got a question?
i wanted to know what the payout amount would be (market or agreed value) as I was not the person at fault. would the other insurance company have to pay my car out at market value?
What does it say on your policy? Agreed value or market value. If market value, you can always negotiate the price.
Helped a friend out who had her car totalled middle of last year and they gave her a low ball offer. I helped her find proof of replacing the car like for like and ended up getting her some extra coin in her pocket.
Agreed value, take what you agreed too.
What proof did you gave them ? Can you pls explain ?
@salrock: Just got on Scumtree, Carsales, eBay and Fartbook and found the same cars. Similar km, same colour, same condition, same year model.
The insurance company originally offered her $9k because “Redbook” but the cheapest one in very similar condition “on the current market” to actually buy was $12k and ranged up to $15k for the same vehicle to buy it back. They ended up cutting her a cheque for $12k and some change after they took her excess from the final payout.
If they say market value is well under what you can get a replacement for, ask them to show you where you can buy the same car, same colour, same condition, same options and same km for the money they are offering, but be ready to counter their offer with your proof.
If you don't go through your own insurance, there is a chance that you will get less than 13K
You will probably get the agreed amount per your policy, but no harm in trying to ask your insurance company about it given that you are not at fault. I don't think it is a mistake calling your insurance, especially since you are not familiar at how these things usually go. Dealing with another insurance company is a pain and might not be worth it.
If you want to start doing some diy. Get a quote for repairs as well as finding some replacement cars of similar age and kms. You could send a letter of demand to the at fault party for the full amount including a hire car and see what falls out of their insurance tree.
i've sent the car to my insurance's partnered bodyshop for their assessment. i think my car will be able to get repaired but would like to know what the payout amount would be if it was deemed a write off
3 way?! WAA WAA WEE WAA.. IS VERY NICE
Three months ago I got agreed value. My Mazda 3 was insured for $8k. Other driver failed to give way at Intersection and I ended up t-boning them. Lost my car and insurance company didn't even nudge when I asked them about covid price. they simply said, i should've increased above the market value before i renewed my insurance. Anyway, bought the car back of insurance company and sold the part individually and got the same spec mazda 3 for $12k. So pissed off that someone's mistake and their $1 Yaris costed me that much money. Luckily they had third part insurance.
insurance company didn't even nudge when I asked them about covid price
insurance company didn't even nudge when I asked them about covid price
You choose agreed price and got agreed price…
that is what the op is asking.
He meant quit whining.
Did your insurance company say to ask OzB first?
Might be easier to ask your insurance company, not that hard to do?
It sounds like your car is insured at agreed value. You have agreed that this is the value you will receive.
I don’t understand the question, why would you get anything other than what you agreed in your insurance contract?
The agreed value wasn’t for $x plus a market value adjustment in your favour.
Yeah that was what I wasn't hoping didnt do enough research before renewing the previous year that car prices did go up. as i wasn't at fault and if the car is a write off, I thought it would be the other insurance's responsibility to fix/pay for the damages regardless of who put the claim in.
If you're claiming on your insurance, you'll get whatever your insurance policy is.
If you pursue the at-fault party, you would typically be entitled to be made whole, with whatever your vehicle was reasonably worth at the time of the loss. This will be a more difficult process of course, and will depend on how friendly their insurer is…
Of course, your policy is going to be the path of least resistance, but may net you less money. Your call.
Thanks hoping that wasn't the deal. Should have waited to have been contacted by their insurer. Hopefully my car is under the write off limit and gets fixed.
Can't say I've heard anyone try this, so YMMV. However - you are entitled to be made whole by the at-fault party. Even if you claim against your own insurance, you may still have an option to claim remedy against the at-fault party. It'd be worth looking into, potentially with a solicitor specialising in insurance claims.
So would/could ops insurer make op whole by pursuing ops point with the at fault party's insurer?
@kiitos: Possible but unlikely. I expect OP's insurance policy would likely include a clause basically ending their responsibility at the payment of their policy limit. Obviously depends on what the policy exactly says, but I can't see many insurance companies going out of their way when they don't have to.
If the damage is bad enough, you don’t want it repaired. When it comes time to sell, people will steer clear of cars in accidents wherever possible.
Claim through the person's insurance who hit you. It will likely be a pain in the ass, but if you are decent at negotiation, you will be abl to get current market value. Otherwise your insurer will pay the agreed value, that's the point.
You will get teh agreed amount on the policy - not the inflated Covid price.
OP just told everyone his policy is based on agreed value of $13k.
Proceeds to ask forum if he'll get market value.
We're going to need a drawing on Paint before anyone can give you an accurate answer
"The price I had chose was more than what my car was worth pre-covid but now is worth less than the market price."
Sorry you chose a price and they agreed. But it seems like you are after more money
After you receive pay out from your insurance, send a letter to the at fault party's insurance explaining your loss/out of pocket cost and seek a payment from them to cover this. I did this a number of years ago and received my excess if full, with a covering letter explaining that this finalised their responsibility regarding the accident. I had to then sign a waiver of any further claim, iirc.
Thanks will look further into it if it they say its a write off. Can't afford to buy the same model car with the agreed value $ in today's market.
I didn't think it was ever possible to replace the old one with the same model with the payout, unless the car had above average mileage and was worth less than average market value.
As I’ve claimed it with my insurance, I’m concerned they will take the agreed market value in consideration when working out the whether it is economically beneficial for them to repair it. I’ve posted a photo of the damages but don’t know how much it might cost to repair. I’m assuming if the other party’s insurance might have used market price to calculate the costs of a repair instead of my agreed amount.
You’ve just prompted me to update my policy to market value, as the agreed value was well under! Zero premium changes - though I kind of hoped it would have gotten cheaper. Thank you and I hope you come out alright.
My insurance policy states the agreed value "or market value, whichever is higher" . Unless yours explicitly states this, if it just has agreed value that is what you will get.
It's highly unlikely that your car will be a write off. As a first time claimant, remember that if your insurance company decide that you are 100% not at fault then you will not be required to pay an excess. In this case you should be entitled to a replacement car while yours is being repaired, at no cost to you, as the other driver's insurance will pay for it.
I’m hoping that it won’t get to that but I’m stressed out thinking about it. Will have to wait till tomorrow before I get an update from the insurance company.
I’ve posted the damages - https://imgur.com/gallery/Ik4dMSA
Do you think this will be written off?
That's an odd looking result of a rear end, what sort of vehicle was it that hit you?
No, I don't.
@kiitos 1998 ford explorer with a flat push bumper
@Cheapskate Paul Thanks, hopefully damages don't equate to the agreed price. Don't know anything about panel beating but the towie said could cost upwards of $8k
I had an agreed price, wasnt even their max I could choose. Couple years later bike got stolen and they started to ask a lot of questions. I.e why was it insured so high. It was basically priced so if it got stolen I would be able to buy a more current bike, not the same year so nothing extreme
Sent them a couple of K worth of recent invoices which shut them up pretty quickly. Clearly they were thinking insurance job
Point is, even if you have an agreed value they gave the impression that they didnt have to pay it. Even if youre paying extra to have it insured for extra. Company was QBE
I’m hoping that it won’t be a write off. Running perfect its just the rear is damaged. Have posted photos of the damage.
UPDATE: car deemed write off, other party has submitted a claim to their insurance company. not sure whether to take the $ or try to repair this car. any thoughts?