Question about Fully comprehensive insurance

[Chimera]

looking for some advice on present situation

a week ago a wasa truck hit our sportero
wasa truck as well as person driving sportero went to police station to make report

sportero has fully comprehensive insurance but the driver at the time, his name isn't specifically on the insurance but he's over 25

estimate from garage is $24k (parts alone is 20k from dealer)

insurance company saying because it wasn't any of the named people on insurance driving, the excess is 14k and we have to pay that before they process the claim

THEIR estimate to repair the vehicle is 12k (the parts from dealer alone is 20k when i called though)

so their offer is

we pay 14k excess (which we don't get back according to insurance person)
and get 12k (which don't make sense)


something wrong here? or insurance company trying to chain me up?
whats the point of fully comprehensive insurance if the customer still going to lose out even when they were not wrong in the accident?

i though the excess was paid for insurance company to fix vehicle immediately and then down the line when the insurance companies settle and decide liability, the excess was given back to the customer if they were indeed right.



Vehicle is one year old

[RapToR]

sue the insurance company

and don't let it drag

[Rooki3]

whyu claiming wid yur insurance if the wasa truck hit u, shouldnt they have to pay

[Chimera]

i assumed that my insurance company would fix my vehicle and then they would do the running down to get their money from wasa's insurance


what's the point of fully comprehensive insurance?only good if vehicle is written off?

[nemesis]

You're right about how the excess works. However they don't decide liability later, you should already know from the police report. It's just that you get it back later.
The law about only named drivers can claim I believe was a consideration but hasn't been passed as an actual law yet. Maybe I'm wrong, but it's something you should check.
Either way, some insurance companies have already changed their policy to state that only named drivers can claim. Check your policy, if it's not mentioned then they have no justification and they have to pay you. If it is written there, then you can still try, but technically you did agree to it by taking the insurance when that was already one of their stipulations.

Consider if it's really worth losing your no claim also. If they're not paying in full and refunding your excess then it may be better to fix your vehicle yourself and go after WASA for some reimbursement.

[skylinechild]

looking for some advice on present situation

a week ago a wasa truck hit our sportero
wasa truck as well as person driving sportero went to police station to make report

sportero has fully comprehensive insurance but the driver at the time, his name isn't specifically on the insurance but he's over 25

estimate from garage is $24k (parts alone is 20k from dealer)

insurance company saying because it wasn't any of the named people on insurance driving, the excess is 14k and we have to pay that before they process the claim

THEIR estimate to repair the vehicle is 12k (the parts from dealer alone is 20k when i called though)

so their offer is

we pay 14k excess (which we don't get back according to insurance person)
and get 12k (which don't make sense)


something wrong here? or insurance company trying to chain me up?
whats the point of fully comprehensive insurance if the customer still going to lose out even when they were not wrong in the accident?

i though the excess was paid for insurance company to fix vehicle immediately and then down the line when the insurance companies settle and decide liability, the excess was given back to the customer if they were indeed right.



Vehicle is one year old

first off fully comprehensive means the insurance PAYS to fix your vehicle...no matter if you wrong or right ..third party insurance pays only to fix the person you hit..- if you are deemed wrong of course .....you fix your own car....if you are right in an accident and right the other guys insurance pays you.....

simple....so who was right and who was wrong in the accident...????
if you're right why are you paying an excess for repairing damage you didnt cause..???

lastly insurance policies also cater for unnamed drivers who are over the 25 yr old and driving for more than two years...these driver pay a no name driver excess - which is determined on the policy itself.....

If the insurance estimate is so low get a quote from the dealer for replacement parts...or better yet send the vehicle to the dealer and stick the insurance with the bill.....insurance will haggle over price with the dealer.....not you...

and if they say they NOT paying sue they MC....

my 0.02C consult a insurance lawyer.....

[tr1ad]

If the police state wasa driver wrong, wasa insurance has to pay, clearly states over 25 on your insurance not so?

I'd take it a bit higher than your insurance rep, maybe manager

[Chimera]

Policy says "

Persons or Classes of Persons entitled to drive

A) The insured

B) any other person who is driving on the insured's order or with their permission
provided that the person driving holds a license to drive such vehicle and has held and is not disqualified by order of a court of law or by reason of any enactment or regulation in that behalf from holding or obtaining such a license


usual limitations, no racing speed testing etc

[Rooki3]

i assumed that my insurance company would fix my vehicle and then they would do the running down to get their money from wasa's insurance


what's the point of fully comprehensive insurance?only good if vehicle is written off?

well yur right, but doh expect a no claim discount

[Chimera]

btw dealer and insurance company all owned by same people

[Rooki3]

oh lawwww, u took dah all in one package too?

btw u could make a $$$

-fix car for yurself
-have d adjuster double the quote
-have straightner double d amt paid on the reciept
-take it wasa & get all bk
-give bodyshop man a lil $800

[Chimera]

nah no all in one package

[wagonrunner]

because in rooki3's world, there is no such thing as an adjuster.

[Rooki3]

read again wagonrunner

[nemesis]

If you want them to start fixing the vehicle tomorrow you will have to pay the excess, but once you were right, you will get it back and not lose your no claim as the insurance company will get it all back from WASA's insurance.
Alternatively you could just get a lawyer to take it up with WASA and wait until their insurance pays for it..but it will mean leaving your vehicle as is until that is done.

[KURMAman]

really doesn't matter if u was wrong or right, u hadda pay ur excess to start fixing ur vehicle...then the claim process will go its course and u get back X dollars. Just be careful that the insurance company/ firm decide the repair bill is too high and decide last minute to write off....

[Ignorant Ignis]

pay your excess and hand the keys to the insurance...... if the amount they want to pay is not enough to fix it at your garage they have to fix it for you with all new parts (due to age of vehicle)

i did this ...so i know what i talking about

[RIPEBREDFRUIT]

Insurance always has been and will be the BIGGEST SCam of the world....................

[RBphoto]

Everything sounds legit. The only way you don't have to pay excess in ANY circumstance is if you have excess waiver explicitly on your policy, and the named driver was driving at the time.

If you want to wait until they get the money and don't want to pay the excess, leave the car unrepaired until they do.

[Chimera]

i have no problem with paying the excess but the insurance rep. has specifically said that I will not be getting the excess back no matter what, as well as they will only pay me 12k (not my 24k estimate)

so basically
pay 14k excesss

to get 12k claim

[Dizzy28]

pay your excess and hand the keys to the insurance...... if the amount they want to pay is not enough to fix it at your garage they have to fix it for you with all new parts (due to age of vehicle)

i did this ...so i know what i talking about

But wouldn't they minus depreciation from the new parts cost and claim they replacing X yrs old parts so you can't get full value for brand new items?

[Sumana.00]

You're right about how the excess works. However they don't decide liability later, you should already know from the police report. It's just that you get it back later.
The law about only named drivers can claim I believe was a consideration but hasn't been passed as an actual law yet. Maybe I'm wrong, but it's something you should check.
Either way, some insurance companies have already changed their policy to state that only named drivers can claim. Check your policy, if it's not mentioned then they have no justification and they have to pay you. If it is written there, then you can still try, but technically you did agree to it by taking the insurance when that was already one of their stipulations.

Consider if it's really worth losing your no claim also. If they're not paying in full and refunding your excess then it may be better to fix your vehicle yourself and go after WASA for some reimbursement.

It's being legislated on, not law yet

[acesinghit]

ABA, if you do not want to post it here, pm me:

I need to know:

1) Value of your vehicle at the time of the policy start or renewal
2) How much months pass since the policy got enforced or renewed
3) Look at your policy docs and find the excess schedule, what % did they put for the "other driver" excess
4) Exact estimate of repairs from your garage
5) Adjusted estimate of repairs from your insurance co. which they probably got from their adjuster

Full Comprehensive Risks means in a nutshell whether you wrong or right, your risk will be transfered always to your Insurance Co. to take care of. If you were right according to the investigation/police report, your insurance would fix your vehicle and seek to recover these funds from WASA's Insurance Co.

Now, there are cases where once the excess is more than the claim amound, you can obtain a coverage letter from your insurance co. and you can take it directly to wasa's insurance to claim. That way you do not pay excess.

In addition, you have 2 choices for payment:

1) You submit your VAT letter where your insurance will give you a cheque less excess and depreciation
2) you pay the excess and your insurance will send a PO to your garage promising payment for 100% of the agreed amount
3) Yes you will lose your NCD and your excess temporarily but it will be recovered eventually when they subrogate against wasa's insurance (yes I understand this is an inconvenience but that is the system)

Let us use some figures, easy ones for quick calculation through the following notes:

1) Mitsubishi L200 Sportero valued at $200,000. at the time of policy renewal
2) 4 months have past since the said policy was renewed where the vehicle (Sportero) would have incured 1.5% depreciaton per month
3) other driver excess is determined to be 10% of the insured value
4) Agreed figure between garage and insurance company based on the adjuster's findings is $30,000.*** This figure unless otherwise stated has to be subject to depreciation applicable to your parts only. Usually this would have been calculated by your insurance co. via their adjuster which should be itemized in their report but I will pretend below that depreciation was not applied yet

It means that:

1) The value of your vehicle at the time of the loss is now: $188,000. (since 1.5% x 4 = 6%) and 6% of $200,000. = $12,000. So $200,000 - $12,000. = $188,000.
2) Other driver excess is $20,000. (since 10% of $200,000.)
3) agreed garage figure as calaculated by the aduster is $30,000.
4) Let's assume your parts figure alone is $20,000. and labour/material is $10,000. It means 6% depreciation on your parts figure is now: $1,200. So $20,000 - $1,200. = $18,800.

CONCLUSION:

Based on the fictitious scenario above we thus have the following figure for indemnification:

1) $18,800. + $10,000. = $28,800. This is your figure for the garage
2) Your excess of $20,000. must be deducted from the above which now leaves you with: $8,800.
3) Not only do you have to pay the excess but in some cases depending if it is already included in the agreed adjusted figures from your insurance co. you will have to pay the additional $1,200. in depreciation.
4) It means you are now paying a total of $20,000. + $1,200. = $21,200. out of your pocket and your insurance will pay $8,800. which balances off to $30,000. combined
5) Your insurance co. will seek to recover that $21,200. from wasa's insurance and you can have them keep it as credit towards your renewal or you can collect it via cheque where your NCD will be restored to its original position.


***I would like you to assume that the $30,000. agreed figure I spoke of was already adjusted and agreed to by your insurance co. via their adjustor. All things being equal and without prejudice, such figures are usually inflated so the figure prior to adjustment could have been at least $35,000.

I hope this scenario helps:

If anyone would like me to calculate your insurance pay-outs, just pm me, thanks.

[xtech]

If your insurance owner is the owner of the firm that sold you the van dont u think he sell the parts to himself for less an more to u?


Going through my own battle right now.....Had to call lawyer and the local insurance Watch dog

My claim quote was $100,000 to get parts from firm an repair at firm for 2 month old vehicle. Insurance rep after pushing them to process the claim an collect $20,000 excess from other insurance company he say he will give me $49,000 for parts and repair since he know a guy who could get parts 40% less than company.

Imagine i gave him $25,000 just 2 months before the crash to insure the vehicle. So they not putting out much...lol

I say cool the firm does be very expensive so you guys fix up an call me when u ready to start repairs. Then He say that the guy don't really have any parts an just sent in a quote. An I will have to take the money an get the guy to bring the parts if he can find it.

His other excuse was the firm has no parts to fix it an he can't find parts anywhere locally.

When I contacted the firm they gave me same story so I contacted the CEO of the maker of the car to complain about poor service from their trini dealer an he made the local CEO and his parts/ service directors contact me personally with apologies an guaranties that parts will be sourced and imported.

When I told insurance agent all parts is available locally he say ok start fixing it we will pay to have it done.....an claim it back.

[AllTrac]

cut yuh losses and sell meh de sportero, yuh go take ah 40k?

[crazybalhead]

This thread giving me a massive headache.

[zoelikescheese]

This thread giving me a massive headache.

this

[Rooki3]

look @ procedure

when i got into my accident

-police report
-adjuster check (mines)
-lodge documents
-adjuster check(theirs)
-got my cheque is abt 2 weeks along with he wreck

this was colfire btw

[shandyman]

If the police state wasa driver wrong, wasa insurance has to pay, clearly states over 25 on your insurance not so?

I'd take it a bit higher than your insurance rep, maybe manager

Not entirely correct. Police can say what they want about who is wrong, but at the end of the day either party is free to take the matter to court. Believe me I have been a victim of corrupt police changing the coding of the accident from both parties liable, to me being at fault. I took that matter to court which resulted in the insurance company for the other guy eventually settling with me.

[singhj]

i have no problem with paying the excess but the insurance rep. has specifically said that I will not be getting the excess back no matter what, as well as they will only pay me 12k (not my 24k estimate)

so basically
pay 14k excesss

to get 12k claim

Just wow...@...all that money being spent each year for full comp insurance and when your vehicle get bounced they basically shaftin yuh.

So you have to pay your yearly premium, plus your excess, plus the difference between what they give you and the actual cost to fix. total BS

By my calculation it would cost you 26k if you go tru the insurance, best you cut your losses fix the van for 24k and save yourself a 2k and the headache, then try to get what you can from wasa insurance. It would cost you up front but you might come out better in the long run after its all said and done. Just sayin eh, i'm not a insurance guru.


Then spend ah $20 from the savings on some gas, make some flambeau and bun that insurance to the ground....lol....jus kidding