Question about Fully comprehensive insurance

[sharkman121]

woww....just wow!!!

insurance is really the biggest organized fraud in the world yes. I was good paying mih lil 3rd party all these years. Now i hadda pay fully comprehensive too.

[geodude]

not sure, the police just take a report of what happens. I guess sometimes people accept responsibility and other times based on the reports, the insurance people decide who was wrong, based on the police report.

it's already been decided that WASA was wrong and Trinre has to pay, they just don't want to pay much/enough.

I was just wondering as I had a fender bender about a year ago, I was sure the other person was wrong, they claimed I was wrong so we went to the station and made a report.
At the station the officer said its not his job to determine who was wrong, his purpose was to ensure that no road traffic laws were broken by either party, this sounded sensible to me.
So I submitted my account of the accident to my insurance and after a short period of time they contacted me said I was wrong and I have to pay my excess as they have to fix the other persons car.
Although I still though I was right I had already fixed my car and just wanted the situ to be over with so I went to my insurance to pay the excess value they asked for, when I asked them how and why did they decide I was wrong they said the police say I was wrong.
I was expecting them to say well our investigators, and so and so, so technically, so snd so, u know some sort of explanation, not the police say you was wrong when apparently the police doesn't make that decision.
Seems i got shafted.
On another note I received a letter for the other person insurance earlier this year telling me they are still waiting on the money from my insurance if if not they will attempt to get it form me, is that possible?

[Mudboy]

not sure, the police just take a report of what happens. I guess sometimes people accept responsibility and other times based on the reports, the insurance people decide who was wrong, based on the police report.

it's already been decided that WASA was wrong and Trinre has to pay, they just don't want to pay much/enough.

I was just wondering as I had a fender bender about a year ago, I was sure the other person was wrong, they claimed I was wrong so we went to the station and made a report.
At the station the officer said its not his job to determine who was wrong, his purpose was to ensure that no road traffic laws were broken by either party, this sounded sensible to me.
So I submitted my account of the accident to my insurance and after a short period of time they contacted me said I was wrong and I have to pay my excess as they have to fix the other persons car.
Although I still though I was right I had already fixed my car and just wanted the situ to be over with so I went to my insurance to pay the excess value they asked for, when I asked them how and why did they decide I was wrong they said the police say I was wrong.
I was expecting them to say well our investigators, and so and so, so technically, so snd so, u know some sort of explanation, not the police say you was wrong when apparently the police doesn't make that decision.
Seems i got shafted.
On another note I received a letter for the other person insurance earlier this year telling me they are still waiting on the money from my insurance if if not they will attempt to get it form me, is that possible?

I may be wrong, but that sounds like a threat........send the letter to your insurance and talk loud when you drop in the letter...

The other person cannot approach you for money....that's your insurance company job.....

[Chimera]

june 21st update

they offered us 22k to settle.

[Dizzy28]

This week makes it 4 weeks since I was involved in an incident. Was proceeding north (left lane) on a Main Road in the east and a man in a Hilux was proceeding south when he attempted to overtake a car parked on his side of the road and ran into my rear. Damage was rear right door, fender, bumper and flare.

Up to today the other party's insurance refuses to respond to any correspondence from mine. My car is being repaired but I have to pay $7k excess to get it back when its finished and then wait for the two insurances to duke it out.

Wonder why I pay premiums on a fully comp. for when I still outta pocket of a tidy sum when somehting happens.

[Chimera]

^^^

get a lawyer, the insurance companies will respond more favourable.

their first plan of action is to frustrate you into absorbing the lost yourself.

[Ted_v2]

How does 3rd party work? i fix my business and the next party will get fix?

[sharkman121]

How does 3rd party work? i fix my business and the next party will get fix?

Yep..

[Ted_v2]

icey

ill be going to get insured early next month and was wondering how it worked.

[pugboy]

actually police do determine which driver is wrong
I know of two cases where a person thought they were right only
to find out later from their insurance company that when the company got the report from the police they were stated as wrong.
one can request the police report and their determination just to be safe that it doesn't suddenly change later

[kurpal_v2]

icey

ill be going to get insured early next month and was wondering how it worked.

Dan at your age, good luck. Get your defensive driving cert and pepper Agnus yes.



My parents insurance agent gave us a quote for me to get insurance and I ask the man if he offering to buy the van from us

[Ted_v2]

icey

ill be going to get insured early next month and was wondering how it worked.

Dan at your age, good luck. Get your defensive driving cert and pepper Agnus yes.



My parents insurance agent gave us a quote for me to get insurance and I ask the man if he offering to buy the van from us

depends on the price i wont even bother, Ill get someone to drop me where i need to go.

I hearing things like 5k 3rd party for a old pay nissan march Did not confirm so Im expecting a high price

[Chimera]

once you do the the defensive driving course, its only like 2000 extra for insurance for under 25 drivers

sometimes no extra if you have other vehicles insured with them

[Ted_v2]

bess, two cars insured with the same provider. Will see what takes place

[kurpal_v2]

once you do the the defensive driving course, its only like 2000 extra for insurance for under 25 drivers

sometimes no extra if you have other vehicles insured with them

5 vehicles with the company and I'm 22 and still got a 5figure quote

[Ted_v2]

fully comp?

[kurpal_v2]

I believe so, iirc under 3rd party I'm not covered.

[pete]

Before discounts the insurance on my 60k vehicle is over 10k fully comp.

[RedTiger]

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.

Good summary OP. It is always wise to have a "valuation" (BEFORE accident and for other tuners here so take note ) from Cari Claims or Motor Critc etc. since this will help when the value of the vehicle is being assessed. Cost is usually $250-$300 per valuation. No, I do not work for any of these people.

The excess is very high $14,000 ( maybe because of " T "). Do not see why if you are NOT AT FAULT in this accident why you would not get back THE 14K EXCESS and your NCD, BUT you will to wait until your insurance company gets the $$$ back from WASA insurance company.

You should talk to the Claims Officer at your insurance company first and sort of the refund of the 14K and NCD. He can determine this from the Police report (which he will get directly from the Police) to see who was "right" or if you were not at fault. Now finally, read between lines here .. AbaTrade the Law on your side.

[Chimera]

^^^

june 21st update

they offered us 22k to settle.

[RedTiger]

Ok OP, I guess you handle your business. I just reading whole ched .. Trinre !! .. that is Jerry Narace's wife insurance company. I was considering getting an insurance there with my new PDA .. not after I see this ched ... is blank for Trinre !!! TELL DEM DOE MESS WITH TUNERS .. ( 22K ? .. more like 40K to settle )

[Youngstar1989]

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.

Hey, i would like some help with an insurance claim but i am not sure how to pm.. can i contact u vier whats app?

[shaneelal]

Scenario-
Someone has fully comprehensive insurance(GG) and gets in an accident, adjuster indicated repairs uneconomical, insurance paid value on last policy, no excess and no change to NCD.

Case seemed clear cut - other vehicle (Banker's Ins.) was over taking two cars on a two-way main road at high speed and as they tried pull back hit the car heading in opposite direction in their lane.

Three years later GG indicates Banker's client gave a story involving a hole in the road and reports of incident don't match, Banker's only willing to pay 50%.

Does the person with fully comprehensive insurance need to get involved? Is it normal that an insurance company asks their customer to repay if they can't get full amount from the other insurance ?

[Chimera]

That isnt the person with fully comp problem.

They have fully comp to be fully covered no matter what.

[agent007]

PS is right. That is now a legal matter between the Recoveries Dept of GG and the claims dept of Bankers. It looks like a strategy not to pay 100% and given the time past, they are hoping that GG accepts.

These unethical practices even amongst themselves is why recoveries can take so long.

I have a matter that took place since 2011 and the insurance co. at fault refuses to pay back for damages. My insurance co recoveries dept took them to court and lost the case. You could imagine that?

The RTA code was against the other party that broke a traffic light and slammed into my car. Since my car was full comp, I got it fixed but my insurer never got back any money. I was never refunded excess either.

If I tell alluh the story behind what took place after that accident, you all would be in shock.

[pugboy]

them companies does wheel and deal between them
a senior insurance exec bounce my father car parking to go to a bar a few years ago
he refuse to handle it as a claim and insisted on using his repair shop who give plenty runaround and was always busy, plus he say he only willing to pay a certain amount

when I say we handling it as a bonafide official claim, he start to breaks and delay 6 months
eventually our broker paid the difference out of their pocket along with his personal check.
he obviously didnt want a claim recorded against him and our broker tried to "help" him out as they would probably need favours from him in other claims.

[shaneelal]

Thanks for the feedback, Phone Surgeon was correct. The fully comprehensive insurance (GG) clarified that they just wanted additional evidence, they are handling recovery with Banker's.

@agent007
I would think someone breaking a traffic light would have been a simple recovery case.