Insurance payout?

xdub69 · 25-12-2006, 08:22 PM

Gday,
On saturday night about 11pm driving down dandenong-hasting road a merc decided to pull out in front and the result was me t-boning it at 100kph and then sliding into a taxi.
Just wondering what you reckon i'll get for the car..
I only had Third Party Insurance but it wasnt my fault so that isnt such an issue.
It was an EFII Futura with 180,000km on the clock which I paid $4000 for only 3 months ago and its well and truly ****** as you can imagine.
Any rough ideas would be good as i have no idea and i wanna start looking a for a another car and want to know what sort of money I can spend.
Thanks guys
Cheers
Cam

brenx · 25-12-2006, 09:12 PM

You may or may not get your $4000 back due to this being the purchase price only a short time ago. Market value seems to put them around the $3000 mark. The insurance company will look at the condition of your car to determine whether it's worth more. Some insurance companies list them at more.

I know in auctions EF/EL are going for as low @ $1500 and some are quite nice cars.

**Full Noise** · 25-12-2006, 09:23 PM

Just go to Red Book and search for the lowest value for that model that you can find and go by that. I was in a similar situation a few months ago and strangely enough after the assessor left, and they eventually got back to me with a figure, it was the same as the lowest Red Book value. Coincidence?

gtfpv · 25-12-2006, 10:34 PM

100km/hr T' BONE ?? is everyone ok . did the merc do it's job with safety.??

**Sorted** · 25-12-2006, 10:48 PM

First Point:-If the other car was not insured your Third Party Only insurance insurer will handle the claim as you will or should have a clause called "uninsured third party extension" or something similar....

Second Point:- If you paid $4,000 for it only 3 months ago you should still have the receipt or reg transfer papers which has the value of the vehicle on it - you can use this to proove the value of the car if they lower less than $4,000 for it

Third Point:- Don't jump at the first offer the insurer gives you as that will be the lowest amount they think they can get away with BUT if your happy with it then take it

Fourth Point:- Make sure you ask if the balance of the regsitration is kept by the insurer or you get to cash it in

And yeah agreed with what Brenx has stated.....

Do you know if the other car is insured and do you know what insurance company it is yet?

AND I also hope everyone is okay and I assume the police attended as if you are injured in anyway and want to make any sort of TAC claim they have to be advised asap........

TAC will pay for any of your medical bills due to this accident.......

LTDHO · 26-12-2006, 01:27 PM

Quote:

Originally Posted by DRHEMI

First Point:-If the other car was not insured your Third Party Only insurance insurer will handle the claim as you will or should have a clause called "uninsured third party extension" or something similar....

Second Point:- If you paid $4,000 for it only 3 months ago you should still have the receipt or reg transfer papers which has the value of the vehicle on it - you can use this to proove the value of the car if they lower less than $4,000 for it

Third Point:- Don't jump at the first offer the insurer gives you as that will be the lowest amount they think they can get away with BUT if your happy with it then take it

Fourth Point:- Make sure you ask if the balance of the regsitration is kept by the insurer or you get to cash it in

And yeah agreed with what Brenx has stated.....

Do you know if the other car is insured and do you know what insurance company it is yet?

AND I also hope everyone is okay and I assume the police attended as if you are injured in anyway and want to make any sort of TAC claim they have to be advised asap........

TAC will pay for any of your medical bills due to this accident.......

Just to clarify.

First point - Very true. If thye other party is liable and is uninsured and you can provide your insurer with the details of the driver, then you should be covered up to a limit called Uninsured motorist extention.

Second point - What you pay for a car and what it is worth are two different things. What if he paid less than it's worth? So purchase papers are meaningless.

Third point - This is the biggest load of BS I have heard. Insurance companies do not do this as the can't afford to damage their reputation and do not want the rework of adjusting the amount, they would rather pay the correct amount and move onto the next person who wrote off their car.

Fourth point - Most of the time the vehicle is valued less rego, you get to claim this via Vic Roads yourself, the insurer will provide you the documentation for this.

TAC have minimum and maximum limits to claim. Inquire as to what they are.

**Sorted** · 26-12-2006, 10:36 PM

Quote:

Originally Posted by LTDHO

Just to clarify.

First point - Very true. If the other party is liable and is uninsured and you can provide your insurer with the details of the driver, then you should be covered up to a limit called Uninsured motorist extension.

Second point - What you pay for a car and what it is worth are two different things. What if he paid less than it's worth? So purchase papers are meaningless.

Third point - This is the biggest load of BS I have heard. Insurance companies do not do this as the can't afford to damage their reputation and do not want the rework of adjusting the amount, they would rather pay the correct amount and move onto the next person who wrote off their car.

Fourth point - Most of the time the vehicle is valued less rego, you get to claim this via Vic Roads yourself, the insurer will provide you the documentation for this.

TAC have minimum and maximum limits to claim. Inquire as to what they are.

Just to Clarify the Clarification by an unknown source

:

First Point:- Happy with the "clarification"

Second Point:- Did not say you will get $4,000, it said you can use this to give a value of your car whether or not the insurer will take that into account is another matter.

Purchase papers are not so called "meaningless" they are written proof what you paid for the car and will be taken into account when obtaining a settlement figure BUT I would not bring it up until they advise you of a settlement figure as if its too low then that's when you bring it up.

Third Point:- Obviously LTDHO works for an Insurance Company - prob AAMI or RACV and is not an insurance broker as if he was a broker he would be working with the client's best interests in mind rather that the insurer's best interests.

An Insurance Company is a business and as a business they will settle for the least amount of money as possible that they think they can get away.

Fourth Point:- "Most of the Time" does not cut it, you have to find out if it does or if it doesn't include the balance of the registration.

Yaw · 27-12-2006, 10:26 PM

Quote:

Originally Posted by DRHEMI

Just to Clarify the Clarification by an unknown source

:

First Point:- Happy with the "clarification"

Second Point:- Did not say you will get $4,000, it said you can use this to give a value of your car whether or not the insurer will take that into account is another matter.

Purchase papers are not so called "meaningless" they are written proof what you paid for the car and will be taken into account when obtaining a settlement figure BUT I would not bring it up until they advise you of a settlement figure as if its too low then that's when you bring it up.

Third Point:- Obviously LTDHO works for an Insurance Company - prob AAMI or RACV and is not an insurance broker as if he was a broker he would be working with the client's best interests in mind rather that the insurer's best interests.

An Insurance Company is a business and as a business they will settle for the least amount of money as possible that they think they can get away.

Fourth Point:- "Most of the Time" does not cut it, you have to find out if it does or if it doesn't include the balance of the registration.

To reclarify a clarifcation of a clarification:

Second point:-
Purchase papers are in fact pretty well meaningless to the value of a car.
Yes I conceed they prove what you paid, but that has little to do with the value of a car.
Both Red Book and Glasses guide have a top price, mid price and bottom price. Talking in general terms a top book price would be for a car that has full log book history showing each and every service stamped up to current klm. No dents, scratches, rust or hail damage. Interior near perfect...No worn patches of upholstery or stains. In roadworthy condition with no outstanding mechanical repairs or tyres or maitence to be done with low to average Klms.
Usually cars under 5-10 years old get this without too much trouble.
If you cannot prove all this and you paid too much for it, it is NOT the insurance companies fault that YOU paid too much for a car.

Third Point:-
A broker deals with insurance companies and DOES NOT have any real say in the insurance company assessor's payout, It is NOT the broker paying the money to you, its the insurance company so at the end of the day it makes squat all difference.

Forth Point:-
If a car has less than 6 months rego the payout figure will include that, more than 6 months you will get anything back over that usually.

As LTDHO said an insurance company will pay out the correct amount for repuatation and good business sense. Fact of the matter is if you don't accept it, then take matters further they will invite you to get an independant valuation from a professional valuer. (this usually costs you around $150 to find out the assesor is being more than fair) i have personally witnessed this about 6 times, each time the independant valuer employed by the customer came back with a lower price than offered by the assessor.
Assessors are paid to make fair and reasonable descions. Yes they are also known as loss adjusters but this is nessesary to protect the insurance company from unscrupulos repairers that charge for things not needed or not done economically to a high standard.

:

xdub69 · 25-12-2006, 10:49 PM

Quote:

Originally Posted by gtfpv

100km/hr T' BONE ?? is everyone ok . did the merc do it's job with safety.??

Luckily everyone is fine, The other driver was a lady proberly late 20's, she went to hospital but i think it was shock more then anything and a large dose of whiplash as she had no obvious injuries and the ambulance wernt too concerned.
It was proberly an early 90's merc not a new one but nah its buggered if she had a passenger or anyone on the passenger side they would've been killed instantly as the 'B' piller wouldnt have been far from the drivers.
The falcon did the job, only injury to me is a bit of a rash on my right wrist where the airbag went off.

Quote:

Originally Posted by Full Noise

Just go to Red Book and search for the lowest value for that model that you can find and go by that. I was in a similar situation a few months ago and strangely enough after the assessor left, and they eventually got back to me with a figure, it was the same as the lowest Red Book value. Coincidence?

Hope not...then I'm looking at $2100
Spose I just have to wait and see
Cheers
cam

gtfpv · 25-12-2006, 10:55 PM

Quote:

Originally Posted by xdub69

Luckily everyone is fine, The other driver was a lady proberly late 20's, she went to hospital but i think it was shock more then anything and a large dose of whiplash as she had no obvious injuries and the ambulance wernt too concerned.
It was proberly an early 90's merc not a new one but nah its buggered if she had a passenger or anyone on the passenger side they would've been killed instantly as the 'B' piller wouldnt have been far from the drivers.
The falcon did the job, only injury to me is a bit of a rash on my right wrist where the airbag went off.

Hope not...then I'm looking at $2100
Spose I just have to wait and see
Cheers
cam

well so glad to hear everyone is ok at that speed . legal advice wouldn't go astray as health problems can arise later to all victims .
hope you get your $4000 back . and buy a few lottery tickets . cheers.

**data_mine** · 26-12-2006, 01:44 PM

Quote:

Originally Posted by xdub69

the airbag went off.

Get your hearing checked. Airbag deployment can cause permanent hearing loss/damage and/or tinitus (ringing). Speaking from experience.

Tocchi · 25-12-2006, 11:06 PM

lucky you didnt have mods cos you wouldnt see them again...or the money for em

XR8-260 · 26-12-2006, 01:37 AM

I was just wondering what would happen if his car did have mods i.e exhaust etc?
Would you just 'lose' the mods that you had - but still get the money for your car? Or would the insurance be completely void i.e you get nothing?

XR Martin · 26-12-2006, 01:38 AM

Because you wernt at fault you can have a greater influence on how much you get, $4000 should be the minimum and you should get the wreck back also. As your car is out of commission because of someone else you also should be able to get a rental car too.

070mstg · 26-12-2006, 01:51 AM

as XR6 martin says, you've done nothing wrong so dont fear pushing for whats rightfully yours,yes push her company for a rental car,my insurance company offers one but never actually asked if i wanted one with my claim.push like hell for your $4000, dont give up till you get it, if they say they red book is say $2500 say well sorry but this one was in tip top condition,thats why i paid $4000 for it.
as for getting the wreck back, you may get first option on buying it but the $4000 and the wreck, doubt it,that would require an insurance company to be nice...
hey be sure to tell them of any money you spent on it too, if you've spent $1500 on it in that 3 months then try for more. good luck, dont hold your breath for that money to come too quick though i'd say

bob 351 · 26-12-2006, 09:30 AM

my wife wiped out my el the guy told me i was only going to get 4.5g's for it i told them that i was not happy with that and i was going to change companys he rang me back said they had reaccesed it came up with 6 g's i was happy with that

Yaw · 26-12-2006, 10:31 AM

An assessor will work out your payout like this:

Accepted base value- (glasses guide or redbook taking into account condition and average Klm's)

then add for mods and accessories at fair and reasonable amounts.
(not what they cost new, ones of the same age and condition)

then they will minus the resale price. (what it would take to get the car up to scratch to sell with a current saftey certificate/roadworthy)

All this equals the final payout figure.

As for rego, if there is less than 6 months rego it goes with the car, (estentially you are selling the car therefore rego goes with it.) If more than 6 months rego they will usually give anything over that back to you. (if for instance the car has 7 months rego, expect 1 months rego back.

They can also deduct for damage and rust that was there prior to the accident.

Don't forget the assessor is talking to you about the car, you may still be entitled to towing charges (if you paid them they will be reimbursed)

Yaw · 26-12-2006, 10:39 AM

Quote:

Originally Posted by 070mstg

as XR6 martin says, you've done nothing wrong so dont fear pushing for whats rightfully yours,yes push her company for a rental car,my insurance company offers one but never actually asked if i wanted one with my claim.push like hell for your $4000, dont give up till you get it, if they say they red book is say $2500 say well sorry but this one was in tip top condition,thats why i paid $4000 for it.
as for getting the wreck back, you may get first option on buying it but the $4000 and the wreck, doubt it,that would require an insurance company to be nice...
hey be sure to tell them of any money you spent on it too, if you've spent $1500 on it in that 3 months then try for more. good luck, dont hold your breath for that money to come too quick though i'd say

This does not work.
Regardless if you paid $10000 for a $1000 car how is it the insurance companies fault you got ripped off?
It is what the car is CURRENTLY worth, not what you paid for it.
As for a rental car, its called demmurage, to be eligible you need to have to spend more than 2 hours a day on public transport to get to and from work, or need your car to perform your job. For instance shift work when no public transport is available, (you must be able to prove this too). Their company will not pay for your rental car but will reimburse you after you have paid for it and sent them the invoice. (usually after the hire has happened) An insurance company does NOT leagally have to pay for just general inconvience. ou can push the point and sue them, but unless you meet the above criteria you will have wasted your time and money to take it to court.

LTDHO · 26-12-2006, 11:59 PM

DRHEMI - you are that far away from the facts I'm not going to waste my time quoting you.

**Sorted** · 27-12-2006, 12:43 PM

Quote:

Originally Posted by LTDHO

DRHEMI - you are that far away from the facts I'm not going to waste my time quoting you.

You just did and I don't see it as "wasting time" that would be the attitude of an insurance company........

Ringo · 27-12-2006, 10:09 AM

You hit another car at 100 kph !!!!!!!

**********.

Glad your still here....

xdub69 · 27-12-2006, 03:12 PM

Quote:

Originally Posted by Ringo

You hit another car at 100 kph !!!!!!!

No, Luckily I hit the other car at a much lower speed, all this after I just put a full tank of juice in it

:
Here a pic of the car from today when i went to get the head unit.

**Sorted** · 27-12-2006, 03:42 PM

The link to the picture does not work - it comes up with this:-

Quote:

DRHEMI, you do not have permission to access this page. This could be due to one of several reasons:

Your user account may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

xdub69 · 27-12-2006, 04:22 PM

try again

JADED6 · 27-12-2006, 05:10 PM

Fair hit for what resulted in no apparent injuries (so far) to you or them..

peterban · 27-12-2006, 11:34 PM

We had a complete write-off of our Hyundai excel a couple of years ago.
It was our fault and we had comprehensive insurance on it from Alliance.

The assessor said the price they offer is the average price over the last month or so of the particular model with the options ( i.e a/c , p/s etc. ) from trading post etc.
I only paid $5000 for it and they paid out $8000 less $500 for excess and less the rest of the premium as I was paying by the month. ( The excess won't apply as it was not your fault ).
I asked for a better price and he said if I didn't accept the $8000 it would hold the pay-out up for quite awhile so I accepted the $8000 and the cheque for $7200 arrived within 2 weeks.
It is the only car I have owned that I have made a profit on!!!!!

Also the rego is claimed back from Vic roads from the date of the accident. It has nothing to do with the insurance company.

They do not give you the car back if they pay out for a write-off, but you can buy it back from the auctions.

I went to get our personal stuff out of the car and they sent someone with me to make sure I didn't take any accessory from the car.

Just one other thing to note is that the assessor was very slow to actually assess the car in the first place i.e. 2 weeks. If you don't hear anything from them try and find out the insurance company and get on to the claim as quick as possible.

**Sorted** · 27-12-2006, 11:52 PM

Okay just for ***** and giggles:-

Here is RACV's Policy in view of a total loss and I quote:-

Comprehensive Cover

If your vehicle is a total loss and we agree to pay your claim we will pay the agreed value or market value depending on the current cover shown on your current certificate of insurance after deducting:-

the unused portions of Registration and Compulsory Third Party (CTP) insurance that your are entitled to

THUS YOU DO NOT GET THE BALANCE OF THE REGISTRATION AS IT IS DEDUCTED FROM THE SETTLEMENT FIGURE............

And if i could be bothered I could find more insurers with a clause like this or similar too but I only need one to proove my point...........

Now there are many car insurers in Australia and some may give you back the balance of the registration but some don't ............

:

Yaw · 28-12-2006, 12:00 AM

Quote:

Originally Posted by DRHEMI

Okay just for ***** and giggles:-

Here is RACV's Policy in view of a total loss and I quote:-

Comprehensive Cover

If your vehicle is a total loss and we agree to pay your claim we will pay the agreed value or market value depending on the current cover shown on your current certificate of insurance after deducting:-

the unused portions of Registration and Compulsory Third Party (CTP) insurance that your are entitled to

THUS YOU DO NOT GET THE BALANCE OF THE REGISTRATION AS IT IS DEDUCTED FROM THE SETTLEMENT FIGURE............

And if i could be bothered I could find more insurers with a clause like this or similar too but I only need one to proove my point...........

Now there are many car insurers in Australia and some may give you back the balance of the registration but some don't ............

:

How does that prove your point? other than showing the person that purchased a policy did not read thier product disclosure statement.

But i am quite sure you sit there and make sure your clients have the entire policy wording read to them also do you ?

This is the EXACT reason there is a 14 day cooling off period you can cancel a policy at any time according to the FSRA.

When a car is paid out, you are selling the car to them.....when you sell a car rego usually goes with it, hence most and i do mean most will keep anything under 6 months rego. I have made no point of hiding it.

Yaw · 27-12-2006, 11:56 PM

Quote:

Originally Posted by peterban

Just one other thing to note is that the assessor was very slow to actually assess the car in the first place i.e. 2 weeks. If you don't hear anything from them try and find out the insurance company and get on to the claim as quick as possible.

Don't be so quick to assume it was the assesor that was slow. It could quite possibly be the insured owner not meeting policy expectations or a dispute in liability between companies that does that due course to sort it out.

For instance someone that may be at fault in an accident and have third party property damage insurance. The third party will not get thier car assesed until such time the insured owner pays thier excess. That can quite often be the slow part.

peterban · 28-12-2006, 12:04 AM

I was quoting from my personal experience with Alliance, it must be different with other insurance companies.
In my case I don't know whether or not the insurance company took the registration portion off and ended up at $8000 or they didn't bother with it.

Even if they take off the value of the unused portion of rego you still need to claim this back from Vic roads as the car is in your name.

Note I did have to pay the rest of the insurance premium from the date of the accident to the end of the policy date, which was $300. If you paid the policy for the full year you don't get a refund of the unused part of the policy.

Not sure why there was a hold up as I was the at fault person, but it took 2 weeks from me faxing the claim to having it assessed.