basically the insurance has been hard work so far...just as well i am persistant. Anyway they decided today to call it a total loss.
Repair bill was just short of £12k
Glasses guide was £9,400 (interesting to note that the insurance co have quoted a "glasses guide" figure that differs somewhat from that actually in the book held at local dealer
anyway they decided to write off, despite the fact that i am insured with New for old to the current price of the similar FB version of the van,
We have planned for this moment, so we are ready with alternatives so just waiting for the insurance to confirm details so that we can order something similar to what we have just lost.
Sad really as everything else in the van is in top notch condition....some breaker is going to make a killing on it.
Glad you're seeing some progress. If your Sum Insured (in the event of a total loss settlement) was an "Agreed Value", then you should get that agreed value.
If it was simply market value at the time of the loss, you'd be offered that market value, irrespective of the value you gave at inception of the policy, assuming the 'van was new then.
The market value, of course, depends on the resource used to arrive at it, and as such is open to counter offer, taking in to account any added value features with your particular 'van.
Let us know how it goes. Good luck.
------------- Mike
My advice is worth no more than the price paid for it
Quote: Originally posted by littlebasher on 22/5/2012
It sounds like you're claiming off your own insurance?
How come the other drivers insurance isn't covering the damage he did to your van?
The OP is fully comp and will claim of his own insurance and they will then look to recover their monies paid out from the car drivers insuranace. It can be claimed of car insurers direct but sometimes that can take longer because they are not set up for dealing with caravan values etc and he would also lose out as his caravan insurance will pay out new for old(ie a brand new van) and the car insurance will only pay market value.
yes we are claiming off our policy, and then they will recouperate their loss from the 3rd party.
i also have a seperate legal expenses policy that will get me my excess back plus the other expenses that are building up. and i spoke to new insurers of potential replacement van, and they will insure me for a price, and refund the difference back to me to bring me back in line with my previous NCD once the claim is concluded in full....which is going to take a few months yet!
sadly we will never be back in the position we were in before the impact as we cant get the same layout of the van.
The claims people are just a subcontracted team so they are making a recomendation to the insurance company to pay the full 14,500 new for old figure as the most direct replacement, whilst being a higher spec van is £3k more.
Else they might decide to try the old underinsurance approach, although there doesnt seem to be one on the T&Cs- i'm ready for them!
It seems a shame you cant buy it back off the insurance and have it repaired yourself if you cant find the same layout.
My insurance renewal policy just came through the post from Camping and Caravan Club. We have New for Old and they have just amended the wording on the policy.
It reads:- The cost of a new replacement,or the nearest equivalent. New for Old cover applies when Your Unit or Equipment are replaced; any cash settlement will be a Market Value basis only.If, at any time of the loss, the sum insured for Your Unit is less than 90% of the cost of a new replacement or nearest equivalent then the basis of cover will revert to Market Value. The maximum amount Insurers will pay will be limited to the sum insured shown in Your Evidence of Insurance irrespective of the basis of cover.
Confused, I read it that it doesn't matter that its New for Old you will only get the market value.
I'm not familiar with the policy but I think what they are trying to say is:
1.Providing the Sum Insured is more than 90% of the cost of a new 'van AND THEY EXERCISE THE REPLACEMENT OPTION, you get a new one or the nearest equivalent.
2. If you opt for a cash settlement (I assume they give you the option) it's Market Value at the time of the loss.
3. If the Sum Insured is less than 90%, again it's market value.
In either scenario the maximum payable is the Sum Insured specified.
------------- Mike
My advice is worth no more than the price paid for it
looks to be an "underinsurance" type clause. Still gives them wriggling room, so you need to keep on top of the correct value each year. Also consider that the cost of a replacement may increase somewhat during the policy term.
Usually underinsureance is a bit more simple. eg you insure a van for £10k, but say its actually worth £20k to replace, in whcih case you have underinsured by 50%, so they only pay out half of your claim i.e. £5k ! seen this happen with home contents insurance.
On ours its states the following:
in the event of the Caravan being damaged beyond economical repair within the Period of insurance specified in the Schedule of purchase New and provided the Sum Insured represents the full replacement value as new, at the time of the damage,the underwriters will replace the caravan with a new one of the same manufacture and model or pay the cash euquivalent at its dicretion. Any available discount will be taken into account in the settlement.
I have also found that the "total liability of the underwriters" shall not exceed the sum insured. So in my case the cost of the recovery of the van that i have already forked out £300 might be taken from the sum insured figure! I'm not having this though as its quite badly worded on the policy.
by the way, just been to empty out the van and say my goodbyes ....and the dealer is going to start charging the insurance for storage!
i'll let you know what they pay out when they decide to make a decision.
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Topic: UPDATE-Serious damage inflicted by idiot
....and the dealer is going to start charging the insurance for storage!
