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Insurance Claims


tjambarker
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I've just returned from a holiday and on the way home the side of my caravan was smahed by a lorry!! Everyone is unhurt and which is the main thing, but what concerns me is the payout from the insurance company. I'm reasonably sure that the van will be a write off because of the extent of the damage. My problem is that I had a particularlly good deal on the van when I bought it earlier in the year and the insurance company has asked for the receipt. I insured the van for more than I paid for it knowing that the replacement cost would be more than I actually paid for my van.

 

The question I would like to know the answer to is will they pay me out based on what I paid for the van or what the replacement/insured value of the caravan is?

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Read your policy!!!

 

Know that sounds obvious but every insurer is different. Theoretically the insurers could pay the maximum amount you stated on your proposal but if the van cost you £15k and you insured it for £25k they wouldn't pay you £25k!! They would pay the "market value" or, if the van is less than a year old, my guess is they will pay the replacement cost of an equivalent van.

 

Regards

 

NRF

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Not all policies cover on a "new-for-old" basis.

 

Check your policy.

 

If it's "new-for-old" they'll pay whatever it costs to get a replacement.

 

If it's not "new-for-old", ie "market value" they'll pay the market value but that may not be enough to get a replacement.

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The trouble is the van isn't a new caravan and the policy states MARKET value! I've been surfing around the online sites and the same van has an average starting price about £500 more than the starting price of mine at the begining of the year! The trouble then for the insurance companies is on what value do they base the payout. If the prices of secondhand values fluctuates according to the season they'll never be able to "fix" the replacement value of the caravan.

 

The policy is the caravan club 5c's standard policy.

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More often than not the insurers will listen to a reasonable argument when it comes to the settlement offer. The first offer is not necessarily the final offer and does not have to be accepted.

 

Unlike cars, there is no Parkers or Glasses Guide (or CAP guide used by the trade) the insurers should pay to you an amount of money sufficient to allow you to purchase an equivalent van.

 

If all else fails and they dont negotiate (and I cant imagine the CC Insurance being awkward) then get some advice from the Financial Ombudsmen.

 

http://www. financial-ombudsman. org. uk/

 

Regards

 

NRF

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If it was the lorry driver's fault then his insurer should put you back in the postion before the accident.

 

Mike

37419[/snapback]

The trouble is he's going to claim knock for knock because he reckoned the road was too narrow. My argument, supported by witnesses, is that he was going so fast that he couldn't stop before he hit me. If he had stopped, or even slowed down, then we could have easily passed! Neverthless, the road was narrow and he does have a point!

 

I didn't think it mattered who's fault the accident was and hence liability shouldn't affect the level of the payout from the insurers. The only difference I think it can make is to do with un-insured losses such as excesses which, if I've read my policy correctly, I can claim if he is found to be in the wrong.

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There is a Glasses Guide to used caravan prices.

Caravan Club members can access it for a fee (£5. 75 I think).

37416[/snapback]

Thanks for this bit of information. I presume I just contact the CC or can I do it through their website?

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Just some info from someone who works in insurance - knock for knock is a misnomer and it no longer exists. It was an agreement between insurance companines whereby they each agreed to pay for their own damage and it was phased out several years ago. Which company pays for what will depend on where the fault for the accident lies. In collisions on narrow roads without witnesses then the fault is usually split 50/50 ie your company pays for your damage then recovers 50% from the other party's insurance and visa versa. You are entitled to recover 50% of your uninsured losses ie excess etc. . If you have witnesses holding the other vehicle responsible then you have a chance of the other driver being found 100% liable and you will recover 100%. The area and extent of damage may also help indicate fault. If the lorry driver is found to be at fault then you could claim from his insures but as there is likely to be an argument on liabaility this could take some time.

 

As for the value of the caravan, insurance companies usually pay market value unless it falls under a new for old replacement scheme which will depend on the age of your caravan and the policy wording.

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since that you are insured with the caravan club you will not have any problem. just contact the CC as you said and leave it to them

37469[/snapback]

I hope so because I've spent the day today looking again at the extent of the damage - I was back at work the morning after I got back. I'm more convinced than ever that the van will be a write off. There is more interior damage than I first thought and the floor in the washroom creaks very loudly. It's so sad as we've only had the van 6mths and it really is/was in very good condition.

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Just some info from someone who works in insurance - knock for knock is a misnomer and it no longer exists. It was an agreement between insurance companines whereby they each agreed to pay for their own damage and it was phased out several years ago. .

37516[/snapback]

 

Your splitting hairs here surely. A speeding idiot went up the side of my panel van on a country lane when I was stationary. It doesn't matter how you dress the jargon up - its knock for knock. That is to say we both lose out especially me whose fault it wasn't. I couldn't care less about paying an excess, its the loss of NCD and the possible rise in premium that hurts me.

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If the other driver is found to be at fault and your insurers recover their outlay in full from his insurers, they should reinstate your ncd and it should not affect your premium ( this is the case for motor insurance and I assume that it will be similiar for caravan insurance).

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the other driver whilst at the scene admitted fault later denied it. No witnesses of worth so the insurance companies have no choice but to "share the claim" ie knock for knock or whatever the term is. The end result is I lose NCD and my premium goes up.

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the other driver whilst at the scene admitted fault later denied it. No witnesses of worth so the insurance companies have no choice but to "share the claim" ie knock for knock or whatever the term is. The end result is I lose NCD and my premium goes up.

37567[/snapback]

 

Is this on the current van Matt?

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Well it looks like it's going to be written off. It needs a complete new roof, complete side, back, internal wallboard and re-construction of the timber frame + about £1000 of sundry bits and the labour!!! The person who came and looked at the caravan said the last one they had actually done like this had cost £11k

 

Does anyone know how long the CC takes to payout on insurance claims?

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Well it looks like it's going to be written off.   It needs a complete new roof, complete side, back, internal wallboard and re-construction of the timber frame + about £1000 of sundry bits and the labour!!!  The person who came and looked at the caravan said the last one they had actually done like this had cost £11k

 

Does anyone know how long the CC takes to payout on insurance claims?

37808[/snapback]

 

 

I wrote off my Senator Oklahoma in February and eleven days after the accident, I had confirmation in writing that it had been declared a total loss. I was very impressed. Our 'van was only 15 months old and covered by new-for-old so we collected the replacement 'van in mid-March. I couldn't fault the CC and their Loss Adjusters in any way.

 

Mlamont

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I wrote off my Senator Oklahoma in February and eleven days after the accident, I had confirmation in writing that it had been declared a total loss.   I was very impressed.   Our 'van  was only 15 months old and covered by new-for-old so we collected the replacement 'van in mid-March.   I couldn't fault the CC and their Loss Adjusters in any way.

 

Mlamont

37875[/snapback]

Thanks for that

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