Car insurance claims advice, please.

[mad*moo73]

Last Sunday I was in a car accident, me ok, car will most likely be written off.
Was driving along Heatherton Road & some idiot decided to pull out from a side street hitting my car & sending me into someones front yard taking out thier front fence & a couple of trees!
Clearly other drivers fault & police charged her & so far have no issues regarding who was at fault.

I'm insured with Budget & the other driver with RACV. My car was a 2002 BA xr6. My car was insured for market value & what I want to know is the experiences of others who have been in a similar situation. My main concern ATM is the amount I will receive for my car - is the amount negotiable or do you have to take what is offered? I've looked at the Redbook value & it's anywhere from $9000 - $15000, I would like closer to the $15000!

But yes, any advice would be greatly appreciated.

[Lily]

Oh Moo, I'm so sorry to hear this but so glad that you are ok

As to your claim, my experience is you will be paid whatever the "Agreed Value" or "Market Value" is on your most recent insurance policy that you paid and most policies seem to default to "Market Value" unless you specify (and pay increased premiums for) the "Agreed Value". Unfortunately, whatever that amount is, that is what you will get paid and in my experience it's usually lower than the real market value (ie. what you would get if you sold it).

With the hail storm, my car was written off. It was less than two years old, therefore I could choose to have it replaced, or I could take the "Market Value" (as that is what my policy was for, not "Agreed"). I ended up getting it replaced, as even though the car was quite young and retailed at around $50,000, it's market value was only $31,000 I have a feeling they used Red Book, but I think this can vary from insurer to insurer.

The lesson I learnt from this experience was to have an "Agreed Value" on my policy and not go with market, as the loss, particularly on a new car, is substantial. I'd ring your insurer and ask, they should be able to indicate over the phone what you will be paid. If a Loss Adjuster has assessed your car, they should be able to tell you what the payout is going to be fairly quickly.

[mad*moo73]

Thanks Lily. It sucks doesn't it? If our cars are repairable we aren't out of pocket but if the cars written off we are! Most people aren't going to replace their car with the same one they had, so most likely your are going to be out of pocket & several thousand dollars at that! I really hadn't thought about my insurance in that context. I will definately choose agreed value on my next car.

[Petethemoskeet]

Good to hear you came through alright madmoo73.Lily i was wondering if you had to pay stamp duty and transfer fee when you transfered the new car to your name?

[Lily]

Hmmm, let me try and remember what happened. In short, no, I didn't pay a cent. I did lose the balance of my premium that I'd already paid though. My car was leased, so the lessor and the insurer sorted out all the paperwork, whether there was any stamps, etc. I wouldn't know. I just put in the claim, paid the excess (to the dealer) and got my new car... after some stuffing around when they tried to give me the base model, some $20K cheaper, I might add (It was a paperwork mix up, but sorted out in the end).

Moo, it's a really valuable lesson to learn and one I was just really lucky to not learn the hard way. My policy replaces cars with new if they are two years and younger, my car was written off in March and was two years old only two months later. I was just bloody lucky, that was all, but could have been an entirely different story so easily - I would have been on here spitting chips and complaining loudly if that had happened lol.

[mad*moo73]

Yes you were lucky Lily, my gosh you would have been totally spewing if that had happened in May.

Spoke to my insurance today, an assessor will be looking at my car within the next 48hours, so should know by later this week what is happening, fingers crossed they are in a generous mood when deciding the value of my car!

Now next question, what are people's thoughts, experiences with Holden Belina's & Toyota Aurion's?????

[Lily]

Absolutely no idea, Moo, but hopefully someone else can help lol! But hey, we could go car shopping together (I'm car hunting too at the moment)

[mad*moo73]

But hey, we could go car shopping together (I'm car hunting too at the moment)

We so could!!!!!!!!!!!!!! Then we could fill our new cars with some "REAL" shopping because lets face it Lily we really know why you need such a big car!

[Lily]

You are soooooo onto me, I really just want a massive shopping cart (shhhhhh! don't tell my husband!)