Vehicle Insurance Payouts

[MickyP]

Hey guys,

Just had a car written off. The settlement that they have given is quite a bit less than the insured value.

Shouldn't the payout from the company then match the insured sum? For reference car is insured at 85k as per policy and they are offering 75k before excess.

Anyone had similar experiences? How much room do we have here for negotiation typically?

 

[Former member 61586]

Negotiations? Is the premium you pay them also negotiable?

 

[Hemi300c]

Hey guys,

Just had a car written off. The settlement that they have given is quite a bit less than the insured value.

Shouldn't the payout from the company then match the insured sum? For reference car is insured at 85k as per policy and they are offering 75k before excess.

Anyone had similar experiences? How much room do we have here for negotiation typically?

Why was the vehicle insured for that value? Did they say it was that value and when?
What does your policy say insure on retail value and the payout will be trade value?
You should be asking your broker the questions

 

[Former member 61586]

Please name your insurer.

 

[MickyP]

Insurer is Vantage.

Policy wording is Retail Value but gave specified amount at 85. This was at most recent renewal in Dec. Their wording around retail is about being to replace at similar value/worth. The offer is definitely below this.

I’m asking broker for sure. But always helpful to hear from others.