Insurance pay out

Submitted: Thursday, Jul 14, 2011 at 11:30
ThreadID: 87557 Views:2211 Replies:4 FollowUps:1
This Thread has been Archived
Hi guys : Just after an opinion I have been with one of the better known insurance companies for over 10 years.Full comprehensive no claims, with all modifications and accessories noted. Had a hf radio 9350 with auto tune and a 39 litre engel fridge stolen from vehicle. Reported it to police got quotes for used radio and new fridge to replace articles which came in at $3500. When I took out this insurance I was told by the service Guy at the insurance to quote the value of the radio at new replacement cost which I put down as $4000 installed, so I have been paying a premium based on that. I received a payment of $1000 less $300 excess as settlement. Do you think this reasonable or under valued. personally I am not happy. What are your thoughts.
Thanks to anyone who replies.
Back Expand Un-Read 0 Moderator

Reply By: Member - sassenach.girl (QLD) - Thursday, Jul 14, 2011 at 12:27

Thursday, Jul 14, 2011 at 12:27
As it understand it, if you have a named item on your insurance at an agreed value, you get that value paid, less any excess, on a claim.
AnswerID: 459908

Reply By: Rob! - Thursday, Jul 14, 2011 at 14:00

Thursday, Jul 14, 2011 at 14:00
What does your contract say?
AnswerID: 459913

Follow Up By: Rob! - Thursday, Jul 14, 2011 at 16:16

Thursday, Jul 14, 2011 at 16:16
The reason I ask this is that you are asking for an opinion from people who have no idea what your agreement with the insurance company. Do you have a "new for old" replacement or simply they give you the value of the items when they were stolen?

I am guessing the insurance co. not only factor in the value of new items but the chances of such items being stolen. The older they are the greater the chance of them going "missing". No that I am suggesting that is the case here, but they have to factor this in for the general populace.

If your PDS states that they give you the value of a new items, then you should chase them. On the other hand if it says they will give you the current value then there is no arguament.

FollowupID: 733524

Reply By: rumpig - Thursday, Jul 14, 2011 at 20:29

Thursday, Jul 14, 2011 at 20:29
got a mate who had the similar thing happen to him, he had agreed value insurance on his fourby (with all extras listed and priced) but apparently agreed value is just for the vehicle, insurance companies depreciate the extras like your fridge which he also had stolen.
the insurance company made a poor offer like yours to him which he kicked up a stink about and then received a more substantial offer, but still less then what he reckoned he should receive.
it's something not alot of people know about with the depreciation of extras, so hopefully this will get the word out as to how some insurance companies operate with agreed values.
i'd argue the value of the payout and say your not happy with the amount, don't just acept their first offer.
cheers and good luck.
AnswerID: 459951

Reply By: John- Lat38South - Friday, Jul 15, 2011 at 01:10

Friday, Jul 15, 2011 at 01:10
I was an insurance assessor/instigator for 8 years. Couple of points. What does your policy ACTUALLY cover. A good rule with insurance policies is "If it's not specifically included, then it is excluded".
Does your policy cover the fittings as part of the van, or as property stored within?
I feel that anything fitted by the builder, replacements thereof, or anything permanently affixed should be covered, but without seeing the policy, I couldn't tell.
One thing I do know is that it is a general rule to "minimize" a claim and this often means denying all or part of a claim.
There are two ways to make claims clerks & managers take notice: a lawyer and the ombudsman.
The lawyers fees will normally be picked up by the insures if the claim is accepted. The Ombudsman claim will cost them at least a couple of thousand, even if they win, so normally, they'll try to settle.
Hope that helps.
Cheers, J
AnswerID: 459965

Sponsored Links

Popular Products (11)