Insurance payout?

[Sorted]

Okay just for ***** and giggles:-

Here is RACV's Policy in view of a total loss and I quote:-

Comprehensive Cover

If your vehicle is a total loss and we agree to pay your claim we will pay the agreed value or market value depending on the current cover shown on your current certificate of insurance after deducting:-

the unused portions of Registration and Compulsory Third Party (CTP) insurance that your are entitled to

THUS YOU DO NOT GET THE BALANCE OF THE REGISTRATION AS IT IS DEDUCTED FROM THE SETTLEMENT FIGURE............

And if i could be bothered I could find more insurers with a clause like this or similar too but I only need one to proove my point...........

Now there are many car insurers in Australia and some may give you back the balance of the registration but some don't ............ :

[Yaw]

Originally Posted by peterban

Just one other thing to note is that the assessor was very slow to actually assess the car in the first place i.e. 2 weeks. If you don't hear anything from them try and find out the insurance company and get on to the claim as quick as possible.

Don't be so quick to assume it was the assesor that was slow. It could quite possibly be the insured owner not meeting policy expectations or a dispute in liability between companies that does that due course to sort it out.

For instance someone that may be at fault in an accident and have third party property damage insurance. The third party will not get thier car assesed until such time the insured owner pays thier excess. That can quite often be the slow part.

[Yaw]

Originally Posted by DRHEMI

Okay just for ***** and giggles:-

Here is RACV's Policy in view of a total loss and I quote:-

Comprehensive Cover

If your vehicle is a total loss and we agree to pay your claim we will pay the agreed value or market value depending on the current cover shown on your current certificate of insurance after deducting:-

the unused portions of Registration and Compulsory Third Party (CTP) insurance that your are entitled to

THUS YOU DO NOT GET THE BALANCE OF THE REGISTRATION AS IT IS DEDUCTED FROM THE SETTLEMENT FIGURE............

And if i could be bothered I could find more insurers with a clause like this or similar too but I only need one to proove my point...........

Now there are many car insurers in Australia and some may give you back the balance of the registration but some don't ............ :

How does that prove your point? other than showing the person that purchased a policy did not read thier product disclosure statement.

But i am quite sure you sit there and make sure your clients have the entire policy wording read to them also do you ?

This is the EXACT reason there is a 14 day cooling off period you can cancel a policy at any time according to the FSRA.


When a car is paid out, you are selling the car to them.....when you sell a car rego usually goes with it, hence most and i do mean most will keep anything under 6 months rego. I have made no point of hiding it.

[peterban]

I was quoting from my personal experience with Alliance, it must be different with other insurance companies.
In my case I don't know whether or not the insurance company took the registration portion off and ended up at $8000 or they didn't bother with it.

Even if they take off the value of the unused portion of rego you still need to claim this back from Vic roads as the car is in your name.

Note I did have to pay the rest of the insurance premium from the date of the accident to the end of the policy date, which was $300. If you paid the policy for the full year you don't get a refund of the unused part of the policy.

Not sure why there was a hold up as I was the at fault person, but it took 2 weeks from me faxing the claim to having it assessed.

[Sorted]

Spoken like a true Insurance Company Salesman, when did PDS, FSRA or 14 day cooling off period come into what we are talking about.

I was prooving my point that not ALL insurance company's refund the registration.

As stated the RACV Policy/Pds does not state if under 6 months they will keep the Reg. and if over 6 mothns they will refund it, they state they will keep it - open and shut case.........

Just because thats the way the insurance company you deal with works it does not mean ALL insurer's settle claims in the same way.......

[Yaw]

Originally Posted by DRHEMI

Spoken like a true Insurance Company Salesman, when did PDS, FSRA or 14 day cooling off period come into what we are talking about.

I was prooving my point that not ALL insurance company's refund the registration.

As stated the RACV Policy/Pds does not state if under 6 months they will keep the Reg. and if over 6 mothns they will refund it, they state they will keep it - open and shut case.........

Just because thats the way the insurance company you deal with works it does not mean ALL insurer's settle claims in the same way.......

No it comes down to what it always comes down to.....Fair and Reasonable.
6 Months Rego or less IS fair and reasonable. I am sure you as a broker as I said make sure each and every one of your customers knows every single clause in the numerous PDS's from each different company are made known to your clients by yourself?

You really are no different by calling me or someone that works at a general insurer for a wage without bonus or commisions as say a broker does works more for the customer. What a load of BS.........a broker makes money by selling insurance and taking a commission. In this enviroment there is much more room for corruption than one that works for a wage.
I don't mean you personally, but when you look at someone that stands to make more money from selling more product, to someone that acts under the factual insurance licence for a set wage wheather they sell 1 policy or 100 policies, I can tell you brokers are out for thier own pockets, selling "benifits" that are not needed to a customer.

[Sorted]

FFS mate get over it would you.............. I think its past your bed time..........

And stop with the insinuations, assumptions and personal attacks.

& FYI most brokers work for a wage :

[bencat]

I was an assessor for the NRMA for 4 years, I think I am qualified to answer this, I have also assesed loads of RACV vehicles as they both have what's called a 'knock for Knock' agreement thus know how systems and processes in states other than NSW work...

3rd party write off, as this is goes like this...

1 - Car gets assessed, no need to get quotes for writes off's, agreed or statutory.

2 - Assessor bases the cars value on these key points

A - General condition including Klm's
B - Prior / existing damage, and or condition of previous repairs
C - Glasses Guide or Red Book value, take your pick..
D - Expert Profesional opinion, don't forget we have seen litterally 1000's of cars just like yours

E - Other parties attitude

3 - Mods, they simply add or detract from the vehicle's purchase / resale value not what they cost or when you bought them. (just because you paid 4k for the wheels dosen't mean that the car is worth 4k more)

Just because you paid 4k for it dosen't mean it's worth 4k, pays to remember this single point, I would regularly find better vehicles cheaper than the total loss figure just to shut people up from time to time.

So, the car is written off, what to do with the wreck, or salvage, simple, it is ALWAYS your property, only if the vehicle is comp insured do the insurance company actually legally own the car and everything you left in it, CD's and all (although most will allow access to the CD's if the towies left you any :P ).

So, the assessor will place a salvage value on the car for you, and all assessors have targets to meet, in the big blue one of my KPI's was estimate salvage with 85% acuracy so you get prety good at it.. Some companies will offer to pay you out and take the salvage to auction for themselves (oh, go down this road and they get the cash back on the rego btw), or legally you can keep it and they will deduct the salvage value from the final pay out.

In so far as removing stuff before it's picked up by said company, that's theft, pure and simple and the usual rules apply, assessors take pictures but salvage yards don't see them, if it's obvious then you'll get nicked.

Take the parts off before it's assessed and swap them for the old bits? sure so long as it's not obvious, don't forget this is everyday stuff for an assessor so not hard to tell who's trying to have a go.
Take the sterio out before it's assessed and try to blame the insurance company stating that if their insured haden't caused the acco then your car would not have been sitting there and the sterio would not have been stolen bla bla, don't bother

At the end of the day you'll get what the car is worth, a resonable salvage value will be placed on it, don't do anything stupid and most importantly don't be a bastage to the assessor, he holds the check in his hand and it's not hard to have a claim held up for months (I've done it to a few that deserved it) if someone gives you unreasonable grief for doing their job, the accident and the car may be an emotional thing for you, not for the assessor.

Everything in life is negotiable within reason, and if your not happy with the assesment or any part of the process complain directly to the processing company, next step after that is your insurance ombudsman. You'll eventually get what's fair and resonable.

[LTDHO]

Originally Posted by DRHEMI

And stop with the insinuations, assumptions and personal attacks.

Assuptions?

That's all i have see you do!

Yaw is 100% right.

DRHEMI, unless I am reading your posts wrong but I get the impression you have a serious problem with motor insurers. To be honest I do not know why. If you had a bad experience, it would have been many years ago and the motor insurance industry has changed alot in the last few years to benifit the insured.
The only bad storty's I hear now are "My mates neighbor's cousins boss said" witch are 95% BS.
Insures 'cold call' clients after a claim has been settled to get realistic feedback.

As Bencat said, there is more to a valuation then looking at a book, unless the car is stock.

Finally you will find that RACV let their clients keep their rego, eventhough their policy states that company keeps it. Insurance companies aren't as bad as you think!

[smciner1]

A little less Agro and a little more Constructive Conversation would go a long way right about now.

[Sorted]

Originally Posted by smciner1

A little less Agro and a little more Constructive Conversation would go a long way right about now.

I didnt think there was a need to add anything after Bencat's post as obviously he has the experience