Damaged..............

[L John]

So, are you saying the op should make a claim on his insurance? He would pay any excess, plus lose NCD, then expect future premiums to rise.

No, I was asking if that was an option in the case of an agreed value policy where the 3rd party were 100% at fault, as it could be worth considering where there may be a large difference in value. Not necessarily for the OP to consider it as an option.

 

[fabes]

As SL5000amgsport detailed, it's about indemnification, pure and simple.
Your own policy is contractual, which you signed up for. RTA / TP coverage isn't, and that's to your benefit

How did the call go?

Threaten and use a solicitor if necessary and small claims court action is possible due to value

 

[LostKiwi]

So, are you saying the op should make a claim on his insurance? He would pay any excess, plus lose NCD, then expect future premiums to rise.

As it's a no fault accident and the 3rd party has admitted liabity NCD would not be affected.
Premiums will rise anyway as the accident will need to be declared no matter who handles the claim.

 

[Gkinghorn]

Would be interested in hearing from an insurer themselves on this ...the rest of us are just making educated guesses I think . Let’s face it insurers always use Glass’s guide for this ..they view a sale price for you rather than a purchase price ... the reality is you will be a buyer and not a seller ....

Anyone qualified in this field to comment?


Sent from my iPad using Tapatalk

 

[flowrider]

Really?
You're saying even an agreed value policy doesn't pay out the agreed value because the other insurer is paying out?
If it's fully comp would that make a difference with the OP's insurer making up the loss?
In either situation would it put the OP renewal up because a claim was made, even though it wasn't his fault?

Unfortunarely the op can't claim from his insurance without losing his excess and NCB. Either way the op's insurancec will increase on renewal as there has been an accident.

 

[LostKiwi]

Unfortunarely the op can't claim from his insurance without losing his excess and NCB. Either way the op's insurancec will increase on renewal as there has been an accident.

Incorrect. As the third party has admitted liabity the NCD is not affected and the excess will be recovered from the third party.
Premiums will go up as the accident will be recorded.

 

[flowrider]

Incorrect. As the third party has admitted liabity the NCD is not affected and the excess will be recovered from the third party.
Premiums will go up as the accident will be recorded.

I was responding to the post about the op claiming from his insurance.

 

[LostKiwi]

I was responding to the post about the op claiming from his insurance.

I know. He can claim through his own policy and as he was not at fault his NCD is unaffected and they will recover his excess.
As long as his insurer recover their costs from the third party insurers there is no impact on his NCD.

 

[00slk]

The negotiations are going well and slowly coming in favour
There was no need to claim through our insurer as the OP have admitted full responsibility, glad they did as has been mentioned by LK wont have to go through the hassle of excess paying, lossing no claims stuff. though we'll be sure the premiums will rocket up.
Started to look at replacements now ........Here we go again!! 3 close by and all within the value Lets see how they compare?

 

[sl500amgsport]

Really?
You're saying even an agreed value policy doesn't pay out the agreed value because the other insurer is paying out?
If it's fully comp would that make a difference with the OP's insurer making up the loss?
In either situation would it put the OP renewal up because a claim was made, even though it wasn't his fault?

No I'm saying the OP is, correctly, claiming from and negotiating directly with the other party's insurers, if he claims from his own he may as well kiss goodbye to competitive premiums for the next 5 years, even if they do make a recovery elsewhere. Therefore his own insurance policy terms are irrelevant.

Mercedes SL500 R231

 

[sl500amgsport]

As it's a no fault accident and the 3rd party has admitted liabity NCD would not be affected.
Premiums will rise anyway as the accident will need to be declared no matter who handles the claim.

Incorrect, provided you claim from the 3rd party directly or settle with their insurers your premium will not be effected. Your premium would only be effected if you claim from your insurers first then they recover from 3rd party insurers. Been there and bought the T-shirt, my Lexus was rear ended, I settled with the little red telephone, my premiums have dropped ever since £271 this year! Yes I did notify my insurers of the incident and they confirmed nothing would be effected unless I involved them.

Mercedes SL500 R231

 

[sl500amgsport]

Would be interested in hearing from an insurer themselves on this ...the rest of us are just making educated guesses I think . Let’s face it insurers always use Glass’s guide for this ..they view a sale price for you rather than a purchase price ... the reality is you will be a buyer and not a seller ....

Anyone qualified in this field to comment?


Sent from my iPad using Tapatalk

I am, both by personal experience and being an ex litigation lawyer both acting for and against insurers.

Mercedes SL500 R231

 

[L John]

No I'm saying the OP is, correctly, claiming from and negotiating directly with the other party's insurers, if he claims from his own he may as well kiss goodbye to competitive premiums for the next 5 years, even if they do make a recovery elsewhere. Therefore his own insurance policy terms are irrelevant.

Mercedes SL500 R231

Thanks, that's something I never considered would be a problem with an agreed value policy, (the agreed value not being honoured when claiming against a third party).

 

[AMGeed]

I can only comment from my own experience in that making a claim from a third parties insurance for a non fault accident does not automatically mean your premium will rise at renewal. Mine in fact went down.

Each insurance company will have their own terms regarding this, depending on the incident. I was with Hastings Direct at the time.

 

[sl500amgsport]

I can only comment from my own experience in that making a claim from a third parties insurance for a non fault accident does not automatically mean your premium will rise at renewal. Mine in fact went down.

Each insurance company will have their own terms regarding this, depending on the incident. I was with Hastings Direct at the time.

I was with LV no problem with premiums..

Mercedes SL500 R231

 

[fabes]

So OP, you are looking for replacements.... . .?

Your decision, but as you are claiming from the TP insurers it remains your decision.
Value wise you are in a strong position so use that. You can also play the hire car card as you 'could' be being unreasonable and be requiring a like for like car in the meantime. Daily hire rates through even their deal with Enterprise or Thrifty etc will be significant......

You are supposed to declare this all to your insurer once settled. Your base premium may increase (but then move insurer)

SL500AMGsports advice is correct, so far.

Me, I am the Group Insurance Manager for a FTSE100 company and unfortunately have professional experience in such TP insurer cases.

Good luck with the negotiations and replacement hunting

 

[00slk]

Thanks guys for all the advice, as negotiations continue we have the insurer contacting up shortly and so far it could be going in our favour.
Our own insurer know all the details as we started to make the claim through them at first and once the op had admitted liability we stopped any claim procerdures which we were told wouldn't effect our NCB's or premiums. I'm guessing as fabes said they could go up at renewal time which was yesterday That's all done too!

 

[peterws1957]

Hope you manage a fair settlement. Of course if you had claimed on your own policy you would have had exactly the same issues agreeing values. I was disappointed to be told when discussing renewal with Hastings that their panel of Insurers only valued our 2004 SL350 with 28K on the clock at £7000. Couldn't replace it for anything like that, I suspect.

 

[00slk]

Hope you manage a fair settlement. Of course if you had claimed on your own policy you would have had exactly the same issues agreeing values. I was disappointed to be told when discussing renewal with Hastings that their panel of Insurers only valued our 2004 SL350 with 28K on the clock at £7000. Couldn't replace it for anything like that, I suspect.

And that's exactly my argument with the op's insurer, all we want is to be put back in the same position we were in before the incident.

 

[00slk]

Off the record, premium's will raise as they get you on administration fee's, and if your replacement car is different in any respect, like one month later it will increase as it is not the same car! Just remember this guys, they will get you