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Insurance claim advice.

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  • 20-01-2010 1:31am
    #1
    kerryman10
    Registered Users Posts: 87 ✭✭


    I crashed my truck (08 Hilux Vigo) into a wall over the x-mass. My insurance company initally wrote the car off and offered me €21K as settlement. The offer was subsequently increased to €25K as the first offer was based on a base model and not a full spec Vigo.
    Before I could accept the offer of €25K the insurance company informed me that they were sending an assessor to examine the truck.
    After examination the assessor indicated to me that the truck was a "Category C".
    My insurance company informed me today that the truck has been sent out for salvage bids and a "final decision as to repair or write off" the truck will be made within 48 hours.

    Does this mean that if they decide to repair the truck I will have to accept it back and not get the 25K settlement that was originally offered??? (I would prefer the cash!!!)

    Can anyone advise me how this could pan out and what options I have (if any)? Can I refuse the truck back and insist on cash settlement?

    Your help would be much appreciated!


Comments

  • Options
    #2
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    They are checking to see what salvage value the vehicle has and if they can get a good price, they will write the vehicle off and you will get a cash settlement. €25k less a good salvage price needs to be lower than repair cost.

    If it is more economical to repair the vehicle, that is the option they will choose. Unfortunately, it is not a choice on your behalf.


  • Options
    #3
    homer911
    Registered Users Posts: 5,113 ✭✭✭homer911


    I'm pretty sure its up to the insurance company, unless you can make a case based on their earlier offer


  • Options
    #4
    thebiglad
    Registered Users Posts: 1,560 ✭✭✭thebiglad


    If decision is taken to write off the truck and if the truck is financed then the insurance company will 1st settle the outstanding finance from your agreed settlement.

    As truck was puchased 2008 you may still end up owing finance co money - if you are financed before pushing the insurer to a cash settlement check the outstanding finance figure, a repair may actually be the better option - interest payments are made 1st on finance.

    If not financed then no issue but just raising the question...


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