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market or cash value or replacement cost?

  • 18-12-2008 7:50am
    #1
    IM0
    Closed Accounts Posts: 5,390 ✭✭✭


    suppose a cyclist is hit by a car, the driver is 100% wrong and their insurance company accepts full liability (and the driver too).
    suppose the bike frame is severly damaged (needs replacement cant be fixed)
    when dealing with their insurance company how does the claiment find out if they will be entitled to replacement value or cash value (using the depreciation formula) with the drivers insurance?

    and dont say ring one up! (cause they would probably just say cash value with depreciation taken into account..for obvious reasons!)


Comments

  • #2
    johnfás
    Registered Users, Registered Users 2 Posts: 1,343 ✭✭✭johnfás


    This isn't legal advice but would the obvious thing not be to demand whichever value is highest? I have a friends whose car was stolen and his constant demands to an insurer that they give him more compensation led to him being given an extra 2k. What you get from an insurance company is as much about how much you haggle as it is your legal rights. The worst case scenario is you get the lesser amount anyway, it is not as if they can turn around and say you're getting nothing you ungrateful sod, given that their client admitted full liability.


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