Insurance claim greater than cost of car

Stky10

I've been with Quinn for close to 9 full years. Last month I had what I thought was a relatively minor tip that was my fault. The other party was driving a 05 Nissan Almera saloon. My car had no damage but I figured out the boot, and rear bumper of their car needed to be replaced. As I had a full NCB with Quinn I asked to be kept informed with the claim, as I might be willing to pay it off myself.

My insurance is up for renewal within the next 3 weeks, and yesterday I got a quote for next year that has doubled my quote from last year. Today I get a letter from them telling me they've settled the claim, at a cost of 8,500.

I'm looking at Carzone, and the most expensive 05 Almera comes to exactly 8,500, but there are plenty of examples for sale much cheaper such as this low mileage one for 5,250

http://www.carzone.ie/search/Nissan/Almera/1.5-SVE-/201017197826130/advert?channel=CARS

I'm thinking I'm being taken for a ride here by someone. No way should the claim have come near that cost, and no way should they have paid out that amount. Therefore I'm wondering if I can ask to see the receipts from wherever the car was fixed?. Have they paid up for this to ensure I remained 'locked-in' for the next 5 years?

znv6i3h7kqf9ys

I think it depends on how much they had the car insured for with their company. Also they would have had to provide quotes to fix the damage. What usually happens is they submit a high quotation get the money and fix it on the cheap. Just count yourself lucky that they didn't sue for whiplash. You would probably be looking at 35k........ and the rest

helimachoptor

You can insure your car for 100k, but you wont get that, you'll get around the book value.

OP could there be medical costs in there?

Stky10

helimachoptor wrote: »

OP could there be medical costs in there?

Don't think so. There was no sign of any issue on the day it happened. Who know's though what could have been claimed subsequent to that.

colm_mcm

You'd rather pay 5k than have your insurance go up by a few hundred this year, and start coming down after that?
Surely you're still better off than having to do that?

Sounds a big payout for minor damage, I know there would be more under the surface, but you'd notice 8.5k worth!

Zubeneschamali

Stky10 wrote: »

Therefore I'm wondering if I can ask to see the receipts from wherever the car was fixed?

There's no point, your insurance have already settled, you have no legal right to object. As long as they are covering you, they reserve the right to deal with claims as they see fit, including paying dodgy looking claims if they think that'll be cheaper for them than defending a case in court.

If you get wind of a dodgy claim before they settle, you could (in theory) forbid them to settle, but then they won't cover you at all, and you'll have to defend the case and pay any costs or awards yourself, which would be a lot more expensive than the rogering your insurance company is about to give you.

EPM

Wasn't 1k for damage and 7.5k to Sean Quinn's offshore account by any chance:D;)

Stky10

colm_mcm wrote: »

You'd rather pay 5k than have your insurance go up by a few hundred this year, and start coming down after that?
Surely you're still better off than having to do that?

Sounds a big payout for minor damage, I know there would be more under the surface, but you'd notice 8.5k worth!

Not really. I presumed the cost would come to 1-2k. I'd be willing to pay that as I wasn't going to renew with them again given their difficulties

Zubeneschamali wrote:

There's no point, your insurance have already settled, you have no legal right to object. As long as they are covering you, they reserve the right to deal with claims as they see fit, including paying dodgy looking claims if they think that'll be cheaper for them than defending a case in court.

If you get wind of a dodgy claim before they settle, you could (in theory) forbid them to settle, but then they won't cover you at all, and you'll have to defend the case and pay any costs or awards yourself, which would be a lot more expensive than the rogering your insurance company is about to give you.

Depressing news...

Still.. I did ask in all my dealings with them since the incident to be kept informed before any payout was made. That didn't happen.

I'll ring them and see were there any medical costs involved, as thats the only way I can see this being a valid way of them doing business.

Stky10

Stky10 wrote: »

Have they paid up for this to ensure I remained 'locked-in' for the next 5 years?

You can still shop around for cheaper quotes, you'll probably get them too, Quinn have gone looney with their quotes

Jessica Calm Scarecrow wrote: »

I think it depends on how much they had the car insured for with their company.

Nope, makes f all difference really

Zubeneschamali wrote: »

There's no point, your insurance have already settled, you have no legal right to object. As long as they are covering you, they reserve the right to deal with claims as they see fit, including paying dodgy looking claims if they think that'll be cheaper for them than defending a case in court.

If you get wind of a dodgy claim before they settle, you could (in theory) forbid them to settle, but then they won't cover you at all, and you'll have to defend the case and pay any costs or awards yourself, which would be a lot more expensive than the rogering your insurance company is about to give you.

True

After slapping into the back of someone you should count yourself lucky there wasn't whiplash etc claimed for. I take it you didn't have ncb protected ?

Gophur

Another reason why one should have Insurance!

Take it as a lesson in life. Let the Insurance Company worry about the size of the bill. Anyone who, in the right, gets hit, deserves to be compensated. If they make a few bob? So what, it's small fry compared to how much worse it could have been.

reilig

I agree with betafrog and on top of that, the person that you ran into was entitled to calim for depreciation to their car as a result of the accident. This could be up to 25% of the cost of repairs.

Zubeneschamali

thats the only way I can see this being a valid way of them doing business.

You think they should have defended this claim in court? When you've already admitted it was your fault?

Stky10

Zubeneschamali wrote: »

You think they should have defended this claim in court? When you've already admitted it was your fault?

No. I'm thinking that paying to repair the car when the cost of doing so is greater than what the car is worth isn't normal insurance company practice and therefore makes me suspicious. If there are medical costs involved then that suspicion would be diluted.

Gophur

Stky10 wrote: »

No. I'm thinking that paying to repair the car when the cost of doing so is greater than what the car is worth isn't normal insurance company practice and therefore makes me suspicious................

Once you pay your Insurance it ceases to be any of your business if the claim is too high.
Don't worry yourself about it, move on.

cml387

The timescale is very short if a personal injury was involved,that would go to PIAB and could take a year to settle.

Maybe the damage was greater than you thought.You can't replace "a boot" so substantial rear end damge may have been caused.

Forget it and move on.
In my very young driving days I rear ended a police car (thus establishing a legend in my family).Luckily it only cost 50 pounds and severe pride damage.

valuseeker

As Quinn settled the claim on your behalf you are entitled to know exactly how the payment was made up. You should ask for this in writing from them and if the amount paid is just for repairs and it is obvious that it was more than the car was worth, the car should have been written off as uneconomic to repair. This was how may claim was handled with AXA. I got the market value of my car less the salvage value. If you find Quinn paid out to much refer the matter to the Insurance Ombudsman on the basis that they did not represent properly as their customer and now they are penalising you at renewal. Anyway with just one claim you should be able to shop around

si_guru

The bill will probably also incluse a rental car I guess... and we all know how "reasonable" they are in ireland!

megnet2

does anyone know how much would my premium go up, if some 3 people claiming injury for about 30 to 40k of my insurance..... as my insurance is up in november and i'll have 5 years no claim bonus....please any advice

megnet2

does anyone know how much would my premium go up, if 3 people are claiming injury for about 30 to 40k of my insurance..... as my insurance is up in november and i'll have 5 years no claim bonus....please any advice

Anan1

megnet2 wrote: »

does anyone know how much would my premium go up, if 3 people are claiming injury for about 30 to 40k of my insurance..... as my insurance is up in november and i'll have 5 years no claim bonus....please any advice

Your insurance company are the only ones who can tell you that.

Henry Ford III

megnet2 wrote: »

does anyone know how much would my premium go up, if 3 people are claiming injury for about 30 to 40k of my insurance..... as my insurance is up in november and i'll have 5 years no claim bonus....please any advice

The premium is for your insurer to calculate. Unless it was protected your NCB is deader than a dodo however.