Advice re compensation for depreciation following accident

ustari

Hi all,

Looking to see if anyone else has gone through this and would have advice on how to proceed in this instance.

Summary:

3rd party crashed into me, admitted fault and 3rd party insurer paid for the repairs to my car.

Repairs cost approx 18k in total, car is back now repaired.

3rd party insurer "offered" me €1500 as compensation/depreciation as their final offer. Advised if I was unhappy to go to the financial ombudsman. Ombudsman advises me that as I am not a customer of the 3rd party then they cannot support me.

I am unsure where to go from here in terms of getting what I would deem fair compensation for depreciation?

I believe from what I have researched that compensation should be between 10% and 20 of the cost of the repairs.

Car is 162 and worth approx 45-50k.

Thanks all.

Dirty Nails

https://www.boards.ie/discussion/2058202114/advice-re-compensation-for-depreciation-following-accident

Used to be around 10 or 15% of the estimate,not the car value.

ustari

Yes that is my understanding, have updated my post to reflect that more clearly.

ustari

Bumping this to see if anyone has any experience of this.

Seems unfair for me to be most likely out of pocket for an accident where I was not at fault.

FuzzyZoeller

Happened to me a long time ago (2004) and back then the rule as 20% of the Ex VAT repair bill for a car less than 1 year old. A sliding scale % operated beyond 1 year. Looks like you are getting 10% of the Ex VAT bill for a 5 year old car, which seems to tie in with this.

Hope this helps.

ants09

https://www.boards.ie/discussion/2058202114/advice-re-compensation-for-depreciation-following-accident

Do a GDPR request to the insurance company asking for everything in relation to your claim but specifically looking for where they are getting the €1.5k depreciation figure from. Once you have then then you have to hire a solicitor to represent you and fight your case, it will cost you to hire the solicitor initially but you get the money back as an expense in relation to your claim for Depreciation.