Insurance payout on a written off vehicle

quintus

Looking for some helpful information about the following.

Our car was flood damaged recently and the assessor wrote of the car and valued it at a certain amount agreed by us.

A few days later Allianz insurance got in touch to say they had agreed with the assessor and that they would be forwarding the agreed amount to our bank account.

We were told hey required a photo of the car registration and the agreed upon sum would be transferred straight away.

Now this morning my partner was told that this process can take up to five working days to complete.

How does it take five working days to transfer an agreed sum of money to an account when the IBAN and sort code have been provided. ?

Thanks for any positive feedback in advance.

I'm of the thinking that I would rather have the money transferred before we hand over the actual car registration and keys.

Thanks Allianz for adding to already existing stress and anxiety of having our home half destroyed by flood damage.

Regards Q

MikeCairo78

Any payment from a large institution will take up to 5 days to complete(5 days is quite good) There are workflows that the issue of the payment will be entered in, the person agreeing settlement on the claim is not the person processing. A chargeback on your card takes the same time. If you were told that the keys etc have to returned prior to the transfer being actioned then that is what is required to happen. Im assuming you mean the Vehicle Licensing Cert - it is normal that they require the original. In an event 5 days is standard

Sono

Are you really complaining about waiting 5 days for payment for your vehicle being written off? It seems we live in a world now where everyone wants everything yesterday, as has been said there are controls within organisations when payments leave the company so 5 days is excellent in my opinion, sounds like misdirected anger to me.

Eggs For Dinner

When a claims handler settles a claims, the request for payment is sent to the accounts department to process. As a security check, it will then have to be authorised by a senior official. 5 days!!! get over yourself

Jim_Hodge

5 days is good going. How do you expect any large corporation to process payments any faster?

mickdw

Ya it seems this was a fairly painless process overall.

These things usually go like this.....

Assessor values car. Its way less than you want and need to buy equivalent car.

You spend days copying ads off the Internet to make a case for a higher payout.

They eventually settle for an average amount.

They then pay out less less salvage figure with you getting a separate cheque from salvage company after picking up car.

Comparing to above, it would appear your experience has been flawless.