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Insurance issue re depreciation

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  • 20-12-2020 8:53pm
    #1
    veetwin
    Registered Users Posts: 2,003 ✭✭✭


    Hi all,

    My wife was recently driving her 1 year old VW Golf on a back road in North Co Dub when she was struck on the drivers side by a van turning right into a private house. Two drivers side doors and sills damaged thankfully only cosmetic and while she was shocked she wasn't injured.

    Van driver admitted liability at the scene both to her and Gdai who attended. Quote to repair was €5.5k from VW main dealer. She was contacted by the owner of the company that owned the van who also accepted liability. 24 hours later both owner and driver change the story and try to say the van was stopped and somehow Mrs veetwin drifted sideways into the van so fault was being disputed.

    She contacted her insurance co who were good and sent an assessor out straight away. He car would be repaired by one of their workshops at a cost of c€4k. The insurance co will fix the car and then recover the cost from the van drivers insurance who are UK based.

    The issue is the car is on PCP so I assume we will have to declare the incident in 2 years which will presumably have an effect on the trade in price. A (barstool) mate says the insurance co should compensate for the loss in future trade in value. It seems unfair that we would get a lesser trade in price for the car as a result of an accident that was no fault of ours?

    All thoughts welcome


Comments

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    #2
    Eggs For Dinner
    Registered Users Posts: 2,944 ✭✭✭Eggs For Dinner


    Your insurer doesn't pay for depreciation as part of the claim under your policy. As part of their recovery attempt, ask them to include your 'uninsured losses'. These would include things like your excess, car hire and depreciation. With regard to depreciation, it is generally accepted that you would be entitled to 20% of the repair cost for a 1 year old car


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    #3
    Irishphotodesk
    Registered Users Posts: 1,896 ✭✭✭Irishphotodesk


    veetwin wrote: »
    Hi all,

    My wife was recently driving her 1 year old VW Golf on a back road in North Co Dub when she was struck on the drivers side by a van turning right into a private house. Two drivers side doors and sills damaged thankfully only cosmetic and while she was shocked she wasn't injured.

    Van driver admitted liability at the scene both to her and Gdai who attended. Quote to repair was €5.5k from VW main dealer. She was contacted by the owner of the company that owned the van who also accepted liability. 24 hours later both owner and driver change the story and try to say the van was stopped and somehow Mrs veetwin drifted sideways into the van so fault was being disputed.

    She contacted her insurance co who were good and sent an assessor out straight away. He car would be repaired by one of their workshops at a cost of c€4k. The insurance co will fix the car and then recover the cost from the van drivers insurance who are UK based.

    The issue is the car is on PCP so I assume we will have to declare the incident in 2 years which will presumably have an effect on the trade in price. A (barstool) mate says the insurance co should compensate for the loss in future trade in value. It seems unfair that we would get a lesser trade in price for the car as a result of an accident that was no fault of ours?

    All thoughts welcome

    Best suggestion I could make is get yourself to a solicitor, it may take time but you/your wife should not be out of pocket for someone else’s mistake/error.

    Do not accept an increase in premium when its up for renewal.


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    #4
    Sultan of Bling
    Registered Users Posts: 1,873 ✭✭✭Sultan of Bling


    Eggs For Dinner wrote:
    Your insurer doesn't pay for depreciation as part of the claim under your policy. As part of their recovery attempt, ask them to include your 'uninsured losses'. These would include things like your excess, car hire and depreciation. With regard to depreciation, it is generally accepted that you would be entitled to 20% of the repair cost for a 1 year old car


    Just to add to the above, this is excluding vat.


  • Options
    #5
    Eggs For Dinner
    Registered Users Posts: 2,944 ✭✭✭Eggs For Dinner


    Irishphotodesk wrote: »
    Best suggestion I could make is get yourself to a solicitor, it may take time but you/your wife should not be out of pocket for someone else’s mistake/error.

    Do not accept an increase in premium when its up for renewal.

    Firstly, the OP is perfectly entitled to pursue the 3rd party with a solicitor for his uninsured losses such as depreciation. However, the right to recover for the damage has now passed to your insurer because they have compensated the OP. If they are unable to establish liability and recover their outlay, the claim stays n your record and your premium may be affected


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