Brian Whittaker's Tache Posted October 2, 2009 Share Posted October 2, 2009 I'm getting done over by an insurance company (surprise surprise) over a claim A year ago my parents next door neighbour crashed his car into my folks garage resulting in about 30k's worth of damage to their house. I had just split up with my ex and had stored a load of gear in the garage as I was living with a mate. My stereo got wrecked in the accident (the insurance assessor's been out to see it and verified it's wrecked) As i was quite into my hi-fi kit a few years ago the replacement value is about ?1200 (the claim is on his car insurance) The insurance assessor has offered me ?600 as the stuff was a few years old and thats the secondhand value. My argument is that there is no way I can buy the same stuff secondhand and guarantee the quality (it was perfect before it went into storage) and I want new kit value. He's telling me this is an indemnity claim (whatever that means)and I won't get new for old. Am I being shafted or is this normal? Link to comment Share on other sites More sharing options...
Boris Posted October 2, 2009 Share Posted October 2, 2009 I'm getting done over by an insurance company (surprise surprise) over a claim A year ago my parents next door neighbour crashed his car into my folks garage resulting in about 30k's worth of damage to their house. I had just split up with my ex and had stored a load of gear in the garage as I was living with a mate. My stereo got wrecked in the accident (the insurance assessor's been out to see it and verified it's wrecked) As i was quite into my hi-fi kit a few years ago the replacement value is about ?1200 (the claim is on his car insurance) The insurance assessor has offered me ?600 as the stuff was a few years old and thats the secondhand value. My argument is that there is no way I can buy the same stuff secondhand and guarantee the quality (it was perfect before it went into storage) and I want new kit value. He's telling me this is an indemnity claim (whatever that means)and I won't get new for old. Am I being shafted or is this normal? No idea, but it does sound like normal practice in shafting claimants! Link to comment Share on other sites More sharing options...
Miller Jambo 60 Posted October 2, 2009 Share Posted October 2, 2009 I'm getting done over by an insurance company (surprise surprise) over a claim A year ago my parents next door neighbour crashed his car into my folks garage resulting in about 30k's worth of damage to their house. I had just split up with my ex and had stored a load of gear in the garage as I was living with a mate. My stereo got wrecked in the accident (the insurance assessor's been out to see it and verified it's wrecked) As i was quite into my hi-fi kit a few years ago the replacement value is about ?1200 (the claim is on his car insurance) The insurance assessor has offered me ?600 as the stuff was a few years old and thats the secondhand value. My argument is that there is no way I can buy the same stuff secondhand and guarantee the quality (it was perfect before it went into storage) and I want new kit value. He's telling me this is an indemnity claim (whatever that means)and I won't get new for old. Am I being shafted or is this normal? Sorry to hear that mate and as usual insurance companies always seem to rip the victims off. But i suppose if a car is written of like your equipment you would only get the market value of the car not a new car. If you see what im getting at. In saying that you never get the real value for the car. Doug. Link to comment Share on other sites More sharing options...
inspector Posted October 2, 2009 Share Posted October 2, 2009 If you can't resolve the matter with your insurance company you could try the Financial Ombudsman Service. They are there to resolve disputes between punters and financial institutions Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted October 2, 2009 Share Posted October 2, 2009 You could try claiming it through your parents home insurance which will be a new for old policy, they in turn will go for subrogation which basically means they will have the right to claim from a third party (ie the car drivers insurance) to claim back what they in turn have lost out by settling the claim. There's no way I would settle for an indemnified pay out mate, no way at all! The accident wasn't your fault, and not your doing, and you should not be financially out of pocket as a result of it. Finally, the only other avenue I can think of you trying is that if you had/have home inusrance of your own at the time (possibly might still have the same policy in force if your ex still has it), then contents stored away from home but kept in a secure locked building would be covered under the "contents away from home" section, I would check the small print though for exclusions as I cant remember if this only covers theft or it covers other things also. As a last resort I would take it up with the insurance ombudsman to see what they can do for you, you can contact them on the link below mate. http://www.financial-ombudsman.org.uk/ Good luck Link to comment Share on other sites More sharing options...
Jam Tarts 1874 Posted October 2, 2009 Share Posted October 2, 2009 Most insurance policies will not give you "new for old" cover on such items unless they had been specifically named on the policy. Reduction for wear and tear is normal. The only way you could try and recover the full cost of replacement is to take legal action directly against the perp. Why not use one of the numerous lawyers now advertising to work for you on a "no win no fee" basis, they don't just do injury claims. Link to comment Share on other sites More sharing options...
Guest Posted October 2, 2009 Share Posted October 2, 2009 The insurers are correct and the usual assumption of being ripped off is of course incorrect. One of the basic principles of insurance is indemnity - the idea being to put you back in the position you were in beforehand (or as near as possible) This principle is normally modified for home insurance as its better for the customer and more practical to replace new for old. For the equipment you have had damaged all you are entitled to is an indemnity i.e. the second hand cost. If you get new equipment then you have profited. You may wish to dispute the second hand valuation but you will have no success in pursuing replacement equipment. Its worth looking at your parents home insurance but this will probably only cover them and family normally residing with them (which by your own admission was not the case). I assume that if you were living with a mate that you didn't have your own home insurance. If the equipment was so precious, why didn't you insure it yourself? Link to comment Share on other sites More sharing options...
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