Other Boat collision, some insurance queries.

[priscilla]

Hi all, wonder if anyone can give some insight!.


About 4 weeks ago our boat collided with another boat causing sufficient damage which will more than likely be written off.

The other party have admitted full responsebility and insurance details have been exchanged. As nothing appeared to be happening, Mr P. contacted the other persons insurance agent and was told abruptly that our insurance company will have to send out an assessor.

We have informed our insurance agent already about the accident but we were wondering is;

1. Is it correct procedure for our insurance to send out an assessor or should it be the offending partys insurance sending out an assessor.

2. If our insurance gets involved, will that mean higher insurance renewal premiums for us even though they will claim any costs from the other insurer?.

3. We have the boat a number of years and there are currently none on the market similar so how will it be possible to establish market value in the event that it is written off?.

Thanks guys, any help appreciated.

 

[mathepac]

...
1. Is it correct procedure for our insurance to send out an assessor or should it be the offending partys insurance sending out an assessor. ...

Either or both, IME.

...
2. If our insurance gets involved, will that mean higher insurance renewal premiums for us even though they will claim any costs from the other insurer?. ...

Your insurers are involved and yes your NCB will be suspended pending resolution of your claim. Depending on the type of policy you may lose some or all of your NCB after the claim is settled; consult your insurance documents.

...
3. We have the boat a number of years and there are currently none on the market similar so how will it be possible to establish market value in the event that it is written off? ...

Insurance companies manage this kind of magic all the time via their underwriters. They will probably place a salvage / scrap value on the boat and deduct this from your settlement cheque.

 

[priscilla]

Thanks Mathepac,

I don't have the insurance documents here to check what is or is not covered but as the accident was not our fault, and the other party is taking responsibility, I would think it would be very unfair that we should be out of pocket, as I am sure the other party's insurance premium will rise anyway as I would think his insurer would be footing the bill.

Priscilla.

 

[8till8]

Why not get a loss adjuster to work on your behalf? (they charge a % of the settlement)