Loss of resale value due to crash involvement - compensation payable?

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snuffle

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Was just wondering what the situation here is - I got rear ended while sitting stationary in traffic waiting for lights to change, 4 cars involved, my car has been damaged both rear and front as it was shunted a considerable distance.

the driver who caused the crash has admitted full liability to all parties involved, but the claim is being held up as one of the parties involved seems to be trying to fiddle more out of the claim - long story. :rolleyes:

Anyhoo, my main question is, when this is all eventually sorted out, and I eventually manage to get the insurance company to fix my car, what is the likelyhood of being compensated for loss of resale value - I've been told by friends that if a car is involved in a crash, and you disclose the fact to the dealership when trading it in (which of course I would have to disclose) that you could expect between 2 and 3k to be knocked off the price you would normally expect due to it having been involved in a crash?

Do insurance companies take this into consideration when paying out a claim? I am loathe to think that because of the carelessness of an idiot driver that I will be down to the tune of 2-3k with no comeback - through no fault of my own. :mad: Any advice/thoughts appreciated.
 
snuffle said:
Do insurance companies take this into consideration when paying out a claim? I am loathe to think that because of the carelessness of an idiot driver that I will be down to the tune of 2-3k with no comeback - through no fault of my own. :mad: Any advice/thoughts appreciated.
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I think it's worth negotiating with the insurers; it paid off when I was shunted in similar circumstances. Didn't get much though, only a couple of hundred Euro. Otherwise no, the payment will only cover the incurred cost of repairs.
 
I recall insurance companies paying 10% of the cost of the repair to cover the depreciation in the value of the car some years back.
 
A couple of points:-

1/. In the event of a multiple shunt, you must recover from the car that hit you only. The insurers will do the sums and recover everything off the driver liable eventually. In a 4 car pile up driver A (at the front of the queue) recovers from driver B who tail ended him, who in turn recovers from driver C.........

2/. Depreciation is allowed. Argue hard, and use a loss adjuster if need be, particularly if your car is new.
 
Its depends on the year of your car - and its based on the ex vat repair figure.
its 15% for a 06
10% and so on...
If your car is older than 5 years old you wont get anything though.
Either way I dont think it would take off 2/3 grand at all.. I have never heard of that amount come off at all. Your car is being put back to the same way it was so 2/3 grand coming off is crazy
 
You are entitled to depreciation - % depends on the age of the car and the insurance company concerned. Depreciation is calculated as % of the nett repair figure. For example: €1000 + vat repairs at 20% depreciation = €200.
 
I know a lad had a new 04 at the time it was 6 weeks old, he was rearended as well with a good bit of damage, he told her insurance he wanted a new car as it wouldn't be worth the same when fixed, it took him about 3 months arguing but he got the new car.
 
Thanks for the replies - end result is that I argued my case as I was 100% not to blame and I managed to get my car written off altogether and almost full value I paid 6 months ago reimbursed to me.

However a new interesting scenario presents itself - I am in the process of buying a new vehicle, and although I will most likely stay with my current insurance company, some companies refused to even quote me (I was ringing round to compare costs) as their policy is to refuse anyone who has been involved in any sort of claim over 5k in the past 5 years?

They accepted that it didn't affect my own full no-claims bonus and the other driver was 100% in the wrong and the claim had been settled amicably without dispute on his 3rd party insurance, but still refused to quote me? Surely they can't discriminate against someone who through no fault of their own had to be issued a settlement? I am not worried as my own company will insure me, but I just think it's madness that other companies won't even quote me as I was involved in a claim, no matter what the claim was, especially when I have a totally clean record with regards to everything - no points/endorsements/claims (well, till this one;) ) and full NCB on my own policy and I have been driving for years.
 
Hello,

I had a similar situation a few years ago when my car was hit by a drunk driver on my side of the road, he was completely to at fault. As he had no insurance either I had to claim from the MIBI. I made no claim off my insurance but when I went to renew my policy no other company would quote me for at least 3 years, despite the fact that I had not made any claim! I was penalised for being involved in an accident,regardless of blaim.
As the insurance companies take great pleasure in pointing out;

It isn't a no BLAIM bonus, it's a no CLAIM bonus

Thanks.
 
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