insurance question

I was involved in a car crash and other person admitted liability. Do I have to accept them paying for cost of repair or can i insist on cash for value of damage?

choice is yours.

you can either have car repaired or take cash in lieu. Difficulty in taking cash in lieu, is that if repairs cost more, you have taken the cash.

Give it a day and they will probably have changed their story! Get three estimates, give them the most expensive and then get it done in the cheapest place!! Nah just kidding. Even the most clear cut situation will become difficult once the other party has sat at home and mulled it over!

Whilst there is nothing to prevent you taking cash in lieu of repairs, as stated by Ravima it can cause problems if additional work is discovered later. If the insurer is involved they will fully investigate the accident and negotiate for best terms with the repairer you choose.

A lot of insurers look to reduce the pay-out for cash in lieu settlements by say 10-20%, because of the possibility of someone doing what peteb suggests.

Insurance is there to put people back into the position there were in prior to the incident - it isn't for people to make a profit.

firsttimeted said:

I was involved in a car crash and other person admitted liability. Do I have to accept them paying for cost of repair or can i insist on cash for value of damage?

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Unfortunately, having been royally messed around by people who have a) admitted liability and b) promised to pay for repairs and c) have objected to any of the quotes presented my advice would be to take their details, report the accident to your insurance company and let them sort it out.

If the other party starts bleating about their no-claims bonus then they can reimburse their insurers if they want.

SSE

ACA said:

A lot of insurers look to reduce the pay-out for cash in lieu settlements by say 10-20%, because of the possibility of someone doing what peteb suggests.

Insurance is there to put people back into the position there were in prior to the incident - it isn't for people to make a profit.

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Tongue in cheek my friend. I am in the the business and know how it works!!

me too