Insurance payout after car damage: what about it?
With car damage, you only notice how well or poorly you are insured. Did you know that in the event of damage, you will normally be paid at most the current market value of your car? Depending on the type of insurance, the insurer may not even reimburse your own damage at all. What does your car insurance really pay out?
Car insurance can be divided into two coverages. The mandatory car insurance against damage to others (the liability damage), and you can insure the damage to your own car. With the second coverage, the value of the car plays an important role in determining the amount of the premium. The value of the car may also determine the amount of compensation for damage to the car.
Are you insured for damage to your own car?
In the most limited form of insurance, third-party car insurance, you will not be paid for damage to your own car. The insurer will only pay for damage caused by the insured vehicle to others. There must be liability damage. You pay for damage to your own car yourself. With the All-Risk coverage (WA + full collision) you also get the damage to your own car paid for by the insurer. With the WA + limited collision coverage, you generally do not get paid for your own damage caused by a collision. However, you will be paid for damage caused by fire, storm damage and theft. Insurers pay out a maximum of the current market value. In exceptional cases, a higher value is assumed.
What is the current value in car insurance?
A new car already loses value as soon as you get it in your name. From that moment on, the car is no longer new. The amount the car still brings in when it is sold is the current market value. This is the maximum amount the insurer will pay out in case of damage. If the repair costs after damage are higher than the current value, the insurer will take the current value as the basis for the claim settlement. Still, your own insurer may assume the new-for-old value in case of damage to the car. This is the case until the car is a few years old, and only if the policy conditions state that the new value rule applies.
Some insurers have also incorporated the purchase value rule into car insurance. This means that in case of damage to your car, the amount you paid when you bought the car second hand will be used as the basis.
What do you get paid for damage to your car due to an accident?
In that case, whoever is liable for the damage must compensate the damage. Are you WA + full hull insured? Your own insurer will pay for the damage. Possibly the damage amount will be recovered from the person who caused the damage. With a more limited car insurance your own insurer will not pay for your damage. Also, the insurer's service does not go so far as to recover the damage to the car from the other party. Can your damage be recovered? In that case call 112schade.nl. We can recover the damage from the liable party. Of course, a maximum of the daily value can be recovered.
Getting compensation for damages how?
To get the claim amount paid, you must contact the insurer as soon as possible and report the claim. After the claim has been reported, the insurer will assess the claim. Insurers have different response times for this, but often you will have a response within a week to 10 days. Once the damage has been finalized, the auto insurer will pay the claim within 14 days. Is there personal injury involved? Then it may take longer for the claim amount to be paid, as these are often complex cases. The terms and conditions of the insurance policy will state how long it takes for your insurer to pay the claim amount.
Insurance won't pay what should I do now?
Have you filed a claim but the insurer won't pay? Then the insurer is of the opinion that your car insurance does not have to pay for the damage. There may be several reasons for this. It could be that the car insurance does not cover the damage suffered. For example, when you have fire damage to the car, but your car insurance only has third-party coverage. It may also be that the insurer is of the opinion that only a portion needs to be compensated or that the extra costs you incurred in mitigating the damage will not be reimbursed. Do you disagree with the car insurer's decision? Always try to come to an agreement with your insurer first. If this fails, you can go to the Financial Services Complaints Institute or take the complaint to court.
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