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 Posted: Fri May 15, 2009 11:21 pm Post subject: Claiming Car Insurance |
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My car was stolen, and, later found, but, seriously vandalised beyond repairs. Value stated by me at the start of insurance was £500, for which I pay a £73.45 monthly premium (Comprehensive). If I were to claim, what value will I get for the damaged car?
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Ken
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| Posted: Sat May 16, 2009 12:19 am Post subject: |
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It depends, if its a stated amount policy, (which it sounds like) in the USA that means, basically the carrier will not pay MORE than that...if the ACV is less that's what you get.
However, I assume you are not in the US, so you need to check your policy or contact your agent for clarity...you would either get your vehicles ACV or the stated amount, whichever is less or maybe just the stated amount..sorry it just depends on the policy wording...
Now, if it is more economical to repair it rather than total it that's what your carrier will do..
Sorry, I'm not any better help but without seeing the policy I'm just not sure...what country/state/providence are you in?
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Lori
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| Posted: Sat May 16, 2009 5:30 am Post subject: |
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Hey Ken, please explain the following part.
| Quote: | | Value stated by me at the start of insurance was £500, for which I pay a £73.45 monthly premium (Comprehensive). |
Are you by any chance referring to deductibles?  |
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RupertWBradson
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