I had my car swiped by a cement truck and the car is now written off, my insurance (comprehensive) is paying me out 10K because that's the maximum the policy can pay me out.
My car was a Toyota Aurion 2010 which had 60K on it. I believe I should have been paid out more. Is it better to go through the cement drivers insurance to try and get more out of it or to just be paid out?
If you ask an insurance company should they pay or if another company should pay their answer is always going to be get someone else to fork up some cash.
agreed or market value?
I believe I should have been paid out more
Why? What do you base this off, and a 'feeling' isn't enough.
Your 18 year old camry isn't worth as much as you think it is.
Nice maths
hahaha whoops…. 8 year old camry….. same same, give or take a decade!
Same thing applies, 8 year old camry, isn't as worth as much as the OP thinks ;)
Is it better to go through the cement drivers insurance to try and get more out of it or to just be paid out?
First off you are NOT able to claim through their insurance. You have nothing to do with their insurance.
You can send the cement truck driver a letter of demand claiming for what you think your car should be worth.
Look at Carsales, red book, etc
From a quick look at Carsales you might get $16K - https://www.carsales.com.au/private/details/Toyota-Aurion-20…
That’s worth 11,000 with more kms but not much more.
Why do you have a policy that can only pay out $10K ? Or is it based on market value ?
Make sure you cancel your claim before negotiating with the other company.
You can deal directly with their insurance company, they just need to create the claim first. I have in fact had my own car written off by a cement truck side swiping it and did exactly this.
Thats a 2011 model ;)
Something like this is closer to the OPs car, and they want $10k for it
https://www.carsales.com.au/private/details/Toyota-Aurion-20…
or something with double the kms for less than $8k
https://www.carsales.com.au/private/details/Toyota-Aurion-20…
What's your insured value?
Read your PDS
my insurance (comprehensive) is paying me out 10K because that's the maximum the policy can pay me out.
I believe I should have been paid out more.
Well, that's probably amount you agreed to when you took out the policy…
Market or agreed value
If it’s market value you can argue with your insurer on what is market value for your actual vehicle based on condition and kilometres using examples from Carsales etc
If it’s market value the insurer will low ball you and there will still be money available if you dispute
wouldn't the other parties insurance NOT have your best interest in mind? i mean at least with YOUR insurance, it's the lesser of 2 evils
Maybe you should ask your insurance company what's the best? I did do that to my car recently, and they explained about what's the best for the situation.