Help understanding my Insurance claim.

Andaah

Hi all!

I was in an accident whereby I was knocked off my bike on a roundabout (established in the road, he entered the roundabout and didnt stop etc) and the chap accepted full responsibility (in front of the police).

Anyway I had a letter saying the third party insurer has accepted liability and now have had the following letters.

First one:



And they want me to sign:


And the second is as follows:


and the form....









Now I paid 1050 for the bike. I guess I got a good deal as it is valued more highly. Am I right in thinking I will get the 1900 figure from the third party (is there any risk in getting this?) and then once I allow them to do the salvage another 400 figure?

Should I just proceed as normal or write them a letter asking them to confirm if what I think is happening is happening?

Thanks a million in advance,
once bitten,
Andaah

vaio

Andaah wrote: »

......Am I right in thinking I will get the 1900 figure from the third party (is there any risk in getting this?) and then once I allow them to do the salvage another 400 figure?......

Yep, that's the effect of the first letter, the second one is credit hire related.

If it's a decent bike you could well find you'll get more if you stick it on ebay for spares/repair.

Put it on with honest description and a starting price of £450, if it sells then have a beer, if it doesn't then sell it to the salvage company this time next week

mikey72

Have you had an expensive credit hire replacement for a while by any chance?

Andaah

I've had one since the accident but it was covered by the third party. I believe.

mikey72

It's a credit hire replacement.
The claims company you are using would have had a credit hire agreement from you, and will try to recover costs from the third party.
You will have claimed somewhere in the small print you needed the credit hire, as you couldn't afford to replace the bike, and needed the repair/write off value.
The third party are getting the same statement, that you can/cannot afford to replace it, and looking at either paying for the credit hire, or preparing to refuse it, if you could have afforded to replace it earlier.

Andaah

Well as there is no way I could have afforded to replace it, should I stop worrying as much as I am?

How likely is it for the third party to not pay for the hire? Should I cancel it?

mikey72

If you had it, surely you need it?
Can you do without it?
I don't know what the rules are on what is deemed reasonable to keep the bike for after you have the cheque, but I'm sure someone can post it up.

Andaah

It's either use the bike or the bus. It's an 8 mile trip each way and so the bus takes a very long time. I can afford the bus but it is not practical.

Andaah

Oh and I won't keep the hire bike after I recieve the money. But until I do should I worry about the third party not paying?

Quentin

No. Just complete the form as requested and return it (confirming you don't have the funds, assuming that is the case).

mikey72

No, it's just it is an expense to them, so they like to tick the boxes. If you couldn't do without the bike, and you couldn't afford an alternative, they'll be hard pushed to argue.