Third party insurance "raising funds" what does this mean?

theknights10

Hi hope someone can help,


I was involved in a non fault accident. Today I received a message from my insurance company saying the third party have made an offer and are now "raising the funds" to pass onto my insurance. Assuming that an insurance company has money to pay out what do they mean? How long does it usually take for me to receive payment? Cheers all.

mattk_180

I don't think they mean that the third party are digging behind the sofa cushions to get the money together. Likely just another term that suggests they've started to process the payment.


In terms of how long it takes, it's hard to say as it varies case by case.

theknights10

Cheers for the response, I was assuming so too. I was worried as I'm sure as it was a road rage incident she has invalidated her own policy so was worried they meant getting the funds from her directly, which I doubt would happen! Is it also standard practice for her insurance company to refuse to buy my bike and deduct its written off value from my payout? I'm now having to find a buyer for my written off machine to cover the rest.

OnanTheBarbarian

If you don't achieve the same amount in selling the salvage as what they have offset from your settlement then let them know and ask for the shortfall. Make sure you generate some paperwork or have some record of what you achieve for the salvage sale.

theknights10

Thank you! That's reassuring to know.