Using Claims Management Company - Car a Write Off - Choices
Options
Mrs_B
Posts: 333 Forumite
in brief. OH’s no fault car insurance claim is with a Claims Management Company who have contacted him today to advise the car is a write off. They’ve given him two options to obtain his payout as follows:
“Option 1 - Comprehensive Route - You will revert back to your comprehensive policy, your insurance company will contact you within 48 hours to discuss the value. This is the quickest route, however, we cannot discuss whether your excess will be applicable and your no claims bonus will be affected.
Option 2 - Third Party Route - The independent assessors will contact you within 48 hours to discuss the valuation, If the value is accepted the payment will be requested direct from the third party. However, this route is slightly longer and a time scale cannot be given, however, your excess is not applicable by going this route.
If the value is disputed with the engineers you will automatically revert back to your comprehensive policy to prevent delays on the claim.”
Any views or advice would be appreciated. I just don’t have the experience with this.
Not concerned about the timescales - just want to make sure we choose the better option.
“Option 1 - Comprehensive Route - You will revert back to your comprehensive policy, your insurance company will contact you within 48 hours to discuss the value. This is the quickest route, however, we cannot discuss whether your excess will be applicable and your no claims bonus will be affected.
Option 2 - Third Party Route - The independent assessors will contact you within 48 hours to discuss the valuation, If the value is accepted the payment will be requested direct from the third party. However, this route is slightly longer and a time scale cannot be given, however, your excess is not applicable by going this route.
If the value is disputed with the engineers you will automatically revert back to your comprehensive policy to prevent delays on the claim.”
Any views or advice would be appreciated. I just don’t have the experience with this.
Not concerned about the timescales - just want to make sure we choose the better option.
Work is not my Hobby
0
Comments
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I’m guessing this isn’t a choice people usually have to make. ��Work is not my Hobby0
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If the liability has already been admitted by the third party insurer you may as well toss a coin to decide which way to go, it'll ultimately make no difference.
For what it's worth, I'd take the second option to avoid having to pay my excess and wait to get it back, and to prevent my own insurer having an outlay to recover which might still be outstanding at renewal.
The flip side is that if you're not satisfied with the value offered, there are remedies available via the Ombudsman if you go through your own insurer that don't necessarily apply to a third party insurer. But it seems your claims management company would revert to plan a if that happened, so there's nothing to lose in my opinion.0
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