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insurance claim
Rank: Member Joined: 5/3/2014 Posts: 133 Location: nairobi
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hellos,
my car got an accident and after it was assessed,the insurance is offering me 695 k. i had insured 900k and its a 2004 car.
i have rejected the offer but the insurance insist the offer is adequate.
now do i go to a court of law or should i pick the cheque and forget . 695k can buy anything good now since the initial cost of the car was 1.2m. are all this insurance criminals and whats the purpose of insuring your asset if they will always pay you what they want when a problem arises.
lets talk now or never.
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Rank: Member Joined: 2/8/2007 Posts: 808
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Was your insurance on agreed value basis or on assessed value. If agreed value drop a leter to IRA. If not then negotiate a lower depreciation rate coz a higher depreciation rate is beinf used to fix you.
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Rank: Member Joined: 2/13/2007 Posts: 57
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I concur if they valued the car within the last 2/3 yrs and you haven't had marterial damage since valuation that offer is not acceptable.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Will they offer you the first right to buy the salvage?
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Rank: Member Joined: 5/14/2014 Posts: 288 Location: nairobi
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westkate wrote:hellos,
my car got an accident and after it was assessed,the insurance is offering me 695 k. i had insured 900k and its a 2004 car.
i have rejected the offer but the insurance insist the offer is adequate.
now do i go to a court of law or should i pick the cheque and forget . 695k can buy anything good now since the initial cost of the car was 1.2m. are all this insurance criminals and whats the purpose of insuring your asset if they will always pay you what they want when a problem arises.
lets talk now or never. 1. what reasons have the insurers given for paying you such amount? 2 what was the valuation of the car before the accident? for instance if the value was 1.2m and you insured at 900k then the insurer can only be liable upto 675k. I find satisfaction in owning great business,not trading them
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Rank: Member Joined: 5/14/2014 Posts: 288 Location: nairobi
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3 what is the type of vehicle-private,commercial,psv? 4.what type of cover had you taken? I find satisfaction in owning great business,not trading them
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Rank: Member Joined: 5/14/2014 Posts: 288 Location: nairobi
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likely scenario 1. westkate insures her 1.2m vehicle at sh 900k vehicle is written off and average clause comes into play. 900,000/1,200,000*900,000=sh 675,000 add her towing charges refund of sh 20,000 which sum up to sh 695,000. chukua pesa and talk to me nicely to be your insurance broker in future so that i advise you!! I find satisfaction in owning great business,not trading them
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Rank: Member Joined: 5/3/2014 Posts: 133 Location: nairobi
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The car is a psv Voxy with a comprehensive cover and accident free car before the accident.The value was agreed value, and am surprised my broker is unable to screw the insurance company.my greatest worry is that the 695k is not even close to to replace another vehichle. which is the best way to go .
can someone drop me the contact of IRB i try to contact them .
thanks
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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westkate wrote:The car is a psv Voxy with a comprehensive cover and accident free car before the accident.The value was agreed value, and am surprised my broker is unable to screw the insurance company.my greatest worry is that the 695k is not even close to to replace another vehichle. which is the best way to go .
can someone drop me the contact of IRB i try to contact them .
thanks As @target1360 says, chukua pesa. Regulatory bodies will mostly rule in favor of their key convenors who in your case are the insurance companies. Sit down with your insurer and negotiate a better settlement but they won't pay you the insured value. The pain and agony of following up every day and finally not getting what you want may not be ten best option, unless your other name is SK Macharia who loves the courts. "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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westkate wrote:The car is a psv Voxy with a comprehensive cover and accident free car before the accident.The value was agreed value, and am surprised my broker is unable to screw the insurance company.my greatest worry is that the 695k is not even close to to replace another vehichle. which is the best way to go .
can someone drop me the contact of IRB i try to contact them .
thanks If the value was agreed,You have no recourse...Always make sure that you value you car before taking out insurance.The insurance can claim that you had overinsured and they paid you based on the principleof indemnity. The only alternative you have is to ask for an independent assessors value(be ready to bribe him)on top of his fees If Obiero did it, Who Am I?
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Rank: New-farer Joined: 5/3/2019 Posts: 17
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Quote:hellos,
my car got an accident and after it was assessed,the insurance is offering me 695 k. i had insured 900k and its a 2004 car.
i have rejected the offer but the insurance insist the offer is adequate.
now do i go to a court of law or should i pick the cheque and forget . 695k can buy anything good now since the initial cost of the car was 1.2m. are all this insurance criminals and whats the purpose of insuring your asset if they will always pay you what they want when a problem arises.
lets talk now or never. wow, you know, recently one dude crashed into my house and broke my wall completely. but my home insurance agreed to pay me compensations, but this process was delayed for half a year... then I decided that it's necessary to change home insurance
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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brainstorm212 wrote:Quote:hellos,
my car got an accident and after it was assessed,the insurance is offering me 695 k. i had insured 900k and its a 2004 car.
i have rejected the offer but the insurance insist the offer is adequate.
now do i go to a court of law or should i pick the cheque and forget . 695k can buy anything good now since the initial cost of the car was 1.2m. are all this insurance criminals and whats the purpose of insuring your asset if they will always pay you what they want when a problem arises.
lets talk now or never. wow, you know, recently one dude crashed into my house and broke my wall completely. but my home insurance agreed to pay me compensations, but this process was delayed for half a year... then I decided that it's necessary to change home insurance What type of home wall is 'broken' that easily? In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: New-farer Joined: 3/9/2019 Posts: 16 Location: Nakuru
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target1360 wrote:[quote=westkate]hellos,
my car got an accident and after it was assessed,the insurance is offering me 695 k. i had insured 900k and its a 2004 car.
i have rejected the offer but the insurance insist the offer is adequate.
now do i go to a court of law or should i pick the cheque and forget . 695k can buy anything good now since the initial cost of the car was 1.2m. are all this insurance criminals and whats the purpose of insuring your asset if they will always pay you what they want when a problem arises.
lets talk now or never. 1. what reasons have the insurers given for paying you such amount? 2 what was the valuation of the car before the accident? for instance if the value was 1.2m and you insured at 900k then the insurer can only be liable upto 675k. [/(Policy value*extent of damage)÷value of property gives the figure 675k. It's ok for complete damagequote]
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Rank: New-farer Joined: 6/28/2019 Posts: 10
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Angelica _ann wrote:brainstorm212 wrote:Quote:hellos,
my car got an accident and after it was assessed,the insurance is offering me 695 k. i had insured 900k and its a 2004 car.
i have rejected the offer but the insurance insist the offer is adequate.
now do i go to a court of law or should i pick the cheque and forget . 695k can buy anything good now since the initial cost of the car was 1.2m. are all this insurance criminals and whats the purpose of insuring your asset if they will always pay you what they want when a problem arises.
lets talk now or never. wow, you know, recently one dude crashed into my house and broke my wall completely. but my home insurance agreed to pay me compensations, but this process was delayed for half a year... then I decided that it's necessary to change home insurance What type of home wall is 'broken' that easily? I believe him. A concrete wall from my house was demaged by a drunk driver. If he goes with with 180km/h, the concrete wall is like a paper one. Fortunatelly no one was in that room. That's a risk that assume by living 10m from the street. Of course that my insurance company covered the demage. Brainstorm212, look for another insurance company. Even if the war starts and a bomb falls on your house, they should cover it. I don't know where you're from but check https://homeownersinsurancecover.net/massachusetts/, you'll find some good companies.
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Kenyan insurance firms SMH, they will look for all ways to not pay up. To Each His Own
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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kayhara wrote:Kenyan insurance firms SMH, they will look for all ways to not pay up. Dare I say....Kenyans and their ignorance of insurance! The truth of the matter is very few Kenyans take time to understand the risks covered and the exceptions therein. Kenyans take a medical cover in Jan and appear in hospital in June for delivery,insurance says that's not covered coz it has a waiting period of 9months.Who to blame? Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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