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insurance claim
westkate
#1 Posted : Wednesday, July 29, 2015 6:12:03 PM
Rank: Member


Joined: 5/3/2014
Posts: 133
Location: nairobi
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.
Kausha
#2 Posted : Wednesday, July 29, 2015 8:02:41 PM
Rank: Member


Joined: 2/8/2007
Posts: 801
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.
shenzitype
#3 Posted : Wednesday, July 29, 2015 8:10:05 PM
Rank: Member


Joined: 2/13/2007
Posts: 57
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.
Gordon Gekko
#4 Posted : Wednesday, July 29, 2015 8:17:26 PM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
Will they offer you the first right to buy the salvage?
target1360
#5 Posted : Wednesday, July 29, 2015 8:19:26 PM
Rank: Member


Joined: 5/14/2014
Posts: 275
Location: nairobi
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
target1360
#6 Posted : Wednesday, July 29, 2015 8:21:40 PM
Rank: Member


Joined: 5/14/2014
Posts: 275
Location: nairobi
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
target1360
#7 Posted : Wednesday, July 29, 2015 8:39:07 PM
Rank: Member


Joined: 5/14/2014
Posts: 275
Location: nairobi
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
westkate
#8 Posted : Wednesday, July 29, 2015 10:27:01 PM
Rank: Member


Joined: 5/3/2014
Posts: 133
Location: nairobi
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
Gathige
#9 Posted : Thursday, July 30, 2015 12:55:00 PM
Rank: Veteran


Joined: 3/29/2011
Posts: 2,049
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
Swenani
#10 Posted : Thursday, July 30, 2015 4:32:55 PM
Rank: User


Joined: 8/15/2013
Posts: 13,035
Location: Vacuum
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
Poverty is the root of all evil
brainstorm212
#11 Posted : Tuesday, August 06, 2019 9:31:34 AM
Rank: New-farer


Joined: 5/3/2019
Posts: 17
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
Angelica _ann
#12 Posted : Tuesday, August 06, 2019 9:37:57 AM
Rank: Elder


Joined: 12/7/2012
Posts: 10,698
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
Blukes
#13 Posted : Tuesday, August 06, 2019 11:03:01 AM
Rank: Hello


Joined: 3/9/2019
Posts: 6
Location: Nakuru
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]
Demixl
#14 Posted : Tuesday, August 06, 2019 11:05:32 AM
Rank: New-farer


Joined: 6/28/2019
Posts: 10
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.
kayhara
#15 Posted : Tuesday, August 06, 2019 12:06:24 PM
Rank: Veteran


Joined: 5/5/2011
Posts: 997
Kenyan insurance firms SMH, they will look for all ways to not pay up.
To Each His Own
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