How Long Does A Car Insurance Claim Take To Settle UK – This coverage is what differentiates “all risk” policies from the rest insofar as it covers damage to the vehicle itself, even if the person responsible for the accident is the owner of the car insurance policy. A “third party” policy, for example, would only cover damages caused to third parties, not guilty of the accident.
Hiring the so-called “own damage” coverage, insurers undertake to bear the necessary expenses to restore the damage that the insured car has suffered due to an accident. In other words, your insurance will cover the cost of repairing your car whether you hit a pillar in your garage or lose control on a curve and hit a tree.
Decisive points for valuation: How Long Does A Car Insurance Claim Take To Settle UK
Below we show you with examples of the differences between the best and the worst level of coverage:
| OLD CAR | THE BEST COVERAGE | THE MOST BASIC COVERAGE |
|---|---|---|
| Up to 2 years | value again For example: Royal | New value (year 1) Market value (year 2) For example: Mutua Madrileña |
| Between 3 and 4 years | Value of new -20% (year 3) Value of new -30% (year 4) For example: Liberty Insurance | market value For example: balumba |
| From the 5th year | Market value + 30% For example: Genesis | market value For example: Direct Line |
Explanatory example: How Long Does A Car Insurance Claim Take To Settle UK
Driving on a country road you lose control on a curve and your car is in total damage. If your car cost you about €30,000 when you bought it 2 and a half years ago, an insurer with good coverage would pay you €24,000, while compensation from an insurer with very basic coverage would barely be around €19,000.
Are accessories not expressly declared covered?
The optional equipment that you mount on your car (rims, metallic paint, electric mirrors,…) can easily exceed €2,000 and in the event of an accident, you will want to recover the real price you paid for your car and not just the price of the version with standard equipment.
Most insurers, and especially companies focused on offering cheap car insurance, increase their price if you want optional equipment to also be covered and for this, they require that you expressly declare this type of accessory in your policy.
However, in some insurers such as Allianz Seguros, these optional equipment are covered automatically and without surcharge, as long as they are original and have been assembled at the factory.
Explanatory example: How Long Does A Car Insurance Claim Take To Settle UK
As you value having a good car a lot, you have fitted your VW Golf with 17-inch wheels and an electric roof for a total of €2,100, although you did not specify this when taking out your insurance.
You have the misfortune to leave your car in a total loss during the first year. Depending on the insurer you have contracted with, you may not get back the €2,100 you spent on optional equipment.
Also Read:- Car Insurance For Young People
Is the luggage you were carrying at the time of the accident covered?
Most insurers, such as MAPFRE, do not cover luggage inside the vehicle in the event of an accident, while others, such as Pelayo, will indemnify you up to the maximum value specified in the conditions.
Also Read:- Legal And General Home Insurance
Explanatory example:
You have an accident with your car, and the DVD player that you just bought in a shopping center for €150, is unusable.
Depending on the policy you have taken out, you may not get back the €150 that the DVD cost you.