Ask Honest John

Honest John Ask Honest John » My car could be a write off - will the payout be my insured value or will the third party put me back in the position I was before the incident?

My car could be a write off - will the payout be my insured value or will the third party put me back in the position I was before the incident?

I had never really thought about the insured indemnity value of my vehicle, but after a no-fault incident there is a strong possibility my car will be a write-off. As the third party is at fault will the limit of any payout be my insured value or will the third party need to put me back in the position I was before the incident?

Asked on 21 February 2020 by peter-S

Answered by Honest John
Firstly, you have not insured the vehicle for an "insured value" unless you have the vehicle on an agreed market value policy. You are entitled to the market value at the point of loss.

We give you the low down on how to save on insurance, little-known tricks and tips, what insurance groups mean and how to use insurance aggregators to beat insurers.

Insurance group finder and how to save on insurance
Similar questions
Can I get GAP Insurance for my 18-year-old BMW 5 Series? The market value is about £2500. But I paid £9000 for a completely refurbished example. I bought from a specialist BMW dealer and the vehicle is...
My daughter is visiting us for a week at Christmas, what is the best way to insure her to drive my car? I do not mind if it is third party insurance.
Do you have any suggestions for obtaining an insurance policy with an agreed value of £8000 for a 1999 Saab 9-3 Viggen? It has done 81,000 miles, is completely unmodified and hasn't been used for track...