Wednesday February 3, 2016
We can all appreciate that it can be a traumatic and stressful experience if you’ve been involved in an accident. To help make things a little easier, our Car Club Manager Andrew Misseldine gives a handy ‘must know guide’ to ensure you and your pride and joy are properly covered, along with some ‘do’s and don’ts’ to remember at scene of an accident.
THE MUST KNOW GUIDE
- Agreed Value - setting an agreed value is incredibly important on your classic cover, as a standard insurance policy will only pay out your car’s current market value. When arranging insurance, or renewing your cover, talk to your Classic Insurance broker about the agreed value option and how you obtain it. This will ensure you receive the vehicles true and full value in the event of a total loss. Classic vehicle values can fluctuate greatly, so this should be reviewed annually to ensure maximum protection.
- Salvage Retention - your vehicle has been deemed a write-off by your insurers, but what happens next? Depending on which category your vehicle is placed in (A, B, C or D) will determine what can happen with the salvage and your right to buy it back. A and B mean it’s unsafe to put on the road but you may be allowed to buy it back for parts only, whilst C and D means you can buy the vehicle to repair and eventually put back on the road. You must be upfront with your insurer and tell them you wish to retain the salvage at the point the vehicle is deemed a write off. They will then calculate the cost of the salvage and deduct this from your agreed value (if applicable), or market value and you will then be given the vehicle back along with the difference between the two, as a cash settlement.
- Approved Repairer - with a damage related claim, your insurer usually has an approved repairer but do they understand how to repair a heritage vehicle? You can specify a garage you’d like to use but you must say this upfront when reporting the incident. You may be asked to obtain two estimates, and you won’t be given an automatic courtesy car, but it’s a small price to pay to ensure your cherished classic is returned to its former glory.
- Legal Expenses Cover - have you or your passengers been injured following a non-fault accident? Experienced untold expense, pain or inconvenience? By choosing optional ‘Legal Expenses’ cover, you will have access to a legal team that will fight your corner to recover any agreed uninsured losses. This can include personal injury to yourself and your passengers, car hire costs, travel expenses, loss of earnings and any other expenses you may be out of pocket for.
- Car Hire Cover - did you know that once your vehicle is deemed a write-off by your insurers, you could lose any rights to a courtesy car provided under the terms of your policy? By purchasing optional ‘Car Hire’ cover you will be guaranteed a hire car for a set period, giving you time to receive your pay-out from your insurer and source a suitable replacement vehicle.
DO'S AND DON'TS
- Carry your insurance documents with you in your vehicle at all times.
- Stop your vehicle in a safe place (if driveable).
- Note down the contact details of the driver, passengers and any witnesses.
- Note down the driver’s insurance details.
- Dial 999 if anyone is injured.
- Provide your contact and insurance details to any third parties.
- Sketch and take photographs of the scene, if possible.
- Notify the police if you’ve been unable to collect details from a third party.
- Contact your insurer or broker via their accident claims line.
- Drive away from the scene without stopping.
- Admit liability, verbally or in writing. Your conscience may want to get the better of you but it’s your insurer’s responsibility to confirm or deny liability.
- Refuse to provide your insurance details to any third party involved - it’s a legal requirement.