Hi all,
Mr P is a part owner in a boat. Last August, the boat was in a collision with another boat and it is now a write-off.
The other party accepted liability and we put a claim through their insurance. Unfortunately, things have really dragged on and as the claim didn't seem to progress our insurer thought it would be quicker to process the claim through our insurance.
Last week, the other partys' insurer offered us 8000 euro which we refused. The boat is insured for 15,500 euro.
The following day, our insurer came back to us and offered 7000 euro and also said we could take the 8000 euro the other party were offering and also sell the boat for salvage if we want to. We would lose our no claims bonus.
We are all fairly happy with the offer but several people have mentioned that they never saw a claim settled like this before.
Anyone know if this is standard practise and if there are any down sides to accepting this offer besides losing the full no claims bonus.
Mr P is a part owner in a boat. Last August, the boat was in a collision with another boat and it is now a write-off.
The other party accepted liability and we put a claim through their insurance. Unfortunately, things have really dragged on and as the claim didn't seem to progress our insurer thought it would be quicker to process the claim through our insurance.
Last week, the other partys' insurer offered us 8000 euro which we refused. The boat is insured for 15,500 euro.
The following day, our insurer came back to us and offered 7000 euro and also said we could take the 8000 euro the other party were offering and also sell the boat for salvage if we want to. We would lose our no claims bonus.
We are all fairly happy with the offer but several people have mentioned that they never saw a claim settled like this before.
Anyone know if this is standard practise and if there are any down sides to accepting this offer besides losing the full no claims bonus.