Sunday, October 30, 2011

Uninsured Losses Explained.

Uninsured losses are items associated with your claim that are not covered under your insurance policy. If your cover is Comprehensive then your policy provides cover for the accidental damage caused to your vehicle but if your cover is Third Party Fire and Theft or Third Party Only then your own damage is not covered. You can only attempt to recover your uninsured losses from the other parties insurance if they are fully or partially liable for the incident.

A list of different types of losses follows:

  • Accidental Damage - the damage caused to your vehicle if your cover is Third Party Fire and Theft, Third Party Only or if you do not wish to claim under your own policy if you have Comprehensive cover
  • Excess - your policy excess under your Comprehensive policy
  • Loss of Use - if you are without the use of your vehicle for until its repaired you are entitled to claim for loss of use, the rate is typically, for example between RM30.00 to RM60.00 per day.
  • Hire Vehicle - if you hire an alternative vehicle then you can reclaim these costs from the other parties insurance, the hire vehicle must be the same or a lower model than your own vehicle. If you claim for a higher model vehicle than your own your claim could be reduced as you will have failed to mitigate your losses
  • Alternative Transport - if you are without your vehicle and use a taxi, bus or train then you can claim for these costs if documented with receipts
  • Injury / Injuries - if you or any of your passengers are injured in the incident each person can claim compensation for their personal injury from the responsible party
  • Diminuation In Value - if you are the first registered keeper for your vehicle you can claim for potential loss in value for damage which has been repaired
  • Items in Vehicle - if any items being carried in your vehicle at the time are damaged in the incident you can claim for these. Dependent on the item, age and condition a deduction may be made for wear and tear
  • Loss of Earnings - you can claim for lost earnings resulting directly from the incident and compensation for loss of earnings if you have injuries which affect your income
With all uninsured loss claims you will be required to supply supporting documentation in respect of your losses, it is therefore important to keep any receipts and forward copies with your claim.

How To Claim Uninsured Losses?

You can bring an uninsured loss claim yourself against the third party or their insurers, or by using your uninsured loss policy if you have one. You can also use your broker to assist in this or instruct a solicitor, for more complex claims such as injury you may wish to do this as they will attempt to secure the appropriate compensation you are due. If your claim is in respect of your excess only your own motor insurer may assist you by recovering the excess at the same time of their outlay and in cases where the other parties insurers have already admitted liability they may agree to waive the excess.

If you claim your losses back yourself you should write to the other parties insurers detailing some basic information and submitting documentary evidence in support i.e. receipt for your excess, receipts for expenses incurred. In your letter you should quote their policy number or claim number if known, the date of the accident, your name and address, their insured's name or name of their insured's driver, your vehicle registration number, the other vehicles registration number. Explain why you are holding their insured responsible and detail the amount you are claiming with a breakdown if you are claiming for more than one loss.
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