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20-09-06, 01:48 PM

Are you entitled to interest on your insurance claims from the date of the incident?

At almost 1 year, my insurance claim is finally nearing completion and to be honest, the money (had I got it straight away) would have gone in my savings account till now. It seems a bit harsh that I ought to forfeit 4% interest, just because the other side were obstructive, lied and generally dragged their feet.

Over 2 or 3 years, I can imagine this being even more the case.

What if you absolutely had to have the damaged fixed and because you couldn't afford to, took out a loan to pay for it? Would they pay that? (I've not done this, I'm just intrigued)

I imagine the answer is going to be a mixture of "No Chance" and LOL smilies, but I thought it was worth checking before ringing my lawyers. I'd argue that insurance payouts are supposed to put you as close to the position you were in before the accident happened. Even if I was to spend the money fixing it now, I've been riding a visibly crashed bike for a year. Hardly the position I'd be in before the "accident" (read: Inattentive old t**t in a car)...

20-09-06, 01:48 PM	#1
Ceri JC Guest Posts: n/a	Insurance Claim question Are you entitled to interest on your insurance claims from the date of the incident? At almost 1 year, my insurance claim is finally nearing completion and to be honest, the money (had I got it straight away) would have gone in my savings account till now. It seems a bit harsh that I ought to forfeit 4% interest, just because the other side were obstructive, lied and generally dragged their feet. Over 2 or 3 years, I can imagine this being even more the case. What if you absolutely had to have the damaged fixed and because you couldn't afford to, took out a loan to pay for it? Would they pay that? (I've not done this, I'm just intrigued) I imagine the answer is going to be a mixture of "No Chance" and LOL smilies, but I thought it was worth checking before ringing my lawyers. I'd argue that insurance payouts are supposed to put you as close to the position you were in before the accident happened. Even if I was to spend the money fixing it now, I've been riding a visibly crashed bike for a year. Hardly the position I'd be in before the "accident" (read: Inattentive old t**t in a car)...