Just wondering what your insurance company offered as "market value" for your car. Anything like the typical dealer price for similar model? Did you have to reject their offer before they came up with a realistic sum?

1 rolled uk turbo, wondering how much cash I'll have to replace it Never claimed for a write off before (or anything in fact, I guess after 17 years of driving I had it coming )

cheers!

 

think it's 60% of market value.


Andy

 

How can they justify 60%????

Surely we pay fully-comp insurance to have our cars replaced, not to get 60% of their worth. Ludicrous!!!

 

Well, according to the policy document if the car is "beyond economical repair" they will pay the "market value of your car, including accessories and spare parts at the time they are lost".

But then there's the market value (dealer price), market value (glass's guide/parkers) and market value (private sale). They vary quite a bit And I'm sure there's even market value (insurance company) at around 60% of the above... Just wondered if anybody had any recent experience of this.

 

They'll generally come up with a figure based upon a combination of Glass' Guide, dealer prices and AutoTrader ads for vehicles of a similar age/mileage.

Whether you agree with their "guesstimate" is another matter entirely

Your best bet is probably to view the car at the same time as the insurer's claims inspector, as that gives you a chance to discuss the situation with him, find out what your insurer's calculations are based on and, more importantly, it's your only real opportunity to put forward your views on a face-to-face basis.

 

Zax,

Normally an insurer would base their valuation on the current Glass's guide (or similar) price.. it tends to be roughly what you would expect to pay from a dealer (though not a main dealer)...

They take into account the value you declared to them when you took the policy out, the age, mileage etc.. and although many will give you a fairly low offer to start with, if you can supply proof that it would cost you more than their offer to replace your vehicle with a like-for-like one then they will normally increase it.

The whole point of a motor policy is that it indemnifies you (less an agreed excess) in the event of a claim.

-----

Fuzz,

60% of market value ??? Don't think so.. maybe you're getting mixed up with the "new-car replacement" wording that says that if your car is less than 12 months old and is 'written-off' then they will look to replace it with a new one.

Or you could be referring to the fact that many insurers will deem a vehicle to be a 'write-off' of the cost of repairs exceeds 60% of the current market value...

I don't know of any insurer that would look to give you only 60% of the current market value... I mean what would be the point of that ??

Anyway, hope this helps...


John
Schofield Insurance Brokers

 

Tesco Insurance have just made me a reasonably sensible offer (not too far from what I could have sold it for) for my UK Turbo which has been written off following a roll a couple of weeks ago.

However, it's still some way off what I will have to pay from a dealer to replace it and my argument is that I should be able to buy an identical car from the same dealer - so I haven't accepted their figure and told them to think again...

 

Hmmm. They work more quickly than my lot. 3 weeks and counting, still no word on what they want to do with the car. Don't even know if they've inspected it yet. My regular phone calls produce no response...

It's the waiting I can't stand

 

Hi all,
I smashed my RB5 WRSport up 2 - 3 weeks ago and have been informed by Tesco Insurance today that it is beyond economical repair and that they are willing to give me £15600 for it. I dont see this as being too far from the value as if you look on here or Top Marques then these cars are going for that sort of money!
What annoys me is that it was only the back end that was smashed but the chassis has took a beating, the other parts of the car are perfect, the interior is spotless and it had an engine rebuild under warranty after the big ends went about 6 months ago!
I also took out another form of insurance with the subaru dealer when i bought it and that states that they will make up the difference between what i bought it for and what i am going to get for it now, a couple hundred quid well spent me thinks!

Laters

Mikey

 

Royal&Sun alliance have valued my car at 950 pounds more than what I've paid for it (and declared as value of the car). I have honestly told that man that it's more, and he told he doesn't care.

Let's see how much they will pay though. And how soon.

 

Elephant initially offered me £500 less than I paid for the Import WRX I rolled 3 weeks after buying it.
This took about a month, which didn't seem unreasonable what with their accident repair firm having to to visit the remains of the car and declare it a total loss, and the claims assessor visiting me to take a statement and submit his report.
I wrote back spelling out all the reasons the car was worth what I paid for less a nominal £50 depreciation for the miles I'ld done - FSH with receipts, tracker, Cat 1, CD, Climate etc and quoting examples off Autotrader to back this up. By return I got a cheque for £450.
The insurance company will pay the cost of replacing the car in the market in which you normally buy cars, subject obviously to the maximum of the value you quoted when you took out the policy - so if you bought it privately they will pay private sale value.

 

When i rolled mine, the insurance company, tescos, offered me a price which was below what i paid for it 3 weeks earlier. I obtanied printouts from the Subaru website of used cars with virtualy identical spec and, age and mileage (lucky as there was about 3 IIRC), faxed them through.

On that evidence they increased the offer by £1000, which was *cough* more than i paid for it.

They also advised me to take any accesories out that i could, eg radio, dog guard, mats, boot liner, fog lamp covers (amazingly they survived), etc.

 

If they won't pay what you consider the Market Value for your car why not ask them to source and replace the car for you?