Urgent! Advice sought contesting insurance valuation (Z4M)
Discussion
JNW1 said:
I understand what you're saying but is the assertion that insurance companies can't afford to pay fair settlements because premiums have been driven down by competitive pricing? The level of profits they report would suggest otherwise although I accept it's possible that car insurance may not be contributing much towards the overall figure....
There was no assertion at all from what i can see written above.All we said was that if you pay peanuts for your insurance then read the terms and conditions of what you are purchasing.As stated by the OP it is only after needing to claim that the true level of cover is now apparent in the terms and conditions.
griff7 said:
There was no assertion at all from what i can see written above.All we said was that if you pay peanuts for your insurance then read the terms and conditions of what you are purchasing.
As stated by the OP it is only after needing to claim that the true level of cover is now apparent in the terms and conditions.
A comment was made to the effect if insurance companies are having to compete on price (as well as other things) something has to give which I interpreted as meaning a low price implies a probability of inferior cover; however, apologies if the link wasn't being made in the way I thought! I agree we should all read the terms and conditions but surely that applies regardless of the premium and not just to those paying "peanuts"? Just because an individual has paid top dollar doesn't necessarily mean they've got better cover than someone who's paid less - could just be a case of being lazy, not bothering to shop around and paying through the nose as a result! As stated by the OP it is only after needing to claim that the true level of cover is now apparent in the terms and conditions.
hornetrider said:
Polarbert said:
What was the outcome with this?
So frustrating when the OP never returns to a thread like this.We have a Z4MC and a Gransport, both of which tend to come up with stupid low prices on webuyanycar. Is it now possible to see the Glasses guide? - used to be only available to the trade so you really would beninsuring blind. Elephant/Admiral were by far the cheapest, approx a third of the price of the specialists, but I've heard some horror stories about some of the specialists too recently.
For anyone else who suffers a similar fate, I had a similar issue with my E30 318iS in 2014 - I ended up going to the Financial Ombudsman and winning (after over a year of arguing).
The initial valuation from the insurance company was £900 (Cat C, £800 cash plus the vehicle back). After a year I'd got that up to a value of £4950 resulting in a settlement of £3300 cash in lieu of repair, not a write off - Result!
The best way to do it is to speak to the BMW Car Club GB and get them to value it - its a professional service from a trained expert that the FO will listen to, even if your insurance company probably won't! Best £50 I spent in 2014
When I eventually return the E30 to the road it will be with a proper insurance company, with a proper up-front agreed valuation!
The initial valuation from the insurance company was £900 (Cat C, £800 cash plus the vehicle back). After a year I'd got that up to a value of £4950 resulting in a settlement of £3300 cash in lieu of repair, not a write off - Result!
The best way to do it is to speak to the BMW Car Club GB and get them to value it - its a professional service from a trained expert that the FO will listen to, even if your insurance company probably won't! Best £50 I spent in 2014
When I eventually return the E30 to the road it will be with a proper insurance company, with a proper up-front agreed valuation!
mwggriffiths said:
For anyone else who suffers a similar fate, I had a similar issue with my E30 318iS in 2014 - I ended up going to the Financial Ombudsman and winning (after over a year of arguing).
The initial valuation from the insurance company was £900 (Cat C, £800 cash plus the vehicle back). After a year I'd got that up to a value of £4950 resulting in a settlement of £3300 cash in lieu of repair, not a write off - Result!
The best way to do it is to speak to the BMW Car Club GB and get them to value it - its a professional service from a trained expert that the FO will listen to, even if your insurance company probably won't! Best £50 I spent in 2014
When I eventually return the E30 to the road it will be with a proper insurance company, with a proper up-front agreed valuation!
I think most insurance companies rely on people not prepared to fight for it and the Ombudsman is the first line of attack.It is well worth fighting for it as you did and most of the time they will rule in your favour if you provide the proof of values.The initial valuation from the insurance company was £900 (Cat C, £800 cash plus the vehicle back). After a year I'd got that up to a value of £4950 resulting in a settlement of £3300 cash in lieu of repair, not a write off - Result!
The best way to do it is to speak to the BMW Car Club GB and get them to value it - its a professional service from a trained expert that the FO will listen to, even if your insurance company probably won't! Best £50 I spent in 2014
When I eventually return the E30 to the road it will be with a proper insurance company, with a proper up-front agreed valuation!
All
My apologies for not coming back to the post I didn't notice the extra postings.
What happened was that my case officer at Admiral went on holiday, a colleague with more get up and go looked at when she was out and immediately escalated internally without being asked. I think she sensed the negative PR potential regarding damage done by their recovery.
I prepared a 2 pager on evidence for values, shared with Admiral and spoke to the same person who immediately looked up some specialist websites with me on the phone and concurred straight away that Glass's values were totally out of whack with reality. I was asked what my end game was - cash or repair, and went for repair. Full repair was sanctioned within a few weeks much to my surprise as it was now c. 8k repairs. Took a while but finally got it back in....November. Could have kicked up more of a fuss for time without a car but I don't commute and was glad to get it back (no "category" labels).
Moral of story seems to be - depends who you get on the Admiral side!
Sincere thanks once again to the very helpful posts on this topic.
Best
My apologies for not coming back to the post I didn't notice the extra postings.
What happened was that my case officer at Admiral went on holiday, a colleague with more get up and go looked at when she was out and immediately escalated internally without being asked. I think she sensed the negative PR potential regarding damage done by their recovery.
I prepared a 2 pager on evidence for values, shared with Admiral and spoke to the same person who immediately looked up some specialist websites with me on the phone and concurred straight away that Glass's values were totally out of whack with reality. I was asked what my end game was - cash or repair, and went for repair. Full repair was sanctioned within a few weeks much to my surprise as it was now c. 8k repairs. Took a while but finally got it back in....November. Could have kicked up more of a fuss for time without a car but I don't commute and was glad to get it back (no "category" labels).
Moral of story seems to be - depends who you get on the Admiral side!
Sincere thanks once again to the very helpful posts on this topic.
Best
Good result - well played.
Now go back and update your Z4forum post as well.!
Now go back and update your Z4forum post as well.!
GarethA said:
All
My apologies for not coming back to the post I didn't notice the extra postings.
What happened was that my case officer at Admiral went on holiday, a colleague with more get up and go looked at when she was out and immediately escalated internally without being asked. I think she sensed the negative PR potential regarding damage done by their recovery.
I prepared a 2 pager on evidence for values, shared with Admiral and spoke to the same person who immediately looked up some specialist websites with me on the phone and concurred straight away that Glass's values were totally out of whack with reality. I was asked what my end game was - cash or repair, and went for repair. Full repair was sanctioned within a few weeks much to my surprise as it was now c. 8k repairs. Took a while but finally got it back in....November. Could have kicked up more of a fuss for time without a car but I don't commute and was glad to get it back (no "category" labels).
Moral of story seems to be - depends who you get on the Admiral side!
Sincere thanks once again to the very helpful posts on this topic.
Best
My apologies for not coming back to the post I didn't notice the extra postings.
What happened was that my case officer at Admiral went on holiday, a colleague with more get up and go looked at when she was out and immediately escalated internally without being asked. I think she sensed the negative PR potential regarding damage done by their recovery.
I prepared a 2 pager on evidence for values, shared with Admiral and spoke to the same person who immediately looked up some specialist websites with me on the phone and concurred straight away that Glass's values were totally out of whack with reality. I was asked what my end game was - cash or repair, and went for repair. Full repair was sanctioned within a few weeks much to my surprise as it was now c. 8k repairs. Took a while but finally got it back in....November. Could have kicked up more of a fuss for time without a car but I don't commute and was glad to get it back (no "category" labels).
Moral of story seems to be - depends who you get on the Admiral side!
Sincere thanks once again to the very helpful posts on this topic.
Best
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