Insurance and "market value"
Discussion
My policies all provide me with market value in the event of a write off.
I've been fortunate enough to have never needed to claim on my insurance, but better safe than sorry, hence this thread.
In the event my LHD CS was written off, what would I expect to receive? I would assume that "market value" means searching the market for a comparable car and then receiving a pay out on that basis.
CS' are sensitive to colour, spec, mileage and service history. I can see a scenario where an insurer points to a CS that is the lowest on the market for reasons connected to service history, colour and spec, but says its the same mileage and year as your car.
In that scenario, would you be able to reject their offer on the basis that "market value" for a CS is a more involved affair than market value for most other Ferraris, particularly at this point? Essentially, would one be able to argue the definition of market value?
I'd be interested to hear of views here and experience in particular.
I've been fortunate enough to have never needed to claim on my insurance, but better safe than sorry, hence this thread.
In the event my LHD CS was written off, what would I expect to receive? I would assume that "market value" means searching the market for a comparable car and then receiving a pay out on that basis.
CS' are sensitive to colour, spec, mileage and service history. I can see a scenario where an insurer points to a CS that is the lowest on the market for reasons connected to service history, colour and spec, but says its the same mileage and year as your car.
In that scenario, would you be able to reject their offer on the basis that "market value" for a CS is a more involved affair than market value for most other Ferraris, particularly at this point? Essentially, would one be able to argue the definition of market value?
I'd be interested to hear of views here and experience in particular.
This thread may be of interest to you - didn't get written off in the end by the looks of it, but some interesting discussion nonetheless: http://www.pistonheads.com/gassing/topic.asp?h=0&a...
I had a policy which stated that if my car was wrecked I'd get 'market value' for it. When I pushed them to explain what market value meant, they admitted it was actually the trade price. No-one outside the trade can reasonably expect to buy at such low prices so it's silly.
Simpo Two said:
jonamv8 said:
He also stated the vehicle to be valued at £14k! Looking at AutoTrader, eBay Motors and Franchise Approved Cars I searched using the exact same criteria as my car and I produced cars for sale from 16k to 19k. I matched, mileage, age, spec etc. Surely this should be negotiated in a write off scenario, you simply cannot replace that vehicle like for like for 14k, I'm losing 3k at least.
It may be the trade value.I had a policy which stated that if my car was wrecked I'd get 'market value' for it. When I pushed them to explain what market value meant, they admitted it was actually the trade price. No-one outside the trade can reasonably expect to buy at such low prices so it's silly.
ZOLLAR said:
Your insurance policy will explain to you what your insurer's definition of market value is.
If you disagree with how they value it find an insurer that you agree with.
As mentioned above an agreed value policy is your best bet.
+1If you disagree with how they value it find an insurer that you agree with.
As mentioned above an agreed value policy is your best bet.
Also I found out on investigating this very aspect that if you state a value when you take out the policy of say £100k with a market value policy, you will get market value up to £100k, so if the market now says car is now worth £110k you would only get £100k!!
Agreed value is best way to go.
Gassing Station | Supercar General | Top of Page | What's New | My Stuff