Insurance payout offer - it's thrown me!
Discussion
Morning all!
I finally got an offer for my chim yesterday from the insurers - it's thrown me because its a lot closer to what I wanted than I had anticipated.
It was a 1995 M on 66k miles, with a v8D stage 2 4.6!installed at about 50k, Nitrons tuscan seats, great chassis.
I had been anticipating an initial offer of about 6-7k on the basis that they wouldn't take the engine etc into account. They have actually offered 11k.
When I said "that sounds closer than I was expecting" the response was "well sir that IS the value that you put down when you insured it"
The thing is - it was for sale at the time of the accident, for 12.5k. I haven't mentioned this yet.
Looking through PH, 11k is enough to get a later model but with higher miles, but it wouldn't buy a low mile with new engine...I can't evidence this, because there aren't any.
Should I just take the offer and go?
Kthe other nagging point in my head is "never take their first offer"
I was all ready to argue up, but based on a low ball first offer.
Thoughts welcomed!
Thanks
Keith
I finally got an offer for my chim yesterday from the insurers - it's thrown me because its a lot closer to what I wanted than I had anticipated.
It was a 1995 M on 66k miles, with a v8D stage 2 4.6!installed at about 50k, Nitrons tuscan seats, great chassis.
I had been anticipating an initial offer of about 6-7k on the basis that they wouldn't take the engine etc into account. They have actually offered 11k.
When I said "that sounds closer than I was expecting" the response was "well sir that IS the value that you put down when you insured it"
The thing is - it was for sale at the time of the accident, for 12.5k. I haven't mentioned this yet.
Looking through PH, 11k is enough to get a later model but with higher miles, but it wouldn't buy a low mile with new engine...I can't evidence this, because there aren't any.
Should I just take the offer and go?
Kthe other nagging point in my head is "never take their first offer"
I was all ready to argue up, but based on a low ball first offer.
Thoughts welcomed!
Thanks
Keith
I have to presume it is on a classic car policy. I doubt any mainstream provider would offer anything like that amount. If you had paid for 'agreed value' or it is stated as so on the policy then that's all you'd get I expect. Minus your excess of course, I hope that isn't too high.
Perhaps you could remove some of less obvious parts if it is written off. The stereo for instance.
Perhaps you could remove some of less obvious parts if it is written off. The stereo for instance.
"well sir that IS the value that you put down when you insured it"
Take the money, you wont be getting any more out of them and you have done well to get that without haggling etc etc. look at it from their point of view, you paid to insure it at a certain value, they have offered you the maximun agreed value so have fulfilled their part.
OR see if you can buy the car back and repair or break it, sound like it was a good car pre accident.
Take the money, you wont be getting any more out of them and you have done well to get that without haggling etc etc. look at it from their point of view, you paid to insure it at a certain value, they have offered you the maximun agreed value so have fulfilled their part.
OR see if you can buy the car back and repair or break it, sound like it was a good car pre accident.
It can't do any harm to try and get a bit more, especially if you have plenty of valid reasons why e.g. recent new tyres all round, as the first offer is usually at the low end of what they think.
Even if you don't get anywhere then the £11k is still on the table.
Also, as noted above, if Mike Brewer came along and split the difference would you " 'old out yer 'and" for £11750 ?
And remember if they did offer £11750 that's straight cash (OK it will probably be a cheque but you get the idea) , no problems, no come back, no tyre kickers etc.
Even if you don't get anywhere then the £11k is still on the table.
Also, as noted above, if Mike Brewer came along and split the difference would you " 'old out yer 'and" for £11750 ?
And remember if they did offer £11750 that's straight cash (OK it will probably be a cheque but you get the idea) , no problems, no come back, no tyre kickers etc.
keith2.2 said:
I had been anticipating an initial offer of about 6-7k on the basis that they wouldn't take the engine etc into account. They have actually offered 11k.
When I said "that sounds closer than I was expecting" the response was "well sir that IS the value that you put down when you insured it"
The thing is - it was for sale at the time of the accident, for 12.5k. I haven't mentioned this yet.
You could be opening an under-insurance can of worms if you query their offer.When I said "that sounds closer than I was expecting" the response was "well sir that IS the value that you put down when you insured it"
The thing is - it was for sale at the time of the accident, for 12.5k. I haven't mentioned this yet.
Like the OP said "never accept their first offer" (unless your circumstances force you to). Take into account that whatever the value at the point of taking out the insurance all values have increased since then (unless you only took out the policy in the last couple of months). All IMHO of course !
thanks for the responses everyone.
It wasn't an agreed value policy. I think the reason they've offered 11k is that after excess (£250) - it's what I paid for the car 2 years ago. I stated the "purchase value" on the insurance - saves them having to work out how much it'd actually be worth. However - I had owned it for 18mths, the values have gone up since I bought, and I had replaced every ancillary under the bonnet, amongst other things, so the car was in much better condition than when I bought it.
I shan't mention who the policy is with until a later date as they have been AWFUL to deal with up to now so I will unfortunately find it impossible to recommend them.
It WAS on a classic policy, though. With everything declared.
I'm erring towards accepting it and asking if I can buy back. Partly because realistically it's a pretty fair offer (It's what I'd have accepted to sell) and partly because it'd be the devils own job to show why I'd need more to buy the same again - because the same again doesn't exist.
It's listed as a Cat B which means that the bodyshell has to be crushed but the other parts can be salvagable. If I can buy it for a sensible figure, I'd sell the engine, tuscan seats, interior etc and scrap the rest (it was a hell of a shunt, I wouldn't want anyone to ever use the chassis again).
It wasn't an agreed value policy. I think the reason they've offered 11k is that after excess (£250) - it's what I paid for the car 2 years ago. I stated the "purchase value" on the insurance - saves them having to work out how much it'd actually be worth. However - I had owned it for 18mths, the values have gone up since I bought, and I had replaced every ancillary under the bonnet, amongst other things, so the car was in much better condition than when I bought it.
I shan't mention who the policy is with until a later date as they have been AWFUL to deal with up to now so I will unfortunately find it impossible to recommend them.
It WAS on a classic policy, though. With everything declared.
I'm erring towards accepting it and asking if I can buy back. Partly because realistically it's a pretty fair offer (It's what I'd have accepted to sell) and partly because it'd be the devils own job to show why I'd need more to buy the same again - because the same again doesn't exist.
It's listed as a Cat B which means that the bodyshell has to be crushed but the other parts can be salvagable. If I can buy it for a sensible figure, I'd sell the engine, tuscan seats, interior etc and scrap the rest (it was a hell of a shunt, I wouldn't want anyone to ever use the chassis again).
Well the guy who bought Phazed's old 4.6 has marked it as sold (finally) on car and classic. He had it up for £13k mark but actual sale price could be anything. Might be able to still contact them via car and classic.
Cat B! I think you need to be a licensed / registered breaker to buy a Cat B or higher. So buy back may not be an option.
Cat B! I think you need to be a licensed / registered breaker to buy a Cat B or higher. So buy back may not be an option.
Ah I had wondered if that might be the case - which means someone is going to get a WONDERFUL surprise when they buy what they think is an engine from a 66k mile 400 and find it's a 2 year old 4.6 with 300bhp...
Keep your eye out on the VIN plate, folks!
Keep your eye out on the VIN plate, folks!
Edited by keith2.2 on Thursday 26th March 14:00
I hope you do manage to buy it back. It will avoid seeing it for sale with that well known **** advertising it as "we can do all the repairs up to paint stage for £5". And then you realise that a straight chassis is extra, straight wheels are extra….blah blah blah. Please buy it back….!
Gassing Station | Chimaera | Top of Page | What's New | My Stuff