Insurance payout - for theft - retail value
Discussion
My four month old theft claim is almost at resolution.
I have had negotiations with the valuing engineer and the basis of settlement is a private sale, rather than trade.
Since I bought the bike trade and would replace it trade also, there is some loss.
What does everyone think of this?
Nic
I have had negotiations with the valuing engineer and the basis of settlement is a private sale, rather than trade.
Since I bought the bike trade and would replace it trade also, there is some loss.
What does everyone think of this?
Nic
littleredrooster said:
It will be nowhere near 'retail value'; that term is used to describe a dealer's showroom price.
It will be based upon a private sale price at best, more probably a dealer's trade-in price.
Nope.It will be based upon a private sale price at best, more probably a dealer's trade-in price.
It should be based on the retail price you would have to pay for a comparable vehicle at a reputable dealer.
This neither "advertised price" nor "trade price" nor "private".
It is retail actual. Which is what you can get from Glasses, CAP, Parkers etc.
That is FOS guidance, from the mouth of the horse.
Noger said:
Nope.
It should be based on the retail price you would have to pay for a comparable vehicle at a reputable dealer.
This neither "advertised price" nor "trade price" nor "private".
It is retail actual. Which is what you can get from Glasses, CAP, Parkers etc.
That is FOS guidance, from the mouth of the horse.
Well ya live and learn. I was badly short-changed in that case.It should be based on the retail price you would have to pay for a comparable vehicle at a reputable dealer.
This neither "advertised price" nor "trade price" nor "private".
It is retail actual. Which is what you can get from Glasses, CAP, Parkers etc.
That is FOS guidance, from the mouth of the horse.
Noger said:
Nope.
It should be based on the retail price you would have to pay for a comparable vehicle at a reputable dealer.
This is direct contradiction of the valuing engineer handling my case who stated 'the offer would not be dealer prices which include warranty, MOT, profit and so on while my insurance is for market value so for a private person...'It should be based on the retail price you would have to pay for a comparable vehicle at a reputable dealer.
I have this recorded as he left a voicemail
He did increase the offer as I pointed out the lower price adverts did not include the Akroprovik exhaust and carbon hugger'
I have already lodged a complaint about the delays so will add this valuation method to it as I have recorded evidence, see how that plays out.
NicD said:
Noger said:
Nope.
It should be based on the retail price you would have to pay for a comparable vehicle at a reputable dealer.
This is direct contradiction of the valuing engineer handling my case who stated 'the offer would not be dealer prices which include warranty, MOT, profit and so on while my insurance is for market value so for a private person...'It should be based on the retail price you would have to pay for a comparable vehicle at a reputable dealer.
I have this recorded as he left a voicemail
He did increase the offer as I pointed out the lower price adverts did not include the Akroprovik exhaust and carbon hugger'
I have already lodged a complaint about the delays so will add this valuation method to it as I have recorded evidence, see how that plays out.
The loss adjuster I had to deal with said that my loss was equal to the price I could have sold it for, not the price I would have to pay to replace it. Only certain house contents policies pay out on a 'new-for-old' basis, according to him at the time.
op get as much information as you can of others as similar to yours for sale
engineer can't just cut out all those at retail because they are retail
there will likely be a spread on price within private and retail and some overlap between those two
you are trying to replace (or to have the £ to replace) what you had
he can't pick the cheapest just as you can't pick the most expensive - 'reasonable'
..also consider much as it might leave a sour taste how much your time and the delay in dealing it is worth against cutting your losses to hold out for an increase - all depends on what that increase may be of course
engineer can't just cut out all those at retail because they are retail
there will likely be a spread on price within private and retail and some overlap between those two
you are trying to replace (or to have the £ to replace) what you had
he can't pick the cheapest just as you can't pick the most expensive - 'reasonable'
..also consider much as it might leave a sour taste how much your time and the delay in dealing it is worth against cutting your losses to hold out for an increase - all depends on what that increase may be of course
The couple of claims that I have had (for cars) have paid at retail value, which cheered me up as I normally buy the cheapest private stuff that I can get my hands on. Both times it was through a claim management company thing though, so I guess that if you're claiming for theft you are dealing with your own insurance company and they don't want to give you a penny. Try to get an agreed valuation before you buy insurance next time, might stop them playing silly games.
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