Insurance payout - for theft - retail value

Insurance payout - for theft - retail value

Author
Discussion

NicD

Original Poster:

3,281 posts

258 months

Friday 23rd August 2013
quotequote all
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

iva cosworth

44,044 posts

164 months

Friday 23rd August 2013
quotequote all
You have negotiated up from the derisory first offer so just get as much as you can

and happy hunting for a replacement....smile

Monty Python

4,812 posts

198 months

Friday 23rd August 2013
quotequote all
It should be on trade price - find some as close as possible to yours and use that as a starting point, bearing in mind that the sticker price is rarely the real price, so expect a lower value.

Toaster Pilot

14,621 posts

159 months

Friday 23rd August 2013
quotequote all
You mean retail surely not trade which is auction money below private...

Monty Python

4,812 posts

198 months

Friday 23rd August 2013
quotequote all
Toaster Pilot said:
You mean retail surely not trade which is auction money below private...
Trade as in dealer forecourt rather than private sale price.

Toaster Pilot

14,621 posts

159 months

Friday 23rd August 2013
quotequote all
Monty Python said:
Trade as in dealer forecourt rather than private sale price.
That's what I thought - more commonly known as "retail" because trade is used to describe the price traders buy cars at thumbupsmile

catman

2,490 posts

176 months

Friday 23rd August 2013
quotequote all
Should be retail value.

Tim

littleredrooster

5,538 posts

197 months

Saturday 24th August 2013
quotequote all
catman said:
Should be retail value.

Tim
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.

Noger

7,117 posts

250 months

Saturday 24th August 2013
quotequote all
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 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.

littleredrooster

5,538 posts

197 months

Saturday 24th August 2013
quotequote all
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.

mikal83

5,340 posts

253 months

Saturday 24th August 2013
quotequote all
Wife's SLK was T'boned and written off. Insurance offered a price which we rejected, so we found every SLK for sale within 100 miles of around its age/condition etc, got an average price, submitted it.............and they accepted it! Retail.

NicD

Original Poster:

3,281 posts

258 months

Saturday 24th August 2013
quotequote all
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...'
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.




littleredrooster

5,538 posts

197 months

Saturday 24th August 2013
quotequote all
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...'
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.
I did not wish to get involved in a difference of opinion with Noger as he is one of our 'insiders' with tons of useful information, but your experience exactly mirrors mine after my bike was stolen some years ago.

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.

saaby93

32,038 posts

179 months

Noger

7,117 posts

250 months

Sunday 25th August 2013
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NicD said:
This is direct contradiction of the valuing engineer handling my case
Then he is wrong. See saaby's link above.

markiii

3,629 posts

195 months

Sunday 25th August 2013
quotequote all
its not about what you could sell it for its about what you need to pay to replace it. Insurance is supposed to put you back in the same position you were prior to the claim

pork911

7,192 posts

184 months

Sunday 25th August 2013
quotequote all
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 wink

s p a c e m a n

10,782 posts

149 months

Sunday 25th August 2013
quotequote all
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.