Urgent! Advice sought contesting insurance valuation (Z4M)

Urgent! Advice sought contesting insurance valuation (Z4M)

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GarethA

Original Poster:

179 posts

149 months

Wednesday 15th July 2015
quotequote all
Hi folks

If anyone has successfully negotiated with insurance companies on valuations for settlements I'd love to hear from them

My lovely Z4M took a ding recently to the front and the repairs (bumper, headlights and radiator etc) are looking like the best part of £8k from the assessor. I had it sent to a local workshop I am a customer of and they have told me the trade glasses valuation is £8090. Either way I am expecting the worst ie uneconomic repair.

The car was mint, though high mileage (mid 90's) with CSL wheels fitted and replacement value is realistically closer to 14-15 in the condition mine was in.

1) Other than evidencing classifieds (not so many examples around) has anyone got any recommendations or advice for this process?
2) I should have a right to fix the car myself if I want, correct (even if Cat C required worst case)?

....

Someday when I'm feeling chirpier I'll post the extra damage that was caused when the vehicle was repatriated to the UK from Europe (not part of the above repairs). It will make your eyes water. Oh all right then you twisted my arm.




mmm-five

11,227 posts

283 months

Wednesday 15th July 2015
quotequote all
Is it a roadster or coupe?

Are the CSLs genuine, and are they declared on the insurance. If not, then you're not likely to get any extra money out of the insurer for them, but may be able to remove them from the car (if you can provide the originals of course).

Even then, I'd say a 90k Z4M is only worth £10k-£11k - the insurer is not going to pay extra for perfect paint or rare colours/options.

I've got a 140k Z4MC and the guides state mine is only worth £6k-£7k - but that'll be trade values. There's no way I'd be able to replace it for that much, but I know that even a minor bump will put it into write-off territory.

was8v

1,927 posts

194 months

Wednesday 15th July 2015
quotequote all
I have no experience of this but negotiate hard and you should get close to what you want.

Then you can ask to buy the car back - lots of people do this and fix up themselves. If you do this then take pics of the damage and keep receipts for the repair for when you come to sell the car in future.

GarethA

Original Poster:

179 posts

149 months

Wednesday 15th July 2015
quotequote all
It's a roadster.

The wheels are genuine I believe but not declared - I believe they were factory fitted.


wiggy001

6,542 posts

270 months

Wednesday 15th July 2015
quotequote all
My E36 Cabriolet was written off last year. Glasses/CAP values it around £2100 but I wouldn't have been able to replace it for less than £3500 (especially given it was mint, low mileage, FBMWSH, unmodified etc etc).

Insurance company couldn't have cared less and eventually offered me £2300, stated it was the end of the matter but I was welcome to contact the financial ombudsman who repeated that the offer I had was more than generous given the Glasses valuation and that the cost of replacement (based on other's for sale at the time) doesn't influence their decision.

In short, don't expect more than the Glasses valuation unless there are special circumstances (eg agreed value policy).

MOTK

308 posts

133 months

Wednesday 15th July 2015
quotequote all
GarethA said:
The wheels are genuine I believe but not declared - I believe they were factory fitted.
I believe that's impossible, none of these cars had them factory fitted AFAIK. Unless you can prove they were by providing the build sheet to your insurers you will receive nothing extra for those as they were not declared.

Good luck with it, and as said try and find similar examples for sale to show your insurer. When my 968CS was written off which I had told my insurance company was worth 12.5k they ended up paying out 14.5 as that was the value of similar cars I could find at the time. I did not accept their first offer.

GarethA

Original Poster:

179 posts

149 months

Wednesday 15th July 2015
quotequote all
Thanks for replies guys

Wiggy - my worst case scenario!

MOTK - cannot confirm, not the original owner so you are probably correct


Soov535

35,829 posts

270 months

Wednesday 15th July 2015
quotequote all
CSL's wouldn't have been factory.

If you didn't declare them you won't get the uplift.


You can push but don't expect much more - agreed value policies are more expensive for a reason!



GarethA

Original Poster:

179 posts

149 months

Wednesday 15th July 2015
quotequote all
Soov535 - I've never had one but I'm learning fast. Is the value a collar/floor as a matter of interest with those or fixed - i.e. if the vehicle appreciates you can evidence that if needs be

I was simply plain ignorant that an industry valuation guide could be so detached from reality

Soov535

35,829 posts

270 months

Wednesday 15th July 2015
quotequote all
GarethA said:
Soov535 - I've never had one but I'm learning fast. Is the value a collar/floor as a matter of interest with those or fixed - i.e. if the vehicle appreciates you can evidence that if needs be

I was simply plain ignorant that an industry valuation guide could be so detached from reality
You generally agree a value each renewal time - if the car is written off you get a cheque for that amount.


essayer

9,011 posts

193 months

Wednesday 15th July 2015
quotequote all
How on earth did that happen to the bonnet?

krisdelta

4,566 posts

200 months

Wednesday 15th July 2015
quotequote all
If it's a write-off, it's about the evidence - they *will* try and low bid you, of course - it's a business!

Get as many advert examples as you can - the cheapest out there is currently £12,995 I can see at "any mileage" - that's your starting point, you need to be able to replace your car - the fact there are few examples for sale makes your case stronger, as the prices are what they are - and it's the most robust time of year.

MOTK

308 posts

133 months

Wednesday 15th July 2015
quotequote all
edit: ignore that.

GarethA

Original Poster:

179 posts

149 months

Wednesday 15th July 2015
quotequote all
essayer

there's more where that came from. If I told you the bonnet was unaffected in the incident would you believe me. Basically when the car was being brought back to the UK it seems to have been treated like it was going to the scrapyard. Elephant dropped on bonnet - hinges as you see them, bonnet support struts broken clean off mountings, straps (I assume) across the wings abrading paintwork to the metal and......car presumably squeezed into a gap and grooves etched into the tonneau cover. An estimated £3.5k of additional damage caused whilst under insurance co custody.

I'm treating as a separate thing in my head (ie the 8k repairs excludes the above) as I think I'd be pretty hard done by if the ins co didn't recognise the additional damage from their transport company. But in reality it's just another headache for the claims adjuster so more likely I get an offer of some sort I imagine.



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wiggy001

6,542 posts

270 months

Wednesday 15th July 2015
quotequote all
krisdelta said:
Get as many advert examples as you can - the cheapest out there is currently £12,995 I can see at "any mileage" - that's your starting point, you need to be able to replace your car - the fact there are few examples for sale makes your case stronger, as the prices are what they are - and it's the most robust time of year.
You would think so, wouldn't you? Unfortunately the Glasses/CAP guides are gospel apparently.

essayer

9,011 posts

193 months

Wednesday 15th July 2015
quotequote all
frown It's not HWH is it? My old car.

MOTK

308 posts

133 months

Wednesday 15th July 2015
quotequote all
wiggy001 said:
You would think so, wouldn't you? Unfortunately the Glasses/CAP guides are gospel apparently.
That certainly wasn't the case in my instance I described above. No agreed valuation policy, I declared the value of the car at 12.5k when taking out the policy, was offered 14.5k after showing what equivalent examples were worth in the market place at that time.

GarethA

Original Poster:

179 posts

149 months

Wednesday 15th July 2015
quotequote all
essayer said:
frown It's not HWH is it? My old car.
The reg? No

shibby!

921 posts

197 months

Wednesday 15th July 2015
quotequote all
MOTK said:
That certainly wasn't the case in my instance I described above. No agreed valuation policy, I declared the value of the car at 12.5k when taking out the policy, was offered 14.5k after showing what equivalent examples were worth in the market place at that time.
Same as when I had my accident.

It's summer, Prices are high, Good luck.

Funk

26,254 posts

208 months

Wednesday 15th July 2015
quotequote all
It seems ridiculous that you get paid trade value on your car but can't replace it at trade prices. The whole thing is daft.

You should be put in a position to replace what's been written off without being out of pocket.