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.
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