On a scale of 1 to 10 how ****ed am I?
Discussion
Good evening pistonheaders! Thanks for taking the time out to give this a read.
I'm 22 with a modified impreza (very cliché I'm sure) and someone managed to run into it and write it off during the week while I was working abroad. Now, all mods are declared and the other driver has admitted liability, was sober and was charged on the spot with reckless driving.
My question is whether his insurance company is likely to pay out just the standard market value or will they take into consideration the almost 10 grand of modifications and subsequently pay out more?
I've poured all my time, cash and effort into the motor and plan on racing it next year so only getting 5k or whatever market value is would be a real heartbreaker.
Any thoughts, advice or similar experiences welcome. Thanks again
I'm 22 with a modified impreza (very cliché I'm sure) and someone managed to run into it and write it off during the week while I was working abroad. Now, all mods are declared and the other driver has admitted liability, was sober and was charged on the spot with reckless driving.
My question is whether his insurance company is likely to pay out just the standard market value or will they take into consideration the almost 10 grand of modifications and subsequently pay out more?
I've poured all my time, cash and effort into the motor and plan on racing it next year so only getting 5k or whatever market value is would be a real heartbreaker.
Any thoughts, advice or similar experiences welcome. Thanks again
As you're five years into buying insurance then I'd suggest you read up in what you're buying.
Firstly, his insurers will pay for the value of the car including all mods if you choose to use them. If not, then your insurer will pay out in full for your car, including all the declared mods and then recover the money from his insurers.
No doubt, others will be along soon to beat on about non-fault claims, small print, wriggling out of claims and fronting, but as usual that will be a load of b
ks.
Firstly, his insurers will pay for the value of the car including all mods if you choose to use them. If not, then your insurer will pay out in full for your car, including all the declared mods and then recover the money from his insurers.
No doubt, others will be along soon to beat on about non-fault claims, small print, wriggling out of claims and fronting, but as usual that will be a load of b
ks. you will have a bit of a fight on your hands, they can't just give you the market value for a unmodified one, but you also can't expect them to add £10k to your claim just because that is what you put into the car.
Usually people in this situation will retain the salvage as it will have far more value to you than a salvage yard, and fight as hard as they can to get a decent payout
Usually people in this situation will retain the salvage as it will have far more value to you than a salvage yard, and fight as hard as they can to get a decent payout
Andrew-j32w6 said:
What does that entail? Excuse my ignorance.
Again not an expert but I thought you agreed with your insurance in writing a 'write off' valuation. If it is written off, they pay this value out. As in your case it was the other party, then they would fight etc to get this but again not sure on the semantics. this link explains it better
http://www.financial-ombudsman.org.uk/publications...
''3. agreed-value policies
Agreed-value policies are not common. They usually relate to valuable or "classic" vehicles where the consumer has an investment to protect and the vehicle's value is unlikely to depreciate substantially – if at all. The insurer will have assessed the premium on the basis of the vehicle's agreed value and is obliged to pay that amount if the vehicle is "written off".
Confusion can arise where a consumer believes they have an “agreed-value” policy because the proposal form asked them to state the vehicle’s value and/or because the policy schedule shows a value for the vehicle (usually based on the value in the proposal form). In these cases, the policy will usually just be an ordinary "market value" policy. We understand insurers ask about a vehicle’s value for other reasons (for example, to help detect fraud) – but it is not surprising that consumers sometimes think the information is relevant to the claim.''
Andrew-j32w6 said:
Thanks for that mate very good info and I don't think I'll Insure another valuable car without it but unfortunately I don't have an agreed value on my policy. 
but R1Loon is the expert here, I am just an 'amateur busybody', but I would look at these policies in future for your protection.Unless it's some sort of top notch special car, then finding an agreed value policy for a heavily modded Japanese car is extremely unlikely. Special is not in the eyes of the owner, it is in the eyes of the underwriter.
However, if anyone has an agreed value policy then in a non-fault scenario like the OP has described his insurer will recover all their outlay, without a "fight".
However, if anyone has an agreed value policy then in a non-fault scenario like the OP has described his insurer will recover all their outlay, without a "fight".
This is very true haha. I'm just a small fish in the massive pistonheads pond. 15k worth of impreza is nothing here. But none the less I do like the sound of an agreed value policy and will look for this in future. First lesson learned is to properly understand what I'm buying when buying insurance.
Thanks R1loon.
Thanks R1loon.
Edited by Andrew-j32w6 on Saturday 7th November 21:41
LoonR1 said:
Unless it's some sort of top notch special car, then finding an agreed value policy for a heavily modded Japanese car is extremely unlikely. Special is not in the eyes of the owner, it is in the eyes of the underwriter.
However, if anyone has an agreed value policy then in a non-fault scenario like the OP has described his insurer will recover all their outlay, without a "fight".
Just out of curiosity Loon, if you have an agreed value policy with your insurance company and you have a non fault accident then get your own to handle it, how do your insurance company go about recovering their money?However, if anyone has an agreed value policy then in a non-fault scenario like the OP has described his insurer will recover all their outlay, without a "fight".
Do they still sometimes have a fight about the value with third party companies even if their customer's don't?
Retroman said:
Just out of curiosity Loon, if you have an agreed value policy with your insurance company and you have a non fault accident then get your own to handle it, how do your insurance company go about recovering their money?
Do they still sometimes have a fight about the value with third party companies even if their customer's don't?
No problem at all. They send their outlay to the other side and advise that it was covered in an agreed value basis and that's it. The days of disputes over the value being requested on outlays is long gone anyway. You can thank RSA for that and their short term greed. Do they still sometimes have a fight about the value with third party companies even if their customer's don't?
Andrew-j32w6 said:
This is very true haha. I'm just a small fish in the massive pistonheads pond. 15k worth of impreza is nothing here. But none the less I do like the sound of an agreed value policy and will look for this in future. First lesson learned is to properly understand what I'm buying when buying insurance.
Thanks R1loon.
£15k of Impreza is still good going Thanks R1loon.
Don't think LoonR1 was being disparaging, it tends to be specialist brokers that deal in agreed value policies. It will be interesting for us to see, but probably annoying to you what value you get offered.
It is very hard to determine the "market value" of a relatively low value car with mods that themselves cost twice the likely normal value of the car.
You think the value will be high as it was your hard earned, the insurance company will probably value it far lower.
Assuming your mods are mostly unscathed and recoverable, then buying the car back will be best if you can get it.
Bert
It is very hard to determine the "market value" of a relatively low value car with mods that themselves cost twice the likely normal value of the car.
You think the value will be high as it was your hard earned, the insurance company will probably value it far lower.
Assuming your mods are mostly unscathed and recoverable, then buying the car back will be best if you can get it.
Bert
Also, check the fine print. Last I checked - and I'm quite willing to be told I'm wrong - but the Admiral/Bell/Elephant group of companies will only replace mods with OEM equivalents.
So basically you have to declare them because of the perceived increase in value or risk, but won't actually get - for example - aftermarket alloys back in the event of theft.
As said already I think you'll have issues getting an agreed value on a "Jap import + mods", they're typically engineered towards cars that are rather exclusive.
So basically you have to declare them because of the perceived increase in value or risk, but won't actually get - for example - aftermarket alloys back in the event of theft.
As said already I think you'll have issues getting an agreed value on a "Jap import + mods", they're typically engineered towards cars that are rather exclusive.
I don't know about that - I've had agreed valuations on classic cars worth less than £5k with Lancaster. Adrian Flux offer agreed value cover for modified cars:
https://www.fluxdirect.co.uk/products/agreed-value...
You probably wouldn't get the full value of the mods but you'll get a lot more of the value in the car back.
https://www.fluxdirect.co.uk/products/agreed-value...
You probably wouldn't get the full value of the mods but you'll get a lot more of the value in the car back.
I'll report back when I hear more. Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff