Insurance value / Market value...Car written off.
Discussion
Hi all
I was reading a similar thread, and it made me wonder..
My car has been written off, and the insurance company have offered £900 for it. Its a 1998 E36 BMW 318ti compact (M sport if it makes any difference?) with 97K on the clock, manual.
I am struggling to find any decent like for like examples for sale at £900. Most seem to be lower specced models, or ones with much more mileage.
It seems like a fair (ish) offer, but I can't help but feel I should be asking for a bit more...
Should I accept their offer, or do I decline knowing that I cannot do a like for like replacement?
Any advice is appreciated.
I was reading a similar thread, and it made me wonder..
My car has been written off, and the insurance company have offered £900 for it. Its a 1998 E36 BMW 318ti compact (M sport if it makes any difference?) with 97K on the clock, manual.
I am struggling to find any decent like for like examples for sale at £900. Most seem to be lower specced models, or ones with much more mileage.
It seems like a fair (ish) offer, but I can't help but feel I should be asking for a bit more...
Should I accept their offer, or do I decline knowing that I cannot do a like for like replacement?
Any advice is appreciated.
Yeah, I have never accepted the first offer an Insurance Co makes. When I buy a car (I only ever buy cars with impecable histories and condition) I always take extensive photos of vehicle and related paperwork for just such a scenario. Send copies of this and then attach copies of adverts of similar condition/spec cars to yours. The insurance company cannot argue with facts..
..other thing I generally do is getting an agreed value on the car at the inception of the Insurance policy
..other thing I generally do is getting an agreed value on the car at the inception of the Insurance policy
They've jumped exactly 50%, after reading your first post again.
Well you say that, but you still have to put in x amount of money to buy a replacement.
It's like when people bag on about how much money their parents made on a house case they paid £15000 20 years ago. They would still need to buy another house when they come to sell theirs. And those houses have gone up too!
I'd try again, personally. Unless £1350 is more than what comparable examples are fetching...
Well you say that, but you still have to put in x amount of money to buy a replacement.
It's like when people bag on about how much money their parents made on a house case they paid £15000 20 years ago. They would still need to buy another house when they come to sell theirs. And those houses have gone up too!
I'd try again, personally. Unless £1350 is more than what comparable examples are fetching...
I had a Range Rover P38 that was stolen.
I paid £4800 for it, insurance asked me how long I had owned it (6months) had I any evidence of maintenance spent on it in the last 12months, so sent them copies of new steering pump, air con work etc and they came back with an offer of £5500.
Had to say I was happy.
I paid £4800 for it, insurance asked me how long I had owned it (6months) had I any evidence of maintenance spent on it in the last 12months, so sent them copies of new steering pump, air con work etc and they came back with an offer of £5500.
Had to say I was happy.
The same thing happened to me when I binned my 306 - the first offer was a laughably low 3 figures; but after going backwards and forwards (they went on and on about how it was 'high mileage' and 'the book says this') for days, I ended up getting (almost) what similar cars were going for.
Their opinion seemed to be unless I could find the exact same model on autotrader with the exact same mileage then I should've been happy to take half what it was actually worth
Their opinion seemed to be unless I could find the exact same model on autotrader with the exact same mileage then I should've been happy to take half what it was actually worth
Gassing Station | General Gassing | Top of Page | What's New | My Stuff