Insurance valuations - probably for the 1000th time on here
Discussion
Apologies for the probably commonplace topic.
A bit of background first: At the beginning of January we were in need of a cheapo family runabout so I bought a Lexus which needed a bit of work (new keys to be programmed and a new sunroof unit to be fitted) and so I paid on the bottom end of the market round here for them - £1300. There was one other at £1450 and the rest seemed to be closer to the £2500 mark. Despite this, I placed an insurance value on the car at £1300. Cut to February and some old duffer drives into the back of me and the car is written off.
Since then I've been offered £1000 for the car, minus excess, so £750. I rejected this with examples closer to the £1500 price point, but saying I valued it at £1300, they quoted based on this figure, that's a reasonable figure to expect. Then a cheque pops through the door for £750, the cheeky swines. I know it's only £300, but I've already bought another car so I'm not in any rush to settle. It's more the principle of the thing. Surely the objective of taking insurance is so you can be returned to the same position you enjoyed prior to your loss. I'm hardly chancing my arm with a £1300 valuation of the car.
On top of this, just been on the phone to the insurers with them claiming that if I hadn't had the keys sorted the car would have been useless, so maybe they should adjust their valuation downwards to take into account the fact that no keys worked when I bought the car and it was technically worthless. WTF are they talking about?
They're also telling me that car location with respect to my address has zero bearing on any payout, so their £900 suggestion also involves a 360 mile train journey. For info, the cheapest comparable replacement that is local to me is £2495. Again, this is irrelevant as I already have a replacement car, but surely there should be some consideration given to how location affects the value/cost of replacement vehicles.
Any ideas how to make this as quick, fair and painless as possible?
Cheers.
A bit of background first: At the beginning of January we were in need of a cheapo family runabout so I bought a Lexus which needed a bit of work (new keys to be programmed and a new sunroof unit to be fitted) and so I paid on the bottom end of the market round here for them - £1300. There was one other at £1450 and the rest seemed to be closer to the £2500 mark. Despite this, I placed an insurance value on the car at £1300. Cut to February and some old duffer drives into the back of me and the car is written off.
Since then I've been offered £1000 for the car, minus excess, so £750. I rejected this with examples closer to the £1500 price point, but saying I valued it at £1300, they quoted based on this figure, that's a reasonable figure to expect. Then a cheque pops through the door for £750, the cheeky swines. I know it's only £300, but I've already bought another car so I'm not in any rush to settle. It's more the principle of the thing. Surely the objective of taking insurance is so you can be returned to the same position you enjoyed prior to your loss. I'm hardly chancing my arm with a £1300 valuation of the car.
On top of this, just been on the phone to the insurers with them claiming that if I hadn't had the keys sorted the car would have been useless, so maybe they should adjust their valuation downwards to take into account the fact that no keys worked when I bought the car and it was technically worthless. WTF are they talking about?
They're also telling me that car location with respect to my address has zero bearing on any payout, so their £900 suggestion also involves a 360 mile train journey. For info, the cheapest comparable replacement that is local to me is £2495. Again, this is irrelevant as I already have a replacement car, but surely there should be some consideration given to how location affects the value/cost of replacement vehicles.
Any ideas how to make this as quick, fair and painless as possible?
Cheers.
I always over estimate the value to avoid exactly this. They value it at whichever is lower - the book price or your valuation. I think by setting a low value you are agreeing you won't expect any more as a payout, so in theory, they give you a lower premium.
I always over estimate the value. Never seems to affect the quote much either, to be honest.
I always over estimate the value. Never seems to affect the quote much either, to be honest.
Bennet said:
Incidentally, if the old duffer drove in to the back of you, surely you're dealing with his insurance company, not yours?
If he wasn't insured, can't you sue him for the value of the loss or something?
Why is your company even involved?
It's one of those situations where despite him writing my car off from the back, insurers have gone 50/50. He's knows there are no independent witnesses so has claimed I ran a red light, despite a) me definitely not running a red light and b) me being 100% certain that *he* looked at the wrong filter light and advanced through a red light onto the dual carriageway I was on. Downright infuriating. I suppose I should be thankful he's not put in a whiplash claim...If he wasn't insured, can't you sue him for the value of the loss or something?
Why is your company even involved?
Dashcam is ordered and going in the new car.
Anyway, just sent off to the insurer a copy of Glass's book price for my car and the Financial Ombudsman bit on insurance valuation. Going by that, I'm being generous only asking for the price I insured it for.
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