Low insurance offer

Author
Discussion

catfood12

1,410 posts

141 months

Wednesday 10th October 2012
quotequote all
Noger said:
You have no right of recovery, as you subrogated those rights to your insurer. You can't claim for the same thing twice.

Other than that, spot on !
You got me there, I've just seen that the OP added an edit saying it's his insurance company. I'd assumed it was a third parties.

TOPTON

Original Poster:

1,514 posts

235 months

Thursday 11th October 2012
quotequote all
^^^^^^^^^^^^^^^^^^^^^^
Just being picky but I didn't edit it, it was always there as an added extra at the end smile


The Ins Co have been in touch and they will send a cheque out for the original amount saying--

"in case you are in need of some funds straight away and we will look into an amended amount"

Now I'm sure I have read on here that by cashing the cheque then that becomes acceptance of payout as a final offer. Am I wrong or is this another way to be screwed seen as acceptance through the back door, so to speak


ETA They have also asked for the V5 and current MOT which I understand to be normal practice

Edited by TOPTON on Thursday 11th October 11:45

LoonR1

26,988 posts

176 months

Thursday 11th October 2012
quotequote all
TOPTON said:
^^^^^^^^^^^^^^^^^^^^^^
Just being picky but I didn't edit it, it was always there as an added extra at the end smile


The Ins Co have been in touch and they will send a cheque out for the original amount saying--

"in case you are in need of some funds straight away and we will look into an amended amount"

Now I'm sure I have read on here that by cashing the cheque then that becomes acceptance of payout as a final offer. Am I wrong or is this another way to be screwed seen as acceptance through the back door, so to speak
You might have read it on here but like most things it's bks.

TOPTON

Original Poster:

1,514 posts

235 months

Thursday 11th October 2012
quotequote all
LoonR1 said:
You might have read it on here but like most things it's bks.
So does that mean what you have just wrote is also bks hehe

LoonR1

26,988 posts

176 months

Thursday 11th October 2012
quotequote all
TOPTON said:
So does that mean what you have just wrote is also bks hehe
You decide.

TOPTON

Original Poster:

1,514 posts

235 months

Thursday 11th October 2012
quotequote all
But thats the trouble with internet forums, you can't always know what is bks and what isn't.

On this thread alone there are 5 instances where the Ins Co have offered way less than replacement value (discounting the one with loads of stuff inside the burnt out vehicle). Now am I to assume that these people are talking bks and just trying to 'big themselves up' on tinternet. Or are they actually trying to give their true story as a way of help.

Now you say (LoonR1) insurances don't go out of their way to screw people. Whilst I do believe that, I also believe they will do anything in their power to save money. That makes sense because if I was an Ins Co I would too. I believe they will look for the lowest possible price to offer, from what I have read recently this could be a trade in price or poorest condiion price from Glass's guide or similar. Both of these can be well below replacement value, which is what most people want.
Good business on their part but certainly not fair on the customer.






LoonR1

26,988 posts

176 months

Thursday 11th October 2012
quotequote all
Ultimately you can believe who you want.

Those claiming they were undervalued will always have the best car of its type and for its age in the world. Much like the people who don't believe their house has dropped in value as its the nicest on the street.

Insurers operate in a heavily regulated industry. Where sharp practice is very much frowned upon. The cost of arguing the value of a car is also quite expensive so much so that each and every touch of a claim costs c£25 so dragging it out and having to pay more anyway means the claim has cost even more.


mrmr96

13,736 posts

203 months

Thursday 11th October 2012
quotequote all
I've been told that they don't have to pay out what it would cost the car to replace, rather they pay out what the car would have been worth if you'd sold it.

I.e. if you bought from a dealer you'll still only get the payout for what you'd achieve selling it privately. That initial drop in value when you roll it off the forecourt is your loss (whether you'd crashed or not) and hence the insurer doesn't cover that difference between private and dealer.

LoonR1

26,988 posts

176 months

Thursday 11th October 2012
quotequote all
mrmr96 said:
I've been told that they don't have to pay out what it would cost the car to replace, rather they pay out what the car would have been worth if you'd sold it.

I.e. if you bought from a dealer you'll still only get the payout for what you'd achieve selling it privately. That initial drop in value when you roll it off the forecourt is your loss (whether you'd crashed or not) and hence the insurer doesn't cover that difference between private and dealer.
You've heard wrong.

leahcim1313

3 posts

145 months

Thursday 11th October 2012
quotequote all
Hi, no idea if this is of use . Earlier this year my car was written off and the 3rd party accepted blame. My insurance company offered me £9,200. I disputed this and was offered a final figure of £9,400. We eventually settled on £11,500. This was mainly due to my persistence obtaining evidence that the insurance company value was low. I insisted that I speak to the assessors and I found out that they had valued my car using glasses guide but this did not take into account any factory fitted options such as larger wheels , adaptive cruise control , DVD etc. I persuaded the assessors, after many conversations, to value more realistically. I found adverts that showed similar cars all be it at a lower value and lower spec and used this to support my case. I also whenever possible spoke to a manager at my insurance company as they seem to have more discretion with the amount offered. I also spoke via e-mail to glasses guide a found them totally out of touch with the real everyday prices. My car is Audi A8 4.2 petrol and they were sending me comparisons with 3.0 diesels with no extras. I think the key is to always be polite; the person on the end of the phone giving you that low quote is only the messenger ,to find as much evidence as possible to support your case and don’t be afraid to hold out if you can afford to wait. I was lucky in that I had a 2nd car I could use. Good luck.

TOPTON

Original Poster:

1,514 posts

235 months

Thursday 11th October 2012
quotequote all
^^
Another one that had to fight for a fair payout. Seems to be normal rather than an exception then

Can someone PLEASE post on here with a story that they didn't have to fight the Ins Co. (if you actually excist of course)

simoid

19,772 posts

157 months

Thursday 11th October 2012
quotequote all
TOPTON said:
^^
Another one that had to fight for a fair payout. Seems to be normal rather than an exception then

Can someone PLEASE post on here with a story that they didn't have to fight the Ins Co. (if you actually excist of course)
The person that posted on this thread that they got £1k more than expected for their Audi... smile

LoonR1

26,988 posts

176 months

Thursday 11th October 2012
quotequote all
TOPTON said:
^^
Another one that had to fight for a fair payout. Seems to be normal rather than an exception then

Can someone PLEASE post on here with a story that they didn't have to fight the Ins Co. (if you actually excist of course)
Yes I agree. Ten people posting on a thread is a fair representation of the c400,000 total loss claims the industry deals with every year.

I'll leave you to it.

archie456

417 posts

221 months

Thursday 11th October 2012
quotequote all
LoonR1 said:
TOPTON said:
^^
Another one that had to fight for a fair payout. Seems to be normal rather than an exception then

Can someone PLEASE post on here with a story that they didn't have to fight the Ins Co. (if you actually excist of course)
Yes I agree. Ten people posting on a thread is a fair representation of the c400,000 total loss claims the industry deals with every year.

I'll leave you to it.
I totalled a motorbike a few years back, and when I received the first offer from my insurers I instinctively replied saying it was worth more.

They asked me to prove it, and when I looked it turned out that I could have bought one of many identical bikes from dealers and had change from the offer.

I cut myself a large slice of humble pie, and rang them to apologise and accept their offer. I've viewed insurance companies in a different light ever since.

daz3210

5,000 posts

239 months

Friday 12th October 2012
quotequote all
To be fair to the insurance companies, the bloke doing the valuation offer may not have actually seen the vehicle. Fair enough, an assessor will have seen it, and detailed the condition, perhaps even put his own valuation on the vehicle. But value still remains an opinion, even if an informed one based on trade guides.

I would ask folks to be honest and say how many times they have traded in a vehicle at a dealers. Then be honest and say how many times they have visited more than one dealers to see what the others offered as part of the deal. How much difference was there?

My own example is when I bought my Lotus. At the time I was running a BMW. I visited my local dealer, and they offered me £11.5k for my car against either a new or used example. I was almost on the point of agreeing on a used model (purely due to waiting list for a new one) when Dad said, go see another dealer. Second dealer, further from home looked at my car, and asked me what I would take for it in p/x. I said, without thinking £13.5k. Bloke looked in a little book and said no problem, what car are you wanting in exchange. Two dealers, £2k apart, 35 miles apart in distance.

Value, is always going to be subjective.


LoonR1

26,988 posts

176 months

Friday 12th October 2012
quotequote all
daz3210 said:
To be fair to the insurance companies, the bloke doing the valuation offer may not have actually seen the vehicle. Fair enough, an assessor will have seen it, and detailed the condition, perhaps even put his own valuation on the vehicle. But value still remains an opinion, even if an informed one based on trade guides.

I would ask folks to be honest and say how many times they have traded in a vehicle at a dealers. Then be honest and say how many times they have visited more than one dealers to see what the others offered as part of the deal. How much difference was there?

My own example is when I bought my Lotus. At the time I was running a BMW. I visited my local dealer, and they offered me £11.5k for my car against either a new or used example. I was almost on the point of agreeing on a used model (purely due to waiting list for a new one) when Dad said, go see another dealer. Second dealer, further from home looked at my car, and asked me what I would take for it in p/x. I said, without thinking £13.5k. Bloke looked in a little book and said no problem, what car are you wanting in exchange. Two dealers, £2k apart, 35 miles apart in distance.

Value, is always going to be subjective.
I agree with the last sentiment but dealers and trade in values are not necessarily comparable as they are looking to make some money on a subsequent sale.

An insurance company isn't. They are looking to give a fair price based on evidence. Bear in mind that the sellers adverts that you rely on may be dreaming too.

For example. If you're buying to upgrade many will bemoan the pie in the sky prices people are asking. Yet they then use these pie in the sky figures to support a value if looking to increase their write off valuation.

Ultimately it is usually subjective from the policyholder and more objective from the insurer.

daz3210

5,000 posts

239 months

Friday 12th October 2012
quotequote all
LoonR1 said:
I agree with the last sentiment but dealers and trade in values are not necessarily comparable as they are looking to make some money on a subsequent sale.

An insurance company isn't. They are looking to give a fair price based on evidence. Bear in mind that the sellers adverts that you rely on may be dreaming too.

For example. If you're buying to upgrade many will bemoan the pie in the sky prices people are asking. Yet they then use these pie in the sky figures to support a value if looking to increase their write off valuation.

Ultimately it is usually subjective from the policyholder and more objective from the insurer.
But the premise remains, its only worth what someone is willing to pay.

How do these 'guides' reach their values? They must be based on some method of reaching a value, which must be based on perception of worth by someone.



LoonR1

26,988 posts

176 months

Friday 12th October 2012
quotequote all
daz3210 said:
But the premise remains, its only worth what someone is willing to pay.

How do these 'guides' reach their values? They must be based on some method of reaching a value, which must be based on perception of worth by someone.
That's true but a dealer may be willing to pay more under circumstances, even willing to take a loss if that one subsequent sale puts them into a higher commission band.

The guides are based on normalised sales values not one offs. For example if you'd written your car off on the way home from the last dealer you wouldn't have got £13500 for it.

mikeveal

4,557 posts

249 months

Friday 12th October 2012
quotequote all
LoonR1 said:
mikeveal said:
Your inference, I have admitted nothing of the sort.
ETA You really need to get over yourself.

Edited by mikeveal on Wednesday 10th October 18:00
So why were you so pleased with yourself when you wrote the below, after all you still only got £900 for your car and a smaller payout for the items you lost in the fire than you paid for them too.

Strange for someone to be so smug when they got a lower payout than they paid for not only their car, but also a load of personal items. Especially when you feel the value of £900 was unjust initially in the post, but after getting a ower payout for these "real" items, you suddenly find it just.
Let me spell this out very clearly, as you're obviously struggling with the difference between implication and inference.

I couldn't give a monkey's left testicle what you infer from my post, whether it makes sense to you or not, how you quote me or what you do with my post.

I've made the mistake of crossing words with you on another thread, I find you quick to jump on your high horse and needlessly argumentitive - from your posts here and on other threads, I infer that you are a keyboard warrior more interested in engaging in battles with other posters than contributing to a thread. But that is my personal inference and should not matter one jot to you.

I will not be dragged down to your level again. You may now have the last word (you know you won't stop until you do) safe in the knowledge that no matter what you type, I won't bother responding.

Good day to you Sir.

HorneyMX5

5,306 posts

149 months

Friday 12th October 2012
quotequote all
I've written off 2 cars and on both occasions been low balled by the insurance company. A couple of printed adverts later and a cheque for a reasonable sum less my excess arrived on my door mat.

The worst one was my 91 mini cooper which was pretty much box fresh and the damage was one wing and the bonnet. Offered me £300 on a car I paid £3500 for 6 months earlier. When I phoned I was told "That's what old minis are worth." Yeah right, at the time you couldn't get a rusty dog of a 998 city for less than £1K with tax and test.

Nick