Stolen Car Payout

[bacchus180]

My wife has had her car stolen, They broke into our house stole the keys and drove off.. buggers.

What do we expect the insurers to pay out over this, The car was in excellent condition and she only did 4-5k a year in it, I did a glass's guide and the range was between 4,500 for a crap trade in to 7,500 for an excellent trade in, to 10,500 for a showroom sale..

Does anyone have an indication of how the insurers base their pricing?..

thanks

[Contigo]

No but I'd be sending them mails from various classifieds of cars like your with similar mileage, spec and condition so they know what they are worth!

[paintman]

Find cars of identical spec on Autotrader & Ebay classifieds. Download copies of the ads.
Should there be a disagreement, you then have evidence to show what the vehicle is actually being sold for.
Keep copies of all correspondence between you and your insurersIn the event of no agreement being reached you will need the ads to send to the FSO.
Went through this a while go after an accident.

[jamoor]

yeah, just look on autotrader for a car thats as similar to yours as possible, get the money from the insurance co, buy that car to replace yours, jobsagoodun!

[bacchus180]

I'll try and do that.. so it is replacement value of the vehicle not trade in value that counts?

[nails1979]

Insurance is indemnity. IE putting you back in the financial position you were in before the loss.
Therefore its not what your car would cost to replace but what your car is worth.

[ging84]

nails1979 said:

Insurance is indemnity. IE putting you back in the financial position you were in before the loss.
Therefore its not what your car would cost to replace but what your car is worth.

well that just clears everything up perfectly

[AMST09]

nails1979 said:

Insurance is indemnity. IE putting you back in the financial position you were in before the loss.
Therefore its not what your car would cost to replace but what your car is worth.

My car is worth twice as much to me as what others are being sold for, they aren't going to pay that though, its what it would cost to put me back in the same position.... what the car costs to replace

[Blue Oval84]

ging84 said:

nails1979 said:

Insurance is indemnity. IE putting you back in the financial position you were in before the loss.
Therefore its not what your car would cost to replace but what your car is worth.

well that just clears everything up perfectly

And it's wrong as per my understanding. They are supposed to give you enough to be able to buy a replacement car of equivalent age and spec.

[1878]

Blue Oval84 said:

And it's wrong as per my understanding. They are supposed to give you enough to be able to buy a replacement car of equivalent age and spec.

Is the correct answer.