Calculating insurance claim, premium loan car included.
Discussion
An Amazon van bashed one of our cars, their insurer has accepted liability. We told our insurer but have dealt with the other insurer ourselves in order not to have an outstanding claim dragging on.
The repair is circa £13k but the hire of a car of the same class is £15,500 from Enterprise for the two weeks required. When the insurer wrote to us, they pre-emptively sent a spreadsheet with a tariff that they pay for certain cars, which I thought was odd. The Bentley Flying Spur required is showing at £195/day. Now, I am sure that insurance companies pay less than retail, but ten times less?
Because reasons we may negotiate to settle in cash, so we really need to calculate a figure for full and final settlement. Our claim is going to be:
Cost of repair
Hire car
Cost of quote (we had to pay for the estimate)
Some small sundry costs.
All of the above -VAT
Is there any loss that we have overlooked? I have asked our insurer whether we will have an increase in premium, but they don't yet know. So we cannot really include that in the claim, I don't think.
Anyone with any experience able to comment on the above please?
The repair is circa £13k but the hire of a car of the same class is £15,500 from Enterprise for the two weeks required. When the insurer wrote to us, they pre-emptively sent a spreadsheet with a tariff that they pay for certain cars, which I thought was odd. The Bentley Flying Spur required is showing at £195/day. Now, I am sure that insurance companies pay less than retail, but ten times less?
Because reasons we may negotiate to settle in cash, so we really need to calculate a figure for full and final settlement. Our claim is going to be:
Cost of repair
Hire car
Cost of quote (we had to pay for the estimate)
Some small sundry costs.
All of the above -VAT
Is there any loss that we have overlooked? I have asked our insurer whether we will have an increase in premium, but they don't yet know. So we cannot really include that in the claim, I don't think.
Anyone with any experience able to comment on the above please?
Louis Balfour said:
The repair is circa £13k but the hire of a car of the same class is £15,500 from Enterprise for the two weeks required. When the insurer wrote to us, they pre-emptively sent a spreadsheet with a tariff that they pay for certain cars, which I thought was odd. The Bentley Flying Spur required is showing at £195/day. Now, I am sure that insurance companies pay less than retail, but ten times less?
Is their figure from an offer they are making to provide you with a like for like replacement or just a maximum amount they are prepared to reimburse?If you really want to go for a like for like replacement then I wouldn't pay for it out of my own pocket as the other parties insurer may later baulk at the cost and you may have to go to court to get your money back (potentially without success).
ralphrj said:
Louis Balfour said:
The repair is circa £13k but the hire of a car of the same class is £15,500 from Enterprise for the two weeks required. When the insurer wrote to us, they pre-emptively sent a spreadsheet with a tariff that they pay for certain cars, which I thought was odd. The Bentley Flying Spur required is showing at £195/day. Now, I am sure that insurance companies pay less than retail, but ten times less?
Is their figure from an offer they are making to provide you with a like for like replacement or just a maximum amount they are prepared to reimburse?If you really want to go for a like for like replacement then I wouldn't pay for it out of my own pocket as the other parties insurer may later baulk at the cost and you may have to go to court to get your money back (potentially without success).
Louis Balfour said:
They have said that they will provide a Flying Spur, and the rate on their spreadsheet seems to be what they claim to be paying for one. I have asked them where from so that I can check their workings, but they haven't obliged with a response.
If they can supply one at that cost then I would be happy to let them do it rather than put my own money at risk.Louis Balfour said:
essayer said:
The Enterprise rates I saw for a premium saloon (S class, A7, 7 series) were £125/day
How does it get to £1,000 for a Bentley?
I don't know, but I might buy one specifically to rent out if that's what they really get How does it get to £1,000 for a Bentley?
The GTA rate is £656 (download the 24-25 spreadsheet) : https://www.gtacredithire.com/rates/car-hire/
SydneyBridge said:
944 Man said:
You are obliged to mitigate your losses, surely?
Yes, especially if you have other carsUnless there is a specific need for a certain car
If the OP uses his own Bentley for private hire or similar, then wanting another as a courtesy car is understandable; however, if that is the case, it will be necessary to check whether an ordinary hire agency allows use for reward. If having a Bentley is not essential to fulfill contracts or expectations, then I'd have thought the issue of loss mitigation comes into things, too.
Missy Charm said:
SydneyBridge said:
944 Man said:
You are obliged to mitigate your losses, surely?
Yes, especially if you have other carsUnless there is a specific need for a certain car
If the OP uses his own Bentley for private hire or similar, then wanting another as a courtesy car is understandable; however, if that is the case, it will be necessary to check whether an ordinary hire agency allows use for reward. If having a Bentley is not essential to fulfill contracts or expectations, then I'd have thought the issue of loss mitigation comes into things, too.
Sure you could just turn around and say no thank you.
We wonder why everyone keeps seeing increased insurance costs.
Enterprise has different rates depending on who's paying. If you're not at fault and seek a courtesy car they will charge a higher rate to the 3rd party insurer. They used to love finding out someone was hiring a car due to theirs being off the road due to someone else being at fault. Obviously you're then at risk at having to fork out for the car if the claim goes against you.
Insurance companies themselves would have some very preferential deals whenever they needed to furnish a customer with a replacement car. Seem to recall a quarter of the going rate.
This was a very long time ago though and things have quite possibly changed since then.
Sorry about the Bentley though.
We wonder why everyone keeps seeing increased insurance costs.
Enterprise has different rates depending on who's paying. If you're not at fault and seek a courtesy car they will charge a higher rate to the 3rd party insurer. They used to love finding out someone was hiring a car due to theirs being off the road due to someone else being at fault. Obviously you're then at risk at having to fork out for the car if the claim goes against you.
Insurance companies themselves would have some very preferential deals whenever they needed to furnish a customer with a replacement car. Seem to recall a quarter of the going rate.
This was a very long time ago though and things have quite possibly changed since then.
Sorry about the Bentley though.
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