Insurance claim
Discussion
Hello,
I've been loking around this site for a few months and decided to join today, manily because I finally have something to say.
You see, I have a slight problem. I bought an M12 2.5l in January but on April 11th I managed to slam it into 2 barriers in the rain and right my poor baby off. Apart from a very bruised ego the pain was soon gone and the reality of sorting out the insurance began to take centre stage.
The insuarnce company were quick to make positive noises about sorting out the engineer and quoting me a value to pay out, but it's been three weeks with the engineer now. I spoke to him a couple of weeks ago where he admitted he knew nothing about the car. So I let him know the usual - how much I paid orignially, when, who from, etc, etc.
Yesterday I phoned Direct Line and they weren't even sure who my details are with!
I know this is all my own stupid fault for smashing it in the first place and I'm probably beeing really impatient, but has anyone else had problems getting a payout like this? Also, what were the offers like?
Finally, did any of you find any particular tactic that made them speed the process up a bit? Or am I being a bit optimistic hoping for this to be sorted out reasonably quickly?
Thanks for any input you might have.
Peter.
P.S. Am I the only one who's crashed an M12? If not, let me know as it'll make me feel a bit less of a wally!
I've been loking around this site for a few months and decided to join today, manily because I finally have something to say.
You see, I have a slight problem. I bought an M12 2.5l in January but on April 11th I managed to slam it into 2 barriers in the rain and right my poor baby off. Apart from a very bruised ego the pain was soon gone and the reality of sorting out the insurance began to take centre stage.
The insuarnce company were quick to make positive noises about sorting out the engineer and quoting me a value to pay out, but it's been three weeks with the engineer now. I spoke to him a couple of weeks ago where he admitted he knew nothing about the car. So I let him know the usual - how much I paid orignially, when, who from, etc, etc.
Yesterday I phoned Direct Line and they weren't even sure who my details are with!
I know this is all my own stupid fault for smashing it in the first place and I'm probably beeing really impatient, but has anyone else had problems getting a payout like this? Also, what were the offers like?
Finally, did any of you find any particular tactic that made them speed the process up a bit? Or am I being a bit optimistic hoping for this to be sorted out reasonably quickly?
Thanks for any input you might have.
Peter.
P.S. Am I the only one who's crashed an M12? If not, let me know as it'll make me feel a bit less of a wally!
Sorry to hear of your woes.
The only 'trick' I can advise is to hound them every single day on the phone. Also, if anyone tells you that they "don't know what's going on", as to speak to their manager, and then if the same, their manager etc.
Remember that the replacement cost is NOT the "value", it is the price YOU COULD BE REASONABLY EXPECTED TO PAY IF YOU WALKED INTO A MAIN DEALER, FOUND EXACTLY THE SAME CAR, DIDN'T HAGGLE, AND PAID THE FIGURE THAT WAS ON THE STICKER. This applies REGARDLESS if you bought the car private or via a dealer in the first place.
Insurance companies will often talk about "book value", and will often provide adverts from private customer's selling their car in Autotrader or similar. This is NOT the way insurance works legally, but they will try it on.
Further details here
www.financial-ombudsman.org.uk/publications/ombudsman-news/22/issue-22-motorinsurance.htm
If they still won't play ball, the "magic words" if they give you a figure that you fell is below the correct price you would have to pay at a dealer, then ask for their offer to be put in writing, with it signed with the words "this is our full and final offer, and reflects the market value to obtain a replacement at an approved dealership" and signed by the chief executive of the insurance company.
According to my actuary friend this will send them into a tailspin, because if then the FOB find against them then it will create all sorts of issues with the FSA.
Finally, if you want another brick to throw at them then insist that not having the car is causing you significant expenditure, and that if they don't expidite the claim then you will have little choice but to refer them to the FOB for causing "unecessary hardship due to the length of time taken to process the claim". A good tactic to go with this point is that if you are arguing over the replacement value then you can ask for a "payment on account" at their "last best offer" - this is where they pay you the value they have offered, and by you taking it does NOT infer an acceptance of the figure, merely that you are taking the payment on account to expidite the ability to source a replacement.
Not crashed a M12 I'm afraid, but when the X5 got nicked using the above tactic not only got the payout within 4 weeks, but also the "valuation" part raised their first "full and final offer" from £30,500 to an eventual £37,775.....
Good luck, and generally, just make a pain of yourself and they'll want to get rid of you
J
The only 'trick' I can advise is to hound them every single day on the phone. Also, if anyone tells you that they "don't know what's going on", as to speak to their manager, and then if the same, their manager etc.
Remember that the replacement cost is NOT the "value", it is the price YOU COULD BE REASONABLY EXPECTED TO PAY IF YOU WALKED INTO A MAIN DEALER, FOUND EXACTLY THE SAME CAR, DIDN'T HAGGLE, AND PAID THE FIGURE THAT WAS ON THE STICKER. This applies REGARDLESS if you bought the car private or via a dealer in the first place.
Insurance companies will often talk about "book value", and will often provide adverts from private customer's selling their car in Autotrader or similar. This is NOT the way insurance works legally, but they will try it on.
Further details here
www.financial-ombudsman.org.uk/publications/ombudsman-news/22/issue-22-motorinsurance.htm
If they still won't play ball, the "magic words" if they give you a figure that you fell is below the correct price you would have to pay at a dealer, then ask for their offer to be put in writing, with it signed with the words "this is our full and final offer, and reflects the market value to obtain a replacement at an approved dealership" and signed by the chief executive of the insurance company.
According to my actuary friend this will send them into a tailspin, because if then the FOB find against them then it will create all sorts of issues with the FSA.
Finally, if you want another brick to throw at them then insist that not having the car is causing you significant expenditure, and that if they don't expidite the claim then you will have little choice but to refer them to the FOB for causing "unecessary hardship due to the length of time taken to process the claim". A good tactic to go with this point is that if you are arguing over the replacement value then you can ask for a "payment on account" at their "last best offer" - this is where they pay you the value they have offered, and by you taking it does NOT infer an acceptance of the figure, merely that you are taking the payment on account to expidite the ability to source a replacement.
Not crashed a M12 I'm afraid, but when the X5 got nicked using the above tactic not only got the payout within 4 weeks, but also the "valuation" part raised their first "full and final offer" from £30,500 to an eventual £37,775.....
Good luck, and generally, just make a pain of yourself and they'll want to get rid of you
J
joust said:
Remember that the replacement cost is NOT the "value", it is the price YOU COULD BE REASONABLY EXPECTED TO PAY IF YOU WALKED INTO A MAIN DEALER, FOUND EXACTLY THE SAME CAR, DIDN'T HAGGLE, AND PAID THE FIGURE THAT WAS ON THE STICKER. This applies REGARDLESS if you bought the car private or via a dealer in the first place.
Justin - Thanks for that. My Dad's partner has had her car written off and they have said they will only pay private replacement price because that is how she bought it - best get on the phone to him.
Cheers,
Rob.
Total crap. It's interesting that the FOB and the IOB before them give adjudication after adjudication against the insurance companies on this subject, and yet they still persist in it.
Only if you couldn't reasonably be expected to obtain the car at a main dealer would that not hold, but even then, the price would be the same as you could find in a car supermarket or similar. Only if you couldn't find a similar car in any trade site would a private value hold.
As I said, as well, if there was little likelyhood of you being able to negoitate any reduction from the sticker price (e.g. my BMW X5 where demand outstrips supply and even magazines like "what car" say there is little discount to be found) then the sticker price is the sticker price.
The easiest, and the way we nailed it for the X5, is to wander into a main dealer, find a similar car, and then negoitate the "best price". Get the sales assistant to put it in writing, highlighting on it any costs to add any missing options, and then send a copy of that to the insurance company. Such evidence would be more than sufficient to back up a FOB claim that that was the "market value", and hence they will have no choice but to pay it.
Read the link I posted - it gives some good examples.
Regards,
J
>> Edited by joust on Sunday 7th May 14:10
Only if you couldn't reasonably be expected to obtain the car at a main dealer would that not hold, but even then, the price would be the same as you could find in a car supermarket or similar. Only if you couldn't find a similar car in any trade site would a private value hold.
As I said, as well, if there was little likelyhood of you being able to negoitate any reduction from the sticker price (e.g. my BMW X5 where demand outstrips supply and even magazines like "what car" say there is little discount to be found) then the sticker price is the sticker price.
The easiest, and the way we nailed it for the X5, is to wander into a main dealer, find a similar car, and then negoitate the "best price". Get the sales assistant to put it in writing, highlighting on it any costs to add any missing options, and then send a copy of that to the insurance company. Such evidence would be more than sufficient to back up a FOB claim that that was the "market value", and hence they will have no choice but to pay it.
Read the link I posted - it gives some good examples.
Regards,
J
>> Edited by joust on Sunday 7th May 14:10
Martin's right - if the dealer price is higher there is nothing to stop you pushing for it.
However, you may be fed up already, and if you can source a private car for the money they have offered then I'd accept and go and buy another.
This time, be careful with it, especially in the wet! If you have the odd hundred quid or so, can I suggest a Don Palmer / Andrew Walsh / Drive Alive bit of training - it could turn out a lot cheaper than another crash.
Take care,
J
However, you may be fed up already, and if you can source a private car for the money they have offered then I'd accept and go and buy another.
This time, be careful with it, especially in the wet! If you have the odd hundred quid or so, can I suggest a Don Palmer / Andrew Walsh / Drive Alive bit of training - it could turn out a lot cheaper than another crash.
Take care,
J
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