F#@KING INSURANCE COMPANIES!!!!!!!
Discussion
After having my bump in my car, im sure you can remember, the insurance assessor (Spelling???) has been out to inspect it.
The insurance co have an agreed valuation of £15k on the car and the repairs are going to be £6.5k......the assessor has now said that the car is overvalued and may write the car off and offer me around about £11k for the car.....what the hell is going on here??
The car has a new engine (only coming up to 6k miles) and a new chassis, all in it was £15k+ by the previous owner and I know that £11k will not get me the quality car that i found.
What are your thoughts on what I should do? should i accept £11k and demand the car back for free?? argue until I get £15k for the car and buy it back off them for £5-6k and fix it myself??? or refuse to be paid off and demand the car should be fixed??
I really just want the car back on the road as soon as poss, its killing me not having it.
The insurance co have an agreed valuation of £15k on the car and the repairs are going to be £6.5k......the assessor has now said that the car is overvalued and may write the car off and offer me around about £11k for the car.....what the hell is going on here??
The car has a new engine (only coming up to 6k miles) and a new chassis, all in it was £15k+ by the previous owner and I know that £11k will not get me the quality car that i found.
What are your thoughts on what I should do? should i accept £11k and demand the car back for free?? argue until I get £15k for the car and buy it back off them for £5-6k and fix it myself??? or refuse to be paid off and demand the car should be fixed??
I really just want the car back on the road as soon as poss, its killing me not having it.
If you have an agreed value then take it further. The agreed value must be in a seperate agrement, not just the value in your policy. You need a letter stating that the insurance company agree the market valueof your car to be £xxxxx
I found this out the hard way. If it comes to it, buy it back and get it repaired, remembering to take about 25% of the value off as its now a cat C/D
I found this out the hard way. If it comes to it, buy it back and get it repaired, remembering to take about 25% of the value off as its now a cat C/D
Firstly, never accept the first offer. Secondly, are the insurance company saying it is an economic write off or a structural write off (couldn't quite make it out from the post)?
If it is structural write off, hold out for a better write off value. For me, even if the chassis can be repaired, at the back of my mind would be a niggling doubt about its structural integrity. Especially if I was going to take the family out in it.
If it is a financial write off, it may be worth considering the back back option, if they offer it to you.
Either way, you could help your corner buy getting independent 'accredited' people (like a TVR specialist) to confirm the market value in today's climate and the overall condition of your car prior to your ding-dong. If may not be of significant value, but any more pounds you can get from the insurance co. the better! It might even be worth a punt to ask the TVR owners club to write something for you if they are able to.
The Citizens Advice Bureau may also be able to give you more information about what you do and don't have to accept and your rights. Hope it all gets sorted for you.
If it is structural write off, hold out for a better write off value. For me, even if the chassis can be repaired, at the back of my mind would be a niggling doubt about its structural integrity. Especially if I was going to take the family out in it.
If it is a financial write off, it may be worth considering the back back option, if they offer it to you.
Either way, you could help your corner buy getting independent 'accredited' people (like a TVR specialist) to confirm the market value in today's climate and the overall condition of your car prior to your ding-dong. If may not be of significant value, but any more pounds you can get from the insurance co. the better! It might even be worth a punt to ask the TVR owners club to write something for you if they are able to.
The Citizens Advice Bureau may also be able to give you more information about what you do and don't have to accept and your rights. Hope it all gets sorted for you.
Don't sit idle while they try and stitch you up!
Get out and look for a car in you condition at a dealers and pass the details to the assessor.
If you don;t have the "Agreed" value in writing??
A different approach may be you can find one as good as yours for £11k (hard times for some) then perhaps another buy might be a way out?
Good Luck
Get out and look for a car in you condition at a dealers and pass the details to the assessor.
If you don;t have the "Agreed" value in writing??
A different approach may be you can find one as good as yours for £11k (hard times for some) then perhaps another buy might be a way out?
Good Luck
It has been valued by an indipendant TVR Specialist and they said it is worth about £15k and told the assessor this. I also have this in writing from the ins co. that the agreed value of the car is £15k.
The work done to the car was a full new chassis, body off etc, this only being 4k miles ago and like I said new engine 6k miles ago...
Gazzab, I know what you're saying about the cars you see in the classifieds etc but I can virtually guarantee that none of these are in the condition of my car (prior to accident).
The damage is purely cosmetic and therefore only being a financial write off.
The work done to the car was a full new chassis, body off etc, this only being 4k miles ago and like I said new engine 6k miles ago...
Gazzab, I know what you're saying about the cars you see in the classifieds etc but I can virtually guarantee that none of these are in the condition of my car (prior to accident).
The damage is purely cosmetic and therefore only being a financial write off.
I know if mine had a brand new chassis and brand new engine a few thousand miles ago i'd be mighty pee'd off if someone tried to tell me it was all for nothing and the car was worth the same. But thats not the point here. You've agreed a value with the insurance and gone to the time and effort to get an indirendant to value it. You've then paid extra to your insurance for this and i'm taking it that you have the agreed value in writing? Surely they are in breach of there side of the contract/policy by trying to offer you less on an agreed value? I think i'd be seeking legal action or at least telling your insurance that you will be if they continue to offer you less than the agreed value. And if the damage to the car is only cosmetic i'd be insisting your allowed to buy it back from them! And cheap! For all the stress and heartache they've caused you regarding this! Just my opinion anyway.
WorAl said:
It has been valued by an indipendant TVR Specialist and they said it is worth about £15k and told the assessor this. I also have this in writing from the ins co. that the agreed value of the car is £15k.
The work done to the car was a full new chassis, body off etc, this only being 4k miles ago and like I said new engine 6k miles ago...
Gazzab, I know what you're saying about the cars you see in the classifieds etc but I can virtually guarantee that none of these are in the condition of my car (prior to accident).
The damage is purely cosmetic and therefore only being a financial write off.
When you sa the insurance company agreed the value, did they just accept the value you told them or (as I had to) pay extra and fill in a form and attach 6 specific photos of interior/exterior?The work done to the car was a full new chassis, body off etc, this only being 4k miles ago and like I said new engine 6k miles ago...
Gazzab, I know what you're saying about the cars you see in the classifieds etc but I can virtually guarantee that none of these are in the condition of my car (prior to accident).
The damage is purely cosmetic and therefore only being a financial write off.
jodypress said:
WorAl said:
It has been valued by an indipendant TVR Specialist and they said it is worth about £15k and told the assessor this. I also have this in writing from the ins co. that the agreed value of the car is £15k.
The work done to the car was a full new chassis, body off etc, this only being 4k miles ago and like I said new engine 6k miles ago...
Gazzab, I know what you're saying about the cars you see in the classifieds etc but I can virtually guarantee that none of these are in the condition of my car (prior to accident).
The damage is purely cosmetic and therefore only being a financial write off.
When you sa the insurance company agreed the value, did they just accept the value you told them or (as I had to) pay extra and fill in a form and attach 6 specific photos of interior/exterior?The work done to the car was a full new chassis, body off etc, this only being 4k miles ago and like I said new engine 6k miles ago...
Gazzab, I know what you're saying about the cars you see in the classifieds etc but I can virtually guarantee that none of these are in the condition of my car (prior to accident).
The damage is purely cosmetic and therefore only being a financial write off.
I found this out the hard way.
WorAl said:
The damage is purely cosmetic and therefore only being a financial write off.
There could be an opportunity for you here? Why not ask your insurance co. whether they would allow you to buy it back and how much they would want for it. You could end up with £11k+, less what you pay the insurers, to spend on putting your car back on the road. If they won't let you buy it back then get a mate or the garage that is going to repair it to buy it back for you. If you take the 11k (or whatever price you negotiate), the ins co will auction the car. If you want to buy it back you will have to bid for it along with everyone else.
They will write off when the overall cost of doing so is less, ie they obviously think that 11k - auction_value < 6.5k.
If you can get a lower quote to have it repaired, you can offer to settle for that (eg 5k). If you're lucky you might even make a few quid.
Good luck..
They will write off when the overall cost of doing so is less, ie they obviously think that 11k - auction_value < 6.5k.
If you can get a lower quote to have it repaired, you can offer to settle for that (eg 5k). If you're lucky you might even make a few quid.
Good luck..
Edited by FarmyardPants on Monday 24th November 11:05
BCA said:
What chassis work has it had done, a body off rebuilt Cerb to a high standard is IMHO worth quite a premium over a normal Cerb...
It makes the car a better 'buy', but (unfortunately) it wont increase the market value of the car, and in todays so called credit crunch ceisis (aka Labour cock-up) big high performance gaz guzzlers aren't exactly flavor of the month cars.Having said that, if you like your car that much, argue your case to get it repaired.
WorAl said:
WooooHooooo I love Insurance Companies 
They have confirmed the repairs are to go ahead as per the estimate.....Right now where is that cheque book for the mods
Result! Nice one Al - glad the insurance co. came through in the end. Hopefully meet you at one of the TVRCC meets in our area when you get the P&J back?They have confirmed the repairs are to go ahead as per the estimate.....Right now where is that cheque book for the mods
Regards PeteA
peteA said:
WorAl said:
WooooHooooo I love Insurance Companies
They have confirmed the repairs are to go ahead as per the estimate.....Right now where is that cheque book for the mods
Result! Nice one Al - glad the insurance co. came through in the end. Hopefully meet you at one of the TVRCC meets in our area when you get the P&J back?They have confirmed the repairs are to go ahead as per the estimate.....Right now where is that cheque book for the mods
Regards PeteA
Hopefully get to the next one.
Gassing Station | Cerbera | Top of Page | What's New | My Stuff