Low insurance offer

[TOPTON]

So what is the next step???

Insurance company have offered a payout of approx £1200 below the price it would cost to buy another car of the same model.

The same cars on PH are around £7400+ private sales for very similar, Ins Co have offered £6250 and are saying they cannot possibly go any higher.

Our car was lower miles than all of them, (43k) with full service history. So as I said at the beginning, what is the next step?

Any help appreciated..TT

Added----It is our own fully comp insurance not a third party's ins co, if it makes a difference

[TOPTON]

Thanks guys, I thought that was the case.

It was the way the guy on the phone wouldn't entertain the thought of increasing the offer. Thats it, full stop, no chance may as well have been his words.

The car was a Z3m roadster, 43k miles. After reading the responses on here, I have since spoken to the Ins Co and they said the same as you helpful guys, send in 3 private adds for price comparison and we'll see where we go from there.

So I guess I should have rang them first but then you guys would of had nothing to do

[TOPTON]

LoonR1 said:

Despite the urban myths insurers don't routinely screw people on values.

Interesting you say this when another thread arrives stating the exact oppisite

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

[TOPTON]

^^^^^^^^^^^^^^^^^^^^^^
Just being picky but I didn't edit it, it was always there as an added extra at the end


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

[TOPTON]

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

[TOPTON]

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.

[TOPTON]

^^
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)

[TOPTON]

One of the reasons Insurance companies are making a loss is because they won't get off their fat arses and investigate bogus claims. Just reading recent threads on here, 5mph nudges with a claim for £3k. Scratched bumper for a bogus £2k.
No win no fee people even tell you on the phone that Ins Co's wont investigate a claim for less than £2k. Why not???

Employing an investigator for say £30k salary a year only needs to check out 10 a year to break even