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The Insurance Zone Want to insure your ride but not sure of wheres best.. Well, put a post here and others should be able to help!

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Old 11-02-2018, 01:53 PM   #11
Kerr
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Originally Posted by Andyblue View Post
I think from what you've said, they 'may' come back with a slightly better offer - have a look on line and have a few links / site pages ready for comparison to discuss with them when they phone back, to let them be able to link easily and quickly to...

Obviously, you're probably not going to get the full price to replace like for like, especially if prices have increased and they're selling above book price, but you should be able to get close (ish) to - how much short do you think you are ?

Really hope you get this sorted out
Realistically £10k and that still won't get one of this spec and certainly not of the condition. It was a very tidy car and unbelievably had zero wear on the leather.

Obviously not an agreed value, but the estimated value when taking the policy out was given as £10k. It was a realistic valuation based on other cars at that time.
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Old 11-02-2018, 01:53 PM   #12
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You are insured against "book" value.
If they offer below you can contest, hence the reason that anything special can be insured against "agreed" value, at an increased cost.
Check Parker’s and see what they have as book value for private sale, if that is higher than what they offer, than you could argue your case.
Keep in the back of your mind, that if they made an offer, mostimes they stop paying for your courtesy car. ( depending on company)
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Old 11-02-2018, 01:54 PM   #13
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Trying to remember from your first post and spec but wasn't yours closer to 12k
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Old 11-02-2018, 01:54 PM   #14
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Insurer is only obligated to pay out the pre-accident value as of the day of the accident. Unsurprisingly people are rarely offered a figure they are happy with, certainly at outset. In my experience the only way you will get anywhere is hard objective evidence. Insurer will be using an industry standard to value the car. If you can show better than average condition etc you may bump it up a little.

Was it a fault accident? I only ask as if not you could pursue Direct against the third party insurer. I'd wager the total loss figure on an engineers report you or someone on your behalf commissions will be more favourable.
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Old 11-02-2018, 01:58 PM   #15
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Originally Posted by MDC250 View Post
Insurer is only obligated to pay out the pre-accident value as of the day of the accident. Unsurprisingly people are rarely offered a figure they are happy with, certainly at outset. In my experience the only way you will get anywhere is hard objective evidence. Insurer will be using an industry standard to value the car. If you can show better than average condition etc you may bump it up a little.

Was it a fault accident? I only ask as if not you could pursue Direct against the third party insurer. I'd wager the total loss figure on an engineers report you or someone on your behalf commissions will be more favourable.
It was completely her fault. She was at a junction and thought a chain of cars were all turning left down the road she was coming.

The car at the rear of the chain didn't turn and hit her at 90 degrees right on the nose of the car. The damage was initially estimated at £7800.
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Old 11-02-2018, 02:01 PM   #16
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Quote:
Originally Posted by Caledoniandream View Post
You are insured against "book" value.
If they offer below you can contest, hence the reason that anything special can be insured against "agreed" value, at an increased cost.
Check Parker’s and see what they have as book value for private sale, if that is higher than what they offer, than you could argue your case.
Keep in the back of your mind, that if they made an offer, mostimes they stop paying for your courtesy car. ( depending on company)
Admiral are stressing the valuation is market value and not book price.
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Old 11-02-2018, 02:31 PM   #17
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Even the insurance ombudsman's guide isn't clear.

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need to know

Most of the complaints we see involve disagreements about the "market" value of the vehicle. This generally means the price it would have sold for at a reputable dealership just before it was damaged or stolen.

To reach a fair price, it's important to check that the vehicle's details have been recorded correctly.To decide whether an insurer's valuation is reasonable, we compare it with prices in specialist motor trade guides - called Parkers', Glass's and CAP. We’ll generally look to see if the insurer’s valuation is in line with what the guides say.We might also use engineers' reports to help us decide whether the insurer's valuation is reasonable.

These can give useful information about the condition of the vehicle. We don't usually find adverts helpful to judge a vehicle's value, because the selling price usually turns out to be lower. But they may be if the car’s a classic or rare model.People often have to give (or estimate) their vehicle's value when they're filling out their motor insurance application form. This isn't actually the amount the insurer has to pay out - and we often have to clear up confusion about this.If someone's unhappy with how the insurer has written off the vehicle - for example, if it's been scrapped without warning - we'll look into the insurer's reasons. If we decide someone's unfairly lost out, we'll tell the insurer to pay compensation.
If you use valuation tools for the car then £8500 isn't that unreasonable.

Reputable dealers aren't selling them for remotely close to £8500 though.

I would say that because there is only 8 currently on the main classified sites that it does fall into the rare category.

The car we are looking it at just now is up for sale for £11k. I'm sure the dealer would laugh at me if I offered £8500. The one advertised at £11k last week sold within the week. Neither car has the spec of our Mini.

Last edited by Kerr; 11-02-2018 at 02:33 PM.
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Old 11-02-2018, 08:06 PM   #18
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Kerr

Have a look at your policy for any definitions, it may be worth checking exactly what they say about market value. The wording on admiral's website is in the image below. First, definitely argue for an increase based on the condition of your car.

Second, if you can't replace the car for the settlement they're offering, argue that it's not market value. I'd provide adverts of similar makes and models, and as Peter says, show what the offered amount could buy, and explain that it's older, higher miles, lower spec etc.

Third, you were not going to sell the car, so offering you the sale price as market value is not a reasonable action, considering you have to replace it. I'd argue that in your position, market value, to any reasonable person, would be the amount you'd need to make a cash purchase. This would likely be a little lower than the advertised price, so make a few calls to some dealers and ask roughly how much they'd reduce the screen price by for a cash sale.

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Old 11-02-2018, 09:15 PM   #19
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I think the whole insurance industry needs regulating better. Look what's been happening recently with charging people more just because of your name. What has a name got to do with standard of driving. I think they take turns on the tombola machine in the office.
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Old 11-02-2018, 09:25 PM   #20
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For a car that is so rare and in short supply know with apprecing value , it could be hard for anyone to correctly value IMHO
Just cause someone has listed one for £11k does not mean they will get it a chancing apprecating market, I think £8500 sounds a good offer, but just pull out all the adds with similar cars and email the info to the insurer.
For me a specialist policy may be needed for a car that is going up in price or the sellers think it is going up, for me you got such a good car you will never be satisfied by another so try get the most you can using the examples.
Good Luck
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