Detailing World  

Go Back   Detailing World > Lifestyle > The Insurance Zone
DW Home Forum Home Merchandise Store Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

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!

Reply
 
Thread Tools Display Modes
Old 11-02-2018, 08:42 PM   #21
Kerr
Distinguished Detailer
 
Join Date: Mar 2012
Posts: 9,428
Thanks: 1,564
Thanked 6,371 Times in 4,091 Posts
Quote:
Originally Posted by Cookies View Post
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.

Cooks


That sounds good.

Not only did it have a full Mini service history the car had the Mini TLC XL pack. The next big service was already paid for.

The car didn't have as much as a ding on it and only a few stone chips at the front. Although they don't consider it the brakes were only a few thousand miles old and the air con condenser a few months old.

It was clear the car was a good one.

Quote:
Originally Posted by Derekh929 View Post
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
They are selling though Derek. It took me ages to get this 2 years ago and the nice ones were selling fast. I looked at quite a lot and even considered the Cooper. Nearly all the cars were dogs.

It's the very same at the moment with the car has the tasty options. They are moving fast and the undesirable ones aren't moving. There is some hugely ambitious prices for cars with little more than the Chilli pack.

We all know dealers will do some haggling, I've never managed to haggle 23% off a used car. They also don't like cash as they make good money off finance deals.

Last edited by Kerr; 11-02-2018 at 08:45 PM.
Kerr is offline   Reply With Quote
Old 11-02-2018, 09:10 PM   #22
MDC250
Distinguished Detailer
 
MDC250's Avatar
 
Join Date: Jan 2014
Posts: 6,169
Thanks: 2,845
Thanked 3,439 Times in 2,680 Posts
No way I could have replaced my S204 C250 when that was written off. Firstly they stopped making them with manual Second when I bought it was coming to the point where three was a change over to the S205, so there were really good deals available. Not so good when I was having to replace and seemingly Merc prices had jumped up a fair bit.

Annoyingly I'd taken GAP insurance out. The accident was a month or two from memory after the policy ran out I only had return to invoice but still would have quite like the extra dosh to put towards the replacement. Paying extra again for GAP that will get me an actual like for like car is a no brainer to me. I got a pretty decent deal on my F31 335d and doubt I could replicate it now if I needed to.
MDC250 is offline   Reply With Quote
The Following User Says Thank You to MDC250 For This Useful Post:
Kerr (11-02-2018)
Old 11-02-2018, 09:16 PM   #23
gally
Distinguished Detailer
 
gally's Avatar
 
Join Date: May 2008
Posts: 5,757
Thanks: 2,843
Thanked 2,250 Times in 1,533 Posts
Garage
Hi mate. You are indeed in the right. Someone earlier in the thread mentioned the ombudsman, I think it's actually 500 pounds that the insurance is fined for the complaint.

Anyway. The words are, valuation to replace the car as like for like as possible from a reputable source. There is no grey area mate. In court they would be laughed at for offering 8500 when a car is worth 10k.

The simple thing to do is find the adverts of the same cars and email them. 8500 may be a random valuation companies assessment but it's not true market value. Glass' guide (the most trusted source) valued my Racing Puma at £2500... You couldn't buy one under 7k at the time.

Stick to your guns and push forward.
gally is offline   Reply With Quote
The Following 2 Users Say Thank You to gally For This Useful Post:
Cookies (11-02-2018), Kerr (11-02-2018)
Old 11-02-2018, 09:31 PM   #24
t1mmy
Orbital Oracle
 
t1mmy's Avatar
 
Join Date: Dec 2006
Posts: 674
Thanks: 107
Thanked 153 Times in 116 Posts
Quote:
Originally Posted by Kerr View Post
There is no finance on the car. It was a private sale cash purchase.
I could be wrong but if you bought it privately I donít think you can use dealer prices to compare against as you didnít buy from a dealer in the first price.

You are also likely to get offered a bit less than advertised prices as there will be an expectation that you will haggle some money off the replacement.

Best of luck with the negotiations.
t1mmy is offline   Reply With Quote
The Following User Says Thank You to t1mmy For This Useful Post:
Kerr (11-02-2018)
Old 11-02-2018, 09:46 PM   #25
DrEskimo
OCD Sufferer (Obsessive Car Detailer)
 
DrEskimo's Avatar
 
Join Date: Jan 2016
Posts: 1,780
Thanks: 653
Thanked 967 Times in 710 Posts
Quote:
Originally Posted by MDC250 View Post
No way I could have replaced my S204 C250 when that was written off. Firstly they stopped making them with manual Second when I bought it was coming to the point where three was a change over to the S205, so there were really good deals available. Not so good when I was having to replace and seemingly Merc prices had jumped up a fair bit.

Annoyingly I'd taken GAP insurance out. The accident was a month or two from memory after the policy ran out I only had return to invoice but still would have quite like the extra dosh to put towards the replacement. Paying extra again for GAP that will get me an actual like for like car is a no brainer to me. I got a pretty decent deal on my F31 335d and doubt I could replicate it now if I needed to.
Whats the typical price for GAP on use cars mate?

I didn't even think twice about getting it on my new car with finance as I knew would have to cover the shortfall with any outstanding finance, and it was only around £140.

I'm kinda with Kerr on this one. I fully expect to lose value on a used car and don't really want to pay for additional insurance to give me the full paid price back, because I don't expect the car to be worth what I paid originally if I am in the position of a total loss in the future (although it sounds like these Mini's haven't deprecated all that much)!

But I guess if insurance will only ever pay rock bottom price, maybe the GAP is worth it, assuming the price fro decent cover isn't silly?
DrEskimo is offline   Reply With Quote
The Following User Says Thank You to DrEskimo For This Useful Post:
Kerr (11-02-2018)
Old 11-02-2018, 09:55 PM   #26
Kerr
Distinguished Detailer
 
Join Date: Mar 2012
Posts: 9,428
Thanks: 1,564
Thanked 6,371 Times in 4,091 Posts
Quote:
Originally Posted by t1mmy View Post
I could be wrong but if you bought it privately I donít think you can use dealer prices to compare against as you didnít buy from a dealer in the first price.

You are also likely to get offered a bit less than advertised prices as there will be an expectation that you will haggle some money off the replacement.

Best of luck with the negotiations.
It's the Finance Ombudsman that says a reputable dealer for values.

When I'm looking at cars I am also looking at private sales. I'm not using overpriced Mini dealers as my reference.

I would be more than happy to buy privately again. They don't come up privately for £8500 either.
Kerr is offline   Reply With Quote
The Following User Says Thank You to Kerr For This Useful Post:
t1mmy (11-02-2018)
Old 11-02-2018, 10:17 PM   #27
Derekh929
Distinguished Detailer
 
Derekh929's Avatar
 
Join Date: Aug 2011
Location: Aberdeenshire
Posts: 13,469
Thanks: 7,850
Thanked 5,132 Times in 4,253 Posts
Quote:
Originally Posted by Kerr View Post
That sounds good.

Not only did it have a full Mini service history the car had the Mini TLC XL pack. The next big service was already paid for.

The car didn't have as much as a ding on it and only a few stone chips at the front. Although they don't consider it the brakes were only a few thousand miles old and the air con condenser a few months old.

It was clear the car was a good one.



They are selling though Derek. It took me ages to get this 2 years ago and the nice ones were selling fast. I looked at quite a lot and even considered the Cooper. Nearly all the cars were dogs.

It's the very same at the moment with the car has the tasty options. They are moving fast and the undesirable ones aren't moving. There is some hugely ambitious prices for cars with little more than the Chilli pack.

We all know dealers will do some haggling, I've never managed to haggle 23% off a used car. They also don't like cash as they make good money off finance deals.
In that case as Gally says as well email the comparisons and tell them where you need to be to replace it, I would say the ombudsman best kept for last resort IMHO
Iím not sure itís relevent to the value, but will you really buy another?
Derekh929 is offline   Reply With Quote
The Following User Says Thank You to Derekh929 For This Useful Post:
Kerr (11-02-2018)
Old 11-02-2018, 10:19 PM   #28
t1mmy
Orbital Oracle
 
t1mmy's Avatar
 
Join Date: Dec 2006
Posts: 674
Thanks: 107
Thanked 153 Times in 116 Posts
When you speak to them again say that the basic principle of indemnity in insurance is that the insured is placed in the same position that they were before the accident, or as near to it as possible. The insured shouldn’t profit from the accident.

If you have given evidence that this can’t be achieved with the valuation given flip it on its head and ask them to show you where this similar car can be purchased from at £8,500.

Another thought, if you bought the last one relatively locally you can’t really use examples that are hundreds of miles away. I have no idea how far you travelled for the mini but it’s worth bearing in mind.

Last edited by t1mmy; 11-02-2018 at 10:21 PM.
t1mmy is offline   Reply With Quote
The Following 2 Users Say Thank You to t1mmy For This Useful Post:
Fentum (13-02-2018), Kerr (11-02-2018)
Old 11-02-2018, 10:37 PM   #29
Kerr
Distinguished Detailer
 
Join Date: Mar 2012
Posts: 9,428
Thanks: 1,564
Thanked 6,371 Times in 4,091 Posts
Quote:
Originally Posted by Derekh929 View Post
In that case as Gally says as well email the comparisons and tell them where you need to be to replace it, I would say the ombudsman best kept for last resort IMHO
Iím not sure itís relevent to the value, but will you really buy another?
There isn't anything to use like for like at the moment. None of the cars available have the same spec.

I'm not sure what the plans are. She was attached to the car as well. They are now too expensive for what is an older can now.

Quote:
Originally Posted by t1mmy View Post
When you speak to them again say that the basic principle of indemnity in insurance is that the insured is placed in the same position that they were before the accident, or as near to it as possible. The insured shouldnít profit from the accident.

If you have given evidence that this canít be achieved with the valuation given flip it on its head and ask them to show you where this similar car can be purchased from at £8,500.

Another thought, if you bought the last one relatively locally you canít really use examples that are hundreds of miles away. I have no idea how far you travelled for the mini but itís worth bearing in mind.
We chalked up loads of miles to get this car and went from Aberdeen to England a few times. This car was over 6 hours away.

I'm highly unlikely to get one locally. If ones does appear in Aberdeen it'll likely be one of the most expensive. Cars are too expensive here.

There is only 8 in the classifieds currently.
Kerr is offline   Reply With Quote
The Following User Says Thank You to Kerr For This Useful Post:
t1mmy (11-02-2018)
Old 11-02-2018, 10:39 PM   #30
Nanoman
OCD Sufferer (Obsessive Car Detailer)
 
Nanoman's Avatar
 
Join Date: Jan 2009
Location: West Central Scotland
Posts: 2,836
Thanks: 2,092
Thanked 1,888 Times in 1,005 Posts
Garage
Market value is the value they're going for, not what any of the various valuation services value it at. If there's only 8 on the market right now then use them to get your value.

If 'book' was £12k but they were for sale for £8.5k guess which value they would pay out 'market value'.

People saying this is what GAP is for are talking ********. GAP is for the GAP between payout and finance or payout and invoice price. GAP is not to get you to market value, that's what normal insurance is for.

Keep pushing on them and refuse to take substandard offers. The fact there are only 8 for sale makes your job much easier. If you can't go out and buy one for the payout they're not giving you what you are contractually entitled to. They can take into consideration betterment and obviously you need to cover the excess but don't let them screw you into taking less than you're entitled to.
Nanoman is offline   Reply With Quote
The Following User Says Thank You to Nanoman For This Useful Post:
Kerr (11-02-2018)
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 02:18 AM.


Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
DTO Garage vBulletin Plugins by Drive Thru Online, Inc.

vB.Sponsors
Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
DTO Garage vBulletin Plugins by Drive Thru Online, Inc.

vB.Sponsors