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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, 12:28 PM   #1
Kerr
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Contesting a write off valuation

Obviously our little Mini was written off after she was involved in a crash.

Admiral have taken a few weeks to finally come back with a settlement figure over the phone today. Initially the offer was £8000 and after she contested it he raised it to £8500 during this call.

The simple fact is you're not going to get a facelifted Mini Clubman Cooper S of this specification for this price. You aren't even going to get a basic spec car and Minis are all about specification.

I went to great difficulty to find this car and have kept an eye on values since. Supply has fallen and values have gone up. There is currently only 7 on Autotrader and 1 on Pistonheads. The good ones don't hang around long at all and there clearly is a demand for them.

The insurance guy was trying to force her to accept that they don't have to offer enough money to find a like for like replacement. They only have to offer market value.

Again you can't get one for this market value. Cars are selling for above book prices.

The call was ended by saying it wasn't enough and he said he'd speak to his boss tomorrow.

I can obviously reference all the cars available in the classifieds and offer my opinion about the difficulty if getting a good one.

How else can I force them to pay more?

Isn't there a requirement to put someone back in the same position as before and offer enough for a like for like car?
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Old 11-02-2018, 12:32 PM   #2
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It's industry wide unfortunately - that's what GAP insurance is for, to make up the difference. Insuring against insurers seems a tad unfair but thems the breaks.
For a relatively small outlay for cars up to 10 years old, it insures against this very thing.
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Old 11-02-2018, 12:38 PM   #3
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Quote:
Originally Posted by Dal3D View Post
It's industry wide unfortunately - that's what GAP insurance is for, to make up the difference. Insuring against insurers seems a tad unfair but thems the breaks.
For a relatively small outlay for cars up to 10 years old, it insures against this very thing.
This was my understanding of the situation, the second you take the car out of the showroom it has dropped it's value and in the case of a total loss, you will only get the market valuation at that time.
As Dal3D said above, if the car is under 10 yrs old then that is what GAP insurance is for
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Old 11-02-2018, 12:39 PM   #4
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As they are covered by regulators, I'd ask them to issue you a deadlock/final position letter so you can approach the Ombudsman.

Companies don't like it as even if the Ombudsman find in their favour it costs the company about £350 IIRC?

EDIT: Regarding the above I thought GAP insurance only applied if less than 3 years old?
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Old 11-02-2018, 12:41 PM   #5
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Quote:
Originally Posted by Dal3D View Post
It's industry wide unfortunately - that's what GAP insurance is for, to make up the difference. Insuring against insurers seems a tad unfair but thems the breaks.
For a relatively small outlay for cars up to 10 years old, it insures against this very thing.
There is no finance on the car. It was a private sale cash purchase.

I appreciate cars depreciate, especially new cars, and interest obviously adds cost to a car purchase, but in this instance there isn't depreciation and no additional costs.

GAP has its place, but we shouldn't need additional insurance to pay for the actual value of the car.
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Old 11-02-2018, 12:48 PM   #6
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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
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Old 11-02-2018, 12:50 PM   #7
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It doesn't matter if it's a purchase from a dealer or private - you can still get GAP insurance.
Back to Invoice or replacement car are both possible although one is obviously more expensive than the other.

Quote:
Do I need Vehicle Replacement Plus?
The answer to this is yes, if you want to:

Protect against the depreciating value of your vehicle
Protect the value of your vehicle, not just what you paid for it
Protect against rising costs of new vehicles and/or any discount you received at the time of purchase
Have enough money to clear any outstanding finance AND be left with any money remaining once this has been paid
Between the motor insurer and GAP cover, receive the replacement cost of your vehicle – if you do not have any finance, this amount is yours to use as you wish
Quote:
Can I buy Vehicle Replacement Plus?
I have bought a new vehicle, or a used vehicle under 10 years of age with less than 80,000 miles
My vehicle was collected within the last 365 days
My vehicle is owned outright OR I have a Hire Purchase or Personal Contract Purchase finance agreement
My vehicle was bought from a VAT registered dealer OR private seller
https://www.ala.co.uk/gap-insurance/...ment-insurance
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Old 11-02-2018, 12:51 PM   #8
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Many moons ago I had a mk 1 Fiat uno turbo that was written off as I was hit in the side, the evaluation I had from the insurers was about £700 and at the time I had owned it about 2 months I paid over £2000 for it. I argued with them and provided them with adverts for cars of similar age mileage etc, eventually after refusing 3 offers and having to return my loan car as they wouldn’t pay for anything over 14 days, I ended up with £2150 as that was the cheapest of about 15 adverts I could find, this however was only offered after the threat of getting the ombudsman involved.
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Old 11-02-2018, 12:52 PM   #9
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How big is the gap (not taking into account any excess that you will have to cover)?

I wrote off my wife's car last year and then had to fight the adjuster to win an increase of around 33% by challenging them on the facts.

The obvious point is that "book" is no more market than asking price is. On a popular model, there is less room for haggle so asking price (especially if you have more than ten recent examples) should count for something.

If you want to take it further:

Step 1 - highlight the condition of the car and any trim/extras beyond standard (remembering the need to have declared any modifications). I was fortunate in that I had just done a thorough detail/paint correction on my wife's car and had week-old detailed pictures of its immaculate condition. Ditto a full service history.

Step 2 - gather as much documentary evidence as you can of similar spec vehicles of the same age with similar mileage and higher/lower mileage. Highlight pluses and minuses e.g. lower mileage/worse condition etc. Then do the same for comparable vehicles a year older and a year younger. If you can try doing the same for a sample of the next spec up and down. That should give you a forensically defensible range to work off.

Step 3 - you will then probably have sufficient market evidence to demonstrate (i) that the amount offered will not put you back in the position you were pre-accident, and (ii) you might be able to demonstrate that you could not even get an older car or a car with 20,000 more miles on it for the proposed settlement figure, or indeed a lower spec car of similar age and mileage.

Step 3 - bear in mind, that fighting claims costs money and these characters do not want protracted claims. If you can evidence your claim and you are not asking for an outrageous increase, I'd expect them to try to meet you somewhere closer to where you want to be. I don't know your circumstances but when they eventually believed that I was prepared to walk away and put the thing in the hands of my solicitor, they settled on the same day.

HTH
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Old 11-02-2018, 12:52 PM   #10
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Quote:
Originally Posted by Kerr View Post
GAP has its place, but we shouldn't need additional insurance to pay for the actual value of the car.
But that's how insurance works and what's no doubt declared in the terms and conditions you agreed to buying a policy.

If you understand the system, you take out GAP to take account of an industry that's set up to always come out on top for the insurance company regardless.
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