Another insurance write-off valuation question

[timk]

Anyone had any experience in dealing with insurance companies and negotiating on vehicle valuations in the event of a write-off?

I've been asked to submit a couple of examples of C43's of similar spec and mileage to my insurers as evidence of the fact i think their 'market' value is well under what it would cost me to replace mine.

Found a couple - one an R plate with 110k for £6,999 on Ebay
Another an S plate with 105k for £6,995 on carandclassic
Also an estate with 126k for £6500 on pistonheads

There's not much else out there and not many with all the stuff mine had - (xenons, sunroof, satnav, powerfold mirrors etc). Mine is slightly higher mileage than the above examples (at 120k), but I would presume (also given the lack of other C43s out there) that I should get a lot more than Glasses value (which is so low I can't bear to repeat it). How far can you negotiate with these guys?

 

[GP801]

Try asking them to contact a specialist dealer. When my sons 300e-24 was written off in Spain Direct Line asked Charles Ironside for a valuation and paid out the full amount. More than he had paid for the car!

 

[grober]

If you have had the car for some time it can help to show you have spent considerable money maintaining it on a regular basis. A full Mercedes service history still counts for something in the motor trade for example. If you have had extensive paintwork repairs and recent pictures of the car this might also help. Goes to the overall condition of the car. But they are not going to take your word for it you would need lots of supporting documentation. They will have assessed the car's condition when it was examined after the accident but they won't know its service history or recent work done unless you tell them.

 

[A-AvantGarde]

Our W163 ML was recently written off (not posted anything about it here). We submitted clippings / print outs from Auto Trader and also from some independent used car dealers of similar spec models.

Our ML had the luxury pack and family pack, navigation & DVD screens and was very low mileage for it's age (44k). We struggled to find anthing on the market which met all the criteria.

The difference between their initial offer and their payout was about £1,500. Don't accept their first offer, explain how well looked after it is and how high spec / desirable it was. As pointed out above full MB & even MB specialist history also helps.

 

[Alps]

try ebay also, dont worry too much abt all the spec as long as most of it is there, im sure there are more around a bit cheaper

 

[LTD]

Don't even think about getting some C43 owners from here to make up some ads at the 'proper' price point ........

It's wrong

 

[timk]

Don't even think about getting some C43 owners from here to make up some ads at the 'proper' price point ........

It's wrong

TBH - there are a few examples of C43s out there which are priced around my agreed value sum, which I believe should give credence to my argument that they are grossly under-valuing mine.

I've got thousands in receipts from just the 18 months I owned it, so can back it up if neccessary. In the meantime I've sent them examples of others on the market at a more realistic price than the derisory sum I've been offered.

 

[aka$h]

Is it on an agreed value or agreed market value policy?

 

[timk]

Is it on an agreed value or agreed market value policy?

Agreed value policy. The policy was taken out the weekend before the accident though, which meant the insurer didn't receive and accept the valuation paperwork until after it, so a market value applies instead. Hence the dispute with them about what it's market value is.

 

[Deleted member 37751]

Agreed value policy. The policy was taken out the weekend before the accident though, which meant the insurer didn't receive and accept the valuation paperwork until after it, so a market value applies instead. Hence the dispute with them about what it's market value is.

If they make you a low offer, just say to them 'You find me the exact same car as mine for the money you are proposing and I will have it'. Normally does the trick..

Although to be fair, when my Audi was stolen, the insurance company (Morethan) were brilliant. They phoned me up and said that there are three cars very very similar to yours within a 50 mile radius of you; we will give you the average price of the three. Which worked out rather well...

 

[nick mercedes]

Agreed value policy. The policy was taken out the weekend before the accident though, which meant the insurer didn't receive and accept the valuation paperwork until after it, so a market value applies instead. Hence the dispute with them about what it's market value is.

If that's all out of the window, surely the cost to buy back the salvage will be more realistic now?

They can't have it both ways...

 

[Primo]

Agreed value policy. The policy was taken out the weekend before the accident though, which meant the insurer didn't receive and accept the valuation paperwork until after it, so a market value applies instead. Hence the dispute with them about what it's market value is.

Was the agreed value valuation close to the figure you declared at the time you got the quote? I would argue that they are being disingenuous.

 

[timk]

Was the agreed value valuation close to the figure you declared at the time you got the quote? I would argue that they are being disingenuous.

The agreed valuation figure was the same as the value I declared at the time of the quote. They are certainly making things difficult in the aftermarth of an accident that wasn't my fault and is set to leave me substantially out of pocket.

 

[Primo]

The agreed valuation figure was the same as the value I declared at the time of the quote. They are certainly making things difficult in the aftermarth of an accident that wasn't my fault and is set to leave me substantially out of pocket.

You have two choices:

1) Argue your case with your insurers taking the matter to the most senior person responsible for claims - Claims Director? Check the FSA register for companies and look at the 'individuals' tab to see if such a person is listed.

2) There is nothing stopping you from claiming directly from the third party insurers, albeit they will doubtless be unwilling to pay on an agreed value basis. It may be worth a short.

Who are the insurers?

 

[Shude]

2) There is nothing stopping you from claiming directly from the third party insurers, albeit they will doubtless be unwilling to pay on an agreed value basis. It may be worth a short.

Who are the insurers?

The 3rd party is the police, presumably self-insured.

 

[timk]

You have two choices:

1) Argue your case with your insurers taking the matter to the most senior person responsible for claims - Claims Director? Check the FSA register for companies and look at the 'individuals' tab to see if such a person is listed.

2) There is nothing stopping you from claiming directly from the third party insurers, albeit they will doubtless be unwilling to pay on an agreed value basis. It may be worth a short.

Who are the insurers?

If claim is already in motion with my insurers is it still possible to claim via the third party insurers? (Zurich)

The insurance situation from my side is complicated by the fact I used a specialist broker, who administers the agreed value part. They just say to the insurance underwriters (Equity Redstar) whether the agreed value should stand or not. My complaint needs to be directed at the broker at this stage, as Equity have simply directed me towards them when I disputed the withdrawal of the agreed value.

 

[Rayny]

Speak to the Third Partys' Insurer ( Zurich) and see what they offer to do for you.
If you are happy with what they offer, then ring your own insurer and ask them to close the claim advising them that Zurich will be dealing with the claim.

 

[john925]

Most insurers offer you the lowest market value. Just fight back

 

[timk]

Most insurers offer you the lowest market value. Just fight back

I'll be fighting as hard as I can. Massively hacked off doesn't begin to cover it. The accident was pretty traumatic in that I very narrowly missed being wiped out by oncoming traffic. To then be put into a situation where I've lost my beloved C43 and come out with half the cash it's worth, is so far from what's acceptable, that I don't know where to begin. Watch this space though, as I'm not about to roll over and take what the insurers are offering.

However, the most important thing is that I walked away from it, and I'm thankful for that. It makes me shudder every time I drive past the accident scene. Blood runs cold and all the other cliches.

Yet, there's a whole load of people worse off than me in the world. So, however wounded I may be feeling right now, perspective is an important thing.

 

[timskemp]

Tim - I'm gonna get flamed like hell for this.

If blame has been placed with the police, don't even bother involving your insurer any more. They are insured, you can get a decent firm of solicitors (or a no-win-no-fee one if you prefer) to handle it all for you.

As long as blame rests with the third party then engage an accident specialist, go to a credit hire company if you wish, it'll make sure you're in a car while you are waiting and get enough money to replace the car with one of the right value.

And if you can, get your car back, strip off what's worth keeping (mods etc) and weigh it in when finished (or have it rebuilt and flog it if you can be bothered)