MB real value

LESTAYLOR

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Forgive me if this post is in the wrong thread location and if it has been mentioned before

How much actual value do you put on your car? and how much is it really worth if it was written off?

I had a 1996 Lexus GS300 sport. I had it insured for £3500, as I felt that reflected a reasonable figure to replace it with a like for like model, In the event it was written off or badly damaged. :(

Long story short...
the car was written off and after much arguing with my insurance company, they claimed all it was worth from the other guys insurance company was £800. I did contest it and wound up with £850. this being a far cry from my estimation. :mad::mad:

My question is: Why do insurers ask us how much the car is worth when we ask for a quote, if they already have a value range for any model. Why do they not tell us their valuation and reflect the true value in their premiums :mad:
 

stevieb15

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Its a tough one, as insurance companies will always penalise you if they can claim you have under insured, but you should have insisted they put you back in the position you were in before the accident, even if that meant sourcing you a car of similar condition and mileage.
 

crockers

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Its a tough one, as insurance companies will always penalise you if they can claim you have under insured, but you should have insisted they put you back in the position you were in before the accident, even if that meant sourcing you a car of similar condition and mileage.

Can you not only insist on that if it is a "not at fault" accident. Also if it did go to court wouldn't you have to prove you're being reasonable in your request?

What are other cars going for on autotrader and other publications? Or in small dealerships? That is what I would have used as my basis of fighting for more money.
 

Matt32AMG

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Forgive me if this post is in the wrong thread location and if it has been mentioned before

How much actual value do you put on your car? and how much is it really worth if it was written off?

I had a 1996 Lexus GS300 sport. I had it insured for £3500, as I felt that reflected a reasonable figure to replace it with a like for like model, In the event it was written off or badly damaged. :(

Long story short...
the car was written off and after much arguing with my insurance company, they claimed all it was worth from the other guys insurance company was £800. I did contest it and wound up with £850. this being a far cry from my estimation. :mad::mad:

My question is: Why do insurers ask us how much the car is worth when we ask for a quote, if they already have a value range for any model. Why do they not tell us their valuation and reflect the true value in their premiums :mad:

Honestly it’s worth what someone is prepared to pay for it or how much they want it. The fact I have, or you have spent maybe thousand in maintenance or added extras such as non standard alloys or body kit can work against it, which is why whatever modifications I’ve done is reversible within a couple of hours. Sometimes stock is best.

Insurance companies and assessors on the other hand, in context of a valuation after a shunt are a different hurdle to overcome all together. They are in the business of not coughing up if at all possible, it hurts profits and margins. I think it’s also about being realistic about what value you put on your car before taking up the insurance in the first instance. Ask them what would happen in the case of XYZ happening? Will I get an equivalent replacement? Or like for like on an agreed value.

The best thing you can do is go for an independent valuation and armed with glasses guide or equivalent, argue the case. It isn’t rocket science to work out a value pre- claim which would be representative. Nevert accept the first offer.

Good luck with it :)
 
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LESTAYLOR

LESTAYLOR

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I was asked to present three cars from autotrader of equal spec. This I did, but wound up talking to some 12 year old in Scotland who told me he could get this same spec car for £800. I asked him to do this and have it delivered to my address, to which he replied, "we do not purchase replacement cars." I do feel foolish for not pursuing this, but I became despondent and needed to get a car quickly. I wound up buying an old Xantia.
 

renault12ts

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My brother had an accident recently which was deemed not his fault. He refused £3500 for his car insisting that he be put back to the position he was before the accident. Eventually received £6500 ( or so ) and was able to get his car fixed (although for less than the estimates he had provided).
 
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LESTAYLOR

LESTAYLOR

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:eek:I should have fought this one, but forewarned is forearmed. I will know what to do if this ever happens again. thank you all for your advice and opinions. they are welcomed.
 

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