Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[Bo Bo]

Oh dear, sorry to see that, another one bites the dust....

[Salty]

Insurance have classed the car as a total loss now, can't say I was surprised and have offered £1125 minus the excess.  

[Martin_1962]

Oh dear that is not good - push for more

[Danny]

can i just ask, do insurance companies only pay out (minus excess) a car's current list price for a total loss, regardless of how much you tell them it was valued at when you bought it, or the value you declared?

I told my insurance company my car was gonna cost me £2500, in a quote i got before i bought the car, and even tho i managed to get it for less than £2k, I didnt tell them that, and on my cover note the vehicle value still stated £2500. Am I to assume that should the worst happen, I'd probably get nothing like that back?

[Omega VT3000]

Choked for you. Apparently very few car fires are as a result of fuel leaks, most are electrical.

[Omega VT3000]

can i just ask, do insurance companies only pay out (minus excess) a car's current list price for a total loss, regardless of how much you tell them it was valued at when you bought it, or the value you declared?

I told my insurance company my car was gonna cost me £2500, in a quote i got before i bought the car, and even tho i managed to get it for less than £2k, I didnt tell them that, and on my cover note the vehicle value still stated £2500. Am I to assume that should the worst happen, I'd probably get nothing like that back?

They generally only offer trade value plus a little bit, you usually have to negotiate the value up if you don't have an agreed value. The value you give them is probably irrelevant but I suppose it means that they may partly base the premium on your value of the car even though they won't pay it. If you under value it, their quids in on a payout.

[Danny]

best get a fire extinguisher and bubblewrapped bumpers then hadn't I!

[Bo Bo]

can i just ask, do insurance companies only pay out (minus excess) a car's current list price for a total loss, regardless of how much you tell them it was valued at when you bought it, or the value you declared?

I told my insurance company my car was gonna cost me £2500, in a quote i got before i bought the car, and even tho i managed to get it for less than £2k, I didnt tell them that, and on my cover note the vehicle value still stated £2500. Am I to assume that should the worst happen, I'd probably get nothing like that back?

I guess it depends on the Insurance assessor.
When I wrote mine off the other week he said I should expect to pay about £850 private sale (which is about what I was expecting to get) & £1125 forecourt for one like mine, but as the Omega's are under-valued & mine had been well looked after; would I be prepared to accept £1500  

[TheBoy]

can i just ask, do insurance companies only pay out (minus excess) a car's current list price for a total loss, regardless of how much you tell them it was valued at when you bought it, or the value you declared?

I told my insurance company my car was gonna cost me £2500, in a quote i got before i bought the car, and even tho i managed to get it for less than £2k, I didnt tell them that, and on my cover note the vehicle value still stated £2500. Am I to assume that should the worst happen, I'd probably get nothing like that back?

You get 'market value' minus excess. If your stated value is below 'market value', you will get the lower figure.

[Salty]

The offer they are making is based on glass's guide adjusted for more than average mileage (105k) average is 84k apparently on a 10 year old car :-? Checking with parkers and what car they are offering trade in price which is all well and good if I were selling the car, but I'm not selling it I am having to replace it so I would expect the the forecourt price  minus a little as a fair deal. I don't think the estimated value on the insurance is taken into account by them but I will use it as an additional bargaining tool, after all they accepted this valuation when I took the policy out.