View Full Version : Insurance offer help!!
As a few of you know, ive had a cheque come through for my sv for the value of £1300 (itl be £1500 when i get excess back), now ive phoned them and i said i dont accept that as to replace her with the same model/year and milage would cost me between £1700-£2000, and i sent them in ads from mcn/parkers etc...The insurance co are saying that as i only had her insured for £1500 thats all i'll get-i argued back that she needed work doing to her at the time hence why i under valued her.
Now i just had a read of the letter they sent with the cheque and im wondering if i can use this as leverage for more money-this is what THEY have written:
"A vehicle becomes total loss when the cost of repairs is more than the market value.THE MARKET VALUE IS THE COST OF REPLACING YOUR VECHICLE WITH ONE OF THE SAME MAKE.MODEL,MILAGE AND CONDITION.
THIS MAY DIFFER FROM THE FIGURE YOU GAVE US WHEN YOU FIRST TOOK OUT THE INSURANCE AND THIS IS BECAUSE YOUR POLICY COVERS THE VALUE OF THE VECHICLE WHEN THE INCIDENT HAPPENED"
Now could i argue that the sv at the time was worth £1800 from what theyve written there??
Phone them up and point it out.
When ever i have quoted a value for my bike, i always say market value.
Gazza77
19-10-07, 11:02 AM
Hunt round for as many ads as you can find for bikes as close to the spec/age/mileage etc of yours as you can. Send them copies of these as proof of how much it will cost for a like for like replacement. Obviously if this turns out to be less than you have been given, keep your mouth shut!
Hunt round for as many ads as you can find for bikes as close to the spec/age/mileage etc of yours as you can. Send them copies of these as proof of how much it will cost for a like for like replacement. Obviously if this turns out to be less than you have been given, keep your mouth shut!
already done that, they got them with all my docs, and all the ads etc i found and sent were between £1700-£2000 for same year/model and milage-private and trade sales
Check your original policy docs. It may say somewhere in there "We will pay you the market value of your bike or the valuation you have given us, which ever is lower."
From memory that's along the lines of the clause they use.
havent got them, had to send them back with rest of docs
petevtwin650
19-10-07, 11:13 AM
That clause is there, I think, to stop you insuring a vehicle for a ridiculously high value. If it worked the other way, ie: £500 for a Ferrari cos you undervalued a vehicle to get cheaper cover, the insurers would get clobbered.
Basically why did you value it at only £1500?
Biker Biggles
19-10-07, 11:14 AM
Did you declare any extras on your bike as part of that value?You could argue that you only declared the basic value,and the extras make it worth more,and since you will be claiming ultimately from another persons insurance you want the full monty.You should also be able to claim for what is called uninsured losses against the other person's insurance,and that is where you can get this money back.I think that is where you will get your excess back as well.
Bear in mind that they always do you on vehicle value,so make up the difference on your claim for injury and clothing/kit and absolutely anything else you can think of.(Transport loss of enjoyment loss of holidays loss of quality of life you name it.;)
Basically why did you value it at only £1500?
Because when i first got her she wasnt worth more thn that, she needed alot of tlc plus the market value at the time was around that value
Did you declare any extras on your bike as part of that value?.;)
No but i did declare all the aftermarket parts so i should get something back for them
muffles
19-10-07, 11:27 AM
Because when i first got her she wasnt worth more thn that, she needed alot of tlc plus the market value at the time was around that value
I think that's a perfectly valid reason to put to the insurance company to be honest!
Cheers huni :)
I might not get anywhere but least i tried, its not exactly a bad amount theyve paid out but its always nice to argue it out with them-esp as it wasnt my fault!
petevtwin650
19-10-07, 11:36 AM
Cheers huni :)
I might not get anywhere but least i tried, its not exactly a bad amount theyve paid out but its always nice to argue it out with them-esp as it wasnt my fault!
See my post on your other thread. The third party insurers should make up any shortfall on value etc.
right ive just dug out me policy (thank fook i photocopied it!!)
On my policy schedule it says ESTIMATED value: £1499
and on my proposal form it says : ESTIMATED SUM INSURED £1499
and in me policy booklet it reads:
"we will give you a cash payment up to or the same as the MARKET value OR AGREED value of your bike at the time it was damaged.
now NO WHERE in my paper work does it say the sv has a AGREED value-only ESTIMATED....
You're talking to the insurance company as though they're decent human beings; they're not. Think of them as a prosecuting solicitor; they will take your money and laugh all the way to the bank if you don't have everything bang up to their terms.
If you valued the bike at £1500, they will AGREE to that value when they provide the policy. That's how i'd argue it, anyway.
I think your £1500 is all you'll get, i'm afraid :(
semi-result
ive got an extra £100 heading my way for my aftermarket parts that were on her and thyeve agreed that its MARKET value they pay out for so are re-looking at offer on bike.
muffles
19-10-07, 01:57 PM
Sounds like a result, if they are saying they will pay market value I would think the normal approach of sending ads, etc (which you already did I think you said) will get them to offer a better price.
Pedro68
19-10-07, 01:58 PM
Fingers crossed for ya ;-) They can't honestly give you less than MARKET value (can they?) ... I mean "markets" go UP as well as down ... supply n demand ... that's the insurers fault ... they probably make a good deal of money out of people anyway, because they COUNT on the fact that when you insure you're £3,000 bike, that by the time you actually make a claim, with depreciation n all that, the "market value" of the bike will have gone down to £1,500! They also need to accept that in SOME cases, such as in times of "demand outstripping supply" that the market value of a particular type of bike, may actually have risen from the "estimated value" at the time of purchase.
However, as Ashy says ... these are insurance companies :(
Good luck tho Laura :)
Pete
I know im only really arguing over a few hundred quid more but its principal that matters,not like ive got alot else to do :)
Pedro68
19-10-07, 02:24 PM
That couple of hundred quid could mean the difference between a minter and a munter for your next bike tho ;-)
A few undred quid is fuel for a year.
Point again out that you disagree with their valuation and that your view is based on evidence (ads supplied etc), and also the quoted text you highlighted earlier is worth emphasising again too. Ask for details and access to their internal appeals process and also ask them for the details of the Insurance Ombudsman pointing out that you believe strongly that they have made a mistake and you would like an arbitrated 3rd party opinion.
... and be polite at all times - although it looks like you've been completely reasonable so far, just hang in there and keep pressing.
Pedro68
19-10-07, 02:42 PM
A few undred quid is fuel for a month.
For me! :(
ASM-Forever
19-10-07, 03:34 PM
If you have nothing else to do, then its probably worth a crack at getting more.
Realistically though £1500(+£100 for aftermarket) is a decent valuation for a curvy. As has been said personal injury etc is where you will get more £'s.
At the end of the day think about what you would of wanted/expected to get if you sold it. IMHO very few(if any) curvy's are worth much more than £1500.
petevtwin650
20-10-07, 08:13 AM
semi-result
ive got an extra £100 heading my way for my aftermarket parts that were on her and thyeve agreed that its MARKET value they pay out for so are re-looking at offer on bike.
Wow! That's a result. Wouldn't have thought they'd have paid any more out as insurance companies are usually so tight.
Good on you and good on the insurers.:smt041
Who are they?
Warthog
20-10-07, 08:30 AM
If it was a payout from your own insurance, I'd expect them to give you what you valued it for. But seeing as it is the other persons insurance paying, you should get what it is worth! Well done, and keep fighting.
Wow! That's a result. Wouldn't have thought they'd have paid any more out as insurance companies are usually so tight.
Good on you and good on the insurers.:smt041
Who are they?
carole nash-under writers are equity red star
gets better, salvage yard have sent me tax disc so i can claim remaining tax back off dvla :cool:
busasean
21-10-07, 04:51 AM
A few undred quid is fuel for a year.
a hundred quid a week for me.
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