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??

[Viney]

Phone them up and point it out.

When ever i have quoted a value for my bike, i always say market value.

[Gazza77]

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!

Originally Posted by Gazza77

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

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]

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.

Originally Posted by petevtwin650

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

Originally Posted by Biker Biggles

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