Insurance have offered me £12k -
29 October 2004, 09:26 AM
#1
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Insurance have offered me £12k -
Keep it unemotive and realistic guys (God knows I'm trying hard!!!) is £12k a fair offer for the loss of below car? It is their first offer -
Car : Subaru Impreza WRX STI Version 5.
Registered : 10/06/99
Mileage : 31,440
MOT: Expires Aug 2005
Condition : Always garaged and in an absolutely immaculate A1 cherished condition. HALF usual mileage and FSH
Owners : 1 only
‘Stoptech’ front brake kit
Scoobysport stainless steel full exhaust system
17” Oz Turini GOLD Alloy Wheels
TOTAL ADDED MARKET VALUE 'new' - £2352.33
4 new tyres with less than 1500 miles use
Very recent maintenance bill of £680.37
NEED TO DECIDE ASAP AS THEY HAVE ME BY THE GOOLIES!!!
Car : Subaru Impreza WRX STI Version 5.
Registered : 10/06/99
Mileage : 31,440
MOT: Expires Aug 2005
Condition : Always garaged and in an absolutely immaculate A1 cherished condition. HALF usual mileage and FSH
Owners : 1 only
‘Stoptech’ front brake kit
Scoobysport stainless steel full exhaust system
17” Oz Turini GOLD Alloy Wheels
TOTAL ADDED MARKET VALUE 'new' - £2352.33
4 new tyres with less than 1500 miles use
Very recent maintenance bill of £680.37
NEED TO DECIDE ASAP AS THEY HAVE ME BY THE GOOLIES!!!
Last edited by Diesel; 29 October 2004 at 09:33 AM.
29 October 2004, 09:37 AM
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I'd say it's fair, but they aren't going to give you a first offer at or over what it's really worth, else they wouldn't make money. See if you can argue (calmly 
) that it's worth more and find supporting evidence that will help your cause.
Have a look round www.pistonheads.com, www.autotrader.co.uk and www.findit.co.uk to look for comparative prices as a starter.
) that it's worth more and find supporting evidence that will help your cause.Have a look round www.pistonheads.com, www.autotrader.co.uk and www.findit.co.uk to look for comparative prices as a starter.
29 October 2004, 10:21 AM
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You need to look at a few things - what the car is worth without any of the extra's as insurance companies don't car if you have gold plated seats - the standard car is all they'll go for. Mileage also pretty much irreleavnt, totally immaculate - irrelevant. 4 new tyres - irrelevant. Addred market value -= irrelevant.
Sorry to be blunt, but basically, when they insure your car they insure a standard car. As we know, there are no changes for colour, amount of wear left on tyres etc, so the fact you happened to have just put on new ones means nothing. You need to forget about any of the extra's (in all honesty) and get, as the chaps have said, a trade value for the standard car and argue that. They should be willing to negotiate so you need to start there. This way you can give them proof of whatyour car should be worth, not anything else that may have added to the value.
Then you have a chance of increasing it - extra's, I'm afraid, mean nothing...
Sorry to be blunt, but basically, when they insure your car they insure a standard car. As we know, there are no changes for colour, amount of wear left on tyres etc, so the fact you happened to have just put on new ones means nothing. You need to forget about any of the extra's (in all honesty) and get, as the chaps have said, a trade value for the standard car and argue that. They should be willing to negotiate so you need to start there. This way you can give them proof of whatyour car should be worth, not anything else that may have added to the value.
Then you have a chance of increasing it - extra's, I'm afraid, mean nothing...
29 October 2004, 10:37 AM
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Where is the car at present?
Do you have the original bits you can bolt back on?
Is it worth buying back from the insurance Co and breaking it?
BTW they almost expect you to refuse the 1st offer these days - act insulted!
Good luck
Do you have the original bits you can bolt back on?
Is it worth buying back from the insurance Co and breaking it?
BTW they almost expect you to refuse the 1st offer these days - act insulted!
Good luck
29 October 2004, 11:42 AM
#7
Originally Posted by mightyyid
You need to look at a few things - what the car is worth without any of the extra's as insurance companies don't car if you have gold plated seats - the standard car is all they'll go for. Mileage also pretty much irreleavnt, totally immaculate - irrelevant. 4 new tyres - irrelevant. Addred market value -= irrelevant.
Sorry to be blunt, but basically, when they insure your car they insure a standard car. As we know, there are no changes for colour, amount of wear left on tyres etc, so the fact you happened to have just put on new ones means nothing. You need to forget about any of the extra's (in all honesty) and get, as the chaps have said, a trade value for the standard car and argue that. They should be willing to negotiate so you need to start there. This way you can give them proof of whatyour car should be worth, not anything else that may have added to the value.
Then you have a chance of increasing it - extra's, I'm afraid, mean nothing...
Sorry to be blunt, but basically, when they insure your car they insure a standard car. As we know, there are no changes for colour, amount of wear left on tyres etc, so the fact you happened to have just put on new ones means nothing. You need to forget about any of the extra's (in all honesty) and get, as the chaps have said, a trade value for the standard car and argue that. They should be willing to negotiate so you need to start there. This way you can give them proof of whatyour car should be worth, not anything else that may have added to the value.
Then you have a chance of increasing it - extra's, I'm afraid, mean nothing...
Well, if extras mean nothing, how come I have to pay 300 pounds extra per year in insurance for my back box? Where does all this money go?
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29 October 2004, 11:52 AM
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As far as whether the extra bits add value to the car or their compensation is concerned surely that's down to whether the mods were declared and added to the policy.
As I understand it, companies like L&V cover cars with mods, but don't necessarily cover the mods, so all you'd expect to get back is the value of the standard car, but other policies (hopefully including mine) cover the mods, so I'd expect to receive enough to purchase a replacement car and mods.
Anyway, regardless of that, I would think that the least you'll be after is the cost to replace it, ie £13-14k
As for the bits Jay, I don't think the nice men that lifted it from the airport carpark have sent them back.
Josh
As I understand it, companies like L&V cover cars with mods, but don't necessarily cover the mods, so all you'd expect to get back is the value of the standard car, but other policies (hopefully including mine) cover the mods, so I'd expect to receive enough to purchase a replacement car and mods.
Anyway, regardless of that, I would think that the least you'll be after is the cost to replace it, ie £13-14k
As for the bits Jay, I don't think the nice men that lifted it from the airport carpark have sent them back.
Josh
29 October 2004, 11:52 AM
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You pay more for insurance as the car has been modified from standard and are therefore classed as a higher risk. In addition you have also increased the performance of the car and hence an additional premium. Most insurance companies will have a caveat in the contract that will exclude modified parts being replaced or priced inthe event of an accident /write off etc.
29 October 2004, 11:55 AM
#10
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Originally Posted by Scooby-Doo
You pay more for insurance as the car has been modified from standard and are therefore classed as a higher risk. In addition you have also increased the performance of the car and hence an additional premium. Most insurance companies will have a caveat in the contract that will exclude modified parts being replaced or priced inthe event of an accident /write off etc.
ScoobySport Zorst, ICE etc I'm with Direct Line (and they were the cheapest!!
)Dan
29 October 2004, 12:10 PM
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My insurer L&V dont load the policy for mods... I verified this when checking ins for the replacement which has mods too (of course). Sitting tight with all faxed off - thanks for the interest and advice guys, very much appreciated.
). Sitting tight with all faxed off - thanks for the interest and advice guys, very much appreciated.
29 October 2004, 12:18 PM
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Originally Posted by Josh L
As for the bits Jay, I don't think the nice men that lifted it from the airport carpark have sent them back.
Josh
Josh
A friends Lreg maestro was stolen never to be seen again, it that case they were glad it wasn't recovered.
Again, good luck with the outcome
29 October 2004, 12:38 PM
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Sorry to hear that your car was not recovered, mate. That really sucks. Based on the info you have given, I'd imagine you'd be offered between 13.5 and 14k from a keen buyer in a private sale. 12K seems a bit low, but then it is their first offer and I'm sure they'll increase it after you've flashed some paperwork about.
Best of luck.
Best of luck.
29 October 2004, 12:53 PM
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autotrader prices are a good way to go -
thats what i used when the offered me ****-all for my first car. Essentially they should be offering you what it would cost you to obtain a replacement vehicle with average condtition/miles for that sort of car. the "trade" value isnt the right one as your couldnt be reasonably expected to source a similar car for that price. All I did was provide them with printouts from autotrader.co.uk of similar cars - all that were priced over what they had offered for mine and they coughed up.
thats what i used when the offered me ****-all for my first car. Essentially they should be offering you what it would cost you to obtain a replacement vehicle with average condtition/miles for that sort of car. the "trade" value isnt the right one as your couldnt be reasonably expected to source a similar car for that price. All I did was provide them with printouts from autotrader.co.uk of similar cars - all that were priced over what they had offered for mine and they coughed up.
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