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How easy is it to get the proper value of your car from insurers? watch

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    (Original post by Sync)
    First offers are almost always too low, and the insurers know it. They just try it on as some people can't be bothered to question it and just take what they're offered. Get together adverts of cars for sale which are of a similar age and mileage to your car, and forward these to your insurer. Don't mention or bring service history into it - frankly on a car worth £1000 it's not going to drastically alter the value anyway, as people buy on condition not history.

    I would expect your insurer to cave quite quickly on this, so long as you provide the evidence that their offer is below par. It's not worth their time/effort arguing about it for the sake of a couple of hundred quid. Good luck!
    Thanks Graham and Sync. I can't believe how arduous the whole process is, the last few weeks have been **** and I'm definitely not renewing with HSBC, who have been nothing short of useless.
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    (Original post by Carl)
    Thanks Graham and Sync. I can't believe how arduous the whole process is, the last few weeks have been **** and I'm definitely not renewing with HSBC, who have been nothing short of useless.
    Tell me about it. All insurers are a pain when you want to claim.

    At the end of our Gap Year in Australia, our car was hit by an driver who ran a red light. He was uninsured (legal in Australia) and admitted full liability. We got a signed declaration to this effect. Sadly, he left the scene before the police arrived (illegal in Australia) and I suspect he may have been over the limit.

    Luckily we had third party insurance, which also covered us if we were hit by an uninsured driver. However, getting them to pay out was the biggest ball-ache imaginable. I must have spent well over five hours on the phone to them and sent around twenty emails, countless faxes and a fair few letters. All made much more difficult as we were back in the UK by the end and needed a payment made into a UK bank account.

    We got a payout eventually, but only when I started to become much more forceful in my approach and quoting their own terms and conditions to them. Seems the trick is to play hard ball and show them you're not going to be fobbed off and know exactly what rights you have. By the end of the whole thing, I was still being polite but wasn't especially friendly and took on a much more 'professional' approach. The whole thing took around two months.

    We bought the car for £1000 and got an initial payout offer of £900, which we gladly took. Even though by the end of the trip, the car was an absolute shed and worth nothing more than scrap value.

    You'll get there in the end - just make sure they realise you know you're rights and they're not dealing with a pushover.
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    What sync said! And no worries mate!
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    also if your buying anything rare/classic/highly modified then you realistically need a "agreed value" policy to protect your investment.

    The last thing you want is to spend thousands on your car restoring it to only get "market value" and loose loads. Same with modified cars. eg my car despite being built from brand new shell as a totally custom vehicle and having SVA etc, i still cant use kit car insurance as its not a kit of any kind so i have to rely on normal car insurance with agreed value. The number of insurance companys who tried to put it on file as a 1.7 puma when its not was high.

    most companys claim like for like on parts is "best deal". for them yes. Think about it, my car on a 99 age related plate if valued as a puma would be lucky to be valued at £1k. Buckle a wheel and claim.... on like for like a suspension 4 wheel tracking, custom order of a wheel and tyre and copious labour could easily reach a grand in hyped up insurance bodyshop prices and that would write off the car. Same with a minor bumper scrape, as theyd have to replace the bumper with new and repsray and blend.

    Hence for me i cant have less than agreed value otherwise i might as well ditch fully comp altogether!!!

    A lot less companys do "agreed value" and thats not because of excessive claims or loss on those policys, its just because they are cost cutting anything they can to maximise profits even if its a good product.

    Sad really as we are no longer customers when it comes to insurance. The industry seriously needs investigation and more government regulation.

    A government regulated pricing scheme for third party cover would solve the problems as everyone would be able to get the legal minimum for a fair price based on thier risk, with extra cover available at extra cost on a competitive basis.

    Sadly the government wont do that due to the way they get tax at present. higher premiums is better for them. The short sighted ministers cant see far enough ahead to see that the money saved in the legal and policing system as less uninsured drivers/MIB payouts would probably more than offset the tax income loss.
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    (Original post by warrenpenalver)
    The industry seriously needs investigation and more government regulation.

    A government regulated pricing scheme for third party cover would solve the problems as everyone would be able to get the legal minimum for a fair price based on thier risk, with extra cover available at extra cost on a competitive basis.

    Sadly the government wont do that due to the way they get tax at present. higher premiums is better for them. The short sighted ministers cant see far enough ahead to see that the money saved in the legal and policing system as less uninsured drivers/MIB payouts would probably more than offset the tax income loss.
    Are you suggesting the government forces existing insurance companies to change their pricing structure, or are you suggesting the government sets up its own third party scheme?

    The idea of pricing restrictions is a no-go, because:

    a. Regulating a non-monopolistic, commercial business' profits sets a dangerous precedent and is unworkable long term. Nobody asks the government to regulate non-monopolistic pricing in other industries, so why should the insurers be subject to such a thing? The insurers aren't there to provide a national service, they're there solely to make cash for their shareholders.

    b. Car insurance companies make little to no underwriting profit in the UK. All profits come from investments and lending. They make their profits on investment risk, not insurance risk. Take away the ability for insurers to set their own prices and the industry collapses pretty quickly, as no company could remain profitable.

    c. The government couldn't organise a piss up in a brewery. Even if they did try to regulate (which they shouldn't) they'd end up ******* it up.


    If you're suggesting the government sets up its own third party scheme, then that's problematic because:

    a. It will cost the tax payer an absolute fortune to set up

    b. In will have to be run at a loss in order to undercut the current insurance premiums. It would be nigh on impossible to charge less and still turn a profit.

    c. The country's broke as it is - we can't afford any more inefficient and costly public sector industries

    c. The government would inevitably **** it up


    That's why high insurance premiums are here to stay. There's no real way round them, sadly.
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    just a small point,you only find out how good your insurance is when you make a claim. ie you get what you pay for most of the time. There is cheap insurance out there but i prefer to know im looked after,yes i pay too much but thats coz i know the *******s pay up and give me a quality replacement car etc. You pay yer money and takes your choice,just dont start crying when you have a problem and nno one wants to know about it.
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    ^don't think I haven't figured that out! Still, my premium is enormous, and when you just want to get your car insured so you can get it on the road often getting the best price and lowest deposit is the priority. Just as an update I've seen a very nice 1.4 Tigra in black, I've just got to see whether my Dad will loan me the cash until I get my insurance payout.
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    I've been back in touch with my insurers, I'm going to accept £695 as an interim payment, and am going to send a lot of Autotrader adverts for Starlet Sportifs to them in order to bump up the amount I get. Meanwhile I'm making arrangements to get a new set of wheels, might be going to see this on Thursday or Friday:

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    Looks nice! Just make sure the insurers don't make you a sign a full and final payment chit because then you have no hope...
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    ^^I got the car It's very nice but I had a horrible drive home through the traffic in Birmingham and then the snow all the way to South Wales. It's a great drive though, quite nippy and the huge tyres give a lot of feedback. I quite like it already
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    Woop Woop!
 
 
 
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