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06/5/2019 at 7:07pm
Location: East Herts
Outfit: 1992 Elddis Wisp 450CT + X Trail
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Car insurance is an absolute mine-field, and largely a matter of luck, I feel. You never know how good (or bad) any company is at claims handling until you have to claim. Then what is "good claims handling"? Some may be very quick at dealing with the claim, but give you a ridiculous settlement figure, whereas others may take an age but give you a much better settlement.
When I had my Mazda Bongo stolen back in 2009, my insurers settled quite quickly, but the figure they gave me was ridiculous and they wouldn't budge. My vehicle was in very good condition, used daily, and an excellent runner. The best I could have bought with the settlement they gave me, assuming I wanted another Bongo, would have been a rusting wreck with a clapped-out engine, and needing a major restoration! Their argument when I queried their figures? We don't know how good your stolen one was!
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Best Regards,
Colin
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06/5/2019 at 11:00pm
Location: Cardiff
Outfit: Swift Challenger
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Quote: Originally posted by Colin21 on 06/5/2019
Car insurance is an absolute mine-field, and largely a matter of luck, I feel. You never know how good (or bad) any company is at claims handling until you have to claim. Then what is "good claims handling"? Some may be very quick at dealing with the claim, but give you a ridiculous settlement figure, whereas others may take an age but give you a much better settlement.
When I had my Mazda Bongo stolen back in 2009, my insurers settled quite quickly, but the figure they gave me was ridiculous and they wouldn't budge. My vehicle was in very good condition, used daily, and an excellent runner. The best I could have bought with the settlement they gave me, assuming I wanted another Bongo, would have been a rusting wreck with a clapped-out engine, and needing a major restoration! Their argument when I queried their figures? We don't know how good your stolen one was!
If you think your car is worth more than the average book value for its age and mileage then you need "agreed value" specialist insurance. There is nothing wrong with their argument, if you hadn't agreed a value with them when you took the insurance out what else can they go apart from book value
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07/5/2019 at 3:12pm
Location: East Herts
Outfit: 1992 Elddis Wisp 450CT + X Trail
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Agreed value insurance is very hard to get, as it's only really for classic vehicles that are not used on a daily basis. My Bongo was my everyday (only) transport, and I doubt whether I could have got agreed value on it. If I could I suspect it would have been hideously expensive.
This so-called "book value" is a massive rip-off in my opinion. Surely the main reason for having insurance, apart from the legal obligation, is so that if your vehicle gets written off you are able to replace it like for like. The "book value" of most vehicles is often way below what a similar replacement would cost. At the time a Bongo in similar condition to mine would have cost me at least £4,500, (showroom condition ones were fetching around £10,000) but if I remember right all I got from the insurers was around £3,000, and may even have been less. It was true that you could buy another for what they gave me, but I doubt whether it would have been driveable. If it was, it would almost certainly have needed considerable work to bring it up to scratch and get it through an MOT. Mine had recently passed its MOT and needed nothing whatsoever doing to it for it to be used daily.
In my opinion you should be no worse off than you were before the incident, whatever it was. Surely that is the whole purpose of insurance? Doesn't work that way though.
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Best Regards,
Colin
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Topic: Car insurance
