Insurance Valuation at renewal

R

ronk

Lifer
 Durham
My car insurance is due soon - Ive had the invitation to renew but Ive noticed that they have put the valuation of my car as £22k
There is not a hope in hell that I could get a replacement for my car at that price so I assume that is the generic trade in price they quote on and if the worst was to happen then also the vauation they would pay out on?

When I bought my car I added all the factory fitted bells and whistles - The car is a verified very low mileage but Ive never been asked for any of that information at proposal time.

Is there any point in saying that their valuation doesn't cut the mustard?
 
You can tell them what you think it should be, but unless you have an Agreed Value in a worst case scenario they will only pay what they consider the "Market Value" to be.
 
Agree with above. There is a limit to the factors ins comp will consider when quoting you a premium and of course they will look for a typical / average cost of same vehicle when replacing it. When you can add add thousands in options / or other factors add to replacement cost then it needs a non standard quote. Will give you some peace of mind and probably not cost a great deal more. :thumbsup:
 
My lad had an 420d written off 4 or 5 months after he paid £19k for it, the insurance company offered £15k and would not budge, we eventually had the £15k plus the car back which he sold for £4k so he broke even.

We sent everything to show a replacement would be £18k to £19k but they would not shift at all on their offer, agreed vacation is the only way to go.
 
I had massive arguments with our own companies insurance when an idiot rammed our employee in his Transit on a motorway when our guy was doing 70 mph, so writing it off after bouncing into the central reservation. We were offered a value of 12k , which an identical replacement was 16k. As the other driver would not admit fault and was above the drink limit ( he was arrested also for dangerous driving but since he didn't admit guilt, our insurance were paying out before it went to court) We had a hire van for 2 weeks until the insurance wanted it back. We had to pay for 3 months for a hire van , with all the arguments that went on. We were told we could claim this back when settled. We sent pictures of vans for 16k. They sent us pictures of mega mileage, wrong colour, euro 5, low spec vans, which ours wasn't . Only after 3 months ( remember this is our own company insurance company) they eventually gave in and paid out £16k. We had by then bought
a replacement van for the £16k in the meantime to get our engineer ( who was also injured in the crash and couldn't walk for 2 months) back to work ( unpaid and on SSP) But thats another story. Was a total nightmare and we spent so many hours trying to sort this out and they werent going to budge until the reality hit them , that they were just way off their valuation. We even asked them to supply a van that was identical. And every van they sent us on email as replacements, we argued the fact that they were not the same.
 
Insurance will only pay market value unless you have an agreed value so realistically that number you put in the value box means very little.

Like every business they are all in it to make money so they will try and pay you out the least amount of money they can.

You will always want more. They will always pay out less. It's how it works.

It's just highlighted more in today's strange market.
 
I have agreed value even with Admiral. It increased the premium but their original suggestion was £100k, now agreed on £140k. They thought it was a standard Porsche
 
Wouldn't it be great if insurance companies were obliged to offer the market value in cash or like for like replacement as many do with household goods?
 
In theory maybe but in the same way they don't seem to get a market value right I doubt if anything they offered would really be "like-for-like".

I certainly wouldn't want them trying to find a replacement for my MC, especially as so few came to the UK. :x
 
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