Total Loss Insurance offer 4 my Split:£2400... - Page 4

Mrs Big · 09-03-2009, 01:29 PM

Am I missing something here? Your original post seemed to imply that the incident was the fault of the 3rd party, in which case Agreed Value would not come into it all as the claim would ultimately be paid by the 3rd party insurer.

You need to get in touch with the Legal Cover provider, if you didn't take it out with the policy ask your insurer as most will allow you to add it retrospectively (although usually at a slightly higher cost).

And, as other people have already said, "Market Value" can be proved with classified ad, particularly in cases where there is a 3rd party to claim from. It is something that happened regularly at the insurance company that I used to work for.

Mr Big · 09-03-2009, 05:58 PM

Quote from the financial ombudsman website: issue 22 November - motor insurance

In fact its well worth reading as it shows both sides of the coin, so it gives you a very good idea of what you can expect.

Quote:

"The ‘market value’ is the likely cost to the customer of buying a car as near as possibly identical to the one that has been stolen or damaged beyond economic repair."

In this case there is no chance of a similar vehicle being bought for the original offer.

The issue of agreed value is always a difficult one and whilst the OP might struggle to get what he thinks its worth or what similar vehicles are being advertised for.....the market value should be much closer to that area, rather than the piss poor figure they are actually offering. Yes if he wants top dollar for it the should have had agreed value. But thats no excuse for them to take the piss out of him.

Tricky · 09-03-2009, 06:21 PM

Quote:

Originally Posted by Mr Big

Quote from the financial ombudsman website: issue 22 November - motor insurance

In fact its well worth reading as it shows both sides of the coin, so it gives you a very good idea of what you can expect.

In this case there is no chance of a similar vehicle being bought for the original offer.

The issue of agreed value is always a difficult one and whilst the OP might struggle to get what he thinks its worth or what similar vehicles are being advertised for.....the market value should be much closer to that area, rather than the piss poor figure they are actually offering. Yes if he wants top dollar for it the should have had agreed value. But thats no excuse for them to take the piss out of him.

09-03-2009, 10:47 PM

when our mk1 scirocco was rear ended, we had to fight to make sure it was not written off too ...we got a headed letter from some kind people, who run a club, to say how much it was worth because of its rarerity and condition .... it worked and now we have got a better agreed value too because its proven to be worth more than they 1st said. dont give up !!!!

Ratlook '70 · 09-03-2009, 11:29 PM

just tell them it'll cost them a hell of a lot more to emburse you for a similar van than to repair yours.