insurance values

[pauljmcnulty]

Hi all.

Anyone following the Titanic forum over the last few days will be aware of the current problems with insurers writing off cars because the cost of repairs is so high.

I've argued that it's not surprising, when you consider that the average insurance-approved supercentre with it's potted plants, pretty receptionists, courtesy car fleet etc. is about four times more expensive than a local independant bodyshop in my experience.

Upshot is, though, that the insurers will only use approved centres and all new parts. This does mean that a lot of minor prangs are going to lead to our cars technically being written off. Not a huge problem if you want to take the cash, have it repaired yourself and live with the hassle, but the values are a little shocking.

As an example, the suggested book value for a 1986 Lux in very good condition is £1500. A 1989 S2 Cab in excellent condition £6k. Both cars have had £000s spent on maintenance recently which has counted for nothing. By the time the Lux owner pays his £500 excess, he'll be losing his car for a minor knock when it was parked and getting £1k to buy another one.......[]

I'd suggest that everyone takes a look at their policies, and if possible take out an agreed-value option!

 

[944turboS]

Good advice Paul.
When my Turbo got rear ended the insurance company (Allianz Cornhill) paid out with no questions asked as soon as I showed the PCGB valuation to back up my agreed value policy.

 

[Riverside]

ORIGINAL: pauljmcnulty

Upshot is, though, that the insurers will only use approved centres and all new parts. This does mean that a lot of minor prangs are going to lead to our cars technically being written off. Not a huge problem if you want to take the cash, have it repaired yourself and live with the hassle, but the values are a little shocking.

The insurers have a solution for this already, they mark it as a category 'C' write-off, meaning it's uneconomic to repair with new parts but may be repairable using s/h parts.

If you have an accident that's your fault there is a straightforward way to avoid having your car written off, just don't make a claim & pay to fix it yourself. If it's not your fault & you have a good enough solicitor you can claim directly from the third party's insurers (ie don't claim off your own & rely on them to act in your best interests) & insist that it not be written off. This is not easy as the insurers are required to attempt to keep costs to a minimum.

It's also possible (although I have no direct experience of doing it myself) to have a previously (C or D) written off car reinstated (ie wipe the slate clean) by getting it inspected & applying to iirc the DVLA to amend their records. You go through a similar process (get appropriate paperwork, send it to them) to have an outstanding finance black mark on a car's records removed.

 

[pauljmcnulty]

That's good,

When I did a letter for a member in dispute over the value the insurers were a little less than complimentary about my qualifications as a car valuer......[]

Getting a proper valuation has to be a good investment if the car is exceptional, or non-standard.

 

[andymorris]

So how would I go about getting a valuation done - Once I've had the sills done and resprayed.?

 

[Hilux]

Get a classic car agreed value policy, its a no brainer. You can get a lot of work done for 5-6-7K OR buy it back and get it done cheaper []

If you have mods then up the value accordingly.

My Ginetta G27 was bought for under 6k. I refurbished it and added a few `enhancements` and agreed a value of 10K which they coughed for when I wrote it off [&:]

As long as a claim is under 10K it will not (should not) affect your NCB

 

[cococola]

I insured my 944 with Footman James and following queeries to payout prices was told to send in photos along with my Porsche Owners Club valuation and I have an insured valuation of £5000[]

 

[944turboS]

So how would I go about getting a valuation done

Go to the main club site www.porscheclubgb.com then in the members section of the menu at the top of the page is a link to the valuation form & instructions.

 

[carlmthompson]

ORIGINAL: Riverside


It's also possible (although I have no direct experience of doing it myself) to have a previously (C or D) written off car reinstated (ie wipe the slate clean) by getting it inspected & applying to iirc the DVLA to amend their records. You go through a similar process (get appropriate paperwork, send it to them) to have an outstanding finance black mark on a car's records removed.

Sort of....

You can repair a Cat C or D car and have it MOT'd and then apply to the DVLA for the V5 to put it back on the road. The V5 will always have it noted on the V5 that it is Cat C/D though.

If it's not your fault & you have a good enough solicitor you can claim directly from the third party's insurers (ie don't claim off your own & rely on them to act in your best interests) & insist that it not be written off.

You have a legal obligation to tell your insurers if you are in a crash - wether it's your fault or not. If you don't, and they find out, you could find it difficult to get insurance in the future at a reasonable price.


Also, just be careful with agreed value policies - some of them aren't worth the paper they are written on, so make sure you read the small print on when they will pay out on the agreed value!

 

[Riverside]

ORIGINAL: carlmthompson

ORIGINAL: Riverside

If it's not your fault & you have a good enough solicitor you can claim directly from the third party's insurers (ie don't claim off your own & rely on them to act in your best interests) & insist that it not be written off.

You have a legal obligation to tell your insurers if you are in a crash - wether it's your fault or not. If you don't, and they find out, you could find it difficult to get insurance in the future at a reasonable price.

You are right & I didn't suggest that you should hide anything, the car will only be written off if you go through the claim process though. You can request that a fault incident be closed by the insurers, usually by stating (in writing) that you will handle any 3rd party claim arising yourself (eg the council may want you to pay for repairs to road funiture).

The path of least resistance isn't the only way to legally deal with an accident, it's just the easiest []. If someone is not sure what to do the best course of action is to discuss it with their insurers or preferably a solicitor.