My 53 plate VRS only had 49,000 miles when it was stolen. I had it insured for £5000. Just had a call offering me £3750 for a payout but I have to then take off £300 excess.

If it's any help, here's the Parker's Guide prices:

Private (Good condition): £3850

Franchised Dealer: £4,835

Independent Dealer: £4,480

Note that that's based on 70k miles.

http://www.parkers.co.uk/cars/used-prices/Valuation.aspx?deriv=26138&plate=73#amount=5000&years=3

If you read that in conjunction with JulieD's link to the FSO's valuation method ...

Hire car, thats a joke! I will only get one if the car has been found and needs repairing. So I have nothing at the moment, everything being taken from me nothing being given!

They say if more is agreed they will send another cheque, I'm not sure whether to send it back or just keep it on the side. I have it insured for £5000 because I checked before I renewed my policy (Nov 1) what it would cost to replace. Otherwise what is the point in them asking?!

Ride it out a bit longer, tell them you want £5300. they may meet you somewhere in the middle that way.

I'm struggling to understand which of the Parkers prices they would use? Surely it should be one of the dealer ones?

Threaten with the ombudsman, saying you think this is the only way as you can't agree. There was something about this on 'rip off Britain' this morning. A lady got an extra £1,300 on top of her first offer in the end as she refused to accept the original value. Maybe try searching the program to see if you can find the advice they gave.

Hope that helps.

I'm struggling to understand which of the Parkers prices they would use? Surely it should be one of the dealer ones?

Yes, it would. If you look at JulieD's quote from the FOS:

"In most cases, we assess the market value as the retail price which the policyholder would have had to pay for a comparable vehicle at a reputable dealer, immediately before the date of the damage/theft.

This may be lower than the price at which the vehicle is advertised, as the dealer may have built in a margin for negotiation.

It is likely to be higher than the price payable in a private sale or at an auction, and higher than the trade value (which is the price a dealer would pay before adding its mark-up). "

Note the first paragraph/sentence.

Edited 25 November, 201015 yr by martinch

Hire car, thats a joke! I will only get one if the car has been found and needs repairing. So I have nothing at the moment, everything being taken from me nothing being given!

They say if more is agreed they will send another cheque, I'm not sure whether to send it back or just keep it on the side. I have it insured for £5000 because I checked before I renewed my policy (Nov 1) what it would cost to replace. Otherwise what is the point in them asking?!

Sadly Highway are a budget insurer who only deal with cars below a certain value - used to be £9k when I was with them. When I got a new car, I lost 11 months NCB because of this limit.

Obviously your terms dont cover a hire care. Sometimes bottom price isnt best.

As for the price offered, you can insure a car for any value you like. But will only ever get book price, and if you're lucky any extras such as alloys might be covered additionally. The OP will need proof of the mileage as close to being stolen as possible otherwise they'll use the average annual mileage of 12.5 x 6 years (7 if early 53). That'd make the payout offered about right, so you'll have to prove your mileage to improve this IMHO.

It was MOT'd earlier in the year with 43K on the clock so they have all the document details. This should sort out that I was telling them the truth when I told them it was on 49k when stolen

You can insure your car for a million pounds but will only get below average value of similar vehicle, (a pittance)

With a bog standard insurer you can't actually insure a car for a value that you give it. When insuring my car I can say it's worth £1 million, but I'll just pay a premium based on the cars insurance group and my postcode. The value I give the insurer is a waste of time and I don't know why they ask for it.

Most insurers will offer bottom book price and then increase the valuation from there. As already stated, you need to provide evidence that your car is worth more than you've been offered.

From my experience the broker is taking the p*ss and is doing a really sh*tty job. When you get a cheque it will come with a letter stating that the amount is in full and final settlement of your claim. If you accept it, that's all you're going to get. I would suggest that whoever is dealing with this at the broker just can't be arsed to do their job properly.

I think enough people have said that it doesn't matter what you insure your car for, they will pay what it's worth.

DO NOT accept or cash the cheque, in my understanding of contract law this is you accepting their offer so don't do it.

Parkers and Glasses's are exactly that......guides, not an accurate valuation of your car. Many cars hold their value better than guides allow for because of niche appeal, the VRS is a classic example.

They are insuring you to repair or replace your car, like for like at the time of the incident. I have had this very situation and ended up telling them to keep the money and go and buy me a replacement car instead, they realised that they couldn't and upped their offer.

Finally, make yourself a pain of Adrian Flux, a lot of people on here rave about them, they have big community following and won't want to lose that. They are supposed to be working for you.

Good luck.

Adrian Flux have never managed to find me a decent quote yet and I've tried for the last three years. Never accept the first offer.

I got paid out 5k for my Fabia vRS, 2005, 74k on the clock with MoreThan when I wrote it off in September. The guy from the claims dept. asked me how much I thought the car was worth to which I replied 4.8k (thought I was being a bit optimistic) and he just said he was happy to give me 5k for it which is exactly what I paid for it 7 months earlier!

Sorry to hear you've had so much problems with yours though :(

Adrian Flux have never managed to find me a decent quote yet and I've tried for the last three years. Never accept the first offer.

same!!! there rubbish, quoted me 7k for 12 months on an evo, yet with elephant its only 1100FC in my own name????!

I got paid out 5k for my Fabia vRS, 2005, 74k on the clock with MoreThan when I wrote it off in September. The guy from the claims dept. asked me how much I thought the car was worth to which I replied 4.8k (thought I was being a bit optimistic) and he just said he was happy to give me 5k for it which is exactly what I paid for it 7 months earlier!

Sorry to hear you've had so much problems with yours though :(

Im with Morethan at the minute, so thats good to know

7k for an Evo, Jesus...

7k for an Evo, Jesus...

I kinda lol'd before sitting down thinkin its not a joke?!

I dont understand where 7k comes into it? I mean 6/7x more than elephant nearly?

Hi,

My 53 plate VRS only had 49,000 miles when it was stolen. I had it insured for £5000.

Just had a call offering me £3750 for a payout but I have to then take off £300 excess. I can only find similar mileage and ages for around £5000 which is why I had it insured for that. Has anyone ever gone through this who can help? I am extremely unhappy that I am the good guy, the one who had the car stolen and I am the one being punished with excesses, increased premiums (around £180 per year on car) and thats with my NCB protected still and now this offer!

Thanks

Hi Rik

I know its a bit like shutting the stable door etc ! But its not always best to go for the cheapest insurence company, and in fact some companys that sound cheap !

We are with NFU, admitting they are not the cheapest, but when My son wrote off his Octy estate a few years ago, I got a phone call from the underwriter and the conversation went something like:

Sir, I have been looking at the values of your car and sorry the best I can offer is £xxxxx.00 which was actually £500 over what we had paid for the car six months before, so not giving too much away I said there was no way I would accecpt this amount, so he phoned me back the next day, and offered another £500 so at that point we accepted it.

so we made £1000.00 over what we had paid for the car, and cheque apeared on the door mat three days later.

I am not trying to call your insurance company, but its worth getting a decent company that don't try and wriggle out of any small print etc., I have had a few claims with NFU and never had bad words to say about them, as never the cheapest, but I think you get what you pay for.

Radiotwo

Basically, the people in this world who make a pain of themselves tend to get more than the sheep who roll over.

How true is this statement!!

To the OP, once you receive the cheque, send it back to you'r insurance company. If you hold on to that cheque, the insurance will take it you have accepted the offer.

SEND IT BACK and keep nagging them. You have to be a pain in their arse to get anywhere i'm affraid, and highway aren't the best company to deal with from past experience. Keep hastling them and gather proof from sites like autotrader for as close a match as you can to yours.

If all else fails contact the financial ombudsman. But beware, in very few cases, they will agree with the insurance company.

Just for the record, it is possible to insure a vehicle to an agreed price, but it will cost you. I had my pulsar gtir insured with an agreed fee of £12k if it got stolen or written off or caught fire. Like I say, you must get a specialist quotation and policy for it.

Edited 27 November, 201015 yr by kawi kid

so glad i have the golf on a classic policy,with a pre agreed value

I kinda lol'd before sitting down thinkin its not a joke?!

I dont understand where 7k comes into it? I mean 6/7x more than elephant nearly?

They are pricing themselves out of the market, ie. they don't want your business or they are not willing to take the risk.

Funny though how they are happy to take money for your first years insurance but when renewal time comes round they want 3x more!

Were all being robbed blind & there getting away with it!

OP: hold out until they give your desired amount if not get in touch with an onbudsman

i once got offered £700 for a Clio i had converted, despite having all the receipts for the work and numerous phone calls to the insurance before i undertook the project that everything would be covered

after 6 months of arguing i got £2100, but this only came about after writing a 3 page letter to the MD

i will NEVER use Liverpool Victoria ever again

I have now been offered £4721 - £300 exceess (third offer)

If I want to push for more it has to goto the complaints team. I really want the £5000 its insured for. Do people think I should accept or push?

can you get a similar car for that? If so i`d just take it, its close enough. Bearing in mind you didnt have a "agreed value" policy.

Matt

Can you recover your excess? They have basically come up £1000 so you're almost there but you're still at £4400 after the excess is deducted, so I'd be tempted to go back and ask for £5300 (£5000 after excess if that's what you think it will cost you). What's the worst that can happen? Thwy say no and you have to accept £4400 after excess.

What's the worst that can happen? Thwy say no and you have to accept £4400 after excess.

Hummm, putting it like that i`d go for it! lol nothing to loose

Matt

Edited 3 December, 201015 yr by matt1chelski