Insurance Rip Off

[Bigdogcasa]

My 440 1.8i ES along with all of my neighbours cars was recently flooded when a local river burst its banks. it has only done 53,000 miles and was in very good condition. Although it had failed its MOT and I had got all the bits 1 x spring, 2 suspension bushes and 1 x gattor.

The very hard and cheeky insurance assesor called to tell me tat he would give me £200, less than half its value had it had its MOT. After taking off the £150 excess I would get less than a scrap yard would offer.

I was just away to get it MOT'd have the fail certificate to prove how minor the work is, and when I said that had I just managed to get it MOT'd a few days sooner then he would have upped its value to £450- 500. When I told him the 4 x new Mitchelens on it were worth more than his offer he was not interested and all the insurance guy could say was that "He could have bought the winning lottery tickets the week before, but he did'nt.

Has anyone had any experience on dealing with these insurance cut throats. If so any advice would be a great help.

[Clan]

The aim is to put you back into the position you were before , If the car was legaly insured they are responsible for getting you a car of the same type in the same condition ... challenge his offer with their HQ ... did he specificaly ask to see the MOT certificate?

[rippedoffagain]

They are <unpleasant people>.

Stand firm, tell them you reject the offer as it is an insult. Tell them by phone that you reject the offer and will be sending them written details as to why. Then send them a letter telling them that the offer is unreasonable (statement of fact, don't portray it as your personal opinion). Give a few examples of cars of the same model and spec being advertised for sale at a much higher price. Mention the corrective work that has already been done in preparation to resubmit for MOT etc.

Alternatively, give in to them and take the money, but ask to buy the car back off them and sell the bits off it.

[NewVolvo]

The golden rule with "offers" from insurance companies are to always reject their offers first time.

They will resubmit their offer to you at a higher value (usually still lower than market value) which can can again, reject.

Sending a letter with good quality copies of say Autotrader and prices for similare condition and age cars would help you.

[frobes2]

Originally Posted by NewVolvo

The golden rule with "offers" from insurance companies are to always reject their offers first time.

They will resubmit their offer to you at a higher value (usually still lower than market value) which can can again, reject.

Sending a letter with good quality copies of say Autotrader and prices for similare condition and age cars would help you.

I totally agree with the above, you (the insured) need to do all the running about!! Look on autotrader and get cars which are the same as yours, probably, with higher mileage and in worse condition, and print of all the info to send them.

I had £1600 worth of damage done to my car (95/M 850 T-5R) and they wanted to write it off and give me £800, the market value!!! I argued with them for 8-10 weeks and finally got them to agree not to write it off and pay the majority of the work, £1250..
Still left a sour taste in my mouth and I've now moved insurance companies to someone who will guarantee the value if it's a total loss..

Good Luck and keep rejecting their offers and back it up with proof...

[4 forty]

why or why do insurance companies ask you the value of your car when applying for a policy, yet when it comes to a claim,you are paid a lot less.

[rippedoffagain]

Originally Posted by 4 forty

why or why do insurance companies ask you the value of your car when applying for a policy, yet when it comes to a claim,you are paid a lot less.

Because insurance is simply legalised theft. There are only three differences between being mugged and buying insurance:

1. If you are mugged it is likely to cost you a lot less
2. If you escape from the mugger without paying, you are not a criminal.
3. You don't usually get a receipt when you're mugged.

[Bigdogcasa]

I like it.

Yes it feels like being mugged but a lot more expensive.

[NewVolvo]

Lets not forget something else....

What companies have the BIGGEST and best looking buildings?

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Banks and Insurance Companies.

OT: Were watching the program last night about a row of houses that burnt down some time ago. 7-8 houses in total. On the women had only lived there for 6 weeks when this happened. She lost everything. According to reporter/woman, it will take approx 2 years for the claim to go though.

Why??? She had a new house. It burnt down (not her fault!), now renting and still paying for a mortgage for a house that is no longer and still it (can) takes 2 years to sort out????

Grrrrrrrrrrrrrrr..... makes me really mad!!!