Conference terri::cars_uk

1806.0. "Advice on Insurance Valuation for stolen XR3I Cab" by EVENS::NUTKINSM (Martin Nutkins) Wed Jun 24 1992 03:26

	My wife had her 'pride and joy', an XR3I Cabriolet with all the full
	RS kit of skirts and spoiler, stolen last Thursday.  We've heard
	nothing from the police yet, and from what they've said happens to
	most of the stolen cars, it would probably be better if see never sees
	it again.

	I've got a few questions regarding the insurance claim which I hope 
	somebody may be able to answer.

   1)	As I understand it, you normally have to wait six weeks before the
	insurance company would accept any claim if the car is not found.

	Is this standard within the insurance industry ?

    2)	How do insurance companies decide on the cars value  ?

	One of the other notes I read in this conference said they used the
	Glass's Guide, but surely that's the trade price and you couldn't buy
	a replacement for that.

	I realise that it in most cases it's going to be a process of haggling
	with insurance company, but is there any organisation you can turn to,
	like the Insurance Ombudsman, if you still are not happy with the sum
	being offered.

    3)	What if any significance does the purchase price paid originally for
	the vehicle have and are you legally bound to declare this figure ?

	This reason I ask this is that we bought the car from a very good friend
	who was the Sales Manager at the garage.  The car was first registered
	at the end June 1988, an E plate, and with the factory fitted RS kit and
	electronic sunroof, the list price would have been about 13,500.

	The car was as a lease snatch-back, and in September 1989 when it was
	only just over a year old with only 9,000 miles on the clock we bought
	for it 8,700, a very good deal from our friend, I suspect with no 
	profit for the garage.

	The car had only done 39,000 when stolen and was in A1 condition.
	According to the July edition of Parker's Used Car Prices the value for
	a standard XR3I in A1 condition and registered 1988 E is 6,025, with a
	1988 F being 6,550.  Although the car was late 1988 E ie June,
	presumably the 6,025 figured would be used.  I would say add another
	1,000 for the RS kit, electric sunroof etc (it did look smart and cost 
	an extra 2,000 when new) giving a value of approximately 7,000 when
	stolen.

	With a purchase price of 8,700 and a current value of 7,000 , it could
	looked upon by the insurance company that 1,700 depreciation over three
	years is unrealistic and that they would try and knock us down 
	significantly.

    4)	Just to complicate matters a little further, my wife is a freelance
	programmer/analyst and the car was registered in her companies name.
	The car therefore is a company asset and as such has a residual book
	value which is probably only about 3,700.  This figure, I hope, is only
	for accounting purposes and I think it would have no bearing on any
	insurance settlement figure, please reassure me somebody ???

	I may be being a bit premature hear considering the car has only been
	missing 5 days.  I do hope my wife gets in back with little damage, but
	our hopes are diminishing daily and we've got to send the claim form in.

	Any advice, experiences gratefully received.


Thanks

Martin

P.S.	Anybody know where I can get a late registered Toyota MR2 T bar, albeit
	with highish mileage for about 7,000.

    
    Re .0
    
    I recall reading somewhere in here that someone asked their insurance
    company to replace the car with an identical model (age, mileage, etc)
    when offered what they thought was a low figure. 
    
    I think the upshot was that they couldn't and then offered more for the 
    car. Worth a try if you feel the amount they offer wouldn't replace the
    car (which it almost certainly won't, except, possibly, at an auction.).
    
    Mark

Q: Why should someone go without having a nice car because it is attractive to 
   thieves?

After my car got broken into 3 times in 2 weeks i was also beginning to wonder
if i really needed the hassle. I decided that no-one was going to stop me having
what i wanted.

If you start thinking like that, you give in to the thoughtless morons who
steal cars because they've either; a) got a buyer (not really applicable to
'low' cost cars), b) want a quick 'joy-ride' or c) are jealous of a nice car.

Is there really anyone here who has let this influence their choice of car?

    OK I give up - I don't believe MR2's are particularly attractive to
    thieves, the problem is the Hot hatches - they're just so pretty aren't
    they ?
    
    Me ? even in my job I still choose the car that suits my needs, goes
    fast enough but is anonymous enough not to get pulled.
    
    Doug

    
    
    Never accept an insurance companies first offer in a total loss case
    they will usually up it.
    They are after all in business and therefore out to minimise their
    outgoings to improve profits!
    
    Richard

    Hardly the same league but when my wife's W reg Metro was written off
    by a young lady who wasn't paying attention (and the police are
    charging her with just that, incidentally) we were offered 725.00.
    However my wife chatted up the lady in the insurance company to see why
    it was 'so low'.  Turned out the inspecting engineer hadn't believed
    the mileage was genuine.  We were able to produce evidence that it was,
    and the offer went up to 875.00 - ok, only 150.00, but that is nearly
    20% for the trouble of making 2 photocopies and writing and posting a
    letter.  So it is worth pressing it.
    
    Ken