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Conference terri::cars_uk

Title:	Cars in the UK
Notice:	Please read new conference charter 1.70
Moderator:	COMICS::SHELLEYELD

Created:	Sun Mar 06 1994
Last Modified:	Fri Jun 06 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	2584
Total number of notes:	63384

1806.0. "Advice on Insurance Valuation for stolen XR3I Cab" by EVENS::NUTKINSM (Martin Nutkins) Wed Jun 24 1992 00:26

	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.

T.R	Title	User	Personal Name	Date	Lines
1806.1	The car in front may be a ....	CHEFS::ARNOLD		`Wed Jun 24 1992 11:45`	32
	Let's try and respond to a late-night 72 liner Six weeks - - is about the standard in the industry, give or take 2 weeks either way. your broker or insurer will tell you their practice. Prices - - Glasses Guide is the main reference they use. It gives Trade and retail prices, although yours will be a negotiation because of the RS kit etc. Values - - You put a value on the car when you insured it, but as long as it didn't exceed a certain level nor was it a "classic" there would be no extra premium paid for high value. Thus, your valuation should be of little or no significance in the total loss settlement. A June 88E XR3i Cab with 46K miles books in the June Glasses at Good condition Retail �6,050 Basic Trade �4,725 - your negotiation will be around mileage and RS kit. The written down value in your wife's books should not enter into the negotiation. It will have some bearing on your wife's P&L so should be checked with her Accountant. Last but by no means least - forget it - assume its gone. If it is found now, it is likely to be burnt out or wrecked or stripped and will be a write-off anyway. When they turn up repairable, it is usually within three or four days, even then they are usually economic total losses. Having lost one attractive to thieves car, you now want to replace it with another ?? - MR2 ?? Doug
1806.2	MR2's - a target for car thieves?	ESBS01::HARRIS	One testimonial short ...	`Wed Jun 24 1992 12:16`	15
	<<< Note 1806.1 by CHEFS::ARNOLD >>> -< The car in front may be a .... >- � Having lost one attractive to thieves car, you now want to replace it � with another ?? - MR2 ?? Doug, Whilst I agree they are attractive cars - are they attractive to car thieves? I thought not. You (I) hear lots of stories about hot hatches etc. being stolen, but I didn't think MR2's (old or new shape) were a common target. Please reassure me! Concerned of Stafford.
1806.3		NEWOA::SAXBY	Vote for Perot : He's got $3B!	`Wed Jun 24 1992 12:25`	12
	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
1806.4		RUTILE::BISHOP	If at first you don't succeed, lower your standards!	`Wed Jun 24 1992 14:19`	12
	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?
1806.5	My sensayuma again	CHEFS::ARNOLD		`Wed Jun 24 1992 15:40`	8
	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
1806.6	What sense of humour?	ESBS01::HARRIS	One testimonial short ...	`Wed Jun 24 1992 17:19`	7
	� <<< Note 1806.5 by CHEFS::ARNOLD >>> � -< My sensayuma again >- My question was serious. I thought you knew something about MR2's being a particular target for theft. Sorry I asked. PCH.
1806.7	NEGOTIATE	WELCLU::YOUNG		`Thu Jun 25 1992 13:43`	8
	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
1806.8	It's worth asking for more	RDGE44::ALEUC8		`Thu Jun 25 1992 16:05`	12
	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
1806.9	Rather have it at home than in a wood !	UPROAR::WATSONR	Cardinal Richelieu impersonator	`Tue Jul 07 1992 10:20`	24
	� Is there really anyone here who has let this influence their choice of car? Well... actually there is. I stopped driving my 924 Carrera GT because... a. If it was stolen it was almost irreplacable b. The workshop manager at a major Porsche dealer advised me, quote... "Don't EVER have an accident in this car. The cost of a couple of parts alone will mean a write-off." c. I didn't buy it to be seen driving it. I now drive a 1970 mini into the ground, have great fun, don't worry about the Carrera being another joy ride, and have my dream car for sunny weekends and special occasions. ...and quite frankly, I really don't care too much what I drive and what people think about it (or the others in the garage). ...oh, and... d. Parts that were wearing out were OH... so expensive.
1806.10		PLAYER::BROWNL	It's what abroad's for...	`Tue Jul 07 1992 12:52`	18
	� Is there really anyone here who has let this influence their choice of car? I would too. Actually, I've just taken the Frogeye off the road because this year's insurance was little short of ridiculous. There are some special circumstances, it's a special car, highly modified, it's UK registered and I live in Belgium so I need a one-year Green Card, on fully comprehensive insurance. But, I feel 1240 squid with a 350 squid excess is somewhat steep for something I do around 2500 miles a year in. I did ask for a reduced mileage policy, and they offered 10% off. Yeah, thanks. So, that's it until I return to Blighty, when I'll get a UK only 3000 miles insurance through 'the club', for rather less. Car insurance is a rip-off. Laurie.