Car theft - piggy in the middle with GAP provider and insurer
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Hi guys,
I'd like to see if you guys could share any opinions / suggestions regarding my situation.
I had my car stolen on Monday 5th May at 5am - the theives threw a brick through the living room window, stole the keys and took the car. The sound woke me up and I was unfortunate enough to hear the sound of my engine running from my bedroom, look out of the window and see the car drive off.
Fast track past all of the Police interaction and initial reporting to my Insurer (Highway Insurance / Liverpool Victoria / LV) and my GAP Insurer (Mapfre Abraxis) and I'll explain where I'm at today.
- The car was 3 months in to a 48 month PCP agreement with BMW Financial Services
- The excess on the LV policy is £500
- LV have valued the car at £23,150
- LV have received a settlement figure from BMW Financial Services of £24,600
- Mapre Abraxis have valued the car at £24,400. They have used GlassNet / Glass' Guide to produce their valuation and have provided a screenshot of the exact quote.
- The 'Net Invoice Price' of the vehicle on the GAP policy is the price I paid for the car, £24,980
- Mapfre Abraxis GAP / 'Short Fall' insurance only covers from their valuation (£24,400) up to the Net Invoice Price (£24,980) plus they'll cover up to £500 excess on the LV insurance policy. This results in an offer of £580 short fall plus £500 excess, £1080 in total
- The difference between the LV valuation and Mapre Abraxis valuation is £1,250
[Pay out] = (£23,150 [LV valuation] - £500 [LV excess]) + (£480 [Mapfre shortfall] + £500 [Mapfree excess cover]) = £23,630
£24,600 [BMW Settlement] - £23,630 [Pay out] = £970
This leaves me with £970 to find myself to settle the BMW PCP agreement.
When I first spoke to Mapre Abraxis and discovered my GAP policy did not cover the difference between the LV valuation and the Net Invoice Price I was dissapointed however I do understand that it's down to me to read the T&Cs in full and that failure lies with me.
Mapre Abraxis have said they are not permitted / authorised (based on the T&Cs of my policy) to negotiate with LV on my behalf to get LV's valuation increased to match that of Mapfre's and that it is down to me to contact LV and push for an increase.
Accepting this information I emailed LV, attaching Mapfre's GlassNet valuation screenshot, and asked for an explaination as to how they arrived at the £23,150. Dissapointingly the email was sent this Monday at 8am and by 6pm on Tuesday I still hadn't heard back. I contacted LV last night and requested a different email address and re-forwarded the email along with expressing being unhappy at the response times. It got to 3pm this afternoon and still no response so I decided to get in touch to speak about the valuation over the phone.
I didn't quite catch exactly what she was saying regarding how they arrived at the valuation as the connection was poor - however when the line cleared up the operator advised that I am free to dispute the valuation and in order to do so I should contact Mapre Abraxis and request three separate valuations of my vehicle using the same specifications and send them through to LV - at which point the dispute will be assessed and a decision will be made.
I've since contacted Mapfre Abraxis and have been informed that they are not obliged to generate these valuations and my insurers should not have made that suggestion - and my policy with Mapfre does not include services for Mapfre to act on my behalf with LV.
It's looking like it's now down to me to provide three separate valuations of my car to LV in an attempt to get them to increase their valuation.
I find the whole situation frustrating and I'm sure I'm not the first to be in this position. We do everything we can to ensure we're safe and legal drivers on the road and get all of what we believe to be the right agreements in place to ensure should the worst happen we're not out of pocket, however when it comes to the claim process both insurers are doing all they can to reduce the amount they have to pay out, leaving the consumer worse off.
Can anybody provide any recommendations as to how to go about retrieving the three valuations I've been asked to provide - any particular online tools or services I can use to best position myself for a successful increase of the valuation?
Is there anything that stands out about my situation where either insurance party is in the wrong / any recommendations of a complaint I should be making?
Sorry for the long post, quite a bit to explain that's gone on over the last 2 weeks!
Thanks,
Mike
I'd like to see if you guys could share any opinions / suggestions regarding my situation.
I had my car stolen on Monday 5th May at 5am - the theives threw a brick through the living room window, stole the keys and took the car. The sound woke me up and I was unfortunate enough to hear the sound of my engine running from my bedroom, look out of the window and see the car drive off.
Fast track past all of the Police interaction and initial reporting to my Insurer (Highway Insurance / Liverpool Victoria / LV) and my GAP Insurer (Mapfre Abraxis) and I'll explain where I'm at today.
- The car was 3 months in to a 48 month PCP agreement with BMW Financial Services
- The excess on the LV policy is £500
- LV have valued the car at £23,150
- LV have received a settlement figure from BMW Financial Services of £24,600
- Mapre Abraxis have valued the car at £24,400. They have used GlassNet / Glass' Guide to produce their valuation and have provided a screenshot of the exact quote.
- The 'Net Invoice Price' of the vehicle on the GAP policy is the price I paid for the car, £24,980
- Mapfre Abraxis GAP / 'Short Fall' insurance only covers from their valuation (£24,400) up to the Net Invoice Price (£24,980) plus they'll cover up to £500 excess on the LV insurance policy. This results in an offer of £580 short fall plus £500 excess, £1080 in total
- The difference between the LV valuation and Mapre Abraxis valuation is £1,250
[Pay out] = (£23,150 [LV valuation] - £500 [LV excess]) + (£480 [Mapfre shortfall] + £500 [Mapfree excess cover]) = £23,630
£24,600 [BMW Settlement] - £23,630 [Pay out] = £970
This leaves me with £970 to find myself to settle the BMW PCP agreement.
When I first spoke to Mapre Abraxis and discovered my GAP policy did not cover the difference between the LV valuation and the Net Invoice Price I was dissapointed however I do understand that it's down to me to read the T&Cs in full and that failure lies with me.
Mapre Abraxis have said they are not permitted / authorised (based on the T&Cs of my policy) to negotiate with LV on my behalf to get LV's valuation increased to match that of Mapfre's and that it is down to me to contact LV and push for an increase.
Accepting this information I emailed LV, attaching Mapfre's GlassNet valuation screenshot, and asked for an explaination as to how they arrived at the £23,150. Dissapointingly the email was sent this Monday at 8am and by 6pm on Tuesday I still hadn't heard back. I contacted LV last night and requested a different email address and re-forwarded the email along with expressing being unhappy at the response times. It got to 3pm this afternoon and still no response so I decided to get in touch to speak about the valuation over the phone.
I didn't quite catch exactly what she was saying regarding how they arrived at the valuation as the connection was poor - however when the line cleared up the operator advised that I am free to dispute the valuation and in order to do so I should contact Mapre Abraxis and request three separate valuations of my vehicle using the same specifications and send them through to LV - at which point the dispute will be assessed and a decision will be made.
I've since contacted Mapfre Abraxis and have been informed that they are not obliged to generate these valuations and my insurers should not have made that suggestion - and my policy with Mapfre does not include services for Mapfre to act on my behalf with LV.
It's looking like it's now down to me to provide three separate valuations of my car to LV in an attempt to get them to increase their valuation.
I find the whole situation frustrating and I'm sure I'm not the first to be in this position. We do everything we can to ensure we're safe and legal drivers on the road and get all of what we believe to be the right agreements in place to ensure should the worst happen we're not out of pocket, however when it comes to the claim process both insurers are doing all they can to reduce the amount they have to pay out, leaving the consumer worse off.
Can anybody provide any recommendations as to how to go about retrieving the three valuations I've been asked to provide - any particular online tools or services I can use to best position myself for a successful increase of the valuation?
Is there anything that stands out about my situation where either insurance party is in the wrong / any recommendations of a complaint I should be making?
Sorry for the long post, quite a bit to explain that's gone on over the last 2 weeks!
Thanks,
Mike
0
Comments
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I'd stick with supplying LV with the screenshot from the gap insurance provider. If they don't move on the offer, then go to the insurance ombudsman where they will have to justify their lower offer. No guarantee you'll win, but even threatening to do it may prompt an improved offer.0
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Not the first time I've heard this and it is a downside of GAP insurance.
A similar issue happened to a colleague and it took 6 months to sort out, in the meantime he had to fund a replacement vehicle so he was well out of pocket.0 -
Not the first time I've heard this and it is a downside of GAP insurance.
A similar issue happened to a colleague and it took 6 months to sort out, in the meantime he had to fund a replacement vehicle so he was well out of pocket.
This is it - I need to get back driving so I've been looking on Autotrader / eBay for a vehicle around the £1000 mark for the time being - but that cash will be coming direct from my next wage and I can't make any decisions as if I have to cover the difference here myself then that eats up the budget for the car.
Nightmare :mad:0 -
How old was your car when your first purchased it and were you the first registered keeper?0
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How old was your car when your first purchased it and were you the first registered keeper?
It was a BMW Used Approved, second owner, 2016 plate on 9k miles. I'm not sure of the exact registration date, with it being a 2016 plate and having purchased it in March I'd make a guess at it being just under or over a year old.
EDIT
Only a little bit off!
Just found the original docs - it's a 65 plate registered on 01/09/2015.0 -
There is potentially some help we can give you.
I am struggling to find the actual Policy wording for the Gap cover you have, it is important we read this as it is in effect a contract and there can often be helpful items within it.
Do you have a link to it?
I note the gap cover BMW push sells itself on.... "In the event of a total loss, our experienced BMW Protect Services team will be on hand to guide you through the claims process."
Is this the same cover you have?
edit and the BMW cover includes this... "Where the motor insurance settlement offer is below our valuation of the insured vehicle prior
to the date of total loss, we may at our discretion and with your consent attempt to negotiate
an increased motor insurance settlement on your behalf. We reserve the right to calculate our
settlement based on market value."
N.B for anyone with access to the trade guides, the BMW cover only uses the Glasses guide valuation. (We may have an argument against this later)0 -
There is potentially some help we can give you.
I am struggling to find the actual Policy wording for the Gap cover you have, it is important we read this as it is in effect a contract and there can often be helpful items within it.
Do you have a link to it?
I note the gap cover BMW push sells itself on.... "In the event of a total loss, our experienced BMW Protect Services team will be on hand to guide you through the claims process."
Is this the same cover you have?
edit and the BMW cover includes this... "Where the motor insurance settlement offer is below our valuation of the insured vehicle prior
to the date of total loss, we may at our discretion and with your consent attempt to negotiate
an increased motor insurance settlement on your behalf. We reserve the right to calculate our
settlement based on market value."
N.B for anyone with access to the trade guides, the BMW cover only uses the Glasses guide valuation. (We may have an argument against this later)
I'll have a look around to see if I can find the original leaflets that only breifly explained the GAP insurance - I don't believe the service offered is the BMW Protect Services package - they were branded up as Mapre Abrexis, and I don't recall the any quotes regarding attempting to negotate with the insurer.
I have PM'd you the actual Mapre Abraxis T&C / policy document.
Thanks for getting back.
Mike0 -
I have not received your PM0
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The relevant parts of the OP's schedule / policy wording are thus
Current Value means the greater of either the Motor Insurance Settlement or the Market Value of the Insured Vehicle
Market Value means the value of the Insured Vehicle at the Date of Loss by reference to Glass’s Guide retail
transacted value. Please note that if modifications have been made, or optional accessories included at the time of
purchase or hire/lease, We may request an assessors report to establish the value of the Insured Vehicle
Motor Insurance Settlement means the value of the Insured Vehicle at the Date of Loss as assessed by Your Motor
Insurance Policy provider or the Third Party’s Motor Insurance, excluding:
a) Contents, and any deductions for damage not associated with the Total Loss claim
b) Deductions made where You fail to maintain the Insured Vehicle or keep it in a roadworthy condition
c) Any rebates, arrears or associated fees, if not already applied
d) Any salvage amount deducted
e) Any more than the limit specified on Your Certificate of Insurance for dealer fitted accessories
f) Any portion of Your Motor Insurance Policy excess that exceeds the limit specified on Your Certificate of
Insurance, and;
g) Any premium owed that is deducted
Conditions
2. You must contact Us prior to accepting any Motor Insurance Settlement. Where You do not contact Us prior to
accepting any Motor Insurance Settlement, We reserve the right to use the Market Value of the Insured Vehicle as a
substitute for the Motor Insurance Settlement0 -
Wow that seems a bit harsh. When did an Insurer EVER value a car at Glass's Retail?0
This discussion has been closed.
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