Insurance companies writing off classic car

[Deleted User]

Hintza wrote: »

OP what you probably really want is it written off at a value close to what you paid but retaining the car. You can the chose who and where to repair it.

I'd rather it just got repaired to be honest. Rather not have it listed as accident write off for any time I sell it in the future.

[Deleted User]

Judas wrote: »

You will receive market value for the car.
If you paid £3500 for it then surely this relates to market value otherwise why would you pay £3k extra?

If you paid £3k extra on the pretence it was a classic and then where too cheap to take out correct insurance well then tough.

You would in that case be out of pocket due to your own stupidity; why should a third party insurer or your own for that matter pay out far more than a cars value simply because you were too cheap to insure it properly.

I see your frustration but market value is market value and if you have paid far more than that then not taken out appropiate insurance that was frankly stupid and your own fault.

Depends what you call market value. Scruffy 1986 mini with 100K miles probably about £1000.

Mint condition mini with 20K miles - £3500.

How I insure my car is no regard for the third party or their insurer. They're client hit my car - they are duty bound to make good any damage.

BTW - I did inform my insurer that the car was worth £3500.

[Deleted User]

Judas wrote: »

You will receive market value for the car.
If you paid £3500 for it then surely this relates to market value otherwise why would you pay £3k extra?

If you paid £3k extra on the pretence it was a classic and then where too cheap to take out correct insurance well then tough.

You would in that case be out of pocket due to your own stupidity; why should a third party insurer or your own for that matter pay out far more than a cars value simply because you were too cheap to insure it properly.

I see your frustration but market value is market value and if you have paid far more than that then not taken out appropiate insurance that was frankly stupid and your own fault.

The market for second hand minis is strange. Average ones in average condition with lots of miles go for more than you'd think but special ones like the one I've got (immaculate condition, low mileage etc) go for a lot more. Like £2000-£3000 more.

My mini would sell for £3500 to someone else. If someone wanted to buy a similar one thats what it would cost.

However, if you looked in a parkers/glasses guide the trade price for a 1986 mini would prob be £1000 or something.

Hintza

I can understand fully where you are coming from. But start gathering evidence of these prices now. As sure as eggs are eggs you are in fotr a bit of a fight on this one.

Judas

Hintza is correct but if your car was worth what you say it was you should be able to prove and justify this and hence get the payout you want.

You can't expect however to receive top whack automatically when by your own admission it could have been an old scruffy one worth peanuts.

forgotmyname

Problem is the insurance dont value the car at what you paid, Goto a dealer & buy any car if you dont haggle
you pay top whack, The insurance company could possibly buy the same car with a substantial discount.

You could have bought the car for 10x the real value, Doesnt really matter to them, sadly.

You really should have got classic insurance, Which would have had an agreed value and salvage rights.

Strange that they are importing them back to the UK, Was big business exporting them a few years back.

Hintza

forgotmyname wrote: »

Was big business exporting them a few years back.

Japanese emissions laws perhaps put a stop to that? (Just guessing though)

dacouch

How log have you owned the car ?

Hintza

dacouch wrote: »

How log have you owned the car ?

Think we are all assuming a couple of months at most, hope it is not too much longer...lol

[Deleted User]

forgotmyname wrote: »

Problem is the insurance dont value the car at what you paid, Goto a dealer & buy any car if you dont haggle
you pay top whack, The insurance company could possibly buy the same car with a substantial discount.

You could have bought the car for 10x the real value, Doesnt really matter to them, sadly.

You really should have got classic insurance, Which would have had an agreed value and salvage rights.

Strange that they are importing them back to the UK, Was big business exporting them a few years back.

I will be sorting out proper classic car insurance when this is all sorted.

Yep. The Jap minis are quite popular because they're the only ones with air con.