Stolen Cars - What Compensation to expect

happywarmgun

[not sure if this is best in the 'insurance' or 'motoring' forum - have plumbed for 'motoring' and will move it if asked.]

Had a nightmare day yesterday when I woke up to find that both cars had been stolen from our driveway. The keys were stolen from the house while we slept - the police think it was a 'Cane and Hook' theft where they will have literally used a telescopic fishing rod to reach the dining table through the letter box (10 ft from the front door) or that our house key security has been compromised (rented house - management agents often give keys to contractors for odd jobs). Horrible as we live in a bungalow and either way we were sleeping yards from the door - but there you go.

Anyway - assuming that the cars are not recovered - what can I do to ensure I get as fair compensation as possible from my insurers? I am quite cyncial and expect that they will do everything they can to make the pay-out as low as possible. Both cars were bought (second hand) at the end of last year (November and December). What % of depreciation is reasonable over that time for the insurers to factor in?

Any other help or tips is really appreciated. I get a horrible feeling I'm about to get robbed all over again!

jwil

Sorry to hear about this, that must have been gutting. Can you not search on autotrader or similar sites to see what similar cars are selling for at the moment? That is how I was told to get a valuation, not sure if it is the best way though.

vikingaero

The level of depreciation will depend on the make, model, colour, specification, mileage and condition of the car. It will also depend on how much you paid for it. For instance you may have paid over the odds which will make any payout seem poor.

Quentin

If your claims are successful, then expect to pay your excess and have the balance of any premium still owing deducted from the settlement figure.

Look for evidence of how much similar cars are selling for on line and in mags (note the selling price of a car is usually less than the asking price).

The payment will be in relation to todays selling prices rather than based in any way on what you bought them for last year.

jimbo_the_jetset

Oh dear, I feel very sorry for you.

The only thing I can suggest is to look on AutoTrader on similar, specify exact model, age, mileage etc and see what prices are like. Print off some of these if they are a good match so you have an arguement if the insurance company don't play ball.

I assume you have a receipt for the purchase of the second hand cars? Did you specify a vehicle value when you purchased the insurance (not sure if this counts for anything?)

happywarmgun

Thanks for the replies, the cars involved are a BMW 3 Series (330d M Sport) that I paid £18,800 for in December and a Seat Leon I paid £8,800 for in December. It is a huge chunk of change to get shafted even a couple of % on so I really need to be on my game when dealing with the insurers.

I'm more nervous about the BMW as I bought it from a main dealer (albeit in the sale) - so would expect the insurers to try and push the price down to reflect the main dealer premium - on the other hand the dealers are telling me that since November - bizarrely second hand prices have actually RISEN so they could not source exactly the same car - even six months older and with more mileage - for the price I paid six months ago!

I bought the Leon off autoquake (note there is another thread on that on these forums again!) in December and am more comfortable the price I paid there should be easier to agree.

Any more tips appreciated. I've never had to do this before and am concious I'm 'negotiating' with someone who does so for a living - and they may see me as easy pickings.

I'm really not sure how it works nor what the escalation route is should I not agree their offer is fair.

happywarmgun

Quentin wrote: »

If your claims are successful, then expect to pay your excess and have the balance of any premium still owing deducted from the settlement figure.

Will that work the other way around? I pay yearly in advance... should I expect the remainder of the policy to be added on to any settlement? Or do they take the full year premium if they do a full payout?

Quentin

Any claim means the full year's policy is payable.

Check and see your policy wording, as many policies end when a full loss payout is made.

happywarmgun

Thanks - judging from the replies it doesn't sound like anyone has horror stories and perhaps I'm being unfair on the insurance people. Time will tell. All I want is a fair payout - don't wish to profit.

When I'm done and dusted I'll put up a review of my experience with both MoreThan and Aviva in getting it sorted out. Having two cars stolen in the same incident gives a unique chance to give a truly direct comparison in customer experience!

moonrakerz

happywarmgun wrote: »

what can I do to ensure I get as fair compensation as possible from my insurers?

Your insurance does not pay "compensation" - it pays you the value of the stolen items.
Your insurance company is a business - not a charity, it will try and pay you the lowest figure it can.
Read through the local papers, Autotrader, etc, look in your local dealers and decide what you think is a realistic value of the stolen vehicles.

Regrettably, everyone thinks their car is worth far more than it is

Quentin

LucyBC wrote: »

However insurers are sceptical about cars stolen by thieves with keys. In most cases you should not have a problem but if you do please contact me.

Elsewhere on MSE you tell us you are a barrister.

Apart from making you look like an ambulance chaser, touting for business is against the forum rules, and a professional using the forum like this just lets his profession down as well as himself.