Dad's BMW X6 stolen. Is this Insurance offer fair?

straighttalker

£34K is not trade value for a 3 year old X6! It's close to retail. If the OP provides further details about the engine size and spec, we can run it through WBAC and get a true trade price.

Aretnap

icebergx wrote: »

The insurance company said the car itself was valued at £32380, with the additional £1800 for the extras. My dad originally paid around 4500 for the extras. Is it normal for the extras to depreciate at such a rate?

The value the insurers will (or at least should) pay will be the value of the car itself. That means the price the car would have sold for (not necessarily been advertised for) at a reputable dealer in its pre-accident condition. It doesn't mean a value for the car, then a separate value for the extras. The price you originally paid for extras won't always be fully reflected in a car's resale value - even before you take depreciation into account. Some extras and modifications (eg really horrible spoilers and body kit) might even reduce the overall value of the car.

For a useful guide to the principles involved see the Financial Ombudsman's notes here.

http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html

Aretnap

londonTiger wrote: »

insurance comapny are ididots are offer you trade price, i thought insurance was meant to "make you whole", if so how the f*** is a domestic user meant to buy a car at trade price??

He isn't, which is why the benchmark is the price the car would set for at a reputable dealer, not trade price. "Insurers only pay trade prices" is an urban myth.

AdrianC

icebergx wrote: »

The insurance company said the car itself was valued at £32380, with the additional £1800 for the extras. My dad originally paid around 4500 for the extras. Is it normal for the extras to depreciate at such a rate?

I'm surprised they've not depreciated more, tbh.

If there was only £4,500 splooged on the options list, then it's fairly low-spec.

arcon5

londonTiger wrote: »

you know as well as i do that insurance companies offer trade price in these cases. you cant point out random cars online with different age and different mileage like that, there are lots of different options available. never mind that Ops car has just 7k miles on the clock

So can you point to like for like cars which indicate the offer is trade price... In which case retail would be around £40k....

AdrianC

arcon5 wrote: »

So can you point to like for like cars which indicate the offer is trade price... In which case retail would be around £40k....

A quick search on Autotrader for <10k, <4yo X6s shows that there's a choice of 2014 cars for about the OP's payout, including BMW-approved-used cars. There is significant betterment available to the OP. It is a VERY good payout figure.

http://www.autotrader.co.uk/classified/advert/201512079277881
http://www.autotrader.co.uk/classified/advert/201512049224226
http://www.autotrader.co.uk/classified/advert/201602020645443

Marvel1

Try getting the valuation through What Car and Glass.

Silver-Surfer_2

straighttalker wrote: »

£34K is not trade value for a 3 year old X6! It's close to retail. If the OP provides further details about the engine size and spec, we can run it through WBAC and get a true trade price.

WBAC will give £29000 for this car.

http://www.autotrader.co.uk/classified/advert/201602020645443

Some much for the insurance offering trade.

motorguy

londonTiger wrote: »

you know as well as i do that insurance companies offer trade price in these cases. you cant point out random cars online with different age and different mileage like that, there are lots of different options available. never mind that Ops car has just 7k miles on the clock

You're ignoring the fact that £34K is NOT a trade price for that X6.

motorguy

Nov 2012 X6, approx £5,000 of extras, just 5K miles, £32,000 BEFORE negotiaions (i'd say you could get £1K+ off that price)

http://usedcars.bmw.co.uk/X/3.0TD-xDrive40d/Bradford/2750075-605401604-3497067.aspx?srcmdc=se_na_re_