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

motorguy

One two years younger for £33,500 and low miles.

http://www.autotrader.co.uk/classified/advert/201602100908447/sort/default/model/x6/maximum-mileage/up_to_15000_miles/onesearchad/used%2Cnearlynew%2Cnew/maximum-age/up_to_3_years_old/fuel-type/diesel/make/bmw/postcode/bt622hb/searchcontext/default/radius/1501/advert-type/featured-listing/dealer-id/757/usedcars

Actually, take your pick from 27 cars that are two years younger than your dads for around that price.....

http://www.autotrader.co.uk/search/used/cars/bmw/x6/postcode/bt622hb/radius/1501/maximum-age/up_to_2_years_old/fuel-type/diesel/maximum-mileage/up_to_15000_miles/sort/default/price-from/30000/onesearchad/used%2Cnearlynew%2Cnew/page/1/searchcontext/default/price-to/35000

motorguy

I would take the money and run.

CHR15

So would I (although there is no harm in chancing it and asking for more).

when my Parents had their focus stolen, the insurance offer was derisory.
I copied about 6 Autotrader adverts for cars of similar mileage and spec and got them to forward to the Insurers.
They upped their offer without further negotiation to match the ones I had found online.

The aim is to get you back to where you were before, with as close as reasonably possible the same car.

Cars are not investments, spending £51k on a car does not mean a £51k asset for the time you own it. Everyone knows the value of new cars plummet with every turn of the wheel when driven out of the garage.

I think there is enough evidence in the previous posts to suggest this offer is fair and reasonable.

bigjl

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 can repeat it as much as you want you are wrong

I had a car stolen in 08, I got an average of the prices of similar cars in Autotrader, helped by the fact my car was rare as it was Auto and not many were made in the spec I had.

All they took from my payout was the excess, had my money in a week or so.

Do you think the 7k miles makes the car hugely more valuable?

Because it doesn't.

Can you explain why you think £34k+ is trade price for an X6 of the age being discussed?

What do you think is the value of the vehicle?

Because all you seem to be doing is repeating that Insurance Companies pay "Trade price" when in my and other experiences they pay "replacement cost".

Have you had a vehicle stolen and not recovered?

Or are you just repeating things you have read online. That was likely written by those who know next to nothing regards how much their car is worth.

Some deluded people think their car doesn't depreciate due to low miles, it does at almost the same rate as an average mileage car.

force_ten

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

I think you have got that Wrong

only time i suffered a total loss the first offer from the insurance company was £50.00 below top book price in A1 condition and was way above the trade price for my car

the insurance assessor that rang me said that the offer was based on condition age and milage of the car before the total loss, my car was three and a half years old with 19K, for a shade over £600.00 of my money with the insurance pay out i got the same car two years newer than the one that was written off

back to the OP i think the offer for your car is very good and i would take it in a flash

Autoexpress say

The X6 also compares well when it comes to resale values; the 35d, as the most popular variant, should hold on to around half of its original price after three years.

so going by that they are saying your car should be worth £25500.00 and then allow a bit for the low milage and good condition so i think the offer is very good

dacouch

Shame the OP's Dad did not have a decent RTI or VRI Gap policy...

AdrianC

dacouch wrote: »

Shame the OP's Dad did not have a decent RTI or VRI Gap policy...

That'd still cover it when it's into the fourth year from new...?

I don't even want to know what the cumulative premiums would've been...

icebergx

Thank you all for your help, time and explanation. Even the heated debate brought out some interesting information.
This is what makes MSE forums great. Give yourselves a :T:T:T

Nasqueron

AdrianC wrote: »

That'd still cover it when it's into the fourth year from new...?

I don't even want to know what the cumulative premiums would've been...

I have a 4 year GAP on my (cheaper admittedly) new Mazda, with a year deferred as the insurance did new replacement in the first year and that was well south of £300

AdrianC

Nasqueron wrote: »

I have a 4 year GAP on my (cheaper admittedly) new Mazda, with a year deferred as the insurance did new replacement in the first year and that was well south of £300

Gap or RTI?

Gap pays the difference between the insurance settlement and the outstanding finance.
RTI pays the difference between the insurance settlement and the cost of a brand spankin' new equivalent.