Why are insurance companies/assessors so dishonest?

motorguy

Stoke wrote: »

Yes, they're a business and they make a !!!!ing shed load out of the extortionate premiums we pay? Maybe it's worth being dishonest with them to recover some of your losses eh?

Oh wait.....

The problem these days is that everyone wants the cheapest insurance, therefore corners have to be cut.

Car insurance itself isnt terribly profitable for the insurers, so they try to minimise their costs.

I would say that the offer doesnt sound terribly derisory though.

motorguy

Stoke wrote: »

When it comes to insurance, I know they tend to get a bashing from people who have usually themselves made a mistake. "Oh, I forgot to declare that I put alloys on and my insurance company are refusing to pay out for them".

However, this is a slightly different. My gf was recently involved in a small accident. I did try and talk her out of going through insurance and settling privately, but through insurance she went. The vehicle was taken away and being a few years old now, was found to be a total loss write off.

Assessor phones my partner yesterday. She asked the assessor if he would be willing to handle the settlement figure with me, which he was awkward over (he basically ignored her request and continued talking).

The initial figure he offered her was absolutely disgusting. So low that I would have been genuinely insulted and yet some people would accept this figure, unknowingly thinking it was a fair offer for their car. After all, you pay for your insurance to deal with you fairly; why do we pay such expensive premiums if they don't do that? Why is it acceptable that in a time of need, they're basically trying to cash in on your loss?

Having repeatedly drummed into my gf's head what I thought her car was worth, she actually plucked up the courage to say no and he immediately upped her offer by £100, not even thinking about it.... good to see he's an honest man of his principals then. She said she wanted some time to think about it, and we phoned back last night, again he was uneasy/difficult about speaking to me, but again she asked for more and he instantly without argument offered more.

How is it, that when we pay such extortionate amounts for our insurance premiums, that they continue to operate by offering ludicrously low amounts of money for your vehicle when you need them to support you? My missus is not a millionaire, that money is vital to her getting a new car, and they're hell bent on basically short changing her.

!!!! poor if you ask me.

I've done a bit of checking around and a 2004 Ford KA Luxury can be bought between £400 and £800, so i think they're spot on with their valuation.

Heres one at £750, 54K miles, FSH and long MOT that i'm sure could be bought for £650 cash

https://www.gumtree.com/p/ford/2004-54-ford-ka-luxury-august-mot-full-service-history-very-low-mileage-/1153752455

Marvel1

AdrianC wrote: »

You know this how? Glass's is not available to the public.

It is, I used it myself 4 weeks ago, paid about £3 for accurate figure based on mileage and the value offered was spot on what I saw myself (maybe because accident was not my fault).

£1400 for a Ford Fiesta Flame, roughly 80,000 miles.

iolanthe07

How is it, that when we pay such extortionate amounts for our insurance premiums,

Actually, I think insurance premiums are pretty reasonable. I've just insured a 2005 Mazda MX5 fully comp, self & wife, with Saga for £196.

dacouch

Bear in mind that the Public version of Glass's Guide can and does have different values to the version of Glass's Guide that the Insurers and Motor Traders use

motorguy

iolanthe07 wrote: »

How is it, that when we pay such extortionate amounts for our insurance premiums,

Actually, I think insurance premiums are pretty reasonable. I've just insured a 2005 Mazda MX5 fully comp, self & wife, with Saga for £196.

+1

Insurance is a race to the bottom on price.

Nodding_Donkey

Think yourself lucky they used Glass, and not CAP

mcjordi

i went to see a "luxury" KA on a 54 plate yesterday and it was mint with believe it or not full ford history ( old woman owned it) only had 60k on it and a full mot.. got it for £500, took a friend to get it and drove it back for them, god awful cars but hey ho its what they wanted...

TBagpuss

It doesn't sound as though they were being unreasonable. From their point of view, I suspect that many owners have exagerated views both about the cndition of their car and the value.

When my car was written off I requested a copy of the engineers report and valuation, which was given to me with no hassle. I then checked with my local specialist garage who knew my car well, having looked after it throughout. They confirmed that the figure being offered me was fair, indeed if anything on the high side (my car had significantly higher mileage than average, and was compared with most others of its age was definiately not as beautifully cared for and presented!)

pgoncalv

Worth keeping an eye on renewals and make sure you drop the value of your car consistently!