Why are insurance companies/assessors so dishonest?

pgoncalv

motorguy wrote: »

+1

Insurance is a race to the bottom on price.

Yes, on premia but it seems that accidents are being used as the profit making side...

Stoke

tykesi wrote: »

Just noticed "Ka Luxury"???

An oxymoron if ever I heard one :rotfl:

Agreed, get into a base model Volkswagen and it's more luxurious than a KA Luxury

motorguy wrote: »

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

Checked that link out, not bad but there's rust around the filler cap. There was none of my gf's and I've found a replacement of similar condition at £900.

pgoncalv wrote: »

Yes, on premia but it seems that accidents are being used as the profit making side...

This is my problem.

motorguy

pgoncalv wrote: »

Yes, on premia but it seems that accidents are being used as the profit making side...

They try to minimise their loses with an accident. Thats common sense.

If they payout £5000 for a car instead of £5,500 then thats not £500 "profit", its £500 less of a loss.

AdrianC

pgoncalv wrote: »

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

Many policies just say "Market value" anyway.

motorguy

Stoke wrote: »

Agreed, get into a base model Volkswagen and it's more luxurious than a KA Luxury


Checked that link out, not bad but there's rust around the filler cap. There was none of my gf's and I've found a replacement of similar condition at £900.


This is my problem.

Theres any amount out there, that just happened to be the one i picked.

At £600, rust around the filler cap wouldnt necessarily be a show stopper for me anyway.

Car_54

pgoncalv wrote: »

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

Would it really make a difference to the premium on a 12-y-o KA?

The possible repair/replacement cost is negligible - the real risk is the possible third party and PI claims.

Stoke

motorguy wrote: »

Theres any amount out there, that just happened to be the one i picked.

At £600, rust around the filler cap wouldnt necessarily be a show stopper for me anyway.

My point is you're not comparing like with like.

motorguy

Stoke wrote: »

My point is you're not comparing like with like.

I AM comparing like with like - i gave you a price range of what 2004 KA Luxurys seem to be making.

And my point is, that the price they quoted you doesnt seem "that" far away from what a 12 year old KA is making.

ALL 12 year old cars are rusting. Just because yours didnt have rust at that particular area, doesnt mean it didnt have rust somewhere that one doesnt.

If your expectation was that your supposedly "mint" 12 year old KA was always going to be replaced, in the event of an accident with another "mint" 2004 KA, as opposed to your KA being a typical one and them paying out for the value of a typical one, then you should have sought out insurance that did that.

You cant really complain that they're paying out the value of an average 2004 KA, when thats all you told them you were insuring?

Stoke

motorguy wrote: »

I AM comparing like with like - i gave you a price range of what 2004 KA Luxurys seem to be making.

And my point is, that the price they quoted you doesnt seem "that" far away from what a 12 year old KA is making.

ALL 12 year old cars are rusting. Just because yours didnt have rust at that particular area, doesnt mean it didnt have rust somewhere that one doesnt.

If your expectation was that your supposedly "mint" 12 year old KA was always going to be replaced, in the event of an accident with another "mint" 2004 KA, as opposed to your KA being a typical one and them paying out for the value of a typical one, then you should have sought out insurance that did that.

You cant really complain that they're paying out the value of an average 2004 KA, when thats all you told them you were insuring?

Actually, pretty sure we valued the car at a thousand pounds on insurance. No doubt your own valuation takes your premium up, but not like they pay you that back is it? Funny that....

motorguy

Stoke wrote: »

Actually, pretty sure we valued the car at a thousand pounds on insurance. No doubt your own valuation takes your premium up, but not like they pay you that back is it? Funny that....

Yes, of course it does. They ask you for a valuation on your car - a market value valuation - which they then use to calculate your quote. In the event of an accident though, the value is calculated at market value at that time.

There are insurance policies that pay out an agreed sum in the even of an accident, perhaps you should have a look at those?