Why are insurance companies/assessors so dishonest?

takman

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....

The valuation doesn't make much of a difference to the premium unless your talking thousands of pounds more. I have done quotes on my car with a valuation of £1000 and one at £1500 and it made no difference to the cost.

motorguy

takman wrote: »

The valuation doesn't make much of a difference to the premium unless your talking thousands of pounds more. I have done quotes on my car with a valuation of £1000 and one at £1500 and it made no difference to the cost.

It sounds like the O/P has the expectations of a tailored guaranteed agreed payout insurance policy that you would take out on a classic or specialist car, however instead bought from the cheapest online company for a standard policy and now is complaining about the service, which is actually the service they paid for?

Its the problem with the price driven market we're in - when it becomes a race to the bottom on price, then all the niceties and expectations you used to get for free, suddenly arent there any more.

Be careful what you wish for...

Stoke

motorguy wrote: »

It sounds like the O/P has the expectations of a tailored guaranteed agreed payout insurance policy that you would take out on a classic or specialist car, however instead bought from the cheapest online company for a standard policy and now is complaining about the service, which is actually the service they paid for?

Its the problem with the price driven market we're in - when it becomes a race to the bottom on price, then all the niceties and expectations you used to get for free, suddenly arent there any more.

Be careful what you wish for...

I don't expect a specialist service, I would prefer if the offers were fair and not chancing on the hope that my girlfriend was desperate enough to accept £600. Now I appreciate that some feel that is an acceptable offer, I don't think it is, because the only vehicle we've found to be close, is one for £900. As it is, we settled on £760. Not as much as I had expected, but enough to cover most of her costs for a new vehicle..... albeit not a bloody Ford Ka (garbage vehicles if I'm honest).

AdrianC

Stoke wrote: »

Actually, pretty sure we valued the car at a thousand pounds on insurance.

Read the Ts & Cs. They will say that your valuation is a maximum cap on the market value that they will pay out, or something similar.

pgoncalv

motorguy wrote: »

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.

Easily arguable for any commercial insurer...

I did not use to bother adjusting the value of the car until I realised it can make some difference - less than £100 for someone with £300-400 insurance - but I think the average depreciation is known.

So insurance companies should suggest the adjustment, not knowingly overinsure!!!

rudekid48

pgoncalv wrote: »

Easily arguable for any commercial insurer...

I did not use to bother adjusting the value of the car until I realised it can make some difference - less than £100 for someone with £300-400 insurance - but I think the average depreciation is known.

So insurance companies should suggest the adjustment, not knowingly overinsure!!![/QUOTE]



I think you've missed the point that many have already made on this thread. You are not over insured as you are not buying an agreed value policy. You are insured for the market value at the time of the loss.

motorguy

Stoke wrote: »

I don't expect a specialist service, I would prefer if the offers were fair and not chancing on the hope that my girlfriend was desperate enough to accept £600. Now I appreciate that some feel that is an acceptable offer, I don't think it is, because the only vehicle we've found to be close, is one for £900. As it is, we settled on £760. Not as much as I had expected, but enough to cover most of her costs for a new vehicle..... albeit not a bloody Ford Ka (garbage vehicles if I'm honest).

So you've had to endure the bit of poking over price that they normally do.

Not sure its worth getting upset about?

AdrianC

rudekid48 wrote: »

I think you've missed the point that many have already made on this thread. You are not over insured as you are not buying an agreed value policy. You are insured for the market value at the time of the loss.

Seconded. For classic car agreed-value policies, you usually have to produce photos and condition reports, and - if the value's much into five figures - a third-party valuation from a club or marque/model specialist.

takman

Stoke wrote: »

I don't expect a specialist service, I would prefer if the offers were fair and not chancing on the hope that my girlfriend was desperate enough to accept £600. Now I appreciate that some feel that is an acceptable offer, I don't think it is, because the only vehicle we've found to be close, is one for £900. As it is, we settled on £760. Not as much as I had expected, but enough to cover most of her costs for a new vehicle..... albeit not a bloody Ford Ka (garbage vehicles if I'm honest).

But like you said they offered you £600 which is a pretty average price for a car with average wear. They then increased it to £700 then £760 with little effort, which you then accepted. If you thought the car was worth a lot more then you could have explained why and showed proof of how much it is worth.

But you also can't base the price on just one advert you need to show two or three cars at that price. You then also have to take into consideration that a Ford Ka advertised at £900 can probably be bought for £800 on the day. So then when you take into consideration most sell for a lot less you have got a fair price!

Stoke

motorguy wrote: »

So you've had to endure the bit of poking over price that they normally do.

Not sure its worth getting upset about?

I'm not upset, I'm trying to make a point, engage you and others in debate if you will. I am used to haggling and I have no problem with it.

My girlfriend on the other hand is a bit intimidated by such situations. She's more of the trusting kind who allows people to do their jobs and trusts they will treat her fairly (garages, insurance, any kind of sales company). Not everyone has the personality to argue the toss over these things and while my missus probably got a fair pay out (maybe a bit less) some people would have accepted the derisory (imo) offer she was first given. £160 may not seem much to some, but to others, it's a lot.