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Insurance undervaluing my campervan
Comments
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did you miss this bit of the op?
"I took out the insurance thinking I had specialist camper van insurance"
surely the question here is why he thought that?
No. I didn't miss that. The OP thought he had the correct insurance, but clearly didn't understand the policy correctly because he doesn't. As I said, he should have been more careful to understand exactly what cover he was taking out.0 -
He may very well have had a specialist campervan policy from a specialist campervan insurance brand. That affects how the premium's calculated.
But if the valuation is based on "market value", then the premium is based on market value, which is calculated in the usual way.
If the OP wanted an agreed value policy, then he should have got one - whether from a specialist campervan insurance brand or a generalist brand.0 -
No. I didn't miss that. The OP thought he had the correct insurance, but clearly didn't understand the policy correctly because he doesn't. As I said, he should have been more careful to understand exactly what cover he was taking out.
Really? making a lot of assumptions there mate, first of all that the policy was clear and legible as to every term, at least enough for a consumer to understand as hey it's so unlike a commercial organisation to write terms that are vague enough to allow interpretation to suit their profit margins.
face it the insurance industry is full of crooks hiding huge profits from products we are forced by law to have.0 -
He may very well have had a specialist campervan policy from a specialist campervan insurance brand. That affects how the premium's calculated.
But if the valuation is based on "market value", then the premium is based on market value, which is calculated in the usual way.
If the OP wanted an agreed value policy, then he should have got one - whether from a specialist campervan insurance brand or a generalist brand.
The big problem here which is one everyone connected with insurance likes to pretend doesn't exist is "market value" has no real meaning to consumers, yet is in every policy.
If the insurers were really interested in anything that might benefit the consumers there is a thousand ways this situation can be resolved but they are not.0 -
The big problem here which is one everyone connected with insurance likes to pretend doesn't exist is "market value" has no real meaning to consumers, yet is in every policy.
And that's why it's clearly defined by the industry ombudsman, who adjudicate disputes.
Just because you were in denial about the value of your own car...0 -
[/QUOTE]And that's why it's clearly defined by the industry ombudsman, who adjudicate disputes.
Just because you were in denial about the value of your own car...
If the insurers were really interested in anything that might benefit the consumers there is a thousand ways this situation can be resolved but they are not.
again talking nonsense,
it is not clearly defined by the FOS they give some hints but it most certainly is not "clearly defined" if it were there would be no negotiation, no first and second offers etc
I'm not in denial about anything except your ability to understand basic English, with regards to my own car I simply pointed out that the insurers interpretation of "market value" was actually against the LAW0 -
maddogb wrote:it is not clearly defined by the FOS they give some hints but it most certainly is not "clearly defined" if it were there would be no negotiation, no first and second offers etc
And where would this absolute value be found? IIRC, the whole basis of your argument was that the value guides were wrong. Yet, know, you're expecting them to be absolutely 100% foolproof for every single vehicle on the road - because, unless there IS some kind of 100% foolproof, 100% coverage guide, then edge cases are always going to be difficult.
The only way that there can ever be some kind of 100% foolproof, 100% coverage guide is for every single used vehicle sale to be somehow price-controlled to fit in with the official valuation.
Otherwise, a guide is only ever as accurate as the pool of information used to compile it - and that means that there's always going to be disputes.
For common vehicles, guide prices and valuations are fairly straightforward.
For unusual vehicles, they may be damn near impossible.0 -
And where would this absolute value be found? IIRC, the whole basis of your argument was that the value guides were wrong. Yet, know, you're expecting them to be absolutely 100% foolproof for every single vehicle on the road - because, unless there IS some kind of 100% foolproof, 100% coverage guide, then edge cases are always going to be difficult.
The only way that there can ever be some kind of 100% foolproof, 100% coverage guide is for every single used vehicle sale to be somehow price-controlled to fit in with the official valuation.
Otherwise, a guide is only ever as accurate as the pool of information used to compile it - and that means that there's always going to be disputes.
For common vehicles, guide prices and valuations are fairly straightforward.
For unusual vehicles, they may be damn near impossible.
again nonsense and might I say typical insurance industry tactics making something very simple into a complex issue that only they can interpret.
What wrong with the statement in every policy
"To calculate market value we will take the average of all the trade guide valuations"
they could even tell people in the quote how much this would be if the car was written off the day after making comparisons between insurers easy.0 -
It seems the OP had gone missing.
Probably forgot the sign in details to this name........
Will be back when he gets the reminder email....0 -
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