Car insurance - value of identical car!

k3lvc

maddogb wrote: »

it is a well known fact many insurance policies are needlessly complicated, but anyway a policy doesn't need to say that, it's called an "implied term"

And here again we're back to your opinion rather than fact - hence your forthcoming court case

maddogb

k3lvc wrote: »

And here again we're back to your opinion rather than fact - hence your forthcoming court case

actually it's not my opinion



Andrew Haldane who is the Bank of England's chief economist - says that "Of course, part of the reason so many members of the public find finance difficult is because it is difficult - and, sometimes at least, it is made deliberately so."
"There is plenty of evidence, including from the financial crisis, of financial products being made more complex than was necessary and consumers being charged a premium for buying them."

k3lvc

maddogb wrote: »

actually it's not my opinion



Andrew Haldane who is the Bank of England's chief economist - says that "Of course, part of the reason so many members of the public find finance difficult is because it is difficult - and, sometimes at least, it is made deliberately so."
"There is plenty of evidence, including from the financial crisis, of financial products being made more complex than was necessary and consumers being charged a premium for buying them."

I don't notice him quoting anything about 'implied terms' - are they just your words ?

maddogb

k3lvc wrote: »

I don't notice him quoting anything about 'implied terms' - are they just your words ?

surely obvious troll?

you think "implied terms" are a figment of my imagination?

k3lvc

maddogb wrote: »

surely obvious troll?

you think "implied terms" are a figment of my imagination?

No troll just bored of your incessant ranting that you know all and insurance industry knows nothing - by all means come back and enlighten us all when you win but until then probably not worth sowing false hope to all others based on your own personal opinions

maddogb

k3lvc wrote: »

No troll just bored of your incessant ranting that you know all and insurance industry knows nothing - by all means come back and enlighten us all when you win but until then probably not worth sowing false hope to all others based on your own personal opinions

"incessant ranting"? silly boy.
I never said the insurance industry knows nothing, I said they are predominantly prone to ignore things such as laws because the money involved makes it worth while for them to do so.

fatbadger2

Quentin wrote: »

Remember autotrader ads asking prices don't equate to market value as they are inflated.

Buyers always expect a discount/offers

I don't really think this is sound tbh, most traders rarely drop their prices for cheap cars as there isn't much markup, and I don't think the payout should take into consideration that I will have to haggle a good deal! I think the average price advertised is more realistic than a guide book as it is 'live' data, not an estimate. Anyway, my point was that my car was particularly good nick, so thanks for all the feedback.

rudekid48

maddogb wrote: »

actually it's not my opinion



Andrew Haldane who is the Bank of England's chief economist - says that "Of course, part of the reason so many members of the public find finance difficult is because it is difficult - and, sometimes at least, it is made deliberately so."
"There is plenty of evidence, including from the financial crisis, of financial products being made more complex than was necessary and consumers being charged a premium for buying them."

That quote is out of context as it was to do with pensions. Nothing at all to do with motor insurance or vehicle valuations. He also went on to point out that people are not very good at maths...

https://www.theguardian.com/money/2016/may/19/bank-of-englands-chief-economist-calls-for-more-simple-pension-system

maddogb

rudekid48 wrote: »

That quote is out of context as it was to do with pensions. Nothing at all to do with motor insurance or vehicle valuations. He also went on to point out that people are not very good at maths...

https://www.theguardian.com/money/2016/may/19/bank-of-englands-chief-economist-calls-for-more-simple-pension-system

Not OOC at all, surely a man of that stature can be trusted to use the correct terminology, if he had meant just pensions he would not have said "financial products" and this is backed up that he meant all financial products when he mentions the financial crisis which was about a lot more that pensions.
It was a statement about the fiscal tactics of many companies in the financial sector and yes that includes pension providers.

fatbadger2

Aretnap wrote: »

Here's how it should work

http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html

Some points to note:

Yes, it should be the price the car would have sold for from a reputable dealer just before the accident.

Adverts are not generally considered very persuasive when it comes to valuing cars - the fact that someone advertises a car for £3000 doesn't mean that it will actually sell for £3000. The trade guides, which are based on actual selling prices, carry more weight.

If the car had high spec trim or was in unusually good condition that's something they should take into account. However you might need some evidence (like an engineers report) to show that it was in unusually good condition - everybody claims that their car was in excellent condition, they can't all be right.

Market value can be a rather notional concept - if you have a rare car or at least rare trim style it may be that there isn't one with the same age, trim, mileage etc for sale anywhere, in which case the value is inevitably a best guess as to what yours might have sold for. And the insurer's duty is to pay the market value, not to find you an actual replacement car, which means you can't claim for things like transport costs if there doesn't happen to be one for sale locally at a good price.

Great answer thanks. I have paid for full access to the Parkers/Glasses site and my car IS valued at £300 to £3500 !
At least I have proof now - thanks again :T