Car Written Off - What To Do?

maddogb

straighttalker wrote: »

Why would they fix the write off value as the vehicle will be depreciating with time and increased mileage. Also any further wear and tear on the body and mechanics would devalue it further.

so? how much reflection in the policy do you think that's accountable for when in reality the cost of any potential 3rd party claims far outweigh such piddling amounts in ANY normal car policy.

AdrianC

maddogb wrote: »

so? how much reflection in the policy do you think that's accountable for when in reality the cost of any potential 3rd party claims far outweigh such piddling amounts in ANY normal car policy.

So somebody who bought a brand new car, and didn't change insurer for three years, should get twice what it's actually worth if it gets written off - because the third party claims might be more?

You're certainly living up to your posting name, that's for sure...

maddogb

AdrianC wrote: »

So somebody who bought a brand new car, and didn't change insurer for three years, should get twice what it's actually worth if it gets written off - because the third party claims might be more?

You're certainly living up to your posting name, that's for sure...

in reality still a very small amount compared to any potential 3rd party claim.
I didn't say the idea was perfect but it makes as much sense as the current system where someone can take out "fully comp" insurance with an agreed excess of £100 and still be left a couple of thousand short for replacing their vehicle if it is written off.
It is simply how you have been programmed to think the way insurers want you to think that makes it sound "mad"
I mean really, how many cars are actually written off each year and the difference my idea would make? vs the billions of profit accumulated by insurers.

AdrianC

maddogb wrote: »

but it makes as much sense as the current system where someone can take out "fully comp" insurance with an agreed excess of £100 and still be left a couple of thousand short for replacing their vehicle if it is written off.

Umm, no. If you really ARE a couple of grand short, then the payout was undeniably too low under the current scheme. The trouble is that people don't actually accept the reality of what their vehicle was worth.

Comparing it to the potential third party claims is both ridiculous and an irrelevance.

I mean really how many cars are actually written off each year and the difference my idea would make vs the billions of profit accumulated by insurers.

You might like to look into the reality beyond your conspiracy theory. Insurers do NOT make a massive profit - ignore the "lots of zeroes" and look at the %age margins - especially on personal lines policies like private motor policies. Many insurers are getting out of the market precisely because it's not profitable enough.

takman

maddogb wrote: »

in reality still a very small amount compared to any potential 3rd party claim.
I didn't say the idea was perfect but it makes as much sense as the current system where someone can take out "fully comp" insurance with an agreed excess of £100 and still be left a couple of thousand short for replacing their vehicle if it is written off.
It is simply how you have been programmed to think the way insurers want you to think that makes it sound "mad"
I mean really how many cars are actually written off each year and the difference my idea would make vs the billions of profit accumulated by insurers.

If you could insure a car and get an agreed write off value it would increase the chance of insurance fraud. If someone wanted a bit of extra cash they could get a cheap worn out car and insure it for a guranteed value then write it off and make a profit.

Plus after a few years of a guranteed value insurance policy you would be insured for much more than the value of the car. So if someone had a car that they wanted to sell and could get £500 for or it was insured for £1500. I'm sure their driving would suddenly become very poor and as they would be much less likely to try and avoid accidents if someone made a mistake!.
I actually know people who have written their car off in the 1980's on purpose due to an expensive repair, so it does happen and it was a lot easier back then when insurance paid out easier (I am told).

maddogb

neither of you arguments hold any water, fixed value policies are in existence, if they increased fraud or reduced profits by any actual amount they would not exist.
Really you two are so "programmed" and fixed in your way of thinking it's very sad.
eg how many insurers have left the UK market and what was their profit the year before, 150million not enough? aww that such a shame..
still nothing to backup your arguments apart from opinion and "conspiracy theories"?

AdrianC

takman wrote: »

If you could insure a car and get an agreed write off value

You can. They're called "agreed value" policies, and they're common on specialist policies where the value is harder to determine by reference to any guide.

Even then, higher values aren't just taken at face value, they need documentary evidence from experts such as marque-specialist garages or clubs, together with photographs.

And, no, maddogb - £150m profit is not particularly substantial if it's only a couple of percent of turnover. It's quite clear that you have roughly zero experience of commercial reality.

Aretnap

maddogb wrote: »

Really you two are so "programmed" and fixed in your way of thinking it's very sad.

Good effort, but I'm deducting points for not using the word "sheeple".

maddogb

AdrianC wrote: »

It's quite clear that you have roughly zero experience of commercial reality.

if it's so clear then why are you so wrong, show something, maybe statistics, instead of cheap insults.


As I said, even on your BEST example the difference would probably be an average of £10,000 I'm saying that would be a rare event, and still insignificant risk vs the potential, what? one million £ of possible 3rd party liability....

maddogb

Aretnap wrote: »

Good effort, but I'm deducting points for not using the word "sheeple".

sorry? you would be adding points if you weren't such a "sheeple"