Advice Needed - Insurance Write Off (Modified)

mattkidd

I'm in need of some insurance advice. To a cut long story short. I have a modified vehicle which is insured under a modified insurance policy.

Unfortunately recently the car was involved in an accident. The insurance company have decided the car is a write-off. As its beyond economical repair. As a result I have declared the car as written off with the DVLA and have paid the fee for my private plate to be removed.

I had expected the insurance offer to be fair due to the value of modifications. However, they have offered only the market value of the car. From conversations with the repair garage it appears that the modifications were missed from the assessment of the vehicle. Even though the insurance company are well aware that my policy is a 'Modified' specialist policy with declared modifications in almost all categories.

Of course I want to argue to value of the modifications. However I'm now concerned that by doing this the decision of write off could be reversed? and the car repaired. (The cost of the modifications are higher than the market value of the car and likely also the repair cost).

What is the likelihood of this? Are these generally considered a value enhancer or a separate entity.

Right now I would rather accept a payment than take the car back. And after seeing the car wedged in amongst a pile of scrap cars, unlocked with the windows open I am even more hesitant to want to accept the car back.

When purchasing the car I had bought a GAP insurance policy which would increase the payout, however after reviewing I believe this is now void due to the modifications.

phill99

Problem with valuing mods is that they only appeal to a small number of people.


Also the value of the mods does not increase the cars value by the cost of them.


If the car without mods is worth £5000 and you add £1000 of mods, the car isn't worth £6000


The time to

mattkidd

phill99 wrote: »

Problem with valuing mods is that they only appeal to a small number of people.


Also the value of the mods does not increase the cars value by the cost of them.


If the car without mods is worth £5000 and you add £1000 of mods, the car isn't worth £6000


The time to

Agreed, the modifications from my view should not increase the value of the car.

The whole purpose of taking the modified policy was to protect the value of the modifications.

Though as these are significantly valued higher than the car and the repair cost. I am hesitant on whether I should push for these.

We're talking a car with a value of £3000 and modifications valued at £10,000

mattkidd

Sure,

The car wasn't £3000 when purchased: £7500.

The modifications have been applied within a 24 month period. They include: Engine, Suspension, Transmission, Exhaust... Not paintwork.

Sure I wouldn't expect 10k for the modifications now...

mattkidd

Again agreed, the parts are probably in excess of 6k.

dacouch

What type of modified vehicle policy do you have?

A "Normal" policy that accepts modifications but pays the market value of the car or a specialist policy that takes into account the value of the car and modifications?

Who is the Insurer?

Nobbie1967

Why not buy the car back from the insurance company for a few hundred and remove and resell the modded parts?

force_ten

as above we need to know what type of policy you have

when you modify a car and declare it to your insurer they charge you an inflated premium based on increased risk, performance enhancements increase the risk of you crashing the car or the car being stolen so the increased premium is to cover the increased risk rather than insuring the cost of mods

mattkidd

force_ten wrote: »

as above we need to know what type of policy you have

when you modify a car and declare it to your insurer they charge you an inflated premium based on increased risk, performance enhancements increase the risk of you crashing the car or the car being stolen so the increased premium is to cover the increased risk rather than insuring the cost of mods

ERS - Modified/Imported. - Purchased through ADRIANFLUX

"The most we will pay will be either:
the market value of your vehicle (including its accessories and modifications), immediately before the loss; up to the value shown on your schedule;

the cost of repairing your vehicle; whichever is less."

Nobbie1967 wrote: »

Why not buy the car back from the insurance company for a few hundred and remove and resell the modded parts?

Yep I need to see what they're offering for it.

dacouch

Have you asked them if their valuations includes the modifications and did the engineer take into account the modifications

mattkidd

dacouch wrote: »

Have you asked them if their valuations includes the modifications and did the engineer take into account the modifications

When speaking to the repair company it became clear that they hadn't identified any modifications which has leaded to the decision of total loss. (I don't know how they missed them as its fairly obvious).

The car is currently on its way to a salvage yard. The insurance company told me that it would be assessed here before an offer was given. (I don't believe that has happened as I have an offer of £2,900).

Again the insurance company is well aware of the modifications. I have sent receipts over.

£14,000