insurance claim value of car

Matt82

Matt82

Matt82

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13 Mar 2004
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a friend of mine has been involved in a prang, the other driver has accepted responsibility, so no issues there

she has an old a3, with loads of miles, market value must been 1400ish at a guess, but her car has had lots of work done on it, everything that has ever needed doing has been done, its an overall nice car (apart from being crumpled at the front)

so 1400 would get you another leggy a3 if you wanted one, but youd never get one with so many new good bits on it.

with the insurance claim, you shuold be put back in the position you were before the incident, 1400ish (or whatever the market value is) wont do that

is she ever likely to actually get more than "market value" in order to put her back in the position she was before the accident?
 
bet that process is fun. shes had it a long time too, 7 years, put almost 100k on it herself, been everywhere with it, obviously you end up with a bond to the car and its been taken away... im actually gutted for her and its not even MY £1400 pile of metal!
 
She could argue that she's put a lot of money into it. I guess it also depends on how her insurances legal company want to play it with the 3rd parties company.
 
she has stacks of receipts for that car, i dont think many people bother with brand new MAFs etc on old cars like that, but it was looked after
 
SB118 said:
Unfortunately what you spend on the upkeep of a car doesn't add to it's value.
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you should surely get enough money to buy a similarly up kept car though (i know it rarely does work like that) instead one thats been left to become shoddy. and then where is the line between upkeep and restoration.


on a similar note what happens with classic cars or restored cars ? do you get a valuation done before/during your insurance ?
 
Thats what I was thinking, looked into that fox? Hers isn't like yours by a long way but its not a ropey old dog, and was good for tens of thousands of miles yet
 
Similar thing that worries me, I've spent the value of the car on the car in my short ownership and it'll continue to be improved. I could get an agreed value, but how would that hold up if someone ran in the back of me...
 
Muffin` said:
Similar thing that worries me, I've spent the value of the car on the car in my short ownership and it'll continue to be improved. I could get an agreed value, but how would that hold up if someone ran in the back of me...
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The value should have already been agreed at the start of the policy, i've had one on the Capri before and paid an extra £25 for it, had to send in photos etc. As it's a service that's been paid for i don't think they could really back out as they have already agreed the value and you paid an additional premium for that agreement.
 
Iamzod said:
The value should have already been agreed at the start of the policy, i've had one on the Capri before and paid an extra £25 for it, had to send in photos etc. As it's a service that's been paid for i don't think they could really back out as they have already agreed the value and you paid an additional premium for that agreement.
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So I'm rear ended, which policy do I claim from? Would the 3rd party's honor an agreed value or would it have to come from my own?
 
Well I'd try to claim against the third parties policy stating you have an agreed value with your own insurer.

If they really really resist then go through your own insurer who will pay you the amount agreed and then claim that themselves back from the third party assuming it's already been agreed 100% their fault.
 
Agreed value is surely for fault claims only, a 3rd party insurer isn't interested in any agreement between you and your own insurer :(
 
Most insurance companies explicitly state that they will pay you the market value of your car, no more, in the event of an accident, at the point you take out your policy. There is room for negotiation in as much as if you can provide evidence of the cars worth based on similar cars currently for sale then they will usually offer that value. But you won't get any more than is deemed market value either way
 
[TW]Fox;21344594 said:
Agreed value is surely for fault claims only, a 3rd party insurer isn't interested in any agreement between you and your own insurer :(
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What if you were to claim from your own insurance, who would then chase after the 3rd party's insurance to recover the costs? Would you still keep your no claims?
 
Someone I know managed to get an improved offer based on the fact he had had around £3k worth of work on a car shortly before it was stolen, had to send in all the reciepts to them to clarify this.
 
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