Stolen car - insurance advice

Its hard to argue it isn't a fair appraisal of market value though - he paid just that a week ago. If it had been worth more then why didn't he have to pay more?
 
[TW]Fox said:
He didn't win the car though, he bought it on the open market and his therefore week old purchase invoice is a fair estimation of the marker value of the car.
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But what if he got an absolute bargain? And the only way to get a car of the same spec was to spend £2-4k more? Surely they would need to stump up the value of the replacement car to put him back in the same situation??
 
Diagro said:
But what if he got an absolute bargain? And the only way to get a car of the same spec was to spend £2-4k more? Surely they would need to stump up the value of the replacement car to put him back in the same situation??
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Surely to put him back in the exact situation would be to reimburse the cost of the purchase?!

Everyone would go crashing the cars they got a bargain on if it were so easy!
 
Diagro said:
But what if he got an absolute bargain? And the only way to get a car of the same spec was to spend £2-4k more? Surely they would need to stump up the value of the replacement car to put him back in the same situation??
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For most assets especially cars sold values are far more reliable than asking prices because people expect a bit of money off the sticker prices. Those cars priced 2k over may well accept an offer 2k less
 
mjt said:
Surely to put him back in the exact situation would be to reimburse the cost of the purchase?!

Everyone would go crashing the cars they got a bargain on if it were so easy!
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To be accurate, insurance is not specifically to put you back into the same position. Thats the remedy under law if possible.

Insurance is to put you into the position of what you item was worth on the open market, getting yourself back into the same position is up to you.

Why would you crash a car if you got a bargain, what would you seek to achieve, a few K in cash, but wouldn't be long before you found it difficult to get insurance, or your premiums going up outweighed the value of the cash you had got.
 
So the settlement team phoned me today about my supplementary claim for some items that were in the car.

I asked the question about not being able to find anything else on the market that matches my car for less than £1k more than the settlement figure.

They said that had it not been for me having bought the car less than 12 weeks ago, they'd have offered around £2k less than what they did.
 
Hate to put you off, but they'll just pick it up and put it on the back of a truck. By the time the tracker is of any use it'll either be on a ship exported and stripped down or simply stripped for parts in a garage...

The Ghost systems seem pretty good, but at the end of the day but if they want it, they'll take it.
 
mikehhhhhhh said:
I've had more desirable cars for the previous 5 years I've lived in London, I'm certainly not put off having a nice car just in case someone steals it again.
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Fair enough :p In that case, Autowatch Ghost is highly recommended. It's around £400 so not a lot at all really.

These guys are pretty well known for their security solutions:

http://www.motorguards.co.uk/

One thing to mention, make sure you get a Thatcham approved system, some of the Viper systems and the likes aren't so you essentially remove security features in the insurance eyes
 
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