Insurance fraud?

[DiyNutJob]

I just did the renew on my insurance and noticed a car-value being stated in the renewal. I don't remember having a value stated in the past. Is this something new for people in general? The thing is that the stated value is about half of the cheapest price shown on autotrader for something comparable or worst (in age and mileage). I can't help but think I am being low balled. Somehow, I could lose the car because of theft or write off from a minor claim. Then they could recover it and sell it for double of what they pay out to me. I don't know where they got the value amount from. Should I challenge them on that? Obviously, if I do, they would raise the premium. As it is, by renewing, I would have agreed to their low-ball number.

I can't help but think I have higher risk of theft now, since there is profit to be made for someone. Also it could be a ploy for giving me lower insurance cost, but in reality they are substantially reducing my cover pay out.

 

[Murdochcat]

Nearly every car insurance quote I’ve got in the last 20 years has asked for an estimated value of the car(s)

 

[johnny2007]

It's always been the case with insurance companies.
They have their own "book of value", so if your car is stolen or written off, they'll try to fob you off with their valuation.
If you try disputing the value, they'll send a valuer to agree a replacement value.
I did this for my historic bike.
The valuer will try in any way to lower the value of the vehicle and, once there's an agreement, the insurance premium will at least double.
Matter of fact is that if your vehicle is written off or stolen, the insurance should put you in the same position you were before the accident/theft.
My friend had a battle with his insurance for his dtolen mk3 VW Golf.
He insisted on having either a like for like vehicle (same model, same mileage) or the market value.
After much argument and complaints to the ombudsman (or fca, can't remember), they paid him the price of a Golf with similar mileage that was advertised on autotrader (in fact, he then bought it).
In other words, that figure doesn't mean anything, unless you agree to be fobbed off in case of theft/write off.

 

[Mottie]

I just did the renew on my insurance and noticed a car-value being stated in the renewal. I don't remember having a value stated in the past. Is this something new for people in general? The thing is that the stated value is about half of the cheapest price shown on autotrader for something comparable or worst (in age and mileage). I can't help but think I am being low balled. Somehow, I could lose the car because of theft or write off from a minor claim. Then they could recover it and sell it for double of what they pay out to me. I don't know where they got the value amount from. Should I challenge them on that? Obviously, if I do, they would raise the premium. As it is, by renewing, I would have agreed to their low-ball number.

I can't help but think I have higher risk of theft now, since there is profit to be made for someone. Also it could be a ploy for giving me lower insurance cost, but in reality they are substantially reducing my cover pay out.

They’re being generous. I’d say any car you’ve ****ed about with will be worth less than half of one that you haven’t had your hands on.

 

[DiyNutJob]

Nearly every car insurance quote I’ve got in the last 20 years has asked for an estimated value of the car(s)

They didn't ask me for an estimate. They put their own number in. I don't remember this being done previously by other insurers.

 

[DiyNutJob]

They’re being generous. I’d say any car you’ve ****ed about with will be worth less than half of one that you haven’t had your hands on.

You are not an insurer, though. So, what you say doesn't count.

 

[Munroast]

I just did the renew on my insurance and noticed a car-value being stated in the renewal. I don't remember having a value stated in the past. Is this something new for people in general? The thing is that the stated value is about half of the cheapest price shown on autotrader for something comparable or worst (in age and mileage). I can't help but think I am being low balled. Somehow, I could lose the car because of theft or write off from a minor claim. Then they could recover it and sell it for double of what they pay out to me. I don't know where they got the value amount from. Should I challenge them on that? Obviously, if I do, they would raise the premium. As it is, by renewing, I would have agreed to their low-ball number.

I can't help but think I have higher risk of theft now, since there is profit to be made for someone. Also it could be a ploy for giving me lower insurance cost, but in reality they are substantially reducing my cover pay out.

phone them up and tell them to double the value, they will then probably double the premium and then you won't be happy about that either

 

[DiyNutJob]

It's always been the case with insurance companies.
They have their own "book of value", so if your car is stolen or written off, they'll try to fob you off with their valuation.
If you try disputing the value, they'll send a valuer to agree a replacement value.
I did this for my historic bike.
The valuer will try in any way to lower the value of the vehicle and, once there's an agreement, the insurance premium will at least double.
Matter of fact is that if your vehicle is written off or stolen, the insurance should put you in the same position you were before the accident/theft.
My friend had a battle with his insurance for his dtolen mk3 VW Golf.
He insisted on having either a like for like vehicle (same model, same mileage) or the market value.
After much argument and complaints to the ombudsman (or fca, can't remember), they paid him the price of a Golf with similar mileage that was advertised on autotrader (in fact, he then bought it).
In other words, that figure doesn't mean anything, unless you agree to be fobbed off in case of theft/write off.

In my write off in the past, the pay out was according to an ad in autotrader. Although, I suspected they did the ad themselves and pointed me to it.

The problem this time is that the value is stated in the renewal policy terms. This would suggest I am agreeing to the stated value.

 

[DiyNutJob]

phone them up and tell them to double the value, they will then probably double the premium and then you won't be happy about that either

I am not happy because, in the past, I never had to agree to a value before a claim was made. So, my question is: is this happening to everyone?

 

[Harry Bloomfield]

Somehow, I could lose the car because of theft or write off from a minor claim. Then they could recover it and sell it for double of what they pay out to me. I don't know where they got the value amount from. Should I challenge them on that? Obviously, if I do, they would raise the premium. As it is, by renewing, I would have agreed to their low-ball number.

Insurers, have always asked for a reference value, which I give them, but should it come to total loss, they will pay me a value they decide were the cost of a similar replacement. The only way to avoid that, is an 'agreed value' policy.

 

[Mottie]

In my write off in the past, the pay out was according to an ad in autotrader. Although, I suspected they did the ad themselves and pointed me to it.

 

[DiyNutJob]

Insurers, have always asked for a reference value, which I give them, but should it come to total loss, they will pay me a value they decide were the cost of a similar replacement. The only way to avoid that, is an 'agreed value' policy.

How do I tell I have an agreed value policy?

 

[Mottie]

How do I tell I have an agreed value policy?

You ask and pay for one. For someone who claims to know the inside and out of insurance policies, you’re sure asking a lot of basic, novice questions.

 

[DiyNutJob]

You ask and pay for one. For someone who claims to know the inside and out of insurance policies, you’re sure asking a lot of basic, novice questions.

I didn't ask, and they put a value on it. Now I have agreed. Pray tell, do I have an agreed value policy?

 

[ETAF]

i have always been asked for the value of the car and usually before renewing my insurance (multicar - so 2 cars) only did this Tuesday , i look at autotrader to get an idea of age milage etc
BUT often now (maybe the last 8 years , online the value is automatically valued) and was included in the renewals quote of both cars
I often use various comparison sites to get an idea of cost of insurance and they ask you on the site or suggest a value

having had a couple of write offs - One in the 70's and another in the 2000's
1) I used autotrader examples to increase the amount the insurer paid out
2) on the 2nd , I did the same when a value came out to look at the car , but his assesment was higher then i could find on autotrader - significant , Direct Line , he said they value at forecourt prices NOT trade in

I didn't ask, and they put a value on it. Now I have agreed. Pray tell, do I have an agreed value policy?

when did you renew, usually you have a cooling off period , 14days maybe more , after that admin charges apply , and they dont charge a cancellation fee and will pro-rata any insurance used