Insurance fraud?

[carmanmemoranda]

I still dont see the point in them asking if they will only pay the book price anyway

If you over value it, it might indicate somebody looking to "have an insurance claim". Under value it is looked at as another risk.

The "book" price is the level they negotiate around. It's not a fixed value. But they wii want reasoning and supporting evidence if you want to claim a much different figure. The claimed value will be part of that reasoning.

 

[mattylad]

I have had a value for the car in every insurance renewal for the past 30 years.

Were you asleep when you renewed yours?

 

[DiyNutJob]

I have had a value for the car in every insurance renewal for the past 30 years.

Were you asleep when you renewed yours?

Was it your value or their value?

I have never had a value until this time. Although this is my first car to get to 20 years old.

 

[cdbe]

They've done this for years - you can overtype your own figure. My last one I changed from £1750 (about WBAC value ) to £3999 - typical "main road" independent dealer price and reflecting recent cambelt/WP, Clutch, DMF and clutch hydraulics and significantly lower than average mileage. I don't think it actually changed the price of the quote. If I omitted to do this I'd just ask them to source a car the same age, mileage and condition as mine for the money they offered me.

I can't believe they'd quibble much as they still seem (fairly) happy to pay claims management crooks £600/day for car hire.

My classic car is agreed value - I gave the value and they agreed it.

 

[Harry Bloomfield]

My classic car is agreed value - I gave the value and they agreed it.

I was offered it, at extra cost, and to get it I would need to provide a series of photos, around exterior, and interior.

 

[Mottie]

I was offered it, at extra cost, and to get it I would need to provide a series of photos, around exterior, and interior.

I've had that before but only with classic cars with a specialist insurer.

 

[DiyNutJob]

They've done this for years - you can overtype your own figure.

I cannot. They shoved the value in my face along with other bits and a button for me to agree and pay. I thought the value was a bit low and became alarmed. I checked for prices some time ago and was surprised they were quite perky. Hence the low ball hit me hard.

 

[cdbe]

I cannot. They shoved the value in my face along with other bits and a button for me to agree and pay. I thought the value was a bit low and became alarmed.

I would definitely query that (i.e. is it maximum, or a rough indicative estimate - like when they estimate your house rebuilding cost).

I swear people make a living off the Financial Services Industry just thinking up ways to allow companies to con customers and then disappearing when the authorities cotton on.

Apparently banks are in it for billions with the latest car finance miss-selling rulings.

 

[mattylad]

Was it your value or their value?

I have never had a value until this time. Although this is my first car to get to 20 years old.

Both.

They offer up their suggested value and I am able to change that to my preferred value.

 

[Mottie]

Does anyone else think nutjob knows a lot less about car insurance than he purports to?

 

[DiyNutJob]

Does anyone else think nutjob knows a lot less about car insurance than he purports to?

No, I am quite experienced when it comes to these matters.

 

[DiyNutJob]

I would definitely query that (i.e. is it maximum, or a rough indicative estimate - like when they estimate your house rebuilding cost).

OK, got the answer from their bot. Still, there's something fishy about it. They are pre-conditioning people for something:

In the event of a total loss claim we take into account the car’s: Condition, mileage, service history, modifications and market value.

If you've just bought a car, you can use the value you paid for it as the approximate market value. Otherwise, have a look at used car ads to find a similar car, including make, model and age, to give you a figure.

You don’t need to worry or contact us if your documents shows the car value as lower than what it should be as that’s not taken into consideration in the event of a claim and payout. If you’re unsure on your vehicle value, you would need to contact the seller or the dealership.

We don't cover vehicles worth £70k or more.

Apparently banks are in it for billions with the latest car finance miss-selling rulings.

How does the banks get billions? I bought some shares in some midget banks and their prices are collapsing causing me to scratch my head. I was thinking maybe the rulings will wipe them out? I have not read the rulings.

 

[carmanmemoranda]

OK, got the answer from their bot. Still, there's something fishy about it. They are pre-conditioning people for something:

In the event of a total loss claim we take into account the car’s: Condition, mileage, service history, modifications and market value.

If you've just bought a car, you can use the value you paid for it as the approximate market value. Otherwise, have a look at used car ads to find a similar car, including make, model and age, to give you a figure.

You don’t need to worry or contact us if your documents shows the car value as lower than what it should be as that’s not taken into consideration in the event of a claim and payout. If you’re unsure on your vehicle value, you would need to contact the seller or the dealership.

We don't cover vehicles worth £70k or more.



How does the banks get billions? I bought some shares in some midget banks and their prices are collapsing causing me to scratch my head. I was thinking maybe the rulings will wipe them out? I have not read the rulings.

Straight forward.

They know a value. If you want to tell them it's majorly different you have to do the legwork

 

[Mottie]

Does anyone else think nutjob knows a lot less about car insurance than he purports to?

No, I am quite experienced when it comes to these matters.

 

[ETAF]

For what is worth
Money supermarket

https://www.moneysupermarket.com/car-insurance/car-value-and-insurance/

How do insurance companies decide on the value of your car?​

Although you would’ve declared the price of your car on your insurance policy, insurers don’t base their valuations on that figure.

Instead, if your car is written off, your insurer will take into account depreciation and pay out the current market value of your car. That’s the value of your car if you were to sell it today.

How do you work out the value of your car?​

You can work out the value of your car by visiting a car valuation website. Just enter your car’s registration number to get a valuation.

Alternatively, you could carry out some online research by visiting websites like Autotrader and eBay, where you can search for your car and see how much similar models are selling for.

Otherwise, have a look at used car ads to find a similar car, including make, model and age, to give you a figure.

As i said thats what i do - i look on autotrader to get a rough idea of value - and usually the default value in the ocmparison sites seem to work out pretty much the same

And again , use autotrader when i had 2 cars written off - as i explained in more detail in an earier post