Car Insurance Payout

September 11, 2006

Had a wee smach in my GT-Four, nothing terrible - I was the only car involved and no one was hurt, but enough to write it off.

Anyway, got my initial offer in from the insurance co today (Bell), and they offered me £1,700 (before deductions like my excess, etc). I naturally phoned them up and went on a small rant about how I'd only bought the car back in April for £5,000. And they can't really believe that you can pick one up for £1,700. To make this even better I'd already sent in copied of about 5 adverts for GT-Fours, I think the cheapest one was about £4,995. So I'm now waiting on them reviewing it and getting back to me.

Anyone else ever had an initial offer so far off what they'd expect????

September 11, 2006

never that low :o- thats ridiculous.

When i stuffed me lude , same scenario , i was offered £4800 - 96P - i had paid £3500 for it a month before !!

September 11, 2006

Yeah, I wrote my four off a month ago, the inital offer was £2730!!!

It is ridiculous. Luckily I was insured through Sky and had paid the extra £30 for an agreed value of 5.5k though, so they had no room to argue and had to pay that.

Do they not have to offer the "market value" as in, what you would have to spend in order to go and get a replacement car in the same condition?

September 11, 2006

Do they not have to offer the "market value" as in, what you would have to spend in order to go and get a replacement car in the same condition?

That's what I thought, If they tell me where they can get GT-Fours for £1700 I'll be sure to let you all know.

September 11, 2006

Insurance companies are bound to offer a low amount first time around as you will always get a numpty that accepts it. It's a bit like sales, you offer a high amount first and then reduce it as necessary until you reach a common ground, insurance is the same but opposite way round, end of the day they are just trying to make money!