• Welcome to the ElgrandOC forum.

    You will find that the majority of the forum is locked, but do not worry. You can unlock more content by registering to the forum completely free. Sign up is automatic, does not require email confirmation and is instant. Feel free to browse through the sections to see what topics have been covered before you register.
    You can register for an account by CLICKING HERE

    Once you have registered, you will unlock more of the forum content. You will not unlock all of the content until you have reached 10 posts. This is to give you an opportunity to chat to existing members and help to integrate you into the forum community.
    We are a friendly and helpful community and there is a wealth of infomation contained within the forum. Please feel free to register, introduce yourself and get to know your fellow members.

    Feel free to look at the Frequently Asked Questions section, the Meets/Events section and the Competition Section without having to register.
    We look forward to getting to know you and help you with any questions or problemd you have with your Elgrand.

UK Insurers Shortchanging Drivers

Ah, the Fundamentally Complicit Authority as Private Eye call them. Doesnt surprise me they think everything is Rosy and are unaware this has been going on for years.
 
I guess from this insurance works a bit differently in the UK ?
In Australia the insurer covers a specific amount which they disclose in the doco as its renewed each year and if the cost to repair is greater than this the vehicle is written off.
Does the UK system not allow you to know the insured value until a write off occurs ?
Seems pretty dodgy as they will always be conservative.
In Australia they also have a habit of setting their market value about 20 - 40% below the actual market. ie A type of car that is listed for sale at 25K they only insure for 20K unless you have an agreed value
 
When you get insurance, you are asked the value/ or they suggest the value, some people exaggerate it, which is pointless, because you will pay more of a premium but still only get the market value.
If unfortunate to have a dunt and gets written off, they will offer, what they think the market value is
It is an offer, if you think it's fair, you take it, if not, you complain, with adds of other vehicles, in similar condition and mileage
Then if injuries, well it gets hot!!
They are in a business to make money, they are not going to give it away, so you may have to argue to get close to what you want, but they have to be fair
As for repair, if it's an old vehicle ( as government want old of the road) I believe if it's more than 50% it's a Goner, plus the added problem of spare parts, some will only replace with new.
you can buy it back and repair but the value gone
but I have seen cars repaired which I thought, no chance, I think the owner must have been very forceful, probably went bald and gray in the process.
 
Ok thanks for clearing that up .. seems to be a slightly backwards way to work. Determining value after its written off doesnt seem like the best time to argue this as you have already paid your money
 
Sometimes value is in the milage or lack of it.
Say you had 10k at the start of the year.
Say you did 60k just before the accident.
It would not be worth 10k value.

But I do get the point about you have paid.
This is life in rip off Britain, money always wins
 
Some Guy said:
Seems pretty dodgy as they will always be conservative.
In Australia they also have a habit of setting their market value about 20 - 40% below the actual market. ie A type of car that is listed for sale at 25K they only insure for 20K unless you have an agreed value
Click to expand...
Can't see from this how the Australian system is any better. As you will have accepted their terms with a value set 20-40% below market value you have no grounds for negotiating a better settlement. At least in the UK we can argue the case to get the payout increased.
The system may be flawed but it is what it is. Some insurers are better than others and at least the FCA have finally woken up to the problem and are trying to do something about it. Better late than never.
 
I guess the Australian system is a bit clearer. When you take out the policy you can accept their market value which as you say is under market or you can insure for agreed value which depending on the insurer may cost pretty much the same. Either way you know up front before things go Kaboom .. not everyone will be a strong negotiator and may lose out if they have to argue. Either way as has been said they are there to make a profit
 
You must log in or register to reply here.
Back
Top