Insurance Claim - where repair will cost more than the car

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Re: Insurance Claim - where repair will cost more than the c

Postby Rusty Wishbone » Tue 22.01.2019, 00:27

Friends,
It is time for me to intervene by thanking you for your comments and advice. I have found it all to be helpful and informative, even if your experiences at the hands of the insurers have not been consistent. Let me show my appreciation with an update.

My son dropped into his friendly garage to check that the car is roadworthy. Their MOT tester was only concerned to make sure that there are no sharp edges, which there aren't. So it is safe and roadworthy. They directed him down the road to a body repair shop which estimated the cost as about 30% more than he (I) bought the car for.

The other party's insurer called my son to sort things out. They indicated that they are happy to repair the car (although I don't know if they realise the repair is more than the value of the car at this stage), or to make a cash settlement. They will send an assessor round later this week. My son was careful not to hand it over to the insurer or the good advice above. My son notified his insurer, and they are happy for it all to be handled by the other party's insurer, with no loss of no-claims discount.

So far, the insurance companies have acted with integrity and have been genuinely helpful. I'll let you know the final outcome.

Lets keep the discussion friendly and respectful. We have a common cause, after all.
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Re: Insurance Claim - where repair will cost more than the c

Postby dapinky » Tue 22.01.2019, 10:16

Well, that seems like a reasonable outcome for your son (so far), and I hope it gets sorted when the assessor attends.

Let us remember here that the main thing is that we are only worrying about a bit of bent metal, and no-one was hurt.

As for the arguements about Insurance companies, lets draw a line under that now as it is just detracting from the OP - we have people who have had good experiences with an insurance claim, poor experience with a claim, and those from the industry trying to offer an overview.......

......after 31 years as a copper I know that you are NEVER going to convince someone who has had a bad experience that "they ain't all like that". Personally, I had a poor experience when the red Elan was written off and it ended up in Canvey Island (getting damaged on the way) whilst it was still "my" car - but also good experiences when a more minor incident resulted in damage to my parked car.

Insurance companies NEED business (there is aclue in the name - business!), and they have a duty to their customers, shareholders and everyone else to provide the best balance.

When the arguements come down to the disputed value of a bent car, there is only really a small negotiation window - concerning percieved values...... their main 'cost' comes from injuries. Especially life-changing events which need ongoing care - that is their BIG money cost. Even a death is considered 'cheap' when compared with someone who will require 24/7 care for the next 50+ years in a medical environment, and those are the cases where every 1% of blame apportioning makes them more or less liable for that amount of the final bill, costing or saving them many hundreds of thousands of pounds for each event - and that is where their 'best' negotiators are employed - not worrying about whether your bent metal is worth £1000 or £2000. I believe that they actually like 'agreed value' policies as it saves them an awful lot of work in a claim situation - and if everyone feels that their car is worth £10K, happy days, they just charge an appropriate premium for you.
Dave

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go on - click this link - you know you want to!
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Re: Insurance Claim - where repair will cost more than the c

Postby chris.t » Tue 22.01.2019, 10:43

Insurance companies are a law unto their own. I was rear ended just before Xmas. Rear light broken. Cost of rear light £100, fitted probably £200 all in by repairer. Had to go through insurance because of the other party (business vehicle). My car was deemed undriveable even though I had taped up the light with red tape and it was perfectly serviceable. So I couldn't drive it as I didn't want to risk not being insured. Car had to be put on a low loader to be taken to the repairers. I was given a hire car of comparative spec. Car was with the repairers for 19 days. Apparently there was some bodywork damage which I couldn't see and they decided to replace, rather than repair a small crack in the bumper. Estimated cost of repair £4000!

As it was a no fault claim my insurers handed the repair to another company to deal with. This company just happened to be the hire car company too.

Uninsured drivers, theft etc etc are blamed for premium hikes but it's the insurance companies that need to take more control of the repair side of things to keep premiums down too.

Damage

The car isn't worth £4k, so should have been written off, all for a broken light. Not trying to hijack here, just wanted to have a rant.

It seems you have all the bases covered with your situation, you've done exactly the right thing

Sorry DaveP just noticed your request, delete if you wish
Could the 'Hokey-Cokey' actually be what it's all about?
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Re: Insurance Claim - where repair will cost more than the c

Postby dapinky » Tue 22.01.2019, 11:57

Chris,

As your post is a 'hands on' experience of recent herritage, it seems reasonable to me to leave it on here.....

.... I have no problem with real life issues being discussed amicably, but once a point of view is repeated a few times it turns into an unsavoury arguement which I am trying to avoid.

I'm sure that we all have a bad story to tell, and much like when you read reviews on any one of the many interweb sites, you probably only tend to see the extremes, and not the many people in the middle who accept what life throws at them and have no great views either way. However, genuine experiences are what adds to the value of comments made (that sounds like poor English, but you know what I mean!).
Dave

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go on - click this link - you know you want to!
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Re: Insurance Claim - where repair will cost more than the c

Postby Simon_P » Tue 22.01.2019, 14:51

Dave apologies for any intervention required on my part.

Keeping on topic, the question was about the best outcome for a low value car. I can give a recommendation for exceptional customer service and value for money at the other end of the market it's not all bad stories.

Rusty Wishbone,
Just a couple of things to be aware of. You are now representing yourself. Fairly low stakes but if there are any consequential losses such as hire cars taxi fares time off you will need to add them - probably not worth the effort. This is saving the TP a bit of money so it is a negotiation point.
What will your son's insurer do if the car is written off?cancel the policy without refund?
If the car is written off and you keep it it may be harder to insure.
Will your son (and you) be happy with the image of driving a dented car, for the next couple of years.

In your position I would be looking to get a reasonable payment for the damage without getting it written off. A modest payment for time and out of pocket expenses. I would then sell the car as is. Buy a different undamaged car in better condition.
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Re: Insurance Claim - where repair will cost more than the c

Postby lotusles » Fri 25.01.2019, 19:38

dapinky wrote:Well, that seems like a reasonable outcome for your son (so far), and I hope it gets sorted when the assessor attends.

Let us remember here that the main thing is that we are only worrying about a bit of bent metal, and no-one was hurt.

As for the arguements about Insurance companies, lets draw a line under that now as it is just detracting from the OP - we have people who have had good experiences with an insurance claim, poor experience with a claim, and those from the industry trying to offer an overview.......

......after 31 years as a copper I know that you are NEVER going to convince someone who has had a bad experience that "they ain't all like that". Personally, I had a poor experience when the red Elan was written off and it ended up in Canvey Island (getting damaged on the way) whilst it was still "my" car - but also good experiences when a more minor incident resulted in damage to my parked car.

Insurance companies NEED business (there is aclue in the name - business!), and they have a duty to their customers, shareholders and everyone else to provide the best balance.

When the arguements come down to the disputed value of a bent car, there is only really a small negotiation window - concerning percieved values...... their main 'cost' comes from injuries. Especially life-changing events which need ongoing care - that is their BIG money cost. Even a death is considered 'cheap' when compared with someone who will require 24/7 care for the next 50+ years in a medical environment, and those are the cases where every 1% of blame apportioning makes them more or less liable for that amount of the final bill, costing or saving them many hundreds of thousands of pounds for each event - and that is where their 'best' negotiators are employed - not worrying about whether your bent metal is worth £1000 or £2000. I believe that they actually like 'agreed value' policies as it saves them an awful lot of work in a claim situation - and if everyone feels that their car is worth £10K, happy days, they just charge an appropriate premium for you.


Hi Dave, being ex plod and now working for an insurer its not about agreed value or actual value, it s all about risk and the various databases help this.
I have a company car with the proviso to drive absolutely any car, which i do as part of my job. However as previously shown on this website I obtained 6 points for doing 86mph on the M5, guess what, my company will not insure me.....
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Re: Insurance Claim - where repair will cost more than the c

Postby lotusles » Fri 25.01.2019, 20:46

Simon_P wrote:I merely answered my views on the op's original question. It seems that you don't like them. You clearly don't like my experience of the insurance industry and I didn't come here to discuss my answers to the original post with you.

"They are there to exist" is the only lesson in business I need from you - Not one I've read in HBR.

I have no need for the FCA, and no intention of sending you a PM. I have spoken with plenty of people with a similar experience you, aren't going to convince me that chap car insurers have my best interests at heart.


Simon, public apologies for my comments and for what was clearly a total failure of somebody within the Insurance Industry

Les
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Re: Insurance Claim - where repair will cost more than the c

Postby Simon_P » Sat 26.01.2019, 00:18

Les,
No harm done, my response was perhaps a little harsh also.

I don't think car insurers are much different to any other low cost service industry, when it comes to it customer service is not top of the list.
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