Car insurance claims - any experts?

[surefire]

I have had help from a few people here before when a work colleague got into an accident, this time it's my turn!

Unfortunately a couple of days ago, I was rear ended by someone. Most of the insurance stuff has gone fine, but now I have a potential issue. They have offered me a value to write off my car, which is nowhere near what it should be.

The car in question is a late model W124 series E-Class in pristine condition. The book value the insurers give for this is about £1300 whereas in the real world, they are considered as a kind of modern classic, and actually sell for a lot more than this. I have already sent the insurance company adverts for similar cars, with similar specs and condition (before getting rammed obviously!), with prices ranging between £4950 - £6995.

Is there anything else I can do or should know regarding this? Any help is much appreciated.

 

[gripitripit]

Have you haggled with the insurance company over the compo?
I don't know but if it's considered a classic would the insurance company say that you should have had classic insurance on it?
It does piss you off as you know the car is worth a hell of a lot more then they will offer but they will try everything not to shell out...!

 

[surefire]

So far, I've said the offer is way too low. Sent the adverts showing similar cars with prices mentioned. The person I spoke to said they were only authorised to give me the max book value, so now a manager has to approve a higher payout.

They've not yet come back with a counter offer, but I was just pre-arming myself ready, rather than waiting and being reactive.

When I say considered a classic, I mean amongst enthusiasts of that type of car, so I don't think I would need a specific classic policy for it.

They can try what they like, but am I right in thinking they have to put me in the position I was prior to the crash, minus agreed excess?
If that's the case, maybe I can just go tell them to buy me one in the right condition, with the right mileage. If they manage it for that money, good on them!

 

[gripitripit]

I know what you mean but insurance companies are slippery Fookers..!!!
I had a W126 300SE that I was restoring as I love the old mercs...but HID made me scrap it...!!!

 

[USER1999]

Have you sent them any service history, receipts of money spent, etc to prove it was well maintained?

That said, on Autotrader I am struggling to spend more than 2k on one of these, and that's for a mint one.

4.5k will get you a 2004 current model, which is a nice car.

 

[surefire]

Very slippery, although perhaps some things are in my favour.

They've already given me a courtesy car, and the rate to the insurer is about £90 a day, so if they drag out negotiating too long, they will spend more on that than they would have to give me.

Also the accident was not my fault, so providing the other guy is insured, my insurers are not paying, so it won't be directly costing them if they have to pay more. Obviously indirectly it will cost them whatever they have to do to get that money from the other guys insurance.

 

[SatchFan]

Whatever you do try and be as patient and persistent as you can. It took me five months to get a travel insurance claim paid out after my mum died suddenly. I am currently claiming for two stolen bikes which were actually sixteen years old but had hardly ever been used. They originally cost £400 each but the company applied a 95% wear and tear clause which with the excess meant I would only get back £17.50 per bike. Already challenged them and the amount offered currently stands at £450 in total but I will push further because the wear and tear clause was never detailed in the policy document.
One thing to bear in mind is that if you are not happy with the final offer then take them to the Financial Ombudsman just out of spite. The company will be automatically charged £500 for the privilege.

 

[surefire]

Have you sent them any service history, receipts of money spent, etc to prove it was well maintained?

That said, on Autotrader I am struggling to spend more than 2k on one of these, and that's for a mint one.

4.5k will get you a 2004 current model, which is a nice car.

Just looked on Autotrader, I can see only see one W124, with 20k more miles, one year older and less options, which is going for £4k.

Everything else I see is a lot cheaper, but is the W210 chassis.

 

[surefire]

Will be patient, and see how it goes.

5 months at £90 a day for my courtesy car would be a ridiculous expense! I think for a longer term rental it goes down to £60, but they would still be spending more than they hope to save by that point!

Murph: I have all service history, MOTs, invoices etc... and it has only ever been main dealer serviced, for the very reason of creating a paper trail. Not sent it yet, but will do if necessary.

 

[USER1999]

I am looking in Watford though. 2k for a mint 88k miler.

I fail to see why anyone would pay 4k+ for a W124 when you can have the current model for the same money.

I agree the W210 was not as good as the W124. I had one for 8 years. They rust. Badly.

 

[richart]

How much did you have the car insured for ?

 

[USER1999]

You should phone them, and ask if the paper work will help their valuation. Most of these will have been abused by now, which will affect their value hugely. If yours was well looked after, then you should get a better pay out.

 

[surefire]

Could be location. I'm looking around Surrey, Hampshire and West Sussex.

I don't see why someone would want to pay that money either, but if that's what they are selling for around here, that's what I would effectively need to replace it.

 

[jammag]

I used to work for a car insurance company and a lot of the time they will only pay you the book price for a vehicle. Unfortunately what we found was that enthusiasts would over value there car to such an extent that they would not accept any valuations from car owners clubs etc. Unless of course you had an agreed value benefit on your policy then you will get what you want?

They may come back and offer you a bit more but its very unlikely if its the other persons insurance you are claiming off they are unlikely to do you a favour when they have taken none of your money as such.

One thing I will tell you to beware of is that you are likely to get numerous phone calls from personal injury companys that will tell you to claim for any slight pain you may have as most insurers will pay out £2k for these at a drop of a hat to avoid them going to court.

 

[bladeplayer]

Over here mate they pay you book value mate and thats it .. what bugs me is when you ring to take out the policy they ask you the value of the car .. why ? if they only gona pay you book value anyhow ?
Edited .. sorry not realy an expert but work in the car business and used to do all this type of crap .. nuisence it was .. thank god i dont do that end anymore ..

 

[Jabba]

A car rear ended us at low speed in the snow 18 months ago. The 3rd party admitted fault, we got a nice courtesy car, we paid zero excess, all was amicable and STILL the blood sucking solicitors keep phoning/texting to see if we want to make a damned claim
I don't condone it but you can understand some of the Jeremy Kyle types trying it on when the vultures phone up promising them money and of course, our premiums keep rising to fund this.

 

[Ken_A]

A car rear ended us at low speed in the snow 18 months ago. The 3rd party admitted fault, we got a nice courtesy car, we paid zero excess, all was amicable and STILL the blood sucking solicitors keep phoning/texting to see if we want to make a damned claim
I don't condone it but you can understand some of the Jeremy Kyle types trying it on when the vultures phone up promising them money and of course, our premiums keep rising to fund this.

Same happened to me - I phoned MY insurer to inform them 2 mins later their solicitor phones me asking if I am 100% sure that I was not injured

 

[JCW]

get a BMW , far better car then the merc

 

[coolhand]

Depending on the damage one other option might be to take the value offered and keep the car, then use the money to put it right.

 

[full_throttle]

Depending on the damage one other option might be to take the value offered and keep the car, then use the money to put it right.

murky area here, if the insurance company are paying to write off the vehicle i was led to believe keeping the vehicle and repairing it yourself becomes a problem. wouldn't the car have to purchased from the insurance company that paid the write off?