Curious to know if any one has any advise on this - 77 Mini insured for 10k - market value.Had a heap of engine work done, all interior, nice mags, new suspension. Lots of extras, momo wheel, chrome rocker cover etc etcNeeded a new paint job.Had a head on - and insurance company want to write if off and give me $1500. I am friggen spewing!There is no way a car salesman can put a price like that on something like this!There is no way I could buy another in that condition with all those extras for $1500The mags alone are worth more than that!Anyone else stuck this with a classic!
phillip.weston,
Mar 24, 4:39pm
which company!
mcscottwgtn,
Mar 24, 4:40pm
They use a slide rule - don't they! Should be replacement value which is something agreed when the policy is taken out.
gunhand,
Mar 24, 4:46pm
This shouldnt be hard to turn around. Get market values of other Minis in simalier conditon and get the average and show them that the market value is in fact $xxxx. The mods wont add real value except to someone who wants them on a car. Im sure a nice tidy 77 mini is worth more than$1500
marcos1,
Mar 24, 4:47pm
Sounds like you have a standard market value policy. Which devalues your car annually. You should probably have insured it under a classic car policy instead. And had a wriiten valuation done by a valuer or a car dealer.
brooke70,
Mar 24, 4:50pm
The problem was it was insured for market value. Agreed value on a classic car cover is the best, do some investigating yourself and get your own valuations. Present these to the insurance company or assessor and get them to reavaluate their offer.
marcos1,
Mar 24, 4:55pm
yea I would advise you to jump up and down a bit and cause a fuss. A lot of insurers are a bit scared of losing customers as of late. You might be pleasantly surprised. BTW what company are you with !
thejazzpianoma,
Mar 24, 4:58pm
The thing is they should have never let you insure the Mini for 10K and pay premiums on 10K if they were only realistically going to pay out 15% of that.
The other point is there is no way that is market value of the Mini. Market value means market value, if it dosn't they have issues under the fair trading act.
Don't stand for it, they are only making you an "offer" of$1500 you don't have to accept it, go back with evidence of recent sales and stand your ground.
At the end of the day you should be able to take your cheque from the insurance company and buy a very similar car with ease.
ladyjet1,
Mar 24, 7:24pm
Thanks for all the advise guys!The car was originally insured with Westpac (Lumley) and it was market value.It is now covered by a vintage policy with AA.It is Westpac who are honouring the claim.Now that I have got over my shock and tears over the thought of losing my wee car that I have lovingly done all the work on myself.I am simply going back to them and telling them to find me another car in the same pre accident condition - they won't have a shit show in finding one.I would make far more than $1500 wrecking it!
Apparently it was assessed by a chosen assessor, and valued by some car salesman, God help him if I find out his name!
socram,
Mar 24, 7:34pm
Remember that once you have sorted it all out, you are entitled to buy the wreck off the insurance company.It is tricky unless the policy is an agreed value one.
If you buy a brand new car for $50,000.They will happily charge you the premium for a $50,000 car for the next ten years. Unfortunately, it seems as though the customer has to initiate the reduced value and premiums each year, as they certainly won't.
A modified car needs to have all alterations and modifications declared and preferably as others have stated, valued.
I have done a lot of work on my car, but there is no way it is worth even half what I have spent on it!Normal for most classics.
clark20,
Mar 24, 7:46pm
I tried to devalue my car for insurance, they said $18,000 a year ago and I cannot even get $7000 for it now. But if it was stolen.
pdc1,
Mar 24, 8:14pm
are you sure that the $1500 is an offer, or is it part of their write off calculation. I think you will find that it is still to go through the proper valuation process.
doublek,
Mar 25, 9:59am
Not so - you must negotiate this prior to agreeing to the settlement. Once you have settled, ownership passes to the Insurance Company and it is their choice how they dispose of the car. You are "entitled" to bid on the car along with anyone else who might rock up to the auction/whatever to dispose of the wreck. Negotiating the payout figure plus return of the wreck is generally an upside for the Ins Coy, as they get sod all back out of the car (generally) after paying the auction/towing/disposal fees.
smac,
Mar 25, 10:14am
Have just seen this.any progress!
Go see them in person, don't piss around on phone/email etc. WHat documented history do you have of the car! Photos, receipts etc! If they are claiming $1.5K is market then you are quite right in expecting them to at least show how they have established this market.
elect70,
Mar 25, 12:19pm
Take the $1500& buy the car back. Sell off partsor put on another mini . As above should go to insurers who specialise in classics . I have used Classic Cover(Vero) for past 10 years& had few claims but no hastle , insure it for agreedvaluenot agreed market value .
hutchk,
Mar 25, 12:26pm
This worked in my favour a few years back - I was over in Scotland when I got an email from my brother saying he'd just written off a Legacy I'd left with him to 'look after'. Would have been lucky to get $5K for it, insurance paid out $12K. $12K worth of misbehaviour in Europe followed shortly thereafter.
socram,
Mar 25, 5:48pm
Sorry doublek, you are totally correct, I didn't mean you had the exclusive right, I just meant you might be able to buy it back.
ladyjet1,
Aug 25, 3:42am
I have spoken to Insurance Company, and they agree that $1500 doesn't seem right, it was restored bar paint work.They are getting another (presumably car salesman) to value it.I'll sit back patiently at mo, but if they don't come up with better than that I will tell them to find me a replacement car in same condition - there is no chance they will find one that was road legal for those dollars.If I can get a decent price for it, I will try to get it back and I will wreck it myself (too costly to repair for me :-() and perhaps get another one and start again.
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