Supra insurance 'Market value'

[jayl]

well dont choose sky insurance anyway

[Gaz6002]

well dont choose sky insurance anyway

 

Any particular reason for that post?

[Bailey.]

Little bit off topic but not totally, if your car is a write off, do you always get the chance to buy it back? In my mind this would be the best idea as alot of people that I know have done this, bought the car back for almost tuppence, buy a standsrdish car with the lowly some they did get back, and put all modified parts etc onto the new car!! I have not had this before myself, but do you get an opportunity to buy it back in every event?

[Tyson]

Little bit off topic but not totally, if your car is a write off, do you always get the chance to buy it back? In my mind this would be the best idea as alot of people that I know have done this, bought the car back for almost tuppence, buy a standsrdish car with the lowly some they did get back, and put all modified parts etc onto the new car!! I have not had this before myself, but do you get an opportunity to buy it back in every event?

 

it depends on the extent of the damage as I think anything worse than a Cat C is not allowed back on the road so you are not entitled to buy it back for legal reasons.

[stevie_b]

Little bit off topic but not totally, if your car is a write off, do you always get the chance to buy it back? In my mind this would be the best idea as alot of people that I know have done this, bought the car back for almost tuppence, buy a standsrdish car with the lowly some they did get back, and put all modified parts etc onto the new car!! I have not had this before myself, but do you get an opportunity to buy it back in every event?

 

Some insurers don't give you the chance AFAIK, no matter what the Category (e.g. A, B) of damage. It depends on what their policy is. I choose insurers who do allow it.

[Bailey.]

Some insurers don't give you the chance AFAIK, no matter what the Category (e.g. A, B) of damage. It depends on what their policy is. I choose insurers who do allow it.

 

how would you know? think i will ring admiral and find out what there policy is, it would be nice to know!

[Josh]

how would you know? think i will ring admiral and find out what there policy is, it would be nice to know!

 

Post your findings as when I get my Supra I'll be insured with them.

[stevie_b]

how would you know? think i will ring admiral and find out what there policy is, it would be nice to know!

 

They'll tell you if you ask, and/or it's in their policy document. Look for "able to buy back salvage".

[Bailey.]

They'll tell you if you ask, and/or it's in their policy document. Look for "able to buy back salvage".

 

I will check when I get back!!

One other thing to check is the cc, because when I first insured my 94 tt6 I can't remember exactly but think it was insured as a 2975cc, and the 2jz is a 2995cc iirc? So changed that quickly also it went up £100!!!!!!

[Lude]

Admiral have modifications cover, where you pay an extra 33.60 to cover your mods,

 

Modifications Cover

 

If you have told us your car has non standard parts or modifications fitted then you can add this extra cover to help towards the cost of replacing them if you need to make a claim. The level of cover provided is the same as you have chosen on your main policy, e.g comprehensive or third party fire and theft. We will pay you:

 

Up to £500 cash (or 10% of the vehicle value if less).

 

 

i work in insurance, each insurer or policy scheme will have different bennefits, so some of us may have better policies than others. the underwriting criteria will differ between companies

 

but the main purpose of insurance is to put you in the SAME fianancial position you were in proir to the claim.

 

not in a better position or worse.

 

with that in mind the insurers will understand that modifications do not hold their value, nor does it increase the value of your car

 

if you are unhappy with the offer your insurer has offered you (in the event of a write off) you can contest & refuse the 1st offer.

 

you will have to have reason, and if your arguing that your car had a Blitz Nur, HKS FMIC etc etc,

they will ask you to find another car with the same mods, same mileage at the price you wish

Edited December 28, 2010 by Lude (see edit history)

[dude]

You will always be fighting a losing battle as the insurance companies have their own loss adjusters and legal teams who specialize in saveing their companies money, they can dig into every aspect of your license, driving history, criminal history etc, then if you really try and push the claim (this happened to a customer of Austecs) they really dig into the car, has it been a write off (thats a killer for value no matter how its been repaired) have the mods been done properly and safely, can you prove this, have you listed EVERY performance mod???? if not they can wriggle out of a payment. At Austec a beautiful 55 chevy turned up for the dyno tuned big block etc etc, the car prob was worth 50K, dyno figures were down and Paul decided the air filter was restricting the car but did not want to just take it off and carry on running, the customer took it off and asked Paul if they could drive around the block to check the car was ok, as they left with Paul driving the carb spat back and the engine bay caught fire, the bonnet was damaged and the HT leads burnt along with a few wires, it would have took a week at a body shop and it would have been fine, I think they offered 5K to get the car sorted which is far more than it could be done for even with a new bonnet, the guy tried to claim over 30K and they started investigating, ended up with the guy getting arrested for fraud and he had not declared stuff to his insurance company so he was not covered by them so Austec's company did not have to pay out !!!!!!!! Lesson here is if your car is not 100% what you said and a highly tuned write off with stretched tyres and stock brakes and you forgot about that little speeding conviction and the fact you have a slight criminal record for something non driving related you did not declare be careful how far you push your claim !!!!!!!!! At the end of the day think how it would sound to a judge in a claims court if it went that far, a judge who knows nothing of cars and prob drives a bog stock mercedes in a very dull grey, " well your honour this gentleman was driving a 17 year old Toyota that had been at some time a Total loss insurance claim and he has doubled the power by fitting a very large turbo and a nitrous kit and a very loud exhaust that does not meet any of the construction and use regs, he has HID lights fitted with no levelling system or headlamp washers which is what dazzled my client and the brakes on the car are still only standard Toyota even thought the power is doubled!!!! the claiment has fitted different brake pads made by some chappy called Chris Wilkinson somewhere and claims this is OK, my engineer will give evidence that this is not the case, the bodywork has been altered by sticking some aftermarket fibreglass parts on and painting the car a very fetching shade of lime green with a blue leather interior, oh and one last thing your honour the claiment says he spent over £40,000 doing this, thats the same as your brand new Mercedes cost" !!!!!!!!

Edited December 29, 2010 by dude (see edit history)

[Guigsy]

Good post. I can vouch for chris wilkinsons brake pads. Top stuff

You will always be fighting a losing battle as the insurance companies have their own loss adjusters and legal teams who specialize in saveing their companies money, they can dig into every aspect of your license, driving history, criminal history etc, then if you really try and push the claim (this happened to a customer of Austecs) they really dig into the car, has it been a write off (thats a killer for value no matter how its been repaired) have the mods been done properly and safely, can you prove this, have you listed EVERY performance mod???? if not they can wriggle out of a payment. At Austec a beautiful 55 chevy turned up for the dyno tuned big block etc etc, the car prob was worth 50K, dyno figures were down and Paul decided the air filter was restricting the car but did not want to just take it off and carry on running, the customer took it off and asked Paul if they could drive around the block to check the car was ok, as they left with Paul driving the carb spat back and the engine bay caught fire, the bonnet was damaged and the HT leads burnt along with a few wires, it would have took a week at a body shop and it would have been fine, I think they offered 5K to get the car sorted which is far more than it could be done for even with a new bonnet, the guy tried to claim over 30K and they started investigating, ended up with the guy getting arrested for fraud and he had not declared stuff to his insurance company so he was not covered by them so Austec's company did not have to pay out !!!!!!!! Lesson here is if your car is not 100% what you said and a highly tuned write off with stretched tyres and stock brakes and you forgot about that little speeding conviction and the fact you have a slight criminal record for something non driving related you did not declare be careful how far you push your claim !!!!!!!!! At the end of the day think how it would sound to a judge in a claims court if it went that far, a judge who knows nothing of cars and prob drives a bog stock mercedes in a very dull grey, " well your honour this gentleman was driving a 17 year old Toyota that had been at some time a Total loss insurance claim and he has doubled the power by fitting a very large turbo and a nitrous kit and a very loud exhaust that does not meet any of the construction and use regs, he has HID lights fitted with no levelling system or headlamp washers which is what dazzled my client and the brakes on the car are still only standard Toyota even thought the power is doubled!!!! the claiment has fitted different brake pads made by some chappy called Chris Wilkinson somewhere and claims this is OK, my engineer will give evidence that this is not the case, the bodywork has been altered by sticking some aftermarket fibreglass parts on and painting the car a very fetching shade of lime green with a blue leather interior, oh and one last thing your honour the claiment says he spent over £40,000 doing this, thats the same as your brand new Mercedes cost" !!!!!!!!

[Safely Insured]

Any particular reason for that post?

 

Maybe we send him a lump of coal for Xmas, if we didn't there's always next year.

[Safely Insured]

Little bit off topic but not totally, if your car is a write off, do you always get the chance to buy it back? In my mind this would be the best idea as alot of people that I know have done this, bought the car back for almost tuppence, buy a standsrdish car with the lowly some they did get back, and put all modified parts etc onto the new car!! I have not had this before myself, but do you get an opportunity to buy it back in every event?

 

It all depends on the category of write off, also, it is best to stake your claim early if you wish to retain the salvage..

[Lude]

good post by dude,

 

but i think thats going down the NON DISCLOSURE route.

 

im sure the majority of us on here have disclosed our mods, driving history etc etc.

 

insurance is all about covering your arse, aslong as you disclose and are not being fraudulant, this will help!

[dude]

good post by dude,

 

but i think thats going down the NON DISCLOSURE route.

 

im sure the majority of us on here have disclosed our mods, driving history etc etc.

 

insurance is all about covering your arse, aslong as you disclose and are not being fraudulant, this will help!

 

Good point but I will bet there is not 1 person on here that has declared EVERY mod, BOV, Intercooler!!!! Strut brace, boost controller, air filter, stereo etc all of these are an out for the insurance IF they choose to go that route, they do have to say it contributed to the claim, ie the car was only stolen because the stereo is worth 3K and we were not informed of this. Lets say you have a criminal conviction for assault, would you declare this to the insurance company???? if not they can wriggle !!!!!! Logical arguments do not cut any mustard with insurance companies, they are a business and have shareholders etc to answer to, it doesnt look too good either when you have a J spec listed at 280 hp flying around with up to 420 at BPU with sometimes no upgrade to suspension or brakes!!!!! WE all know the cars are over engineered imagine if there was a big accident and it was in the News of the World !!!!! you would get crucified by the press and public. Does anyone remember the Land Rover that went into a river and killed most of the family in it????? there was a big outcry about it being modded !!!!! I think it had bullbars and a lift kit with wheels and if I remeber the guy was a 4X4 specialist or Land rover mechanic, he was hung drawn and quartered by the press. Would you declare your poly bushes ???? Of course NORMALLY the companies just pay out but they CAN be very awkward if you don't play ball.