AntD Posted June 10, 2022 Share Posted June 10, 2022 Hi guys I would appreciate some feedback on insurance buyback values. My Supra was in an accident last September and I am still battling with the insurer to reach a settlement. They have only come upon a settlement figure a few weeks ago, but now wants to retain 45% of the pre accident value as I am keeping the car.I think this is quite a bit high. What has been the experience of other members with buy back values? Cheers Ant Quote Link to comment Share on other sites More sharing options...
Scooter Posted June 10, 2022 Share Posted June 10, 2022 I don't think the percentage is normal, it's a lot lower. But then your heated seat switch is £500 worth! Hard to say without knowing the damage and offer amount? ie can/will you break it or repair it? Seem very high without more info Quote Link to comment Share on other sites More sharing options...
keron Posted June 10, 2022 Share Posted June 10, 2022 is this the one we spoke about before? typically buy backs can be 10-30% usually..... 45 is high. depends on the payout value too though really.... Quote Link to comment Share on other sites More sharing options...
AntD Posted June 10, 2022 Author Share Posted June 10, 2022 (edited) 12 minutes ago, keron said: is this the one we spoke about before? typically buy backs can be 10-30% usually..... 45 is high. depends on the payout value too though really.... Yes Keron. The same one still.The payout value is £17500.Its been a drag with the insurer Edited June 10, 2022 by AntD Payout value added (see edit history) Quote Link to comment Share on other sites More sharing options...
keron Posted June 10, 2022 Share Posted June 10, 2022 3 minutes ago, AntD said: Yes Keron. The same one still. Its been a drag with the insurer jeez... yeh they can drag it out.give me a shout if you get stuck Quote Link to comment Share on other sites More sharing options...
AntD Posted June 10, 2022 Author Share Posted June 10, 2022 1 hour ago, Scooter said: I don't think the percentage is normal, it's a lot lower. But then your heated seat switch is £500 worth! Hard to say without knowing the damage and offer amount? ie can/will you break it or repair it? Seem very high without more info The plan is to get it restored Quote Link to comment Share on other sites More sharing options...
AntD Posted June 10, 2022 Author Share Posted June 10, 2022 Just now, keron said: jeez... yeh they can drag it out.give me a shout if you get stuck Thanks. Will do mate Quote Link to comment Share on other sites More sharing options...
Scooter Posted June 10, 2022 Share Posted June 10, 2022 55 minutes ago, AntD said: The plan is to get it restored So I guess is the 55% you'll get just over £9k? enough to get it repaired nicely? If they are offering a write off value it seems very low, there is not one for sale anywhere of that level is there? Quote Link to comment Share on other sites More sharing options...
AntD Posted June 10, 2022 Author Share Posted June 10, 2022 The car was a daily driver. Bodywork and interior needs a lot of TLC,but I agree the settlement figure is on the low side. It has been a nightmare dealing with Markerstudy though.I would advise everyone to avoid them like the plague.No communication for several weeks and everything dragged out. Prior to the accident the plan was to get it fully restored at some point. When the insurance claim is settled,I am getting it booked in somewhere to have it restored. Quote Link to comment Share on other sites More sharing options...
keron Posted June 10, 2022 Share Posted June 10, 2022 2 hours ago, AntD said: Yes Keron. The same one still.The payout value is £17500.Its been a drag with the insurer I’d argue that £17500 is way too less… uk autos seem to be advertising for about 28-35k currently…. If you show them examples online they should offer nearer that… unless you had a agreed value for less. Quote Link to comment Share on other sites More sharing options...
AntD Posted June 10, 2022 Author Share Posted June 10, 2022 I did not have an agreed value. An independent engineer assessed the value. I am considering getting another independent valuation. Quote Link to comment Share on other sites More sharing options...
Annabella Posted June 10, 2022 Share Posted June 10, 2022 44 minutes ago, AntD said: I did not have an agreed value. An independent engineer assessed the value. I am considering getting another independent valuation. Your independent engineer doesn't know current value of Supras Quote Link to comment Share on other sites More sharing options...
rider Posted June 10, 2022 Share Posted June 10, 2022 Markerstudy have truly appalling online reviews. A lot of brokers use them which is why I always any brokers who it is that underwrites their quotes. If they say Markerstudy I've always said no thanks. You'd probably be surprised at the brokers who use them, there are some big name brokers in that particular cesspit. 1 Quote Link to comment Share on other sites More sharing options...
tayr Posted June 11, 2022 Share Posted June 11, 2022 10 hours ago, rider said: Markerstudy have truly appalling online reviews. A lot of brokers use them which is why I always any brokers who it is that underwrites their quotes. If they say Markerstudy I've always said no thanks. You'd probably be surprised at the brokers who use them, there are some big name brokers in that particular cesspit. Had this exact quandary when insuring this year. I’ve actually paid £700 more this year just to be covered by a very good underwriter instead. Avoiding markerstudy. Quote Link to comment Share on other sites More sharing options...
Tyson Posted June 12, 2022 Share Posted June 12, 2022 On 6/10/2022 at 7:31 PM, AntD said: The car was a daily driver. Bodywork and interior needs a lot of TLC,but I agree the settlement figure is on the low side. It has been a nightmare dealing with Markerstudy though.I would advise everyone to avoid them like the plague.No communication for several weeks and everything dragged out. Prior to the accident the plan was to get it fully restored at some point. When the insurance claim is settled,I am getting it booked in somewhere to have it restored. Sorry to hear about the accident, £17,500 does sound very low. I’d try and get some for sale ads too to show what they are being advertised for right now. Quote Link to comment Share on other sites More sharing options...
AntD Posted June 12, 2022 Author Share Posted June 12, 2022 Yes that is the plan.Thanks Quote Link to comment Share on other sites More sharing options...
Big Supes Posted June 12, 2022 Share Posted June 12, 2022 45%?! ... bunch of chancers!!! Quote Link to comment Share on other sites More sharing options...
The Raven Posted June 12, 2022 Share Posted June 12, 2022 Dont want to derail the tread but i have salvage rights on my policy does that mean i get the car back in the event of a total loss? Most our cars would be written off for some minor level things these days. Quote Link to comment Share on other sites More sharing options...
Scooter Posted June 13, 2022 Share Posted June 13, 2022 I think it just means you have the right to have it back? I don't think it's a certainty on some policies ie you just get a payout and don't even have the option to retain the car? Quote Link to comment Share on other sites More sharing options...
rider Posted June 13, 2022 Share Posted June 13, 2022 Just now, Scooter said: I think it just means you have the right to have it back? I don't think it's a certainty on some policies ie you just get a payout and don't even have the option to retain the car? Under the old TPFT policies you automatically retained the car for no cost. That happened with me once, I was happy enough as I got extra, over the other drivers policy payment from scrapping the car. It was on on comprehensive policies that the insurer bought ownership of the car. I don't know if that is still the case though as my retained write off was over 3 decades ago. Quote Link to comment Share on other sites More sharing options...
Scooter Posted June 13, 2022 Share Posted June 13, 2022 Personally I think it's insurer BS re the not allowing to retain it, I spose they might deemed it more likely to be a fraudulent claim or something? Otherwise I don't see their logic. I actually don't know a case of someone not being able to retain their car, and accept most owners of newer/white goods type cars are happy to see the back of the car if it's written off? Quote Link to comment Share on other sites More sharing options...
AntD Posted June 13, 2022 Author Share Posted June 13, 2022 1 hour ago, Scooter said: Personally I think it's insurer BS re the not allowing to retain it, I spose they might deemed it more likely to be a fraudulent claim or something? Otherwise I don't see their logic. I actually don't know a case of someone not being able to retain their car, and accept most owners of newer/white goods type cars are happy to see the back of the car if it's written off? I understand that if your car is written off under category N or S you automatically have the option to buy it back. Quote Link to comment Share on other sites More sharing options...
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