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Dicky

Write off or Not?

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Does anyone have any good rule of thumb as to what difference 1000 miles would make to a cars value.

Also has anyone taken an insurance company to court over such a matter.

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3 hours ago, Sargara said:

There is a couple of 2010 models around 50k mileage on Autotrader from traders at around that figure so it seems fair to me.

The only low milage Black editions I can see are on offer for £15k & £16k?

 

Just read Admirals definition of terms and Market Value is defined as “The cost of replacing your car , with one of similar make, model, year, milage and condition based on market prices at the time of the loss”

 

Google defines market value as “The highest estimated price that a buyer would pay and a seller would accept”.

 

I would interperate this as...if someone asks £16000 for his car and I turn up and offer an acceptable price of £15500 then that’s the market value??

 

What do you think?

 

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55 minutes ago, Dicky said:

Does anyone have any good rule of thumb as to what difference 1000 miles would make to a cars value.

Also has anyone taken an insurance company to court over such a matter.

I'm sure you will be able to come to an agreement with your insurer before you feel it's necessary to take them to court.


Are they aware that your car is a special edition? You would expect to replace your car like for like so therefore would expect to be able to re-purchase the trim level you previously had.

 

There are black editions on AutoTrader with 45k miles for £15.5k, so realistically your car would be worth £14.5 - 15k due to the higher mileage.

 

Tell that to your insurer, but don't start threatening court cases unless you mean it as they may stop negotiating then and there.

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59 minutes ago, Dicky said:

Does anyone have any good rule of thumb as to what difference 1000 miles would make to a cars value.

Also has anyone taken an insurance company to court over such a matter.

Don't cut your nose off. Just look online and show the insurer how much your car would be to buy in the current market. 

 

You're never going to get every penny back on the car, it's the way the world works. I'm also with Admiral and I know they won't pay out the full amount on additional extras, but that's what you get for buying the cheapest policy on the market. 

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Be patient send lots of examples and hold out for a little more I'd say based on what you say it's avaible on line

 

I havnt personally looked at prices of the 370 since I bought my latest one nearly 3 years ago so only going on what you say above 

 

I got 17k for my 2010 gt with around 40k miles 3 year ago

They offerd me 12k for it initially 

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2 hours ago, Dicky said:

The only low milage Black editions I can see are on offer for £15k & £16k?

 

Just read Admirals definition of terms and Market Value is defined as “The cost of replacing your car , with one of similar make, model, year, milage and condition based on market prices at the time of the loss”

 

Google defines market value as “The highest estimated price that a buyer would pay and a seller would accept”.

 

I would interperate this as...if someone asks £16000 for his car and I turn up and offer an acceptable price of £15500 then that’s the market value??

 

What do you think?

 

Sorry missed the Black Edition bit.

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You cannot take them to court. You can argue to the ombudsman, but at this point you’re not going to get significantly more. 

 

If there’s BE cars out there for £14.5k, then a realistic offer could be £13k. So at £11.5k isn’t actually that bad a place to be. 

 

 

Is it specifically insured as a BE? What extras did the BE come with anyway? It might actually not be worth any more than a regular 370. 

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12 minutes ago, Ekona said:

You cannot take them to court. You can argue to the ombudsman, but at this point you’re not going to get significantly more. 

 

If there’s BE cars out there for £14.5k, then a realistic offer could be £13k. So at £11.5k isn’t actually that bad a place to be. 

 

 

Is it specifically insured as a BE? What extras did the BE come with anyway? It might actually not be worth any more than a regular 370. 

Black wheels 

Red brakes 

Red seats 

That's about it 

 

 

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From my previous look at values, it sounds like they have basically offered you the trade value - i.e. the price a garage would buy it for, rather than the price you would have to pay for it. As others have said, tell them its a black edition and give them the examples of the 2 current ones for sale at £15k and £16k - which whilst they have slightly lower mileage is a good starting point. Id expect yours to be priced at £14k at a garage to reflect the slightly higher miles.

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Out of curiosity, what would WBAC pay for it?

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12 minutes ago, Ekona said:

Out of curiosity, what would WBAC pay for it?

Was £10,500 when I checked the other day, so basically the "trade" or "auction" price which is roughly 25% lower than retail.

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10 hours ago, rabbitstew said:

From my previous look at values, it sounds like they have basically offered you the trade value - i.e. the price a garage would buy it for, rather than the price you would have to pay for it. As others have said, tell them its a black edition and give them the examples of the 2 current ones for sale at £15k and £16k - which whilst they have slightly lower mileage is a good starting point. Id expect yours to be priced at £14k at a garage to reflect the slightly higher miles.

Well I’ve already done those things. They’re aware it’s a low milage Black Edition and I’ve quoted the sale price of those on Auto Trader. Your right in your assumption that they are offering trade/part ex prices and not market value as their Insurance document states they would do.

Im not threatening court action as yet simply that I want to esculate matters to an independent arbitrator. They suggested the Motoring Ombudsman but their customers reviews are appalling in fact Trust Pilot reviewers rate them 2% good, 98 % useless, so I won’t be using them!

A Nissan dealership I have my 350 serviced at, using a Glasses guide, suggested they would put it on their forcourt at £13750 while trade in prices would be £10.2k-£11k

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Again, you cannot take court action, you can only go via the Financial Ombudsman if you feel their offer is not good enough. Look at their website for more details: https://www.financial-ombudsman.org.uk/publications/technical_notes/motor-insurance.html

 

However, the pertinent bit is this:

In general, we don’t think adverts are necessarily a reliable guide to a vehicle’s price. That’s because vehicles can be advertised at a higher price than they eventually sell for - and small differences in condition can have a big impact on the value. So it’s unlikely we’ll place much weight on adverts when we’re deciding whether an insurer’s valuation is reasonable. But we may do if the adverts strongly suggest the guides could be wrong or the car’s a classic or rare model.



To decide whether an insurer’s valuation is fair, we’ll check the selling price of similar vehicles in specialist on-line motor trade guides called Parkers (if the complaint is close to the date of the loss or damage), Glass’s, CAP and Cazana. These bring together thousands of auction prices (as a base to decide the likely selling price) and adverts of similar vehicles - taking into account variations like age, mileage, condition, and regional or seasonal differences.

If the amount the insurer paid is in line with the guides, it’s likely we’ll say the valuation is fair. But if we think the insurer hasn’t made a fair valuation, we’ll tell them to adjust it - using the guide prices.

If one of the guide prices is significantly higher or lower, we may think it’s reasonable to ignore it. What’s significant will depend on the price of the vehicle - for example, a difference of £200 would be significant for a £1,000 car, but not a £9,000 car.

It’s important to check that the vehicle’s details have been recorded correctly. We see complaints where insurers and their customers have made mistakes - meaning the prices they’re disputing are wrong in the first place.

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20 hours ago, Ekona said:

Out of curiosity, what would WBAC pay for it?

Why not try this as it was just before the accident?

 

Or see if your Nissan garage would be preparec to put the prices they mentioned in writing?

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On 08/02/2019 at 11:01, Ekona said:

Out of curiosity, what would WBAC pay for it?

Who?

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On 08/02/2019 at 21:31, Ekona said:

Again, you cannot take court action, you can only go via the Financial Ombudsman if you feel their offer is not good enough. Look at their website for more details: https://www.financial-ombudsman.org.uk/publications/technical_notes/motor-insurance.html

 

However, the pertinent bit is this:

 

 

Very good info, thanks. It boils my blood that they quote offer figures from data the public aren’t privy to, so you can only used current sal/forcourt prices.

Admirals Policy docs state they will replace like for like (in so many words) they also quote “Market Value” will be offered. That’s defined as the price a buyer is prepared to pay and a seller is prepared to accept. If a car is offere for sale at £15000 I believe it’s reasonable to agree that a final agreed sale price might be £14000-£14500, so why they quote unrealistic prices from Glasses guide angers me!

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13 hours ago, Ebized said:

I did this earlier in this thread and they quoted a rough price of £10,500 for the OP`s car, which matches the trade or auction price. i.e. 25% less than forecourt price.

 

All that blah about not being able to take advertised prices as sold prices is a load of bull really. Sure, sometimes there is some negotiation, especially with private sales, but for the last 3 or 4 cars ive bought from dealers, getting anything at all knocked off the screen price was pretty much impossible. Especially on cars like a 370z. When I bought my 350z I had to pay full screen price and after 4 hours of haggling I got 6 months tax and a tank of fuel. When I bought my 911 I didnt even get that, had to pay full screen price.

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