insurance ??

[ilovemarkb]

My cars just been smashed into by a large van. Police attended and insurance from other driver is legitimate. I bought my 04 Megane about 5 months ago for £2695.......... but my other half wreckons the other insurance will probably only offer £1500. This cant be right.... I'm gutted! i'm a student nurse struggling with money and to make things worse the £2695 is on a credit card!

[denis567]

Instead of worrying unduly now, why don't you wait to see what the other person's insurance company do offer you?

[ubasses]

If they offer a low amount to start with arm yourself with evidence of cost of like for like replacement and contest the offer. You could be surprised though, one of our neighbours got more than she paid for a little runaround.

[d9f1c7]

04 Megane, you'll be lucky to get a grand, £2695? they saw you comming mate.

[ilovemarkb]

gee thanks d9f1c7 !! yes Ill have to wait and see !!

[Ellipsis]

Assuming your car is a write-off, you should be offered the cost of replacing it with something similar, i.e. a similar spec and condition 04 Megane. This may be far less than you paid for the car, but the outcome should be that not much has changed from your POV ...

[hc4361]

Depends which model and mileage.

Some 2004 Meganes are being advertised for over £5.

[ilovemarkb]

I,m not even gonna bite!!!

[ilovemarkb]

Ellipsis.......POV?????

[gsr600]

POV point of view

[hc4361]

Look on Autotrader online for similar cars.

[ilovemarkb]

thanks!!

[chas2008]

many insurance companies actually use auto trader as a guide,

[cathfromsaron]

they should put you back where you started ie. driving an 04 megane!

are you claiming for courtesy car meanwhile?

and what about injuries?

[EDDIE51]

The insurance will offer you a low amount at first , they allways do this as often they get away with it. just reject the first offer and they will make a better one. As has been said look on Autotrader for cars as similar to yours as possible and see what price they went for, use the prices you find as a guide what to accept from the insurance. Remember the insurance have to pay for your out of pocket expenses , ( loss of earnings,fares, taxis, car hire etc) as well and if the accident was not your fault you claim for loss of NCB in addition.

[cathfromsaron]

another point, why did you buy a car on a credit card instead of a bank or other loan?

[flip_flop]

That isn't really relevant or any of your business cathfromsaron.

The offer will be based on the market value of the vehicle at the time of the loss taking into account condition and mileage.

They will form their opinion of the value using such things as Glass's Guide and CAP - which are the tools the motor trade use.

As people have said, obtain as much information as you can from Autotrader, the local rag, eBay etc... for the same model with similar mileage - this will help in your negotiations. Don't bother with forecourt prices - these include a dealers profit which cannot form part of the claim.

[d9f1c7]

Autotrader do not sell cars they sell advertising to people who have over valued their cars, the prices are mostly unrealistic and have no relation to what cars sell for, i'd be surprised if the insurers look at autotrader.

[jake-the-peg]

look on completed auctions on ebay

http://www.ebay.co.uk..._trksid=p3286.c0.m283

depending on mileage something a bit under £2K seems about normal for those sucessfully selling

[chas2008]

d9fi1c7
i work in the body repair/insurance industry, we havnt used CAP or Glasses for a number of years,when negotiating write off values we look at current values for a similiar age/mileage vehicle on Auto trader,then usually settle on a price between retail/forecourt and private sales.

[bazwillrun]

"I bought my 04 Megane about 5 months ago for £2695.......... but my other half wreckons the other insurance will probably only offer £1500"

I cant recall anybody i know ever getting anwhere near what a car is worth when claimiing

most insurance is no more than legalised theft, and they will use every trick in the book to try and get out of/reduce paying you