Any insurance experts? Update 02/12/15

[jagr]

Hi All,

As some will have seen my X3 was stolen around 10 days ago.

My insurance company have so far:

1, Ask for all keys and paperwork to be sent to them
2, Cancelled my policy immediately
3, Refused courtesy car as insurance is cancelled
4, Waiting for a report from Experian as the car details were apparently entered into an auction and car dealer day after it was stolen.
5, Spoken to supplying dealer to confirm I paid for the car and what method
6, Spoken to DVLA to confirm license

And the most annoying question 'Proof of Funds'. To me that is none of there business.
I have been insured with them for 3 years and always pay in full so what difference does it make?

To me if they want this information they should request it before accepting to insure me not now.

I have/had 24 years NCB (protected not sure if that helps)

As they have cancelled my insurance is that a black mark against me? As most quotes ask if you have had your 'insurance cancelled' in the past.

Anyone else had any experience with car theft?

Cheers

[Horizon]

A little information here that you might find usefull

http://www.independent.co.uk/news/busin ... 97644.html

[jagr]

[quote="Horizon"]
A little information here that you might find usefull

http://www.independent.co.uk/news/busin ... 97644.html
[/quote]

Thanks

I suppose I should be thankful that my insurance company notified me it was cancelled.
Luckily I have separate insurance on my Corvette so am still covered.

[Turks]

In my opinion, it doesn't look like they are being particularly cooperative or sympathetic to your situation, so I would be very reluctant to hand over Keys and Paperwork to them. The reason for this is what proof then do you have in your possession that the car was not just sold, or something else. It sounds like they do not trust that the car has been stolen, and that you are in some sort of financial situation where you have sold your car and are trying to make a fraudulent claim - or at least that is what I would be asking them if they thought. That is why they are asking if you have funds...

I would send them a photograph of the Paperwork and Keys along with todays newspaper to prove the photo was taken today (after the theft). I would then send photocopies of the actual paperwork. Although an annoying question, I would also send photocopies of bank statements to prove there aren't current financial issues and nip that accusation in the bud. See what happens after that.

You must show you have cooperated, otherwise it will be very hard for you to get the Ombudsman to support you (should it get that far). That's why I would do things through email, or, recorded post.


Turks.

[jagr]

Thanks Turks

I called them again today for an update.

Apparently they have heard from Experian and are following leads

[Horizon]

Unfortunately these days insurance fraud is rife, there are thousands of dodgy claims every year. I think it is common practice these days to investigate any claims where money ends up being paid out directly to the insured party, IE total loss claims.
It just seems to us law abiding citizens that we are being tarred with the same brush as the fraudsters.
Hope you get your claim sorted , without too much more stress.

[jagr]

Thanks Horizon

Got a call today with a very low offer >:(, which I immediately declined.
Apparently 1 previous owner, low mileage, leather, sat nav etc make no difference to a cars value.

I kind of get that leather and satnav just make it more desirable with a premium brand like a BMW but mileage.....

[Reusch]

Hold out for what the vehicles worth to you.

[graemeX5]

Hi Jagr

Unless you had gap insurance which is where another company fights to get you more then it will be down to you to get them to make a better offer. My friend Joe rejected 3 offers before accepting the fourth one, but it took over three months to get settled which is annoying to say the least.

One way is to send them evidence to prove your case is reasonable  I.e if you bought the car from BMW or an independent, within a reasonable distance say 50 mile radius to send them copy of adverts of equivalent cars with the same spec, as when you go to garages they always charge more for better spec'd cars no matter what they say.

You will need probably 2 or 3 examples but make sure same engine, age, no of owners, colour, mileage and spec warranty etc as yours was a high spec car. And from you locality as we always see adds in the outer reaches of the country where the same car is 5k cheaper but it is unlikely you will travel 500 mile to buy it. That's where the Internet is good although auctions are less you are buying retail not at an auction as inherent risks there which a dealer accepts.

Please remember car prices drop over time, so it will be likely the replacement cost you are looking at not the purchase price (unless a nealry new car where it guarantees the return to invoice value).

It's a negotiation and it takes time and if you only have one car and most people accept the early offers as they need to get another car.

Regard
Graeme

[JimmySpeed]

[quote="Krating Daeng"]
Unfortunately and I do not agree with them, the insurance companies only pay out the auction prices/ market value.[/quote]

Auction value? Rubbish, they make offers that are there to be rejected. I know lots of people who have rejected the first 2/3 offers and proved their case and got a lot more than the auction value of the car. How would you replace a decent, low owner, low miles car with the standard auction value of the same vehicle? Answer - you wouldn't. Market value (if properly assessed taking into account condition, spec, mileage, owners even colour) is what people I know have fought for because that is how much it would cost to replace the same vehicle.

[quote="Krating Daeng"]
That is the reason for shortfall insurance policies.  Not that it would have been relevant in this case as it  is normally only available to new or nearly new cars .
[/quote]

Not correct, you can buy GAP insurance on any used vehicle - usually offered by the dealers at the time of purchase, it doesn't have to be new or nearly new, it doesn't even have to come from a franchised dealer.

[jagr]

Thanks for the replies

I have made it very clear to them that I know what my car is worth and sent them links to the few out there.

I have paid for the Glass's and Parkers valuations that allow you to add extras and mileage and they make my car over £4k more than there offers.
Even with there valuations, I will have to pay a significant amount extra to replace with what is for sale today.

I am at least in a fortunate position that I own another car and have use of other family vehicles so I won't be rushed into a low settlement.

[jagr]

Admiral Insurance 1 - Me 0

This is just a warning for all motorists.
Firstly check your policies because Admiral cancelled my insurance straight away and as it was Theft you get no courtesy car.

Market Value is what you are supposed to get back but who decides this???
The paid valuations the general public can access via Parkers and Glass's are not valid.
My settlement is £3k less than Parkers say and £1900 less than Glass's.
They sent there final decision on Monday.

Adverts for cars for sale are not valid as again according to them they are there as a negotiation price not resale, but when I said I would need to get a £2k+ discount they claim that the dealers are charging too much.

Admiral Insurance 2 - Me 0

I immediately contacted the Ombudsman and today I heard back that Admiral have made a correct offer and my complaint will not be upheld.
When asked about the valuations I supplied they claim that they don't know why there is such a difference but that is there final decision.
As a final question I asked if I bought a car today the same spec/mileage/year etc and paid the asking price around £2k more than they claim it is worth and god forbid it got stolen in the next week would I be in the same situation and his response was very likely.

So just because you are driving in a car that cost you £20k or £30k don't expect to get that back. Don't waste your money on the consumer paid for valuations as they are not relevant.

To me the only choices are like above pay for GAP or if you have a specialist pay for agreed value but who decides on those?

[Denis O]

Sorry to hear that tale of woe. There's been a few stories recently about Admiral and their less than market value pay outs.

I think it was on the Z4 board that someone would not accept an offer, despite huge pressure, and held out for 18 months. Eventually the insurance company sent someone to deal face to face, who said "do you realise how much this is costing us to keep this case open". He then asked what he would settle for and told him a number, twice the original claim and the company agreed and paid immediately. Of course, this could all be internet myth and not many of us could have a claim for a car tied up for 18 months but, if true, does show what can be done.

I'm guessing there is a reason why some insurance companies have very cheap premiums......they have very small pay outs.

My big worry is I just insured my new car with Admiral!!!! Best try not to have a claim then. 

[X5Sport]

They stitched me on their multi-car policy as they don't (won't) insure laid up vehicles so removed it from the policy and clobbered us with policy increases.  Never again!

[jagr]

Just paid for GAP insurance for the new car to protect myself.
Not bad at £100 for £7500 shortfall cover for 3 years, just annoying I have to pay insurance for my insurance.