Stolen Vehicle & Gear - My turn

[David Riding]

:congrats:

 

I think you will find that deserved 3 claps

[geoff]

Sorry to hear of your trouble,too much of it going on.

[Dean Lofthouse]

Unfortunately thats not the case mate, if you want to set a value on a vehicle you insure, you need to get an independent valuation and send it to the insurer before you take out the cover.

 

Insurance is to replace whatever is covered, so if you are not happy with their offer you just ask them to buy you a replacement.

 

They tried it with me and I just kept refusing their offer, I pointed out I had been paying a premium based on my valuation or the actual cost of the vehicle in question not their guesstimate after the vehicle has gone.

 

The next time I got a quote and they asked me the value, I asked them to come out and value the vehicle if they weren't going to pay out on mine if the worst happened.

 

They were quite happy to go with my valuation

 

Here we go again, but I'd like to know how you would stand in court

[felixthelogchopper]

Would most likely come down to the wording on the policy.

[Dean Lofthouse]

Would most likely come down to the wording on the policy.

 

Exactly

 

..and mine stated "Market Value not exceeding £12k"

 

Like Dave said, just ask them to buy a motor exactly the spec, mileage and condition of the one thats gone missing, for the value they are offering.

[Ian C]

Exactly

 

..and mine stated "Market Value not exceeding £12k"

 

Like Dave said, just ask them to buy a motor exactly the spec, mileage and condition of the one thats gone missing, for the value they are offering.

 

There on the win win side though Dean, yours stated "market value not exceeding 12k" how you going to aguee if "the market" has dropped say a newer model has come out or we hit a recession! Insurance companys are one of the few services that have there cake and eat it on a very regular basis! Also getting a direct replacment is harder than it might seem and they dont have to rush to do it, we need the vehicle to work so more often than not go for the easy option so they win again..............bloody sharks, most of em.

[Dean Lofthouse]

There on the win win side though Dean, yours stated "market value not exceeding 12k" how you going to aguee if "the market" has dropped say a newer model has come out or we hit a recession! Insurance companys are one of the few services that have there cake and eat it on a very regular basis! Also getting a direct replacment is harder than it might seem and they dont have to rush to do it, we need the vehicle to work so more often than not go for the easy option so they win again..............bloody sharks, most of em.

 

Their only win win if you accept their offer and terms

 

I offered to go to court and they paid out

 

This time I gave them a value, they accepted the value as £12k no more

[treebloke]

The landrover is worth whatever you insured it for, if you put down a value of £6k then that is what you have paid a premium for, not what the insurance company thinks its worth out of some glasses guide.

 

Dont let the insurance company get away with it, if they asked you what the value of your vehicle was then it will be on your insurance spolicy schedule and that is what you are entitled to

 

They will always offer less than they are actually willing to pay.

 

Something to bear in mind with tool and equipment insurance is most policy's will have an 'average' clause. If you make a claim and they appoint a loss adjuster he will be out to protect your insurer.

 

Say you make a claim for a chipper @ £12,000. and on your proposal form you insured all your kit for say £30,000. When he comes along nice and friendly to make a list of what you own and it totals £40,000. you are 10k under insured and therefore they will not pay you the 12k for the replacement chipper, only the percentage of the total value you were insured for.

 

Ask me how I know:cursing:

Edited February 7, 2010 by treebloke
spelleling msitake

[Arborist Sites]

The way to get back is to claim salvage rights on the vehicle if found, you get it back for a bargin....

 

Prob only worth it with a landy though.

[Dean Lofthouse]

The loss adjuster came out and tried it on with me with the mewp when I wrote that off.

 

I got the full amount I insured it for, again, he tried to say it wasn't worth the full amount because it wasn't new, it was now used.

 

I just started laughing and asked if he knew any more jokes, I pay a premium for a machine of a value stated on my insurance docs and that is the value I want. When I come to renew, I will give a lower value for a one year old machine.

 

I too have been stung before so I give every insurance policy the third degree now