Are you insured with NFU mutual Insurance

[Big 'Ammer]

Dean, for a piece of plant equipment like your loader, agree a value with the insurer and pay a premium based on that.

 

Like CTS said, Trust are a helpful bunch.

 

(But our vehicles are with NFU.)

[TreeNuts]

My parked car (a sweetheart by the way) was recently written off by a 7.5 ton lorry who's owner was insured with the NFU.

 

The driver admitted full liability and the NFU assessor valued my vehicle as an insurance write-off, initially offering £600. I believed the vehicle to be worth £1000, so started digging (Association of British Insurers, indemnity laws, the Financial Ombudsman, etc.)

 

They HAVE to put you back in the same financial position that you were in before - the amount must match what you could reasonably expect to pay for a replacement vehicle, like-for-like.

 

Now I couldn't find a vehicle of approximately the same mileage, age and condition. So, I emailed the NFU with details of classified ad's that matched my car's spec. The NFU (by now realising that I meant business) then raised the offer to £850 - still not good enough because there were simply no cars available for that price, and as the NFU admitted the GLASS and Parkers guides were merely guides that might not necessarily reflect the true market value. The NFU also tried to say that one can expect around £100 to be knocked off when buying from a dealer (they're tricky ones, oh yes), but I pointed out that this was an unknown variable that couldn't be used to decide the payout amount.

 

Incidentally, I had a spare car so could keep negotiating with them until the cows came home (never refuse the offer, just say you'll conduct further research before deciding, dangling the carrot, so to speak.) They provided a courtesy car (they have 3rd party insurance through the AA) so the longer the delay, the more it costs them, not that I was delaying intentionally.

 

Eventually, after 2 weeks of negotiation, they offered me £1000 (but they kept the write off, which was fair enough.)

 

The lesson: if you can't find a replacement for the price they're offering, don't accept it and keep pushing.

Edited October 2, 2011 by TreeNuts

[TreeNuts]

so do you expect to get more than you paid for it?

 

That's not actually a factor. You cannot be in a worse financial position that you were in before, so they must payout what you can reasonably expect to pay. What you paid for it in the first place is irrelevant.

[Dean Lofthouse]

What annoys me is that they will still barter with someone's misfortune even if your sum insured value is around the vehicle value, my loader is still uninsured as nfu refuse to guarantee a payout value they just keep saying there's a lot of fraudulent claims

I intend to road register the loader and then shop around a bit but thanks to nfu my vehicle is. Urgently uninsured

 

 

Sent from my iPhone cos it was

[combined tree services]

I want to insure it for it's "replacement" value.

 

If it went missing, I would have to pay £15k to get one exactly the same from a dealer. Sadly, there aren't many dealers that would sell me another at "mates rates"

 

If your next door neighbour won the lottery and let you have his brand spanking top of the range £70K Range Rover for a £100 for tax reasons and invoiced you for said amount, what would insure it for?

 

it would insure for the book value , insuring vehicles is somewhat different to insuring plant and equipment , it is frustrating when you know that you go a deal and could not replace that piece of kit for what you paid .