Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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..... can you please tell me how insurance companys work out how much to pay in the event of a total loss please?
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Adam_B
Member
Registered: 13th Dec 00
Location: Lancashire
User status: Offline
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they have a hat with random numbers in
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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would appear so 
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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ttt for the workers 
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sassyminx
Member
Registered: 10th Jan 04
Location: Hartlepool Drives: Cossie
User status: Offline
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quote:
Originally posted by Kerry
..... can you please tell me how insurance companys work out how much to pay in the event of a total loss please?
they take the market value of the car at the time it was classed as a loss, well thats what they did with me, but if u have declared mods they also take them into consideration, i declared my alloys on my vectra, had the receipt for £700 and they were still retailing at that price at the time of the loss, but tbh i got 2400 for mine and it had 167k on the clock whereas in actual reality according to auto trader and parkers at the time it was not worth any more than 1000 english pounds 
it daft the way they work it, sometimes theyre way over most of the time they are under market value 
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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but where do they look for market value?
parkers?
or autotrader within 30 mile radius of your postcode pick a random car the same and say thats what we will pay you?
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Scottydoo
Banned
Registered: 6th Oct 04
Location: Scotland
User status: Offline
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Probably use parkers guide incorporating other formulas for millage, value you stated at last renewal and probably other things
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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hmm good point about the value stated 
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sassyminx
Member
Registered: 10th Jan 04
Location: Hartlepool Drives: Cossie
User status: Offline
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quote:
Originally posted by Kerry
but where do they look for market value?
parkers?
or autotrader within 30 mile radius of your postcode pick a random car the same and say thats what we will pay you?
churchill told me they use parkers, auto trader round your area and value u specified etc, also with modded cars the more photographic evidence you have of the car the better........ i did this with my vectra, sent em a disc with pics on and only with the really gleaming pics so it looked class
suppose you could photoshop it not like they would ever know is it
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City
Member
Registered: 30th Dec 03
Location: Wakefield Drives: Red GSi
User status: Offline
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they dont use parkers they use glasses guide i work for Direct line insurance who own churchill - they pay out market value on car they take into consideration mileage condition service history
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sassyminx
Member
Registered: 10th Jan 04
Location: Hartlepool Drives: Cossie
User status: Offline
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quote:
Originally posted by City
they dont use parkers they use glasses guide i work for Direct line insurance who own churchill - they pay out market value on car they take into consideration mileage condition service history
how do u work this one out then please?
i had a 1996N Vectra SRi 4 door saloon (AC model)
with 167k on the clocks
full service history to 130k
17" team dynamics K2 alloys 2mths old
the parkers valuation for my car in good condition with 80k mileage at the time was 1400
i got £2400 for that car and it wasnt in excellent condition it had rusty arches, no probs elsewhere tho
it was worth 1k according to parkers valuation when i declared mileage and that was based on one with 110k
[Edited on 20-10-2004 by sassyminx]
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City
Member
Registered: 30th Dec 03
Location: Wakefield Drives: Red GSi
User status: Offline
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when did you get paid out by churchill???
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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There's loads of factors involved:
The insurance company (there's no industry standard on how to value the car), so inevitebly there will be differences between insurers.
In reality most of them will just use parkers and have a very broad milage range to refer against, some people lose out some people make out that's life.
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City
Member
Registered: 30th Dec 03
Location: Wakefield Drives: Red GSi
User status: Offline
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quote:
Originally posted by Tom
There's loads of factors involved:
The insurance company (there's no industry standard on how to value the car), so inevitebly there will be differences between insurers.
In reality most of them will just use parkers and have a very broad milage range to refer against, some people lose out some people make out that's life.
toms right i reckon - but directline who i work for own churchill, tesco, privelege, devitt, etc they all use glasses guide - some people are happy with valuation they get from insurance engineer and some arent
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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I work for a bigger commercial general insurer than direct line   but then again i don't do a technichal job so I don't really know
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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well norwich union did a search on postcode within 30 miles and car that came up they offered that
well under value in my opinion 
told my mum to get atleast 3 cars off autotrader and send with history and reciepts as she spent £500 in last few months on keeping it maintained
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3CorsaMeal
Member
Registered: 11th Apr 02
User status: Offline
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don't know if this is any help:
1. First of all, pick the number of times a week that you would like to
have dinner out. (More than once, but less than 10.)
2. Multiply that number by 2. (Just to be bold.)
3. Add 5. (For Sunday)
4. Multiply it by 50. ( I'll wait while you get your calculator...........!)
5. If you've already had your birthday this year, add 1753. If you
haven't, add 1752.
6. Now subtract the four digit year that you were born.
You should be left with a three digit number.
The first digit will be your original number.
(i.e. how many times you want to eat out each week.)
The next two numbers are...
YOUR AGE! (Oh YES, it IS!!!!!)
THIS IS THE ONLY YEAR (2003) IT WILL EVER WORK,
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bradfincham
Member
Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
User status: Offline
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with the red one i had insured it as 5k,
they took the market value and what i spent on the car - receipts!
Then they paid me 5k after my excess had been taken out!!
Good way to make money on cars!! ha ha
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sassyminx
Member
Registered: 10th Jan 04
Location: Hartlepool Drives: Cossie
User status: Offline
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quote:
Originally posted by City
when did you get paid out by churchill???
february
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Gez G
Member
Registered: 12th May 04
Location: Glasgow
User status: Offline
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quote:
Originally posted by City
they dont use parkers they use glasses guide i work for Direct line insurance who own churchill - they pay out market value on car they take into consideration mileage condition service history
So do Norwich Union Direct (I work for them) as does Esure (the gf works in claims for them)
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Gez G
Member
Registered: 12th May 04
Location: Glasgow
User status: Offline
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quote:
Originally posted by bradfincham
with the red one i had insured it as 5k,
they took the market value and what i spent on the car - receipts!
Then they paid me 5k after my excess had been taken out!!
Good way to make money on cars!! ha ha
What company was that mate??
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dousey
Member
Registered: 21st May 03
Location: Selsey, West Sussex
User status: Offline
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quote:
Originally posted by 3CorsaMeal
don't know if this is any help:
1. First of all, pick the number of times a week that you would like to
have dinner out. (More than once, but less than 10.)
2. Multiply that number by 2. (Just to be bold.)
3. Add 5. (For Sunday)
4. Multiply it by 50. ( I'll wait while you get your calculator...........!)
5. If you've already had your birthday this year, add 1753. If you
haven't, add 1752.
6. Now subtract the four digit year that you were born.
You should be left with a three digit number.
The first digit will be your original number.
(i.e. how many times you want to eat out each week.)
The next two numbers are...
YOUR AGE! (Oh YES, it IS!!!!!)
THIS IS THE ONLY YEAR (2003) IT WILL EVER WORK,
Sorry to shit on your parade but it' 2004 mate
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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the value you state does not come into consideration AT ALL..
what my missus' told me when she worked for Swinton insurace...
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Corsa^Dan
Member
Registered: 4th Dec 02
Location: Sleaford, Lincolnshire
User status: Offline
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quote:
Originally posted by dousey
quote:
Originally posted by 3CorsaMeal
don't know if this is any help:
1. First of all, pick the number of times a week that you would like to
have dinner out. (More than once, but less than 10.)
2. Multiply that number by 2. (Just to be bold.)
3. Add 5. (For Sunday)
4. Multiply it by 50. ( I'll wait while you get your calculator...........!)
5. If you've already had your birthday this year, add 1753. If you
haven't, add 1752.
6. Now subtract the four digit year that you were born.
You should be left with a three digit number.
The first digit will be your original number.
(i.e. how many times you want to eat out each week.)
The next two numbers are...
YOUR AGE! (Oh YES, it IS!!!!!)
THIS IS THE ONLY YEAR (2003) IT WILL EVER WORK,
Sorry to shit on your parade but it' 2004 mate
dont work lol it says i was 19 and im 20
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by CheekieCorsaSXi
quote:
Originally posted by City
they dont use parkers they use glasses guide i work for Direct line insurance who own churchill - they pay out market value on car they take into consideration mileage condition service history
So do Norwich Union Direct (I work for them) as does Esure (the gf works in claims for them)
so why did norwich union just look for a car on autotrader?
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