Classic claim

11wingnut

I purchased a Classic car at a uk on line trade auction.. It was marketed in the wrong place without any info, eg service history ect.
I insured it wit one of the big companies and drove back .. It was a low owner with part service history well minded and unmolested car .I was pleasantly surprised .
3 days later car is stolen and taken for several races around Dublin and found burnt out.
The insurance say they use trade publications to value cars .I have asked what are these publications but they will not tell me.
They will only pay me the exact amount i paid , It was bought cheap but will never be replaced for that money..It is valued in uk at nearly 3 times what they are offering . Policy paid up front, no claims gone ,no expenses, boat fare professional valet,
not looking to make money but i am at a big loss and cannot insure another vehicle until this is sorted .Has anybody had similar ? or suggest how to deal with this?
thanks

Eggs For Dinner

Did you insure it for the replacement value?

If insurers have placed a pre-accident value on the vehicle, the onus is now on you to provide examples of where similar (as close as possible), vehicles are being sold at a higher value

11wingnut

I have showed them some for sale at about 3 times what they are offering .. ( I do not want that much ) but I cannot replace for anywhere near what they offer ..

Henry Ford III

You should have gotten an agreed valuation.

11wingnut

I put value at 5k when taking out policy ..they want to give a lot less .UK value about 8k stg

Eggs For Dinner

Why did you put a 5k (Euro?) value on it when you feel yhe correct value is 8k Sterling?

11wingnut

That was before i went looking to replace it,, I put 5k as a realistic value . I had just bought it not intending on having a claim.

Eggs For Dinner

From what you are telling us, you underinsured the car. The onus is on you to maintain your sum insured at the correct market value

With regard to the examples you provided to your insurers, were they the same make, model, year specification etc?

11wingnut

Yes all same . Yes i undervalued and underinsured it but not even been offered near 5k .

maestroamado

Can i ask what make/model?
I also have a bmw and it is likely under insured as i thinking the same as you.
I was advised not to bring it near Dublin.
I think you should get your 5k, its not their fault your under insured.
If you member of classic club talk to them, they may be able to help.

11wingnut

It was a 1988 golf GTI two door low owner with stamped book no sunroof .in metallic green ..85k miles ..

Eggs For Dinner

11wingnut wrote: »

Yes all same . Yes i undervalued and underinsured it but not even been offered near 5k .

Your insurers should provide you with details of the sample vehicles they used for their valuation

Darc19

11wingnut wrote: »

It was a 1988 golf GTI two door low owner with stamped book no sunroof .in metallic green ..85k miles ..

Jaysus, it's my old car.

Loved it. Still my favorite of all the cars I've had over the past 30+ years.

Gorgeous looking and unusual colour even back then.

whomitconcerns

You under insured it so they will offer you proportionally less. To use your numbers and it's not exact. They will only offer you about 3,500 roughly 5/8 of the value.

That's If you insured it for 5k on a value of 8k.

That's the way it works when you under insured.

CramCycle

whomitconcerns wrote: »

You under insured it so they will offer you proportionally less. To use your numbers and it's not exact. They will only offer you about 3,500 roughly 5/8 of the value.

That's If you insured it for 5k on a value of 8k.

That's the way it works when you under insured.

I would have thought less. 8k sterling is just north of 9k euro. so roughly €2800, maybe a little less.

Eggs For Dinner

whomitconcerns wrote: »

You under insured it so they will offer you proportionally less. To use your numbers and it's not exact. They will only offer you about 3,500 roughly 5/8 of the value.

That's If you insured it for 5k on a value of 8k.

That's the way it works when you under insured.

That's not how it works for a total loss, only a partial loss. You will get up to your sum insured and are deemed to self insure the surplus. In your example, 5/8 of the value is 5k

Skatedude

same thing happened to me. I had a classic policy which i confirmed with them covers up to 50k value of car which i declared was worth 5k. and it was wrote off while i was sitting in traffic, (someone ran into the back of me)
They offered 500 quid as that was the value they decided it was worth despite the fact that all others on the market if you could find them were all over 5k.
I sent in every add i could find.
ended up with a solicitor on it for 2 years. I even offered a number of times to settle for the 500 quid if they can find a single car anywhere of my model for that price or close. they never responded to that.
after 2 years i gave up and accepted 1500, about a third of the replacement cost for a much higher millage one.

It was a 1993 bmw 740 e32. I miss that car

Only thing i can think off in my case was that the person that ran into the back of me was also with axa, so no money to be made for them?