Glanza Insurance valuation

Arnold

Arnold

www.alanarnold.co.uk
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Current situation

Car is being moved to a scrappy in bedfordshire somewhere, and will be assessed by insurance in a couple of weeks. My options are

1) I can remove modifications and parts before it's assessed, which will probably lower the value they give me. I'd like to take the coil overs, dump value, clutch, short shifter and various other bits. or

2) I can leave modifications and parts and they'll give me a price based on how it is and what's on it. The engine mods / coilovers are not declared so i'm thinking these will just be ignored in the valuation? From here it will go to salvage where i'll get the option to buy it or scrap it with everything on it.

I cannot get it valued then remove parts, because the scrap yard will be paying for more than they're getting. what would you do?

I'm thinking as long as i get my money back, £3500, then i should cut my losses on the parts or buy them back from the scrap yard at whatever value they give them. My policy says the car is worth £5000, but i have a feeling like most companies they'll just try and give it market value and not the price i gave it. Could i claim for the whole £5000?
 
i would tread very carefully personally :eek:, the insurance will be looking for any opportunity to throw out your claim, imo
 
Im suprised they're letting you touch it all tbh (before its assessed)...i also hope they dont take offense to the modifications you've not told them about, even if youve told them you didnt know they were on...they might not take to kindly to it.

very worst case means no money at all...
 
I would remove the parts such as coilovers before it is assessed, it will give the insurance company less chance to try and not pay out.
 
trouble is modded...they'll wonder why the suspension has gone walkies...and the only assumption there is that they werent the originals.
 
yes but if they are giving him the chance to remove parts then surely they can't question, or prove parts that are removed.
 
never underestimate the insurance companies... :)

they went all over my bros car, even checked tyre tread depth after his accident and his was stationary at traffic lights (was hit from behind)...they were itching to try and pay out less...he even had to argue with the bloke to get a proper value for the car.

btw Arnold, im not saying dont take anything off, just make sure its not gonna come back to bite you :)
 
I know what you mean mate, I'm just saying once you've taken them they would have to break into your house or garage to find out what suspension was actually on there.
It could have just been brand new standard suspension that you had just fitted :wasntme:
 
yeah true modded...but then as said im suprised they're letting Arnold take parts off before the clipboardian has been over it. :)
 
See, it's a bit of a grey area isn't it! I'm not sure which way is going to work out best for me. I know generally they'l try and give me a low payout as possible! The good thing is, i get to be there when they assess the car and they're going to give me a price for parts fitted, and parts removed - then i guess i can judge which one benefits me.

I'm just a bit concerned they might think i'm hiding something if i take bits off before it's been looked at, even though i've been given the green light to do this. I will probably just wait until they are there, looked at it with all the bits on and go from there.
 
Take everything off it - windows, bumpers, bonnet and sell on eBay - then it won't matter if they give you £2.50 for it?
 
Firstly if your going to remove anything from the car I would strongly advice you have a letter from your insurance company giving you the go ahead to remove any parts you wish from the car.

Within this letter you need them to state whichparts can be removed.

If you leave the car as it is, you will get next to nothing on the modifications on the car. I was paid out on my corolla £1,300 for the car and £400 for the modifications even though I put in £5,000 worth of receipts.

I was allowed to remove my audio, personal belongings etc, but if anything like the wheels was removed I had to replace with the OEM items, at the time I didn't have these and couldn't do it. smaller items that have some value I would remove.

They will indeed NOT payout on any of the engine modifications or the coilovers, these were not declared at the time of the policy was taken out and to be perfectly honest, they could quite easily void your policy all together. Taking that into consideration I would remove the coilovers and any performance increasing modifications, other then the front mount that you declared.

You should get back what you paid for the car, but no way will you get £5000 on Glanza V.

Basically I would advice with the letter to remove any parts you can, because at the end of the day, you will get sod all for them in the valuation.

Be very careful how you go about this, I would certainly feel much more at ease knowing that I had insured everything, I know you had to rush insurance through, but even my premium with everything declared is approx £550 full comp.
 
If It was me I would not touch it and just deal with it as it is. Anything like suspension is going to be ruined any way and have no value for resale, so what is the point. Why do you want a load of modified parts that have been in a very serious crash? If you didn't insure it, like kev said that's down to you, and you cannot be expected to get anything for it.

All you can do is find a load of similar Glanzas on autotrader/pistonheads etc for a typical valuation and offer that to the insurance company as to get an idea of its value.

Also why are you trying to claim more than what you paid for it? Its only worth its market value not a value you gave it.

Insurance is not to profit from, its simply to cover your loss in the event of a partial or total loss. Nothing more!
 
I agree with Ed. If it was me, I would leave well alone, then deal with the insurance valuation when made. I would also be talking to the scrap yard to get a price for the car.
 
Ed said:
Insurance is not to profit from, its simply to cover your loss in the event of a partial or total loss. Nothing more!
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That's why i wrote above, as long as i get the £3500 back then i'll cut my losses on the parts. Kev priced up some of the bits to me and they're little things that you wouldnt declare, like HKS spark plugs etc.. little bits really which i am after, but yeah i think i'll just leave it alone until it's been looked at and go from there.
 
i don't get why they ask you for a value of the car if they have no intention of paying that out?

if you said the car was £5k then thats what they should give you in theory. i know this is an insurance company and they are ment to make you suffer but logically if thats the value of the car then thats what should be paid.

i agree with Kev, if you have it in writing from the insurance company that you can take off parts then go for it, get as much as you can that is worth money. the insurance company is supposed to give you enough money to put you back to how you were before the crash so if you had modified suspention then they should give you the money for a new glanza and let you keep the suspention to fit to it.

but really it sounds very stupid and the people you need to be talking with about this is your insurance company, get rid of the grey area and get the facts in black and white.
 
NeX said:
i don't get why they ask you for a value of the car if they have no intention of paying that out?

if you said the car was £5k then thats what they should give you in theory. i know this is an insurance company and they are ment to make you suffer but logically if thats the value of the car then thats what should be paid.
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That's what i thought, because you pay a premium depending on what the value of the car is. Anyway, it's being looked at tomorrow. I was meant to be going to see it with the assesser but i've got a hospital appointment tomorrow so won't be able to go! I hope they give it a decent price, or at least what i paid for it.
 
They've offered £3200 minus £200 excess. I'd ideally like to see all my money back as i do feel it was worth more, so i've refused that offer. I haven't claimed injuries etc. I paid £3500, so a few hundred quid isnt much more to ask and i'll cut my losses on the mods, I just can't buy another one for £3000.
 
squarepants said:
i would have took the £3200! but thats me lol.
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you mean £3000. £500 is a lot to lose in 1 day of driving though, after all thats what insurance is for.
He did tell the insurance company that there were more mods but he did not know what they were so if they insured him then that is there problem.
 
He didn't fully declare the modifications, so no offence but why should Arnold get a pay out for something that was not covered. You loose excess everyone knows that :)
 
I'm already prepared to not get the mods payed out as they are not covered, I've not asked for money for the bits i've not declared, but you can't buy one of the same condition for £3500, even if it was standard. Look on pistonheads, or any forecourt.. There aren't any for £3200 that are any good. I purely want enough back to be able to afford another one, but £3200 is just a little too short.

She wants me to send in the receipt which i've got and i reckon they'll hopefully match it after they receive that
 
I will have to ask. I'd take £3000 if i could get the bits off it and fit them to my next one. Lots of stuff on it that's usable still, and worth something.
 
Arnold said:
I'm already prepared to not get the mods payed out as they are not covered, I've not asked for money for the bits i've not declared, but you can't buy one of the same condition for £3500, even if it was standard. Look on pistonheads, or any forecourt.. There aren't any for £3200 that are any good. I purely want enough back to be able to afford another one, but £3200 is just a little too short.

She wants me to send in the receipt which i've got and i reckon they'll hopefully match it after they receive that
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thats really pessimistic dude. I've seen a 98 spec go for 3k near me, and it was in great condition. There are bargins to be had out there, my 1st glanza cost me 2700 so keep your eyes out. That black one wasn't going to be the only one out there for that money.
 
I just want back what i paid, surely that's not an unfair request. I mean, if you insured a house and contents for £300,000 and it burnt down. The market changes and prices drop, you wouldn't settle for a 1 bedroom house with half your stuff missing. Why should you lose out?

I will keep my eyes open for others, maybe i will find one for less than 3K, the average from what i'm seeing is at least £3,500 upwards.

I'm not trying to use insurance to make a profit, just get my money back.
 
stick to your guns dude, you should get back the price you paid for it at the end of the day as you only had it for a few hours! get a nice mr2 turbo for £3500 ;) they stick to the road a bit better *cough* ;)
 
Manny said:
why dont you claim injury? you will get atleast 2 grand iirc.
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I really hope you are never involved in an accident

moddedmicra said:
you mean £3000. £500 is a lot to lose in 1 day of driving though, after all thats what insurance is for.
He did tell the insurance company that there were more mods but he did not know what they were so if they insured him then that is there problem.
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Let's face it, though, if I buy your car for 1 million pounds, it does not make it worth 1 million pounds.

Arnold, often a good idea to refuse insurance's first offer, hopefully they will bung you a couple of hundred quid more so that they don't have to do any more work on it - it's a decent ish enough figure but still probably not enough to put you back in the same position you were in before the accident.

Have they said when they will get back to you regarding a new offer?
 
Craig said:
I really hope you are never involved in an accident






Let's face it, though, if I buy your car for 1 million pounds, it does not make it worth 1 million pounds. more likely they will not give you what you value at when you insure it.

Arnold, often a good idea to refuse insurance's first offer, hopefully they will bung you a couple of hundred quid more so that they don't have to do any more work on it - it's a decent ish enough figure but still probably not enough to put you back in the same position you were in before the accident.

Have they said when they will get back to you regarding a new offer?
Click to expand...

Craig said:
I really hope you are never involved in an accident

let hope so. thats what insurance is for isnt it? especiall if there being awkward.

arnlod if they wasnt going to give you enough, you should have gone to a private insurance company and they will try to get you as much money as they could plus you would have got your injury claim money also.
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moddedmicra said:
a private insurance company!? His insurance policy was with this company, he can't change his mind now!!!!
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why cant he? its his choice hes paid them the money he can decide. insurance company would be happy if he told them he going to sort it out himself. company will be happy because thy will save time and hassle. im not saying he should buts its an option what anyone can do.
 
err he paid for his insurance, then crashed, he can't change insurance companies now! Doesn't quite work like that :upside:
 
thats really confusing, do you mean an independent claims company? (they work in conjunction with your insurance to find the best middle ground for you in that situation)
 
pap29 said:
thats really confusing, do you mean an independent claims company? (they work in conjunction with your insurance to find the best middle ground for you in that situation)
Click to expand...

yes thats what i mean. atleast someone understands :grinning:
 
if you had said that i would have understanded, as it was you said a different insurance company! Which is a totaly different thing.,
 
I'm not getting an independent involved, it's too much hassle. Besides, they're going to want there slice of the pie. I'm sure with a bit of patience and the receipts being sent to them, they'l up the payout.

I got the tax disk sent through too so can get a tenner or so back from that too.
 

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