Insurance Pay Out Valuation

[Mooncat]

VAT is not recognised or included in an Insurance payout total loss

My 6.1 highline Kombi camper spec ( heater/swivels/etc) 2021 had 4K miles when total loss , and best I could get was £38k

I'd already found this link which implies that if the insured was not VAT registered then they would get the VAT value added to a pay out on a commercial vehicle. The Engineers Report actually has the option for commercial with or commercial without VAT for the valuation.

Settlement offered without VAT after van was written off in an accident

Malcolm’s insurer offered him trade value for his written off van, but they didn’t add VAT. So he asked us to investigate.

www.financial-ombudsman.org.uk

 

[True Romance]

Search youtube for matt Armstrong and see what can be repaired. You'll be surprised. Finding someone to do it on the other hand night be more tricky.

 

[Mooncat]

Search youtube for matt Armstrong and see what can be repaired. You'll be surprised. Finding someone to do it on the other hand night be more tricky.

My van can be repaired - it's a Cat S.

I sent the Engineers Report to a body shop that does insurance work and also classic vehicle restoration so they're used to cutting out bits of chassis and replacing - they could have provided an estimate and won some work but basically told me to leave it alone due to the future value vs repair cost (somewhere between 10 & 18K depending on what gets uncovered when panels are removed) but more importantly the chance it would never have 100% structural integrity again. If a repair shop turns down work and advises you not to buy back the vehicle, you know it's time to walk away.

I'm sure it'll be bought at auction, the chassis leg will be hydraulically straightened, the split welded up, the sub-frame bashed back into shape......basically repaired as economically as possible and someone will take a gamble on buying it without knowing what the actual damage was. I guess it depends on how much value you put on your safety and that of anyone that travels in your vehicle - you can be the safest driver in the world but that doesn't stop someone else crashing into you.

 

[Bav]

I'm sure it'll be bought at auction, the chassis leg will be hydraulically straightened, the split welded up, the sub-frame bashed back into shape......basically repaired as economically as possible and someone will take a gamble on buying it without knowing what the actual damage was. I guess it depends on how much value you put on your safety and that of anyone that travels in your vehicle - you can be the safest driver in the world but that doesn't stop someone else crashing into you.

You'd hope folks weren't sill buying used vehicles without investigating their history first. It's so easy and relatively cheap to do, especially if it's on the write-off register.

 

[Mooncat]

You'd hope folks weren't sill buying used vehicles without investigating their history first. It's so easy and relatively cheap to do, especially if it's on the write-off register.

The V5 has already been replaced with one that states it's been salvaged due to having structural damage so if someone bought it not knowing it had been a Cat S, they certainly would when they received the V5.

 

[PB-T6]

A good thread - I can see I need to agree value or value range before any accident.
I started the process , my insurance company, upon receipt of the full spec, and all those expensive extras, asked for a valuation report.
An engineers report would confirm the safety/ quality of the conversion but not relate to the current market values.
so I need a camper van sales outlet, specialising in VW, with their own workshop, who I could pay for say an hours inspection and an hour or so for writing the report up.
who do you think I could contact for this. ?
thanks PB-T6

 

[CarreraRSR]

My insurer would not give an agreed valuation on my new to me but used Kombi. They said due to high values on Transporters they would not offer this service. I said that’s exactly why I need this cover!! Go figure that one out ¯\_(ツ)_/¯

 

[Bav]

My insurer would not give an agreed valuation on my new to me but used Kombi. They said due to high values on Transporters they would not offer this service. I said that’s exactly why I need this cover!! Go figure that one out ¯\_(ツ)_/¯

Find a different insurer.

 

[Bargy62]

My insurer would not give an agreed valuation on my new to me but used Kombi. They said due to high values on Transporters they would not offer this service. I said that’s exactly why I need this cover!! Go figure that one out ¯\_(ツ)_/¯

surely if its a straight forward kombi you don't need AV as its only worth market value whatever that maybe

 

[CarreraRSR]

Find a different insurer.

None in the price range offered the service

 

[CarreraRSR]

surely if its a straight forward kombi you don't need AV as its only worth market value whatever that maybe

Has lots of factory extras and a few aftermarket. So it’s not a stock van.

 

[Bav]

None in the price range offered the service

An AV policy will always have a higher premium than an equivalent MV policy.

 

[CarreraRSR]

An AV policy will always have a higher premium than an equivalent MV policy.

£25 extra to AV my Porsche with same underwriter. Not available on the Transporter.

 

[Bav]

£25 extra to AV my Porsche with same underwriter. Not available on the Transporter.

How much extra for AV on your Transporter (from other insurers)?

 

[CarreraRSR]

How much extra for AV on your Transporter (from other insurers)?

The 3 in the same ball park wouldn’t offer it. I didn’t ask the others as they were £3-400 more.

 

[Bav]

The 3 in the same ball park wouldn’t offer it. I didn’t ask the others as they were £3-400 more.

ouch!

 

[Mooncat]

As an update to this - the loss adjuster {AAC Ltd} is still dithering and the hire vehicle costs have now passed £6K (it really isn't worth that - it's a 3 year old Peugeot Expert builder's van that looks like several people have been murdered in the back). The uninsured loss legal team is in direct contact with the insurance company and I've asked them to point out how much AAC is costing them (their average email response time represents £650 in hire costs!) which I think has resulted into an 'oh-cr@p' moment. It really shouldn't be this difficult!

 

[CarreraRSR]

As an update to this - the loss adjuster {AAC Ltd} is still dithering and the hire vehicle costs have now passed £6K (it really isn't worth that - it's a 3 year old Peugeot Expert builder's van that looks like several people have been murdered in the back). The uninsured loss legal team is in direct contact with the insurance company and I've asked them to point out how much AAC is costing them (their average email response time represents £650 in hire costs!) which I think has resulted into an 'oh-cr@p' moment. It really shouldn't be this difficult!

I wonder if the insurers have an algorithm that calculates how much they could have saved themselves if they agreed to a stronger payout from the outset rather than digging in their heels. Ultimately this wastage gets added to our ever increasing annual premiums.

 

[Mooncat]

I wonder if the insurers have an algorithm that calculates how much they could have saved themselves if they agreed to a stronger payout from the outset rather than digging in their heels. Ultimately this wastage gets added to our ever increasing annual premiums.

 

[Mooncat]

It's the company that the insurer has instructed to handle this claim that's causing the issues. I don't know whether it's incompetence or tactics. I also don't think they were aware of the hire vehicle as that was done through the uninsured loss legal company. But you're right, this is why premiums are so high.