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Benners66
Member Since: 09 Mar 2016
Location: Southampton
Posts: 86
  
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| D3 'Market Value' vs price to buy - Insurance Cover |
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Hi all,
Just looking at renewing cover on the D3, and noticed that whilst doing the online quote Direct Line state the 'Market Value' of my D3 is £5664, and it is clearly stated on the documents they will NOT pay more than the market value at the time of the loss.
Where do they get this market value from, as I'd love to find an equivalent for sale for this price....... Probably WBAC.com ??
If I change the quote to say £10k value, will this be dismissed and market value paid?? Do any other insurers give a realistic value for Disco's??
Cheers
Ben
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 17th Jan 2017 1:09 pm |
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1967jester
Member Since: 05 May 2010
Location: Usually in the North East though I have been known to travel
Posts: 4484
  
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Most use CAP to get valuations. When buying new or used you can take out GAP insurance to cover market value vs price as bought but usually dependent on mileage/age etc. ALA were the company i used a while back.
Worth contacting forum sponsor A-Plan (need to speak to the Thatcham office) for a quote, mention you're a member here for a small discount. Paul.
06 Java Black HSE - gone
12 Baltic Blue HSE - gone
15 Fuji HSE Lux
Club Biscuits, mmmm nice!
Traxide/Luna hybrid & Yellow top
Some Prospeed bits
+ some other stuff
Club N.E.R.D.s.
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| 17th Jan 2017 1:25 pm |
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CY
Member Since: 16 Aug 2005
Location: Warwickshire
Posts: 4506
 
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I discussed this at length with Admiral when I renewed my insurance on the G4 this year. I was keen for them to accept and acknowledge the real-world value of my G4 as opposed to the book price for a standard D3 (which is what mine appears on their system as). They were initially adamant that the pay-out would simply be a “market value” sum based on entering my reg plate into their CAP tool. I understand the genuine G4 Challenge vehicles to be worth around £17-18k whereas the book value of an 08 TDV6 HSE is closer to £11-12k.
Admiral finally conceded that in the case of a pay-out, they would take in to account the vehicle valuation I submitted at the point of taking out the policy (I said £20k) and there would be a conversation between them and us where I could provide evidence (e.g. testimony from the G4OC, previously sold G4 vehicles etc) to agree the valuation.
May be worth ringing and asking to discuss the process in the event of a pay-out and see if there’s any room for human dialogue on such occasions?
Chris 2007 Porsche Boxster (987) 2.7
2008 Discovery 3 TDV6 HSE G4 Challenge (1 of 68)
2023 Defender 90 D250 X-Dynamic HSE
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| 17th Jan 2017 2:31 pm |
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Benners66
Member Since: 09 Mar 2016
Location: Southampton
Posts: 86
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Cheers,
I'll give them a call and see if something can be done.
Checking about and market value is close to 55-60% of current asking price for a similar speced one.
As has been mentioned before, time of year makes a big difference too. Doubt that's considered.
I will also contact A-Plan. Worth a try. Not trying for cheaper, just more realistic valuation.
Ben
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| 18th Jan 2017 12:41 pm |
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