Insurance - Compensation of car's true value

[pipme]

All those battered cars you have left in the car parks throughout the land ... Then, was that from the 'chip oil' in the exhaust fumes !!
I dunno, red D, blue D. cooking oil, petrol, lowering garage floor for the beomoth tsk, tsk, tsk ... whatever next !!

Edward is first to break cover !! on hedgehog mobile !!

 

[AdamW]

Going back to the valuation comment, I have only ever come across "Agreed Valuations" on classic car policies.

I'm not doubting that the Mini Cooper hasn't got an agree valuation but if it is on a normal private car policy let's hope nothing happens to it, because they WILL try to give him the Market value.

I suppose with a late-90s Mini there is the peculiar situation that it is effectively a replica of a classic car... however that wouldn't affect it seeing as it is still only a 7-year old car. Perhaps he got it through a specialist insurer, there are a lot of Mini owners' groups and no doubt insurers that give special rates and policies to their members.

 

[AdamW]

Gosh .. must be age Adam ... my £400 odds, is all three insurances added together

Rates are being pushed up by 4WD's ???

Of course, my life insurance is pretty cheap. Not cos I'm not worth much, more because being a 24-year old non-smoking professional means that I am not particularly exciting for the insurance companies. Short of the risk of falling ceiling tiles or getting my tie caught in the shredder then my working environment is fairly benign compared to a building site with cranes and 10 tonne bits of concrete flying about.

Plus, the binge drinking culture means despite the fact I get drunk almost every week, my weekly units are still relatively low! 8-9 units per week, when the recommended maximum is 28! So that probably helps reduce my premiums.

 

[david and julie]

Adam.. did you mean 8 or 9 pints rather than units? are you sure your mates aren't slipping you the odd mickey.

 

[pipme]

Units ? Crates or barrels ? I gave it a bit of wellie, BUT, only from about '72 til '80 .... calmed down then ... been known to get home to flat at 04:30 head down 'til 06:00 then off to work .. the game was, to never miss work through having a good time ... kept the feet touching .. well, once every few revolutions anyway !! I guess I would not change a thing looking back ... seemed to have missed most of the splinters careening down the bannisters of life ... or have I ?

That's the other thing about the pension ... I have life insurance thrown in so do not have to pay for any.
P

 

[AdamW]

Adam.. did you mean 8 or 9 pints rather than units? are you sure your mates aren't slipping you the odd mickey.

No, really is 8 or 9 units . I generally drink a bottle of wine in one session, once a week. I used to drink quite heavily (well, I did go to university after all ) but I found that it doesn't have the same effect it used to. Yes, I enjoy drinking, and have a great time when I'm pi**ed, but not as good as it used to be. However I think that because my tolerance is high (after that bottle of wine I feel relatively sober), in order to get enough to experience that euphoria, I would have to drink until I felt ill. So I rely on the mood of the evening more than the alcohol.

Plus I have a theory that alcohol is very ageing (perhaps the dehydration makes the skin look dull). Everyone I know who never drinks, or just has the odd shandy now and again, looks more youthful. My brother (who hardly ever drinks) is 3 years older than me, but people were beginning to think I was the elder. I know a guy at work who is 42, but looks about 30. Never drinks.

Perhaps the reason I don't enjoy drinking so much is now we are bombarded with health warnings? So it is psychological as well as physiological...

The fact I feel relatively sober and in control probably accounts for a lot of drink-driving. If I were to go within 6 feet of the driving seat of a car after drinking then my head would spin up in the air and explode in wet spray, however there are no doubt people who think "I feel relatively sober, should be OK to drive." When they are not.

 

[2scoops0406]

Of course, my life insurance is pretty cheap. Not cos I'm not worth much, more because being a 24-year old non-smoking professional means that I am not particularly exciting for the insurance companies.

What do you need life assurance for? I say assurance, 'cos you can't insure your life. You can only insure against an unforseen event, death is sadly still inevitable.

 

[AdamW]

Yes, good point, life insurance would be to put me back in the same situation I was before I died, i.e. alive!

I took out life assurance when I took out a mortgage. It wasn't a stipulation of the lender, but I thought it would be a bit rough if something did happen to me, and my parents were left without their younger son and with a heap of mortgage to pay off, or alternatively to have to go and sort through all my stuff before the bank auctioned the flat.

When I was taking out the policy they had to increase the amount I am "assured" for, because when they put my details into the computer the monthly payment came out as less than their system allowed! I got a policy with no cashing-in value, thought that would defeat the object and possibly offer temptation later on. I don't mean for a gold-digging wife, I mean in case I decide "I feel pretty healthy, I'll cash it in and buy a car."

Getting this kind of stuff sucks, but too few people bother. I think you would have to be mad to be 35 years old with 3 kids and a dependent wife, possibly a mortgage, and not bother with assurance/will etc. As with all insurances it feels like money down the drain, if your uninsured car gets stolen, you have to walk to work. No biggy. If your family end up with no house, no money, no security, on the same day that they lose their husband/father, that is going to be a bad day for them.

 

[2scoops0406]

Yes, good point, life insurance would be to put me back in the same situation I was before I died, i.e. alive!

I took out life assurance when I took out a mortgage. It wasn't a stipulation of the lender, but I thought it would be a bit rough if something did happen to me, and my parents were left without their younger son and with a heap of mortgage to pay off, or alternatively to have to go and sort through all my stuff before the bank auctioned the flat.

When I was taking out the policy they had to increase the amount I am "assured" for, because when they put my details into the computer the monthly payment came out as less than their system allowed! I got a policy with no cashing-in value, thought that would defeat the object and possibly offer temptation later on. I don't mean for a gold-digging wife, I mean in case I decide "I feel pretty healthy, I'll cash it in and buy a car."

Getting this kind of stuff sucks, but too few people bother. I think you would have to be mad to be 35 years old with 3 kids and a dependent wife, possibly a mortgage, and not bother with assurance/will etc. As with all insurances it feels like money down the drain, if your uninsured car gets stolen, you have to walk to work. No biggy. If your family end up with no house, no money, no security, on the same day that they lose their husband/father, that is going to be a bad day for them.

In my situ, yes, totally agreed I'm assured (insured!) to the hilt, however in your situ, I can't see too much value in it. OK your mortgage gets paid off, and possibly the money would go back to your parents (assuming you've made a will) but your parents would be in no way responsible for paying any money that you owed, it would all be taken out of your estate, so I'm not really convinced of the point in having it in your current situation. In any case I'm sure your parents wouldn't think of a few grand as compensation for the loss of their son!

But I suppose if you want to ensure that all is tidy, then it can't do any harm. One piece of advice though, if you haven't already, make a will. I know it all seems terribly morbid, but if you die intestate no end of problems can ensue.

That's another post well and truly hijacked

 

[pipme]

Adam .. Do check this out regards your own pension scheme.
When I was employed .. major global company etc... My pension scheme included automatic life cover of three and half times salary ... No more needed for us . ... In fact even having taken pension early, the cover could be retained at leaving final salary level until I am 65.
When I had a mortgage no extra cover was required .. check it out ... You may be surprised.
P

 

[AdamW]

I definitely will be. We have a good pension scheme here, so will check.

 

[L_Plate]

(sorry I didn't read the previous post re age of KJ's dad's car) I'm not sure how far Parkers Guide goes back. You could also try the autotrader web site, or the theAA.com

Tommy J

I have heard from a friend who has both a TR4 and an MGB (both from the mid sixties) that Practical Classics is a pretty decent mag which gives three valuations according to condition. Might be an idea for Katie's dad to get a copy and see whether it reflects his notion of expected values.

 

[chainsaw_masochist]

I have heard from a friend who has both a TR4 and an MGB (both from the mid sixties) that Practical Classics is a pretty decent mag which gives three valuations according to condition. Might be an idea for Katie's dad to get a copy and see whether it reflects his notion of expected values.

[/quote]

Just looking at a friend's copy of the September Practical Classics. The car that Katie is trying to obtain a guide to value is shown as follows:

Maestro 2.0 Efi
Condition 1 £1,500
Condition 2 £750
Condition 3 £200

Condition 1 Cars are in excellent condition in all respects. They're not concours but are superbly maintained and free from major faults.
Condition 2 Cars are capable of regular use. They have a current MOT, but will need work and/or original parts to make them Condition 1.
Condition 3 Cars usually need a complete rebuild, but might be driveable.

Sounds to me as if this matter is well worth pursuing given compensation value of the insurance company.