Wrote My Baby Off Last Night

[javaboss]

Hi everyone,

Well, I leave my IS200 in my gargage whilst it snowed and all was well. I went over to my parents house last night and upon driving home I went around a large roundabout and as I exited it the back end of the car stepped out and I lost control!

I hit a road sign and spun the car back around the other way and ended up in a ditch. The side airbags went off and I just walked out without a scratch. The police said that if I had been in a Fiesta I would be sucking my breakfast up though a straw in the local hospital!

Anyway, the offside rear door was smashed in and after it being assessed at my local Lexus dealer this morning they've said the car is a write off. I was told that this was due to serious damage to the suspension amongst other things. Anyway, the insurance company have spoken to the body shop and they think it is likely to be a write off too but will be sending out an assessor to make the final call.

My question is this:

How does the assessor work out the value of the car?

I have a April 2001 Lexus IS200 SE auto with 12,000 miles on the clock in Platinum Ice.

I've done some surfing on the web and here's what I've found:

RETAIL VALUE : £17700

TRADE VALUE : £16000

Lexus Hadleigh have a silver SE auto in stock with 12k on the clock for £17,500

So, which number do I get offered? Surely it's the retail value as the insurance should cover the cost of replacing the car with a car of the same age/milage?

Hope you guys can guide me!

Finally, yes I will be popping down to Lexus Hadleigh to look at buying a new car from them. That's why I need the most money I can get if it's written off so that I can stretch to the £21500 ish that a new one will cost!

Regards,

Neil.

[Steve]

hi mate

Sorry i cannot help you with pricing

But all i wanted to say is thank goodness you were not hurt mate.

[Mitch]

sorry to hear that java.

not sure bout ur questions though.

sorry again mate

[Wallace]

Hi Neil glad to hear you are ok!..It sure was a bit hairy on the roads yesterday. The answer is that the insurance company will not pay you what YOU want for your lost baby, the good news is that as a cash customer you should be able to get a good discount, good luck.

[Matthew_McNally]

Neil

thats awful mate - my sympathys.

more importantly, glad to hear that you are OK and walked away.

Unfortunately, I do not think I have good news for you.

First of all - read your policy document carefully - that should explain exactly what you are entitled to.

But - I think you will find that your insurance company are not obligated to get you a new car

However, they should make sure that you are not in a worse position after the claim than you were in before

So - if you were in an 18 month old IS, with 12k on the clock - then they will either put you back into the roughly the same car, or give you a cash settlement equal to the value of the car at the time.

If I were you, I would now be checking every used Lexus you can find, trying to find one that is as close to what you had as possible - and telling the insurance company about them all.

Make it as easy as possible for them to put you back into the sort of car you had before the accident

[imi]

Sorry to hear about what's happend, but main thing is your fine, cars come and go, but people.....

As far as i am aware insurance companys work around the trade value of the vehicle and not the retail value....

[javaboss]

You're all correct. I'm looking at it (and my wife is too) that I got out in one piece.

And there's no doubt that Lexus build and safety saved my *****.

It also sound like good news about the insurance from what you have all said. Lexus Hadleigh have this car:

http://www.lexus.co.uk/detail?template=/le...1067&vidindex=6

It's up for £17,975 with 21k on the clock.

If the insurance pay me out say £18k for only having 12k on the clock I'll be quite happy.

It'll only cost me about £3.5k for a new car!

I was concerned that the insurance would only pay out the TRADE value of the car rather than RETAIL.

If they have to put me in a car of same spec/age/milage then I should be fine. I can fork out the extra 3-4k and

have a new one!

[javaboss]

oh dear... just read the last post. Looks like it might be TRADE value after all then. And that's only £16k. Damn.

[imi]

First of all - read your policy document carefully - that should explain exactly what you are entitled to.

But - I think you will find that your insurance company are not obligated to get you a new car  

As Matthew said, it usually says so in the insurance documents pack, in the event of an accident what that particular insurance company regulates to... then again just ring up your inusrance company and have word with them (some companies are ok, others don't wana know you)...

[javaboss]

I just checked Privilege insurance's website.

I quote:

"Market Value means the replacement value of the same make and model of a similar age and condition vehicle as determined by reference to standard trade guides."

"The maximum amount payable by us will be the market value at the time of the loss or damage unless you are entitled to claim for a replacement car as detailed below in paragraph 3. If we settle on the basis that your car is a total loss or uneconomical to repair, we will become entitled to possession and ownership of your car. "

"3. If within one year of its first registration as new in your name: (a) Your car is lost by theft and not recovered, and is the subject of a claim under Section C, or

(B) Damage covered by the terms of this policy is caused to your car to an extent greater than 60% of the manufacturer's list price (inclusive of V.A.T.) at the time of such damage,

we will at your request and subject to the consent of any other interested party known to us, replace your car with a new car of the same make, model and specification if immediately available in the United Kingdom.

If a car of the same make, model and specification is not available, the most we will pay is the market value of your car at the time of loss or damage.

In such an event, we will become entitled to possession and ownership of your lost or damaged car."

Phew. Looks like I might be in the clear and get aprox £18k. :D

I'll keep you all posted.

[removed_member]

All I would add - having had a couple of write-offs myself (NOT due to my driving - one stolen / recovered, and one hit by someone who ran a red light) is: don't accept the Insurance company's first offer.

If you have servicing receipts and repair / replacement invoices then you can negotiate. I have twice received more than the top book price because the vehicle had been very well looked after.

Good luck

[GRiM]

Ditto on the "Glad you're safe" wishes from everyone. That's what matters most. :luck:

Out of interest, when I bought my car Lexus offered me "GAP" insurance, whereby for a one off payment of £350 I would be covered for 3 years against depreciation of the car in case of an insurance claim. In other words what ever the insurance company :arrrggg-matey: offer for my car, GAP insurance will cover the difference between a new car and the insurance company's :arrrggg-matey: offer.

Don't expect however, for your insurance company :arrrggg-matey: to offer you anywhere near book value for your car. They will offer you the lowest amount they think they can get away with. :arrrggg-matey:

You can however, argue the point that Lexus is in the top 3 UK car manufacturer's for holding its depreciation value.

In a recent survey Lexus lost just over 32% of its value after 3 years. B)

Stick that fact to your insurance company...

[agalbraith]

I'm sorry - javaboss. The fact that you walked away from it unscathed is good though!

The next bit is a bit painful however. The insurance company's aim is to give you as little money as they can possibly get away with. Be prepared for it being a slow process, then you can only be pleasantly suprised.

From personal experience, I would suggest

- ALWAYS reject their initial offer. It's a starting point. (Just noticed MsP added this as I was typing!)

- As Matt suggested, start looking round for other cars of the same age and spec *from lexus dealers*. Collect these details in a folder, and be prepared to forward it to your insurer.

- Start and argue now that you bought your car from lexus, with the assurance of a lexus warranty, and expect the same again

- Check the smallprint on your finance and gap insurance policy (if you have one) to see where else you can claim.

- Be aware that you should be entitled to a courtesy car up until the point your car is officially written off. Stall if you need to, by demanding an engineer visit, and whatever else comes to mind.

Good luck!

[Mr-Lex]

Sorry to hear about the accident...at least you are ok.

Hope your insurance pays up....

[Chris.S]

Hi everyone,

Well, I leave my IS200 in my gargage whilst it snowed and all was well. I went over to my parents house last night and upon driving home I went around a large roundabout and as I exited it the back end of the car stepped out and I lost control!

I hit a road sign and spun the car back around the other way and ended up in a ditch. The side airbags went off and I just walked out without a scratch. The police said that if I had been in a Fiesta I would be sucking my breakfast up though a straw in the local hospital!

Anyway, the offside rear door was smashed in and after it being assessed at my local Lexus dealer this morning they've said the car is a write off. I was told that this was due to serious damage to the suspension amongst other things. Anyway, the insurance company have spoken to the body shop and they think it is likely to be a write off too but will be sending out an assessor to make the final call.

My question is this:

How does the assessor work out the value of the car?

I have a April 2001 Lexus IS200 SE auto with 12,000 miles on the clock in Platinum Ice.

I've done some surfing on the web and here's what I've found:

RETAIL VALUE : £17700

TRADE VALUE : £16000

Lexus Hadleigh have a silver SE auto in stock with 12k on the clock for £17,500

So, which number do I get offered? Surely it's the retail value as the insurance should cover the cost of replacing the car with a car of the same age/milage?

Hope you guys can guide me!

Finally, yes I will be popping down to Lexus Hadleigh to look at buying a new car from them. That's why I need the most money I can get if it's written off so that I can stretch to the £21500 ish that a new one will cost!

Regards,

Neil.

I've been told the trade value for mine as it stands is £14,500

and are retailing from anything from £16,000 to £17,000 depending on condition

So insurers normally take 75% of the market value as a write off point or the severity of the damage ie major suspension or body damage,sometimes they don't go by that either,many moons ago I had an old mk3 escort which was worth £1000,a woman ran in the back of it causing £900 worth of damage but they still repaired it

[Monster-Mat]

sorry to here about your accident java...and i hope you have a speedy and succesfull outcome.

i have had some serious battles ........epecially with AXA in the past.

and whilst not praying on you but when the insurance company takes possesion......either from them or the garage the cars stored at....can you find which garage / breakers it will be given to.

on another point can you ask the insurance company what the scrap value will be if the car is bought back as a insurance write off..........(track car ideas)

[javaboss]

Privilege told me that their write off threshold is 60%.

Lexus Hadleigh are selling the same car, same age but with 10,000 more miles for £17,975. So I want at least £18k for my car.

I think I will contact a solicitor tomorrow just so that I am ready for them.

The policy document says that they will put you back in the closest match of car. You can't buy an 18 month old IS200 at some back street dealer that's knocking out knackerd old Fords. The only place I can go is a main dealer. That's the insurance will just have to accept that it's main dealer prices or they'll be talking to my brief.

[Claire G]

Glad you and your wife are ok Javaboss

[PQuist]

Sorry to hear that mate! Good luck with the insurance companies

[djanderso]

It must have been a scary moment - but as everyone say's your life is the most important thing!

When we bought the CR-V recently they offered us GAP insurance for only 250.00 - I thought it was worth it so signed up.

Will you buy another IS javaboss?

[uzziz]

Sorry to hear about your accident,

i was also involved in a accident in my is200se, the engineer valued the repairs at £4600 and the car as not been written off it can be repaired ,response from the third party has been slow and i am awaiting acceptance

seems like such a slow process .............

all is pending

i will update you on the outcome.

[javaboss]

Yes, I will probably buy a new IS. It depends on how much the insurance company gives me for the car. I'm hoping to get around £18k.

I did some searches on auto trader's site this morning and there are only 5 private sale IS200's in the correct age/spec/colour in the whole of the UK! Also, the prices were almost the same as a main dealer!

So, hopefully, the insurance will cave in with a little chat from my solicitor (if they cut up rough) and I will be in the market for a new car. It seems to be the case that £17.5k is around the correct figure to replace the car from either a private or main dealer source. I followed the advice posted here and printed out a truck load of cars from both main dealers and private sales!

In a recent survey Lexus lost just over 32% of its value after 3 years.

GRiM posted the quote above. Can you tell me what survey it was?

Anyway, I'm getting ahead of myself here. The assessor needs to ok the write-off on Wednesday 12th. I'm getting the feeling from the insurance company that he will as they are more worried about the fact that if they repair it there my be 'hidden' costs due to more damage being found when work is commenced.

I'll keep you all posted. Oh, and BTW - thankyou all very much for your kind words - and your very helpful advice on dealing with the insurance company!

[Matthew_McNally]

I did some searches on auto trader's site this morning and there are only 5 private sale  IS200's in the correct age/spec/colour in the whole of the UK!  Also, the prices were almost the same as a main dealer!  

you do not want a private car - you want one from the dealer.

Remember the "restore you to the position you were in before the accident" bit.

Before the accident you were in a dealer sourced car with the remainder of a three year warranty.

This is the position you want to be put back into - and you will not get that from a private sale

I'm getting the feeling from the insurance company that he will as they are more worried about the fact that if they repair it there my be 'hidden' costs due to more damage being found when work is commenced.

I know you don't want the repair - so keep reminding them of this risk.

Also - do not forget diminution of value.

Remember the "restore you to the position you were in before the accident" bit. ( :P )

Before the accident you were not in a car with a substantial amount of work done.

Any offer from the insurance company must also include a settlement for the reduction in the value of the car.

Keep shouting about that too (insurance companies hate it).

[dsm]

So glad you are OK, sucks about the car.

The report is the Alliance and Leicester 2003 Car Depreciation Report which I found and downloaded from the web - IS200 comes out well - hope this helps!

Darren

[javaboss]

Thanks for that. I've printed it out and will have a good read!

I have just spoken to the sales chap at Lexus Hadleigh that sold me my car and he seems to think that the insurance company will come in low at around 16k :o I want 18k He said to just keep refusing until we reach about £17.5k! :D