Car likely written off

Sinbad said:
Does the retail value in M&M tie in with what the real retail value of the car is?

I feel that M&M is manipulated somehow - the values in the "book" are nowhere near reality. Witness my car that had a book value of something like R120k when sales recorded were somewhere around the R200k mark.
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There's something a bit odd in the market at the moment though; a lot of cars are selling for higher than expected book values. Even my insurance broker commented on it; he has clients buying cars for more then the insurance replacement value.
 
ScottulusMaximus said:
Haha I did, but politely, for now...

Just a 2005 Fiesta, nothing exciting



I know exactly how much I'll accept and won't go a cent lower, even if I have to take it further, borrowing a car so this can take all the time it needs to.



Market and Trade are lower values than Retail, it's basically this:

Trade: what a dealer will give you if you're trading the vehicle in
Market: what the dealer pays at the bulk distributor
Retail: what you would pay at a dealers

M&M is nowhere near reality, a car with similar mileage and age to mine was but a spec lower is R20 000 more than what they offered me(and we're talking 60-70 grand cars here not in the 100's).
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No matter if your car has 0 KM's and never drove a day in it's live for the last 15 years. They will pay you out what you insured it for according to the Automotive guide. If you agreed on Trade that is what it will be. If you agreed on Retail that is what it will be. Nothing more nothing less.
 
Pitbull said:
No matter if your car has 0 KM's and never drove a day in it's live for the last 15 years. They will pay you out what you insured it for according to the Automotive guide. If you agreed on Trade that is what it will be. If you agreed on Retail that is what it will be. Nothing more nothing less.
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I insured it for retail as I've said, the argument I'm having now is that the book retail value is nowhere near what the actual cost of a similar replacement will be.
 
Pitbull said:
No matter if your car has 0 KM's and never drove a day in it's live for the last 15 years. They will pay you out what you insured it for according to the Automotive guide. If you agreed on Trade that is what it will be. If you agreed on Retail that is what it will be. Nothing more nothing less.
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Try buying a decent Ford Bantam. The insurance will only cover it for R35 000, while everyone is selling them for over R60 000... system is out of kilter.
 
supersunbird said:
Try buying a decent Ford Bantam. The insurance will only cover it for R35 000, while everyone is selling them for over R60 000... system is out of kilter.
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That^^^

I bought my car for 60k 5 months ago and since then have spent 12k on the mechanicals(not expecting insurance to cover this full amount obviously) including cambelt, water pump, front shocks and back brakes and wheel bearings. Car was as good as new.

The closest similar car I could find right now is 65k(and I'll likely have to spend another 12k on this to get it to where mine was), it has the same mileage at the time of the accident and year but is the spec level lower than mine was so no leather etc

They offered me just under 47k...
 
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ScottulusMaximus said:
I insured it for retail as I've said, the argument I'm having now is that the book retail value is nowhere near what the actual cost of a similar replacement will be.
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That is true. But your agreement with the insurers are that it be insured for Retail according to the Transunion automotive dealer guide/M&M. The fact that vehicle are selling for more is due to the demand for them. But doesn't change the M&M pricing you agreed to on your contract with the Insurer. Sad but true.
 
Pitbull said:
That is true. But your agreement with the insurers are that it be insured for Retail according to the Transunion automotive dealer guide/M&M. The fact that vehicle are selling for more is due to the demand for them. But doesn't change the M&M pricing you agreed to on your contract with the Insurer. Sad but true.
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Ive actually tried to get my insurer to insure for replacement value, and they flat out refuse.
 
Pitbull said:
That is true. But your agreement with the insurers are that it be insured for Retail according to the Transunion automotive dealer guide/M&M. The fact that vehicle are selling for more is due to the demand for them. But doesn't change the M&M pricing you agreed to on your contract with the Insurer. Sad but true.
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M&M is supposed to be based on actual vehicle sales though.

There's fraud happening somewhere.
 
ScottulusMaximus said:
That^^^

I bought my car for 60k 5 months ago and since then have spent 12k on the mechanicals(not expecting insurance to cover this full amount obviously) including cambelt, water pump, front shocks and back brakes and wheel bearings. Car was as good as new.

The closest similar car I could find right now is 65k(and I'll likely have to spend another 12k on this to get it to where mine was), it has the same mileage at the time of the accident and year but is the spec level lower than mine was so no leather etc

They offered me just under 47k...
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As mentioned im my PM's fight it and don't accept if you not happy.
PS what did your policy say the insured amount was because they won't go higher than that but as with most policies they can also say "retail or market" value which leaves the field open for you.
Apart from proof of repairs/"upgrading" your vehicle had low mileage on and that should betaken into consideration.

Good luck hope you get your settlement offer.
 
Pitbull said:
That is true. But your agreement with the insurers are that it be insured for Retail according to the Transunion automotive dealer guide/M&M. The fact that vehicle are selling for more is due to the demand for them. But doesn't change the M&M pricing you agreed to on your contract with the Insurer. Sad but true.
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Nowhere in my policy or the Global Policy Book is it stated that M&M is the exclusive decider of value, it simply say "Retail"... Which as far as I can work out(not having access to the actual law document) means the value needed to replace my car with a similar model. And that's all that I am going to accept, I'm not looking for an upgrade I want a replacement, as I am entitled to in accordance with my policy.

It is not my fault that M&M is drastically undervaluing cars, that's the insurers problem.

Hemi300c said:
As mentioned im my PM's fight it and don't accept if you not happy.
PS what did your policy say the insured amount was because they won't go higher than that but as with most policies they can also say "retail or market" value which leaves the field open for you.
Apart from proof of repairs/"upgrading" your vehicle had low mileage on and that should betaken into consideration.

Good luck hope you get your settlement offer.
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Ya I've submitted all the arguments you suggested and waiting for them to come back to me. My policy only says "Retail", no amount is indicated.

Ya we'll see what they come back with, not expecting any miracles but cross fingers!
 
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Normally with a write off they payout whatever value was specified, ie retail or trade etc LESS mileages/condition. You can get properly screwed when your car is written off, very sad.

But fight it tooth and nail, you can even take them to the ombudsman.
 
So finally I get acknowledgement of receipt of the email(after 4 calls and missed promised call backs) and they attach it to my file and escalate it appropriately.

WOOOOO****ingSAAAAA scotty... Deep breaths...
 
Still ongoing btw... I messed around with the claims department for 5 days getting nowhere before losing it completely and escalating to Internal Dispute Resolution, thing is I now find out that the claims department has no authority to adjust pay-out amounts, no-one at claims bothered to tell me this:/

Internal Disputes said 5 working days to finalise, that expired yesterday afternoon with still no contact, so now I am on the warpath...
 
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Rouxenator said:
Did anyone report the Taxi that caused this?
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Ya in my police report, not sure about the other, personally I don't give I **** I just want my ****ing money now!

RANT: Ma se ****, they're still waiting to determine the value of my vehicle because they don't know what spec level it is, for the love of ****ing christ I could've driven to the ****ing factory and back by now to find out. I am so beyond pissed off right now.
 
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So I have been guaranteed and answer by 16.00 today, although I'm not holding my breathe, after all this will be the 8th time they fail to call me back when promised.
 
Hahahaha, I'm not even suprised, more excuses... Submitted docs to the Ombudsman, officially ****ing over their excuses
 
Out of interest, I think your insurance (you) are responsible for the car you went into in front of you.
 
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