rjgreen4 Posted March 20, 2008 Report Share Posted March 20, 2008 One of our company directors had his car stolen from the gym, they broke into his locker and drove it out. This was 2 months ago, there is a dispute at the moment with the contract hire company and the insurance company about the car's value. I always thought that if a car is stolen in the first 12 months then you get invoice value back, is this true or not? The BMW was a 325i with a very high specification and is 6 months old. Anyone help? Link to comment Share on other sites More sharing options...
cruiser647 Posted March 20, 2008 Report Share Posted March 20, 2008 I thought they usually replaced them if under 12 months old? Maybe that was going back a while. Maybe he should suggest that? Then they cannot bicker about the value? Link to comment Share on other sites More sharing options...
wkrzys Posted March 20, 2008 Report Share Posted March 20, 2008 [ QUOTE ] I always thought that if a car is stolen in the first 12 months then you get invoice value back, is this true or not? [/ QUOTE ] Im not 100% certain on this, even though ive just been through a similar scenario (my car was 1.5yrs old), i think thats what GAP insurance is for - in particular if the car is stolen while its still relatively new (as you say) and there is a large amount of finance still oustanding. To me that suggests that most insurance companies would not pay out an invoice value but market value. Link to comment Share on other sites More sharing options...
patently Posted March 20, 2008 Report Share Posted March 20, 2008 Some policies pay in full during the first year; some don't. It's not a hard and fast rule. Link to comment Share on other sites More sharing options...
drpellypo Posted March 20, 2008 Report Share Posted March 20, 2008 I know sun alliance used to always replace with a brand new car if it was under 6 months. A friend of mine was an assessor for them and told me that. Not sure about other firms though. Link to comment Share on other sites More sharing options...
Sparky Posted March 20, 2008 Report Share Posted March 20, 2008 Esure and Egg certainly will give you a new car if stolen or written off within the first 12 months. Link to comment Share on other sites More sharing options...
PeterS Posted March 20, 2008 Report Share Posted March 20, 2008 When I had an accident in my partners car a few years ago the car was written off (rear-end shunt on a sliproad). This car was 8 months old and had only done 3k miles; our insurance company offered either a like-for-like replacement, or market value if we chose not to replace. Peter Link to comment Share on other sites More sharing options...
Mook Posted March 20, 2008 Report Share Posted March 20, 2008 The wonders of Return To Invoice GAP insurance when you buy a new car Link to comment Share on other sites More sharing options...
962C Posted March 20, 2008 Report Share Posted March 20, 2008 [ QUOTE ] One of our company directors had his car stolen from the gym, they broke into his locker and drove it out. This was 2 months ago, there is a dispute at the moment with the contract hire company and the insurance company about the car's value. I always thought that if a car is stolen in the first 12 months then you get invoice value back, is this true or not? The BMW was a 325i with a very high specification and is 6 months old. Anyone help? [/ QUOTE ] You pay for what you get. The big guns in the UK will replace back to new. The cheaper insurers will only pay out trade. They might also disregard the options you have added. Link to comment Share on other sites More sharing options...
Thorburn Posted March 20, 2008 Report Share Posted March 20, 2008 [ QUOTE ] When I had an accident in my partners car a few years ago the car was written off (rear-end shunt on a sliproad). This car was 8 months old and had only done 3k miles; our insurance company offered either a like-for-like replacement, or market value if we chose not to replace. Peter [/ QUOTE ] Thats nothing! This is what happened to my dads 528i while we were in Australia and it was parked at his bosses house! Wasn't a write off either, they drove it on to the recovery vehicle and fitted it into a completely new body shell over the course of two months at the local dealership. When he got it back it was better than new Link to comment Share on other sites More sharing options...
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