bazza_g Posted July 20, 2005 Report Share Posted July 20, 2005 bazza is puzzled. I've been with Admiral for my R32, VXT and the next car and this is the first time they've mentioned this to me when I've been sorting out insurance. According to them if I buy a new car then will only payout the market value if its nicked - fair enough but, and I've just had this confirmed by one of Admirals underwriter fellas, thats its the market value of a totally standard car model with no options specced ????? So, for example, I get a new M3 at £40k, spec it up to £48k (easy enough with BMW's options list). If its nicked after 6 months Admiral will pay out the market value of a 6 month old M3 with no options ticked????? Am I the last person to realise this ???? Admiral of course are covered and its all stated in the policy docs small print - I argued with the guy that nobody reads this and the fact they ask you for all the options before quoting certainly infers that the options are covered ?? His answer was that it's how Admiral have operated since day 1 ? I've got to stay with Admiral as I'm 1 month away from getting my 5th year of NCD, then I'll be moving to someone like Privilege who insures an agreed value for the car. I'm sure this must catch people out ? Link to comment Share on other sites More sharing options...
AudiPartner Posted July 20, 2005 Report Share Posted July 20, 2005 The trick is, don't go to admiral. Give me a PM and I'll hook you up with the insurance company that charge me (a 24 year old male, living in London) £750 for my M3 vert. AND, I'm allowed to modify it with no premium increase provided I tell them about it and it doesn't increase the power output by more than 20%. Whats 20% of 321bhp??? Link to comment Share on other sites More sharing options...
bazza_g Posted July 20, 2005 Author Report Share Posted July 20, 2005 cheers - I'll send you a PM ! Sounds like a right rip off to me from Admiral - they've never mentioned this before so all my previous cars have been, in effect, underinsured !!! Link to comment Share on other sites More sharing options...
N3WOB Posted July 20, 2005 Report Share Posted July 20, 2005 Well done for reading the small print Bazza, as AP says sounds like it's time to walk! Good luck with the kernockverst Link to comment Share on other sites More sharing options...
a4tdi130 Posted July 20, 2005 Report Share Posted July 20, 2005 I expect many more companies do the same but people like you say just don't read the small print. GAP insurance is the thing to go for if you're worried about things like that. I always just go for the most useless and cheapest insurance that enables me to drive legally. I figure that over the years any money I save in premiums will offset any perks that I may have received by going with a more expensive insurer. And if not, oh well, it's only money Link to comment Share on other sites More sharing options...
N3WOB Posted July 20, 2005 Report Share Posted July 20, 2005 Are there any situations though, where GAP cover won't bridge the 'gap' between your standard insurance? Link to comment Share on other sites More sharing options...
bazza_g Posted July 20, 2005 Author Report Share Posted July 20, 2005 From what I understand - most GAP insurance has a max value - if your gap is bigger then there will still be a shortfall in the combined payout Link to comment Share on other sites More sharing options...
silentandy Posted July 20, 2005 Report Share Posted July 20, 2005 Depends on the type of GAP insurance it is too (again read the small print!) If you do go for GAP, make sure it is return to invoice. Then in the event of a total loss claim the RTI will pay the difference between what your car insuance company thinks your car is worth compared to the original invoiced amount you paid for a car - up to a certain value. Link to comment Share on other sites More sharing options...
Insurance Jon Posted July 20, 2005 Report Share Posted July 20, 2005 Bazza - Thats becasue Admiral are cheap and nasty, but then again so are privledge. They however don't do agreed value, what they do is the same as the rest of the market, which is true market value, wiht the options included i.e you get what it would be worth with the options if you sold it. Most companies also do new for old if you are the first registered keeper and the car is under 12 months old Priv don't give a courtessey car either, and it will have to be fixed at their own in house body shop which is vile! Link to comment Share on other sites More sharing options...
Avus_Bub Posted July 20, 2005 Report Share Posted July 20, 2005 [ QUOTE ] So, for example, I get a new M3 at £40k, spec it up to £48k (easy enough with BMW's options list). If its nicked after 6 months Admiral will pay out the market value of a 6 month old M3 with no options ticked????? Am I the last person to realise this ???? [/ QUOTE ] Or an A4 S-Line with "only" 2.5k of extras No you're not the only one mate - I had this last year when I bought the A4. I couldn't quite get my head around it either It justifies my opinion that motor insurance really is one big con FULL STOP for the average Joe Bloggs. Like me BUB Link to comment Share on other sites More sharing options...
Ian_C Posted August 1, 2005 Report Share Posted August 1, 2005 Potential to get shafted then Bazza with the 987 Boxster S having such a long waiting list and options being costly. Imagine if you were taking delivery of a 1st Sept 55 plate Rosso F430 Spider. 10k of options is breached without even trying - the F1 box everyone seems to go for is 6k for starters. Add in the fact F430s are being traded for way over list and we have a potential disater should it be nicked. Didn't Wopps say he looked at one - before coming to his senses - up for 180k? With a UK list of a mere £127,050 for the manual spider...... Ian Link to comment Share on other sites More sharing options...
BigMeanBob Posted August 2, 2005 Report Share Posted August 2, 2005 Couple of issues from experience. 1. Admiral group Do Not use the 12 month new for old rule that a lot of insurers do. Discovered this when I wrote off my CTR at 11 months... 2. Be careful with GAP insurance, it isn't always how it looks on paper. When I wrote off the CTR, elephant gave me 13500 for it (17500 new I think). When I sent this info to the GAP company (LGH) they disagreed and said the car was worth more and wrote directly to Elephant. Elephant re-analysed the claim (based on the info from LGH) and got the same value again. LGH then sent me an offer in the mail for the difference between what they thought I should have got and the purchase price....i.e they though elephant should have paid me 15000 thus only gave me 2500 instead of the 4000. Looking through the small print it states that the amount of cash they give you is either i) The difference between main insurer and invoice OR ii) A reasonable market value determined by us. Basically meaning they have carte blanche to pay you exactly as little as they wish, and simly blame it on your main insurer. Moral of the story is, its worth having the GAP insurance (still got me a couple of grand back for a £200 outlay), but don't rely on it at all! b0b Link to comment Share on other sites More sharing options...
spudgun Posted August 2, 2005 Report Share Posted August 2, 2005 I've never phoned Admiral again, and never will after I discovered the same as you Bazza They bumped the quote up because I ordered factory leather and air con, and then informed me they would replace in the event of total loss a car with no leather or air "erm OK bye then" Link to comment Share on other sites More sharing options...
Ari Posted August 2, 2005 Report Share Posted August 2, 2005 [ QUOTE ] 2. Be careful with GAP insurance, it isn't always how it looks on paper. When I wrote off the CTR, elephant gave me 13500 for it (17500 new I think). When I sent this info to the GAP company (LGH) they disagreed and said the car was worth more and wrote directly to Elephant. Elephant re-analysed the claim (based on the info from LGH) and got the same value again. LGH then sent me an offer in the mail for the difference between what they thought I should have got and the purchase price....i.e they though elephant should have paid me 15000 thus only gave me 2500 instead of the 4000. Looking through the small print it states that the amount of cash they give you is either i) The difference between main insurer and invoice OR ii) A reasonable market value determined by us. Basically meaning they have carte blanche to pay you exactly as little as they wish, and simly blame it on your main insurer. [/ QUOTE ] That is absolutely outrageous!!! Their "job" is to ensure you suffer no shortfall, thats the service they're providing in the event of a claim (so they say). If they're not happy with the payout of your insurer they should be arguing that with them, not expecting you to take up the slack for them! Link to comment Share on other sites More sharing options...
Ian_C Posted August 2, 2005 Report Share Posted August 2, 2005 Bob that is shocking behaviour. One of many many reasons BADE - Bell Admiral Diamond Elephant - Admiral Group are cheap and able to beat quotes from other main companies. One example that I deal with everyday: The Admiral Group are the only main insurer in GB who don't let you use Autoglass for glass repair or replacement. Autoglass only fit manufacturers sourced parts and we have made our name by sticking to this. Our service is more expensive as a result. Admiral [& co] send customers elsewhere. Ian Link to comment Share on other sites More sharing options...
Insurance Jon Posted August 2, 2005 Report Share Posted August 2, 2005 by being sneaky and increasing the xs and limiting the amount claimed if you don't use an "approved" replacement co. Link to comment Share on other sites More sharing options...
Gren Posted August 3, 2005 Report Share Posted August 3, 2005 [ QUOTE ] Bob that is shocking behaviour. One of many many reasons BADE - Bell Admiral Diamond Elephant - Admiral Group are cheap and able to beat quotes from other main companies. One example that I deal with everyday: The Admiral Group are the only main insurer in GB who don't let you use Autoglass for glass repair or replacement. Autoglass only fit manufacturers sourced parts and we have made our name by sticking to this. Our service is more expensive as a result. Admiral [& co] send customers elsewhere. Ian [/ QUOTE ] Gotta admit I find the service that Admiral use (RAC) better than Autoglass. Plenty of experience as well as I tend to go through one a year. Link to comment Share on other sites More sharing options...
Milo Posted August 3, 2005 Report Share Posted August 3, 2005 I suppose it's luck of the draw in some cases. The RAC had 3 attempts to fit my brother's new screen in his Cooper S. By that I mean 2 replacement screens and 3 goes. In the meantime they lost 2 pices of trim, scratched the wing and bonnet, left a 7mm gap between the screen and the seal and broke a wiper. He eventually had to go to BMW UK to resolve it (it was warranty work) as the dealer's and RAC's attitude were Eventually all was put right but only after 4 months of hassle. Link to comment Share on other sites More sharing options...
bazza_g Posted August 3, 2005 Author Report Share Posted August 3, 2005 [ QUOTE ] Potential to get shafted then Bazza with the 987 Boxster S having such a long waiting list and options being costly. [/ QUOTE ] yup - I'm not even convinced about my GAP insurance now ! Still, I'm stuck with Admiral until the end of September to collect my 5th year of NCD.....fingers crossed until then Link to comment Share on other sites More sharing options...
Ian_C Posted August 3, 2005 Report Share Posted August 3, 2005 Gren, guess you have experience with Autoglass from your previous insurer. Sorry you currently don't even get a choice. Did / does RAC fit you a manufacturers sourced part? Insane to fit new Audis with aftermarket / reproduction screens, especially with the airbag count nowdays and the TT screen being so low and close to the airbags. Milo, now that sounds more like the RAC I know. Ian PS: Hope all goes well Bazza to the end of September and they send you that money-cannot-buy 5 years no claims certificate Link to comment Share on other sites More sharing options...
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