The worst day of my life?
Posted by: Minh Nguyen on 19 May 2015
I only have third party and contents insurance on my Bentley 
I only ever had third party insurance on my Volvo 240 - eleven years reliable service .... My last car ... apart from a Nissan Micra 1275 cc, version for twelve month before realising that motoring is madness. ...
Forget trying to reclaim anything like why it is worth to you from "comprehensive" insurance..
ATB from George
I heard a while ago that a lot of very wealthy folk in London (possibly further afield) don't bother with car insurance. I guess it must be extortionate on their Ferrari's, Lamborghini's, Aston Martin and Beguatti Veron's and they can just replace them and pay out whatever they have to. Not sure how long they'll keep their license doing that, but then they'll also be able to afford the best lawyers
I think some of them lose the cars, too. Seized cars are regularly put on display outside New Scotland Yard with a notice saying they were seized for having no insurance. The cars displayed are usually up-market. I've seen BMWs, a Ferrari and a Maserati. Quite good PR on the part of the Met, I thought.
+1
I received a phone call this afternoon from a woman who informed me that she was a solicitor that was acting on my behalf because I had paid an additional premium for legal cover. She asks how I am and whether I had received my settlement. I tell her I am not happy with the value that I have been offered and that I am still awaiting a response from my insurance company. I proceed to ask about the legality of the settlement and she tells me that my insurance company is under legal obligation to settle for the market value of the car. She also tells me that because the accident was not my fault I am entitled to have excess refunded in full (my insurance company was going to deduct the excess from the settlement value). I hope that this clarifies the situation for anyone that finds themselves in a similar situation. I would suggest the purchase of legal cover because it is marginal in comparison to the cost of insuring a vehicle.
Minh, did this lawyer make the term "market value" 100% clear, if not I would go back & get it confirmed in writing
It can be valued in a number of ways & its not exactly clear which is a legal obligation, if any
- the market value that enables you to replace your car with a similar vehicle in a similar condition,
- the market value that a dealer will use as a trade-in & based on valuation guides such as Parker's and Glass's.
Minh, did this lawyer make the term "market value" 100% clear, if not I would go back & get it confirmed in writing
It can be valued in a number of ways & its not exactly clear which is a legal obligation, if any
- the market value that enables you to replace your car with a similar vehicle in a similar condition,
- the market value that a dealer will use as a trade-in & based on valuation guides such as Parker's and Glass's.
She told me that they must give me the value of a similar vehicle that is advertised on AutoTrader (for example). She told me that I can continue to dispute the settlement until I am satisfied. I have also been told that I am entitled to have an independent assessment of my vehicle (I do not have to use their assessor). She also said that they are not allowed to withhold any funds from the third party. For example, if the third party offers to settle for a certain value, that is the value that I receive. She said it is illegal for them to take any commission.
OK, I am sure we all wish you the best of luck.
Don't forget to let us know how its finalised
OK, I am sure we all wish you the best of luck.
Don't forget to let us know how its finalised
Will do Mike. Thank you for your contributions.
Hello Minh,
Sorry to hear of your situation I hope you get everything resolved soon. A while ago a woman clobbered my ( then ) Audi RS5 and did considerable damage to the nearside. She tried everything to attatch the blame to me but luckily I had witnesses. After the repairs the car didn't quite feel the same for some strange reason, which was a pity as I have always liked Audis ( my wife drives an Audi RS3 too ). The RS5 has now been replaced with an Aston Martin DBS, just as much fun but nowhere near as good in the wet !
Hello Minh,
Sorry to hear of your situation I hope you get everything resolved soon. A while ago a woman clobbered my ( then ) Audi RS5 and did considerable damage to the nearside. She tried everything to attatch the blame to me but luckily I had witnesses. After the repairs the car didn't quite feel the same for some strange reason, which was a pity as I have always liked Audis ( my wife drives an Audi RS3 too ). The RS5 has now been replaced with an Aston Martin DBS, just as much fun but nowhere near as good in the wet !
Hello NikonAl
My friend gave me a spin in his S3 a few years ago and that car cornered as though it was stuck to the floor. I would assume that the longer wheelbase of your RS5 would have even better handling. It's good to hear that you're enjoying your DBS: Aston Martin's are such beautiful cars.
ATB Minh
Pleased to learn that you're getting some encouraging advice, Minh. Shows the value of paying a slight increase in premium to obtain legal cover, which works for you rather than the insurance company.
Mike
Hello Minh,
Sorry to hear of your situation I hope you get everything resolved soon. A while ago a woman clobbered my ( then ) Audi RS5 and did considerable damage to the nearside. She tried everything to attatch the blame to me but luckily I had witnesses. After the repairs the car didn't quite feel the same for some strange reason, which was a pity as I have always liked Audis ( my wife drives an Audi RS3 too ). The RS5 has now been replaced with an Aston Martin DBS, just as much fun but nowhere near as good in the wet !
Gosh, NikonAl, going from an Audi to an Aston. I'm envious. Not sure I would care if the DBS was as good in the wet. I think I'd be happy just listening to that wonderful engine!
May I recommend the NFU Mutual as an insurer?
The National Farmers Union Mutual Insurance Company [you have to apply to become a member of the NFU, but it is merely paperwork] has a record of protecting its members' interests with vigour and at a price not more than 30 pro cent higher than the cheap insurance companies. The real gains come after ten or twenty years of membership for all that, but motoring is not a cheap occupation.After twenty years with them you are set fair for really inexpensive insurance for motors, house cover [buildings and contents] and of course their main business - farm stock insurance ...
ATB from George
Thanks MDS,
Yes the DBS does make a wonderful noise ( 6 litre V12 ) but the RS5 sounded good too !
It was a lot easier to get the power down earlier in the RS5 and believe me that car is no slouch. It's the torque of the Aston that really impresses though.
May I recommend the NFU Mutual as an insurer?
The National Farmers Union Mutual Insurance Company [you have to apply to become a member of the NFU, but it is merely paperwork] has a record of protecting its members' interests with vigour and at a price not more than 30 pro cent higher than the cheap insurance companies. The real gains come after ten or twenty years of membership for all that, but motoring is not a cheap occupation.After twenty years with them you are set fair for really inexpensive insurance for motors, house cover [buildings and contents] and of course their main business - farm stock insurance ...
ATB from George
My car was insurance group 18 and the premium from the NFU is probably going to be astronomical. Thank you for taking the time to post your suggestion.
ATB Minh
Hello Minh,
I will try ! Horsepower is the power that the engine can generate. Torque is the amount of turning force at the crankshaft. That is the easiest way I can explain it ! No doubt there will be some forum members ( a lot more intelligent than me ) who could explain it a lot better than I can. My Aston develops 510bhp and 420lb ft of torque whereas my Audi RS5 had ( if I remember correctly ) 425bhp but was quicker of the line due to the Quattro 4 wheel drive system, though to be fair to the Aston there isn't a lot in it.
Yer right with ..........
BHP is power
Torque is twisting force
A combination of both & there relationship with each other X time makes for the differences in how the engine is best used. Its not only a matter of high or low torque engines, but also where the maximum torque is in the rev range. The extremes w.r.t road car engines are as follows with all sorts of variable in between.
With a high torque engine they will tend to have max torque low down in the rev range, this means you will not need to rev the engine to get high acceleration or downshift so often. These engines normally have a wider & flatter BHP curve are typically used in 4x4 & these days would most likely be diesel,
With a low torque engine, or more likely with max torque high in the rev range, you will need to change down to keep engine RPM high to get high acceleration. These engines will have a narrow & steep BHP curve are typical of sport car engines.
After an accident the vehicle is assessed by an engineer. If the car is written off they will value the car using Parker's or Glass's. This is sometimes lower than the market value.
To receive the market value of your car you must provide 3 examples as evidence that your car is worth more than what they suggest. You can copy and paste links from AutoTrader and send them to your insurance company. They will send these details to the third party as evidence that the settlement value is lower than the market value and is not sufficent for you to buy a vehicle of a similar specification.
It is all over. I can breathe a sign of relief and live again. It has been so stressful but I have been in the company of kind forum members who have extended me their love and support. I am sincerely grateful.
Time to enjoy the afternoon sun and listen to some music!
A special mention to @ Mike-B
Glad to hear you've got a satisfactory settlement, Minh. Enjoy your holiday in California where you can idle away the sunny days thinking about what car you would like to replace your SLK55. NikonAl provides a good example to follow 
Mike