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Depreciation claim
Hi folks,
Is there such thing as making a claim for depreciation through an accidentI got my proper car value today from Parkers:
Original Price£24,007Franchised Dealer£15,105Independent Dealer£13,985Private Good £12,740Private Poor £10,700Part Exchange£11,495
I brought mine for £15495 2 months ago, i wanted the difference back as it's a claim from any loss due to accident or financial loss
Let me know folks.
V.51NGH
hi,
sorry to hear about your loss but pleased to know your going to be ok
just collect a few prices for cars of the same model year etc, then present them to the insurance company after their offer and say this is what its actually going to cost to replace the car they should then up their offer
I got about a £1,000 as the car was less than a year old. The car was fixed, but it wasn't as good as it came out of the factory.
So it is deffinatly worth a try.
if you had a gap insurance policy it covers the difference between the insurance value and the original price you payed for the car so in the event of a write off or stolen car etc you get what you payed for the car, i always take gap insurance when i get a new car for the sake of a few hundred pound
VS, I'm assuming yours is a CDTi? if so you need at least 14k to stand a chance of getting like for like 15k would be better, if you need a pointer, try Perry's out, they have a couple of Elite's in stock ranging from 13k upwards.
Vauxhall Vectra (1.9 CDTi Elite [150] 5 door Auto)
Silver Lightning / 06 06 / Hatchback / 14886 miles
£ 14494 (down from £ 14994 - SAVE £ 500!!) Perrys of Canterbury
Vauxhall Vectra (1.9 CDTi Elite [150] 5 door)
Silver / 06 06 / Hatchback / 14886 miles
£ 13994 Perrys of Doncaster
Vauxhall Vectra (1.9 CDTi Elite [150] 5 door)
Silver / 06 06 / Estate / 25511 miles
£ 12994 Perrys Motor Village - Preston
Think this may be a pre facelift, I was trying to have a punt on it the other week, hth.
And as you have no px, they will deal, obviously you can't take the p, but they will probably slash at least a monkey out of any deal for you.
I'm gonna get on my knees and bg hem to knock off £700 atleast given that the potential replacement cars don't come with tax or 1st serviceOriginally Posted by VauxVeteran
...oops that was Beg them to knock off £700I'm gonna get on my knees and bg hem to knock off £700 atleast given that the potential replacement cars don't come with tax or 1st service
Sorry to hear about your recent loss - hope everything works out for you!!Hi folks,
Is there such thing as making a claim for depreciation through an accident
Original Price£24,007Franchised Dealer£15,105Independent Dealer£13,985Private Good £12,740Private Poor £10,700Part Exchange£11,495
I brought mine for £15495 2 months ago, i wanted the difference back as it's a claim from any loss due to accident or financial loss
Let me know folks.
V.51NGH
Reading your original thread, were you talking about being able to claim the difference between what your insurers will pay out for the car and what you actually paid for it a couple of months ago or what your insurers will pay out for the car and what it will cost you to replace it for a similar one (Bearing in mind that as the accident was very recent you wouldn't have had any offer made yet anyhow)?
If it is the former scenario then NO, unfortunately you wont be able to claim this difference unless, as someone else pointed out, you had GAP insurance.
This is because car insurance is in place to put you back into a similar position that you were in before an accident. If you were to be able to claim the difference between the settlement figure and the amount you paid for the car you would be getting what is called 'betterment' as you would not be needing your original purchase amount to replace your car now.
If it is the latter scenario then, after negotiations, you should be agreeing a settlement figure (less any appropriate excess) which will allow you to go out and replace your vehicle with one of similar stature. If you agree to a settlement figure below what is needed to replace the vehicle then that is your choice to do so, so you should be taking all steps to prevent this happening. No-one else can be responsible for you not doing this. Sorry if this sounds harsh but it is just the way that these things work.
If your motor is not written off and is repaired, then between you and the insurers you should be ensuring that the repairs are done to a level which brings the vehicle up to at least the condition it was in prior to the accident.
Whichever the sceanrio is, I cannot feasibly see where you would have any depreciation claim over and above how much your vehicle had depreciated whilst you owned it.
I think i've mislead myself into thinking this, it's not so much of a depreciation claim, just wanted to know what value will they base the car on i.e Private Good or Independent Dealership
I've seen some potential replacements although they are from £13k upwards, but there are those without tax so i'll pester them to knock off £500 also the fact that 1st services are due too (All from Network Q)
I don't mind paying up to £1000 extra from my settlement however don't want to end up paying £3-5k that's what i'm worrying about
V.51NGH
The value offered for your motor SHOULD be the amount you would need to go out and replace your vehicle 'like for like' (i.e. same reg date, colour, model, mileage, warranty etc.).
We all know in reality that this very seldom happens, but you should do your homework and arm yourself with proof that it will cost you £xxxx's to replace your car 'like for like' i.e. if you purchased through Vx and had Network Q warranty, this is where you should be able to purchase your replacement from.
Once you know the basic amount (purchase price of the car less any discounts etc) you need to receive so you are not out of pocket so to speak (apart from any excesses etc which will be recovered in time separatley), you should fight tooth and nail with the insurance company until this level of compensation is offered, even if this ultimately leads to you having to get your own independant valuation.
One other thing to bear in mind is that a lot of insurers, and uninsured loss recovery companies / solicitors out there will only provide you with a replacement car / hire car until such time that a vehicle is either repaired OR it has been deemed uneconomical to repair (i.e. written off). As a result of this, the insurance companies have you by the g00lies as, unless you have the money to go out and replace your car whilst waiting for a settlement, they know that most people WILL end up settling for probably a bit less than the true value of their vehicle because they want to get back on the road ASAP.
Good luck with the claim - I hope that they do in fact offer you a fair price for your vehicle.
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