Insurance

[Woosh]

We have a 2003 Rolland SuperConic 2180 spreader with all the toys fitted. Unfortunately we tried to spread a lump of concrete and the repair is about £6k. Our insurer has decided that its a total loss and are offering £6k. In my mind it is worth at least £20k . A new one is over£53 K I only want ours repaired,anyone any thoughts.

 

[wilfholme]

Have I missed something, the repair is 6K and the insurance have offered 6k

 

[Sebastian77]

If it's very very tidy with new tyres it might reach 10k.. think 6k is in ball park for an insurance offer which always under market value

 

[Woosh]

They want to write it off and have offered £6k, we value it at around £20k

 

[Goweresque]

Take the £6k, buy the machine back off the insurers and do the the repair yourself?

 

[Bullring]

Take the £6k, buy the machine back off the insurers and do the the repair yourself?

If it’s 6k to repair and insurance will write it off for a 6k payout but you have to buy it back then you may as well forget the insurance, repair it and not have to worry about future insurance premium increases due to a claim.

 

[bobk]

You've lost me , why has the OP got to buy the machine twice ...

 

[Sebastian77]

You've lost me , why has the OP got to buy the machine twice ...

I've never had anything be an insurance write off but I assume they come and collect the machine? Then it usually ends up in these dealers yards you see that sell on write offs

 

[Goweresque]

If it’s 6k to repair and insurance will write it off for a 6k payout but you have to buy it back then you may as well forget the insurance, repair it and not have to worry about future insurance premium increases due to a claim.

I bet the insurance company will increase the premiums anyway, now they've been involved. Higher risk category or some suitable reason.

 

[Nigel Wellings]

Argue the toss with Insurers, you have a perfect right to have it repaired, make the point to them that there write off value is far too low. Get some documentary evidence that value is much higher than £6k, either letter from dealer confirming approx value of it or copy adverts for similar machines at much higher prices than Insurers are saying, get your Insurance Broker/Agent to argue this on your behalf- this is what he/she is paid for!

 

[Netherfield]

Take the money on the proviso you keep the machine.

 

[bobk]

We have a 2003 Rolland SuperConic 2180 spreader with all the toys fitted. Unfortunately we tried to spread a lump of concrete and the repair is about £6k. Our insurer has decided that its a total loss and are offering £6k. In my mind it is worth at least £20k . A new one is over£53 K I only want ours repaired,anyone any thoughts.

Which insurer ?

 

[Ukjay]

They want to write it off and have offered £6k, we value it at around £20k

You need to get documents to show how much you wil have to pay for a replacement (obviously not a new model), same year and obvious prior to damage condition - tthen you have evidence to agrue yoir case that they are undervaluing the item unjustly - if as you say it is worth substantially more.

ALL insurance companies try it on, and most of the time they win as people will hapily take the offer, but equally, they will not be hoodwinked by an owners personal valuation.

 

[Tealo]

Do your research, find plenty of examples of your machine and stand your ground. Very hard to value some machinery accurately as they are looked after very differently in different situations.

 

[Courier]

Just tell them that you don't want the cash, but please will they source a similar machine for you - Then show them a 3 or 4 advertisements with what you need to replace it with.

Interestingly we just burned out a Merlo which we paid £10K for 3 years ago and the assessor valued it at £12k - Unfortunately we had only insured it for the purchase price so that is all they could pay us out on ...£10k.

 

[daveydiesel1]

I've never had anything be an insurance write off but I assume they come and collect the machine? Then it usually ends up in these dealers yards you see that sell on write offs

What dealers is it that sells these writeoffs?

 

[Mur Huwcun]

What dealers is it that sells these writeoffs?

Used to be Hewitts then Coparts then god knows what else!!!

 

[startinghandle]

Hewitt have contract with nfu and I don't think owners can buy their machines back
Some items at Hewitt online auction do sell very well
What is damage? Structural or shredders?

 

[Sharpy]

We have a 2003 Rolland SuperConic 2180 spreader with all the toys fitted. Unfortunately we tried to spread a lump of concrete and the repair is about £6k. Our insurer has decided that its a total loss and are offering £6k. In my mind it is worth at least £20k . A new one is over£53 K I only want ours repaired,anyone any thoughts.

Your insurer needs reminding that you see not supposed to be any worse of after the claim is settled than you were before the accident. I had an assessor try to give £14000 for an accident damaged spreader with a new price of £24000 which still had paint on the floor.
As above find examples of your machine for sale.

 

[Phil P]

Hewitt have contract with nfu and I don't think owners can buy their machines back
Some items at Hewitt online auction do sell very well
What is damage? Structural or shredders?

A customer of mine bought his tractor back from the insurance after it was written off, it never left his yard once it was recovered and paid out for. The insurance just knocked the buy back amount off the payout.

We’re hopefully going to re cab it over the winter.