# Insurance Valuation



## Kal-El (Aug 7, 2017)

Following on from my previous thread (RE my car being stolen), my claim has been passed on for settlement (total loss). The car is a:

- 2011 (11) GT-R Recaro Edition, Daytona Blue, 36k miles, stock, FSH, excellent condition.

I have a friend who’s in the trade and he’s emailed me the CAP’s valuation, which seems widely disparate to the prices of comparable models currently available - including private sales. 

What are members’ views of the current market value of the above? If anyone has actually bought/sold a similar model recently, it would be very useful to know what actually changed hands. 

Thanks in advance.


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## Moff (Sep 27, 2004)

Are you able to provide market evidence to help with the settlement value ?


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## Kal-El (Aug 7, 2017)

Moff said:


> Are you able to provide market evidence to help with the settlement value ?


I did send my insurer examples of similar models that are for sale with my original claim application but there are variations e.g. one car was a year younger but with the same mileage. One was the same year but lower mileage, one was the same year and mileage but not a Recaro. The more you narrow down the search the less examples there are, but the consistent theme was that the CAPs valuation was quite disparate across the board.

I'm interested to hear member's thoughts from a neutral perspective. I'm particularly interested in views from those that have actually bought/sold recently.

Thanks,


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## Kal-El (Aug 7, 2017)

Insurance have come back to me offering £37,600. Judging by current for-sale prices (for which I do appreciate there is some wriggle room), I would have to throw a significant amount out of my own pocket to get back into the same standard of car if I accepted that offer


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## goldywaggon (Apr 23, 2014)

The insurance are required to pay out market value so you are able to replace the car for a similar age and miles. CAP figures only give you Trade figures which is what a dealer would buy the car for. This is normally 5-6k less than retail price as GTR is a very expensive car to prepare for sale so hence the lower value in CAP.

Id reject the offer and go back with more examples. 



Sent from my SM-G965F using Tapatalk


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## Kal-El (Aug 7, 2017)

Insurance company are issuing me with a final offer of £37,600. It looks like I'm off to the financial ombudsman. Insurance won't do anything else because their guides says so.


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