Hi guys

I wrote off my S3 last month (january).

The car was insured for market value.

So I get a call today and the insurance company
will settle for R214000.

My car was a 2002 S3 (165kw) with 44000 km on the clock. Now there is no way I will be able to get a similar S3 for that money , so it cannot be market related.

How do I go about getting a correct market value?

Will be calling the dealers for trade and retail now.

Here's the market value of your vehicle....
Hope this helps.


Vehicle Type: PASSENGER
Vehicle Make: AUDI
Year: 2002
Vehicle Model: A3
Vehicle Variant: S3 QUATTRO
Vehicle Kilometers: VERY LOW (0 - 46500)
Vehicle Condition: VERY GOOD


Vehicle Values:
Estimated Trade Range: R 183701.7 - R 195813.9
Estimated Retail Range: R 205652.72 - R 221472.16

Thanks Nershen

So R214000 looks right (:

Those values look a bit low for a 165Kw spec S3 with low mileage.

Looks like the guys on autotrader are a bit optimistic

http://search.autotrader.co.za/cgi-bin/search?locale=atza.CARS.1&country=ZA&orderby=neg_price¤cy=ZAR&make_id_EQI=Audi&model_EQS=S3&specified_price_GT=0&specified_price_LT=0&x=49&y=9

Hi,

I don't think the guys on Autotrader are optimistic - it's what the S3 should sell for in the open market (according to me).

By now everyone knows that the dealers give you crap trade-in values.

The S3 is still a scarce, sought after car - it will be a classic.

Be glad your insurance is willing to pay you out at all - the amount they are giving you is good!

Alex
S3

Sorry to hear about your incident Joe. I remember you S3 was one of the first 165kw's in the country.

Isn't the resale values on cars just terrble these days. I'm just looking at Neresh's post and in 2002 September there was a price increase of the S3 to R308 000 when I was considering the S3 from R292000.

Joe I doen't think you loses are that great, If I rememeber you got your car prior to the price hike in April 2002, to R265 000, think you still got it at R254 000, so in real terms u have lost less then 20% which is not bad at all considering most cars these days are losing at least 30% of their value in 2 years.

Hey I was thinking how come they don't distinguish between 154kw and 165kw S3's in that year ?

Hi All

Alex , why should I be glad the insurance is paying at all.Isn't that why we
insure our cars?

Kevin, I got my S3 on the 12th April 2002 , I paid R280000 including extras.

I just want to make sure I get a correct market value for my car.

Spoke to 2 dealers and trade on my car is R212600 and retails is R246000.

So how is R214000 a very good market value from the insurance company?

It is R1400 more than trade for feck sake.

Anyways , time to start kicking some tyres again

Well this is Insurance Companies after all .....even though I haven't had much experience (good or bad) I know that when something goes wrong you can't realy hope on anything more than 80-90% of the actual value therefor I feel sorry for the people that fall for the new 'cheap'offers by the dealers when you aways owe more than the value of the car. Now yes I hope that at least the insurers are fair and pay a market price but a market price for a seller and buyer are two different things. (crashing a car is like selling it) bottom line you loose. I sympathase with you but this is the sad reality.
So look at the glass being half full not half empty......and if it was me I would have just topped it up with some scotch wiskey and down it because unless you have money aside you are basicaly on the market for a Golf ;-(
Good luck mate

Joe,

I'm saying that because I've heard stories where the insurance companies try every trick in the book in order not to pay out - they try to blame it on you, so they don't have to pay. That's all.

Alex

phone this number 082 282 1000. You select your car, model and punch in your kilo's. They give your trade and retail max and mins.

Run by Mead and Mcgrouter

Racharld

I think the claim's settlement is a rip off. According to Mead & McGrouther (which is the industry standard)the Trade is R 212 600 and Retail is R 242 700. This is assuming the car was in excellent condition with low milage (which I figure it is). The book value would be the difference of the two.

Does not gel. You still have the excess deducted after.

BTW on the said book, the values for the 2002 154KW S3 is Trade R 190 300 and Retail R 217 100.

Ruben
auTobahn sTormer

Alex, I knew what you meant about insurance companies not paying out
It is just irritating that insurance companies make you feel as if you are
stealing THERE money when you claim , but it is OUR money they get from OUR premiums.

Ruben , that is exactly what I don't understand. My insurance also uses M&M
and when I query why the trade is R212600 and the market value value R214000,
they cannot answer me. All they say is that is the figure the computer returns.

My car was low mileage(44000km) for a 2002 model.

I will be meeting when my claims clerk and assessor tomorrow to clear this up.

I got those figures of the Mead and McGrouther website. It doesn't specify which S3 it is though.

Hi Nershen

The figures you got was for the 154Kw S3

Thought it was a bit low.

Thanks for the effort though

Well joe good luck again,
insurance is a funny game and in our lovely country full of hazards pricy too.
I can help but specify that the reason they try every trick in the book to wiggle out of paying is perhaps the fact that me and you pay on avarage R30-40k a year in insurance but when it comes to paying out we demand R250k + the insurance co. competiotion is stiff and the only way they show profits or dividents is by stuffing us. But without it we would have been loosing all the R250k ....I know unpopular view but this is economics and the reality of the matter.
And for the record I don't work for the ins.indstry.

Deemed market value on a car for insurance purposes is normally
the trade + retail price divided by 2, in your case about R227, deduct the normal 5% excess and you should be close to R214 or R215.
Just my thoughts,
RGDS

A80-Denis

Denis , the R214000 is before any deductions (:

I just want to make sure I get exactly what I insured my car for.

I think @ R214 before excess you might not be getting what you paid for, suggest you get a full breakdown from insurer how amount was calculated.

Good Luck
Denis

A80-Denis

I really think you should get a full breakdown, I remeber my Accord was written off on 23/02/2004 and they tried this kind of nonsense, even tried to nail me with the excess on the vehicle until I pointed out to them that they received R87000 for my car which was well and truly messed up (Chassis bent in at least 3 places!!!) suddenly they owed me R3500 since it was administrative error???. Problem is it took me 3 weeks to even get a call returned after I pointed this out...If you are not happy with what they received for the car you have the right to request that it be put out on tender again even for an extended period of time since they only usually do it for a day and a half. Hell I sold my A4 last year Augustbut in December I got a call for the car from a guy reading thru old magazines so what do they get in a day and a half.

Hi Guys

I am trying to setup a meeting with the insurance so that I can get all the
details I need.

Thanks for all the help.