Some idiot drove into my MX-5 2000 MK II SE (Racing Green & Tan Hood) the other week.
I’m now locked horns into a battle with the TP insurers who have only valued it at £865.
It’s done 103K and I’d say it’s in above average condition albeit there’s the usual very subtle scratches on paintwork as you’d expect from a car this age. It’s had some mods done by an enthusiast who used to take it shows…nardi steering wheel, nice alloys and some chrome bling under the bonnet!
I think I’m right in thinking only 500 were ever produced for this country, and there’s probably very few still on the road these days.
So much so that I’m struggling to find any on sale to give a current market value indicator.
I need to provide some form of qualitative justification for disputing the insurer’s valuation.
I estimate it’s worth between £2000-2450 factoring in the rarity value.
Has anyone any ideas on value or any thoughts on how to obtain some form of definitive independent valuation that’s not skewed towards the interests of the insurance companies!
Usual story…old car so let’s write it off scenario!
My other-half privately sold his '99 SE last year for £950. Personally, I think you’d be VERY lucky to get anywhere near £2k unless it was exceptional. Sorry.
Not convinced about rarity value at all for that car, it was basically cosmetics on a 1.8Is. Plenty 10th Anniversary editions on the market at high prices that are not selling.
Yes, a very clean MK2 with say 60k miles has to be worth say £2k ish but at the moment the used car market is in freefall.
You would have to prove to the insurance company that a similar car is selling for £2k not that there are cars advertised at that price.
Like the other poster has advised, you have a reasonable offer. You should have got an agreed value if you wanted a guaranteed replacement value.
Why not buy it back and repair the damage then reinsure for an agreed valuation. The insurers usually accept much lower than their valuation for the car.
I doubt that you would get any more for your car because it is relative rareness. Your insurance company will just value it based on the model it is based on. The retail price of many “Special Edition” MX5s is not often that much more than the standard model. The fact it has many non standard aftermarket parts does not count especially if they were not declared to the insurance company. Like someone has said, take the offer and see if you can buy it back of from the insurance company at right-off value (it saves them the hassle of having to collect it and dispose of it) and then either sell it on to someone who wants to restore it or restore it yourself. I once did this with a Triumph Spitfire that was written off buy a mad motorbiker. The combined value of what the insurance company gave me for the car, what they let me have the wreck for and what I sold it for to a guy who was able to repair it, was more than the market value .
If you’re claiming from the third party’s insurer (ie it is completely not your fault, and you are therefore not claiming from your own insurer), simply reject the offer from the TP insurer and tell them to fix it.
In this scenario the TP insurer cannot insist that your car is written off.
You have no contract with the TP insurer therefore they cannot write your car off without your say so.
Their contract is with their client. Their client damaged your vehicle. They indemnify their client against the damage he/she caused with their vehicle and must put you back in the position you were in before their client caused the damage.
Stick to your guns, keep pushing back. They are not allowed to write off your car unless you agree to it. If you do not agree to it, then they must repair the car regardless of cost.
I reiterate my first paragraph though. This only applies if you are claiming ONLY from the TP. If you are claiming from your insurer under your own policy then they CAN write off your car…