Seat versus Tesla, not a good result for either.. UPDATED page 6

[AliveBoy]

I don't buy new without GAP cover now. Should the worse happen I don't want to be in the position where I could lose tens of thousands.

 

GAP is suppose to be 'back to invoice' isn't it? The point of my situation is even if I get paid the invoice amount that isn't even enough to see me back in a basic spec Model X with no opinions ticked!!

 

there's two versions, RTI which is return to invoice or there's a version to cover the finance outstanding on the vehicle. Obviously the second one gets cheaper as the amount of cover slowly goes down.

[gangzoom]

A hand will be great in terms of the right things to check and ask them, but at the end of the day, it's not just knowing your rights, it's a matter of how much are you willing to fight for them. I could have taken my insurer to the cleaners, but it would have cost me 3 years of court battle against a company that could have gone down any minute, I know I did the sensible thing and settled for a lot less than I was due. Swings and roundabouts.

 

Am insured with Directline and the other party with Admiral, I don't think either companies are at risk of disappearing .

 

My claim is also been handled by a company who pretty much deal with Teslas and supercars, so I have faith in them getting me the best outcome.

[un1eash]

I don't buy new without GAP cover now. Should the worse happen I don't want to be in the position where I could lose tens of thousands.

 

GAP is suppose to be 'back to invoice' isn't it? The point of my situation is even if I get paid the invoice amount that isn't even enough to see me back in a basic spec Model X with no opinions ticked!!

 

there's two versions, RTI which is return to invoice or there's a version to cover the finance outstanding on the vehicle. Obviously the second one gets cheaper as the amount of cover slowly goes down.

 

Theres a third type, Vehicle replacement. This will bridge any gap from your insurance and the cost to replace the vehicle with a matching one. This applies if the car now costs more then what you paid to replace.

[gangzoom]

 

Theres a third type, Vehicle replacement. This will bridge any gap from your insurance and the cost to replace the vehicle with a matching one. This applies if the car now costs more then what you paid to replace.

 

This is what my Directline policy already says for cars under 12 months old and been first registered owner, like for like replacement. Hopefully things will get sorted eventually.

Edited June 26, 2017 by gangzoom

[gangzoom]

Third party have now accepted liability.

 

Insurance companies to inspect the car next week before formally writing it off.

 

So at least another week before any settlement figures start getting bounced around.

[Ekona]

I take it you have a courtesy car to cover you atm?

[AliveBoy]

I take it you have a courtesy car to cover you atm?

 

The replacement hire car has arrived and I have to say its good to be back in an EV .

 

 

RTFP DAN!!!

[Stutopia]

It sucks you might not get back what you already had, even in the bizarro world of insurance, if it's not your fault you should be getting a replacement or as near as is possible with the current builds.

 

Good luck

[davey_83]

Just such a shame the new model X prices have gone up so much, what's reason for that? UK leaving the EU.....

[gangzoom]

I take it you have a courtesy car to cover you atm?

 

Not my choice of colour or spec but isn't a bad loaner.

 

[WINKJ]

Just such a shame the new model X prices have gone up so much, what's reason for that? UK leaving the EU.....

 

Doubt it given Tesla is an American company and they'll be getting more revenue from the lower pound to USD.

 

O and just as another point, of my my customers profits have 3x to over 180m a quarter since the vote to leave the EU.. again an American company who are investing heavily in the UK.

[Flex]

That loaner looks nice, dont write it off!!

[gangzoom]

Just such a shame the new model X prices have gone up so much, what's reason for that? UK leaving the EU.....

 

Pretty much, we put our order in the day of the Brexit vote. Sadly any imported goods will get just get more expensive.

 

Tesla also have upped the price on the X as original pricing didn't give them enough margin, our X actually cost LESS than the current cheapest 4WD Model S!!

[gangzoom]

Just such a shame the new model X prices have gone up so much, what's reason for that? UK leaving the EU.....

 

Doubt it given Tesla is an American company and they'll be getting more revenue from the lower pound to USD.

 

 

The X is manufactured in the US and imported into the UK, weak £ means without increasing the price Tesla was getting far less profit for each car sold in the UK than other markets. I suspect if the £ doesn't pick up even more price increases are coming.

[WINKJ]

Just such a shame the new model X prices have gone up so much, what's reason for that? UK leaving the EU.....

 

Doubt it given Tesla is an American company and they'll be getting more revenue from the lower pound to USD.

 

 

The X is manufactured in the US and imported into the UK, weak £ means without increasing the price Tesla was getting far less profit for each car sold in the UK than other markets. I suspect if the £ doesn't pick up even more price increases are coming.

 

Don't want to turn this thread into something it's not but surely if Tesla operates in USD, is valued in USD and is floated on the NASDAQ, their value will increase due to a stronger dollar against the pound?

[Stutopia]

Are you asking why things cost more when the pound is weaker compared to the dollar? If so, here's a simplified example...

 

Say last year Tesla makes the car for $10 and it retails for $20 in America, they make $10 profit per car.

 

The example exchange rate then was even, £1 = $1. So the $10 cost to make the car equals £10. They can sell it in the UK for £20, and make £10 profit on each one, which equals $10 profit, same as in America.

 

Then, 6 months later, the £ drops by half. £2 is now only worth $1, so that $10 car now costs the equivalent of £20 to make. Tesla also still want to make $10 profit per car, which also now equals £20.

 

So it now sells for £40 in the UK, instead of £20, to make the same $10 profit.

[un1eash]

The rising cost was why I mentioned the model 3 in the other thread. The 3 was being sold as a $35k car, by the time the UK sees them its going to be pushing £50k making it to expensive for those looking to save money as they'll just stick to hat they know and buy a cheaper petrol car.

 

[Ekona]

Did your insurer sort out the courtesy car for you?

 

What I'm getting at here is that if you signed up for it yourself using an AMC, then technically you're on the hook for the hire cost which I imagine is not going to be cheap. Insurance is about mitigating losses, and whilst having that on hire for a couple of weeks probably isn't going to cause anyone to bat an eyelid and the expense will no doubt be paid by the TP insurer, if it carries on any longer then you're going to want to swap that for something significantly cheaper to hire. Otherwise you run the very real risk of being on the hook for the bill.

 

Of course, ignore all that if your insurer is supplying and you've not signed the usual agreement that AMCs make you sign.

[coldel]

Its a valid point, this is what happened to a friend of mine and his Range Rover Vogue he got as a courtesy car, ended up in all sorts of problems having to get hold of recorded phone conversations etc. when the other insurer noted the bill for the courtesy car.

[Richf]

Did your insurer sort out the courtesy car for you?

 

What I'm getting at here is that if you signed up for it yourself using an AMC, then technically you're on the hook for the hire cost which I imagine is not going to be cheap. Insurance is about mitigating losses, and whilst having that on hire for a couple of weeks probably isn't going to cause anyone to bat an eyelid and the expense will no doubt be paid by the TP insurer, if it carries on any longer then you're going to want to swap that for something significantly cheaper to hire. Otherwise you run the very real risk of being on the hook for the bill.

 

Of course, ignore all that if your insurer is supplying and you've not signed the usual agreement that AMCs make you sign.

 

He has been warned

[davey_83]

Worth all the costs to be in a Model X

[WINKJ]

Are you asking why things cost more when the pound is weaker compared to the dollar? If so, here's a simplified example...

 

Say last year Tesla makes the car for $10 and it retails for $20 in America, they make $10 profit per car.

 

The example exchange rate then was even, £1 = $1. So the $10 cost to make the car equals £10. They can sell it in the UK for £20, and make £10 profit on each one, which equals $10 profit, same as in America.

 

Then, 6 months later, the £ drops by half. £2 is now only worth $1, so that $10 car now costs the equivalent of £20 to make. Tesla also still want to make $10 profit per car, which also now equals £20.

 

So it now sells for £40 in the UK, instead of £20, to make the same $10 profit.

 

I was watching Love Island at the time - apologies I cannot multi task . The point I was trying to make, which is very different to what I was actually saying is that there has been a surge in investment into the UK market from US companies since the weaker pound.

 

I'll shut up now and keep the thread to what it is!

[Stutopia]

**** sorry for mansplaining

[gangzoom]

Did your insurer sort out the courtesy car for you?

 

What I'm getting at here is that if you signed up for it yourself using an AMC, then technically you're on the hook for the hire cost which I imagine is not going to be cheap. Insurance is about mitigating losses, and whilst having that on hire for a couple of weeks probably isn't going to cause anyone to bat an eyelid and the expense will no doubt be paid by the TP insurer, if it carries on any longer then you're going to want to swap that for something significantly cheaper to hire. Otherwise you run the very real risk of being on the hook for the bill.

 

Of course, ignore all that if your insurer is supplying and you've not signed the usual agreement that AMCs make you sign.

 

Its all been delt with by the AMC, current wait for a delivery on a new X is Sep/Oct. If the third party insurance company are serious about minimising risk they certainly dont seem bothered, it's taken them two weeks to admit liability despite me sending them the dash cam footage the night of them accident.

 

It's going to be another week before they inspect the car themselves to confirm its a write off - Not sure why Admiral thinks they can fix a Tesla that Tesal themselves say is not fixable. Than probably another week before they even come up with a settlement figure.

 

Seriously how long does it take to look at a dash cam footage, than phone up Tesla engineers, and finally price up an equivalent car?? I reckon thats one afternoon of work, instead am heading into the third week of the claim, with third party only just admitting liability, and still haven't got a clue how the claim will be settled.

 

So I'll keep my current loaner for as long as it takes for the insurance people to do their jobs.

Edited June 28, 2017 by gangzoom

[Ekona]

Its all been delt with by the AMC, current wait for a delivery on a new X is Sep/Oct. If the third party insurance company are serious about minimising risk they certainly aren't bothered, it's taken them two weeks to admit liability despite me sending them the dash cam footage the night of them accident.

This is what worries me. Are you 100% sure you didn't sign a form when you picked up the courtesy car? And if you did, are you sure it doesn't say that you accept liability for the costs?

 

Ignoring all that, you have a legal responsibility to minimise costs anyway, so if it's not sorted soon you need to be looking to get a cheaper loaner. Still via the AMC, but you do have to do it or this is going to come back and bite you. Plus there's the moral side of it, by increasing costs all you do is push up everyone else's insurance (including your own) too.