HPI Check and Insurance Valuation GT3 & RS
Discussion
On HPI checking the car I am buying it surprised me to find out the level of HPI cover was limited to 30k.
The check came back clear and checks support the limited details I have found out about the car so should be OK I hope.
This does beg the question for people buying cars over 30k what happens if at a later date it was found to be stolen, cloned or on finance, I presume you would be hugely out of pocket.
I used who I believed to be the main firm in the market HPI, is there is another firm out there who will guarantee the full value of the car?
Another thing that was highlighted was the HPI valuation which was 25k under what Im paying for the car from an OPC, I believe the price to be right for the current market.
As we all know the current prices have inflated over the past 6 months or so for both the GT3 and RS and it begs the question what would be offered in the event of the worst happening and a claim for total loss or a stolen car?
It's questionable if current trade prices (Glasses Guide) would reflect the current high which could leave any claimant out of pocket.
Before anyone asks why I'm HPIing a car from an OPC there are 2 reasons.
Firstly this is by far the most I have ever paid for a car and I believe it common sense to protect ones self against risk.
Secondly when buying bikes in the past I was told by a dealer they are not obliged to reveal a vehicle is on the register unless the customer specifically asks.
I would welcome your thoughts on these points.
The check came back clear and checks support the limited details I have found out about the car so should be OK I hope.
This does beg the question for people buying cars over 30k what happens if at a later date it was found to be stolen, cloned or on finance, I presume you would be hugely out of pocket.
I used who I believed to be the main firm in the market HPI, is there is another firm out there who will guarantee the full value of the car?
Another thing that was highlighted was the HPI valuation which was 25k under what Im paying for the car from an OPC, I believe the price to be right for the current market.
As we all know the current prices have inflated over the past 6 months or so for both the GT3 and RS and it begs the question what would be offered in the event of the worst happening and a claim for total loss or a stolen car?
It's questionable if current trade prices (Glasses Guide) would reflect the current high which could leave any claimant out of pocket.
Before anyone asks why I'm HPIing a car from an OPC there are 2 reasons.
Firstly this is by far the most I have ever paid for a car and I believe it common sense to protect ones self against risk.
Secondly when buying bikes in the past I was told by a dealer they are not obliged to reveal a vehicle is on the register unless the customer specifically asks.
I would welcome your thoughts on these points.
ClarkPB said:
I'm with the OP. I would always HPI a car even from an OPC - it costs so little to even bother risking it.
Yep. Plus you find out about previous plates, etc.In terms of valuations, with specialist cars like GT3s and RSs I think we all need to be moving towards agreed value policies. Take a 996 RS as an example, I can imagine most insurers doing the equivalent of a 'we-buy-any-car' type online valuation and stating that it's worth £50k according to their computer....we all know you will never find a decent replacement car at anywhere near that price.
While I totally agree with the misrepresentation statement the car I am buying was never formally advertised as the dealer knew I was looking and phoned me before it went on the web site.Therefore there is nothing in print to refer to. The same thing would apply at any second hand showroom or forecourt, you see the car usually with the price on the window and little else. If the buyer does not ask outright "is it recorded on HPI (v car)" the dealer does not have to disclose it.
I have tried for an agreed valuation but have been advised by the insurance company that as the car is under 10 years old it does not qualify.
I would agree that a car could be damaged and repaired(track day)other than an independent inspection you may never know. As I am buying through an OPC I would expect this should not be necessary though.
Just trying to be cautious spending this sort of money.
I have tried for an agreed valuation but have been advised by the insurance company that as the car is under 10 years old it does not qualify.
I would agree that a car could be damaged and repaired(track day)other than an independent inspection you may never know. As I am buying through an OPC I would expect this should not be necessary though.
Just trying to be cautious spending this sort of money.
Edited by LukeS on Monday 9th June 12:35
LukeS said:
I would agree that a car could be damaged and repaired(track day)other than an independent inspection you may never know. As I am buying through an OPC I would expect this should not be necessary though.
_gez_ said:
A dealer is not permitted to misrepresent the car so if they left out details of any CAT C/D in the advert they would already be on thin ice.
Correct.It's called a "mis-leading ommission" to fail to include any information that a buyer might find relevant when making a purchasing decision. If a vehicle's on the VCAR (Vehicle Condition Alert Register) under any of the categories (A, B, C, D) then unless it's of very low value (say under £1000?) it's clearly very relevant information to a potential buyer.
Autotrader now automatically does a mini-HPi check on cars being uploaded using the registration number, and then highlights the advert with a "cat C" or "cat D" marker accordingly at the start of the headline for such vehicles. This is great for high-lighting cars advertised this way, but any cars uploaded without the registration number won't show it, so if the dealer can't provide you with a copy of a (recent) check (which I'm sure an OPC would), it's always worth doing one.
N24 said:
I'd certainly check as much as is possible even from an OPC.
I'm sure some of you will recall the orange RS a few years back that had been "repaired" & ended up costing the buyer a LOT more than expected...
Indeed, but I think that this only validates what a lot of people on here are saying as that car would not have revealed anything on an HPI check.I'm sure some of you will recall the orange RS a few years back that had been "repaired" & ended up costing the buyer a LOT more than expected...
I'd check out the "GT3 avoidance thread" . One on there was sold through an OPC, but had been totalled on the track ,so no record. Unsuspecting owner gives a compelling argument to do your own research ! Be careful.
Sorry didn't see N24's piece.
Sorry didn't see N24's piece.
Edited by grale23 on Monday 9th June 19:45
HPI matters aside there has been little comment on the other points:
This does beg the question for people buying cars over 30k what happens if at a later date it was found to be stolen, cloned or on finance, I presume you would be hugely out of pocket.
I used who I believed to be the main firm in the market HPI, is there is another firm out there who will guarantee the full value of the car?
Another thing that was highlighted was the HPI valuation which was 25k under what Im paying for the car from an OPC, I believe the price to be right for the current market.
As we all know the current prices have inflated over the past 6 months or so for both the GT3 and RS and it begs the question what would be offered in the event of the worst happening and a claim for total loss or a stolen car?
It's questionable if current trade prices (Glasses Guide) would reflect the current high which could leave any claimant out of pocket.
.................................................................................................................................................................................................
As it turns today I have found out in the event of total loss to bridge the difference between the potential insurance offer and the cost price I have been offered a 2 or 3 year gap insurance. This makes me feel a bit happier that I would not be massively out of pocket.
This does beg the question for people buying cars over 30k what happens if at a later date it was found to be stolen, cloned or on finance, I presume you would be hugely out of pocket.
I used who I believed to be the main firm in the market HPI, is there is another firm out there who will guarantee the full value of the car?
Another thing that was highlighted was the HPI valuation which was 25k under what Im paying for the car from an OPC, I believe the price to be right for the current market.
As we all know the current prices have inflated over the past 6 months or so for both the GT3 and RS and it begs the question what would be offered in the event of the worst happening and a claim for total loss or a stolen car?
It's questionable if current trade prices (Glasses Guide) would reflect the current high which could leave any claimant out of pocket.
.................................................................................................................................................................................................
As it turns today I have found out in the event of total loss to bridge the difference between the potential insurance offer and the cost price I have been offered a 2 or 3 year gap insurance. This makes me feel a bit happier that I would not be massively out of pocket.
Yep I would agree with that call me Mr Cautions 
Well to put it in prospective the prices have risen about 8/10k in a short space of time and could quite easily go the other way. Therefore I believe the £200pa fee is a reasonable to protect ones self against depreciation or a low insurance settlement. For £600 the warranty would make up the difference to the original sale price for 3 years I don't think that bad.
In the event the prices hold or rise then I would have spent money for no purpose.
Well to put it in prospective the prices have risen about 8/10k in a short space of time and could quite easily go the other way. Therefore I believe the £200pa fee is a reasonable to protect ones self against depreciation or a low insurance settlement. For £600 the warranty would make up the difference to the original sale price for 3 years I don't think that bad.
In the event the prices hold or rise then I would have spent money for no purpose.
Gassing Station | 911/Carrera GT | Top of Page | What's New | My Stuff