New car in a smash within 12 hours - write off?
Discussion
Hugo a Gogo said:
surely the 3rd party insurer cannot 'write off' the car?
they either pay for repairs, and car hire, and new insurance loading maybe, or they pay the full market value of the car, whichever is higher?
probably cheaper for them to go straight to "here's 14 grand" than piss about with a couple of months hire costs plus repairs, or say "the value of the damaged car is now 1500 or whatever, here's 12500, keep the car"
What do you think "paying full market value for the car" is, if not writing it off?they either pay for repairs, and car hire, and new insurance loading maybe, or they pay the full market value of the car, whichever is higher?
probably cheaper for them to go straight to "here's 14 grand" than piss about with a couple of months hire costs plus repairs, or say "the value of the damaged car is now 1500 or whatever, here's 12500, keep the car"
TwigtheWonderkid said:
dacouch said:
TwigtheWonderkid said:
It is. The insurer does not have to pay you what you paid for it the day before, because you may well have overpaid. Not saying this is the case with the OP, but to say they HAVE to match what you paid very recently is nonsense.
If you use that logic, if he'd underpaid for it, the insurer would be allowed to give him what he paid and not what it's worth, which is also tripe.
They pay the market value. That can be less than, more than or the same as what you paid for it the day before.
The Ombudsman disagrees with you, if you purchased the car "recently" then the price you paid is regarded by the Ombudsman as being the car's valueIf you use that logic, if he'd underpaid for it, the insurer would be allowed to give him what he paid and not what it's worth, which is also tripe.
They pay the market value. That can be less than, more than or the same as what you paid for it the day before.
Or if I buy a car for twice the market value off my son because I want to help him out, if I write it off I'll get back what I paid.
Really???
"9. vehicles recently purchased second-hand
If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
The selling the car for below the market value is covered by...
"We are likely to award the consumer the full retail value – even if they inadvertently underestimated the value of the vehicle when filling in the proposal form or luckily bought the vehicle for less than it was worth. And we have seen exceptional cases where a vehicle’s value genuinely rose between the date it was bought and the date of the damage or theft."
You must be fairly used to referring to the Ombudsman's link on valuing cars, here is the link again though
http://www.financial-ombudsman.org.uk/publications...
dacouch said:
pork911 said:
Thank you for confirming b
ks was the correct call for him and you.
Interesting, you do not understand the topic you're talking about, call someone else out and are proved wrong but rather than accept you made a mistake you remain hostile.ks was the correct call for him and you.If the OP wants to follow bad advice on Insurance they just need to follow the advice you give which could have potentially cost him thousands of pounds if the Insurers ignored the Ombudsman's rules on valuing a recently purchased car.
dacouch said:
The Ombudsman disagrees with you, if you purchased the car "recently" then the price you paid is regarded by the Ombudsman as being the car's value
Equate to this:-dacouch said:
If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
?Crafty_ said:
jig time then.
When you get it back go over with a fine toothcomb, door gaps, fit/action of doors. get a proper 4 wheel alignment done to make sure its properly straight.
Maybe a bit of an old fashioned view, but not sure if I'd want it back to be honest.
No that's not old fashioned that's spot onWhen you get it back go over with a fine toothcomb, door gaps, fit/action of doors. get a proper 4 wheel alignment done to make sure its properly straight.
Maybe a bit of an old fashioned view, but not sure if I'd want it back to be honest.
A few years back one of my cars was involved in a head/side on.
It was taken to the insurers approved repair facility and I got a oil burning fiesta to drive
It was valued at 6K - repairs were estimated to be £3K so it got the decision to repair
Eventual total repair cost ended up £4.5K as other things were found not spotted in the estimate.
I rejected the repaired car twice without even driving due to obvious paint finish faults
When it was finally repaired to my satisfaction it didn't drive as well as it did before and I couldn't work out why - it drove straigh, braked straight but it selt different in left and right corners and it didn't feel like that before - apparently I was over sensitive according to the two independent assessors who drove the car and checked it out.
I sold the car thinking it was just me.
A while later the new owner contacted me after having new shocks fitted to ask if I knew why the shock mounts on one side had been fitted 180 deg out and the front subframe (replaced as part of the repairs) was not aligned properly, both these issues had been spotted and corrected and the tracking was completely thrown out.
So I knew it wasn't right - I won't use "insurance approved repair agents" I'll suffer getting three quotes and jumping through hoops.
Oh and the three months in the oil burning fiesta sucked
LoonR1 said:
Hugo a Gogo said:
surely the 3rd party insurer cannot 'write off' the car?
they either pay for repairs, and car hire, and new insurance loading maybe, or they pay the full market value of the car, whichever is higher?
probably cheaper for them to go straight to "here's 14 grand" than piss about with a couple of months hire costs plus repairs, or say "the value of the damaged car is now 1500 or whatever, here's 12500, keep the car"
What do you think "paying full market value for the car" is, if not writing it off?they either pay for repairs, and car hire, and new insurance loading maybe, or they pay the full market value of the car, whichever is higher?
probably cheaper for them to go straight to "here's 14 grand" than piss about with a couple of months hire costs plus repairs, or say "the value of the damaged car is now 1500 or whatever, here's 12500, keep the car"
dacouch said:
"9. vehicles recently purchased second-hand
If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
So in other words, they do not have to give you what you bought it for, if they can demonstrate you overpaid for it.If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
TwigtheWonderkid said:
dacouch said:
"9. vehicles recently purchased second-hand
If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
So in other words, they do not have to give you what you bought it for, if they can demonstrate you overpaid for it.If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
Jonno02 said:
Hugo a Gogo said:
yes, I meant that I understood that the 3rd party insurer cannot force the write off, for repairs less than the full value
Really? Not been told that before.LoonR1 said:
Jonno02 said:
Hugo a Gogo said:
yes, I meant that I understood that the 3rd party insurer cannot force the write off, for repairs less than the full value
Really? Not been told that before.Hugo a Gogo said:
LoonR1 said:
Jonno02 said:
Hugo a Gogo said:
yes, I meant that I understood that the 3rd party insurer cannot force the write off, for repairs less than the full value
Really? Not been told that before.A car worth £15000 has a salvage value of £5000 after an accident. If the repairs cost £10001 or more, the the TP insurer will offer as a write off amd nothing else. They will offer £15000.
£10001 is less than the full value.
A court is highly likely to support the offer of £15,000 in full and final of that head of claim.
bqf said:
It's hard to say without looking at it, but a £7k estimate will probably turn into a £9k bill. I suspect they will write it off.
Even if its repaired, it's going to be worth a lot less than £14k. It's st luck.
I'd be tempted to request it's written off and press for full reimbursement and buy another
100%Even if its repaired, it's going to be worth a lot less than £14k. It's s
t luck.I'd be tempted to request it's written off and press for full reimbursement and buy another
GC8 said:
TwigtheWonderkid said:
dacouch said:
"9. vehicles recently purchased second-hand
If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
So in other words, they do not have to give you what you bought it for, if they can demonstrate you overpaid for it.If the consumer only recently bought their car second-hand, we generally assume that they paid the market value price – although we will consider any evidence the insurer can provide that this was not the case."
TwigtheWonderkid said:
The insurer does not have to pay you what you paid for it the day before, because you may well have overpaid
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