Insurance Valuation for Total Loss
Discussion
Had an accident a few weeks ago.
Golf pulled out of side road into my path.
Basically car written off (07 XC90 Sport)
Insurance company have informed me that their 'valuation' is £7410.
This is based on the Retail value set by the Industry.
I have done the normal search on Atrader and have found several cars for nearer £8000.
Most were higher mileage than mine (98,800).
IC (Tesco) have said its none negotiable and they have decreased the value by £380 because of the higher than average mileage!
Didn't realise 9880 per year was above average.
I have stated I am not happy. They have said they will put it through another valuation system and ring me when that is done.
I'm not holding my breath.
Seems gone are the days when you could go back and forth with offer and counter offer.
Is the Ombudsman the next step if second valuation is no better?
Thanks
Golf pulled out of side road into my path.
Basically car written off (07 XC90 Sport)
Insurance company have informed me that their 'valuation' is £7410.
This is based on the Retail value set by the Industry.
I have done the normal search on Atrader and have found several cars for nearer £8000.
Most were higher mileage than mine (98,800).
IC (Tesco) have said its none negotiable and they have decreased the value by £380 because of the higher than average mileage!
Didn't realise 9880 per year was above average.
I have stated I am not happy. They have said they will put it through another valuation system and ring me when that is done.
I'm not holding my breath.
Seems gone are the days when you could go back and forth with offer and counter offer.
Is the Ombudsman the next step if second valuation is no better?
Thanks
They factor in the fact that screen price does not equal sale price. Given how close you are in value (low 7k to high 7k) I think you'll struggle to get more.
Gone are the days when they low-balled you an offer and if you knew how to argue you'd get way more, they seem to have standardised on using the glasses guide price and the ombudsman backs them up on it (personal experience).
Gone are the days when they low-balled you an offer and if you knew how to argue you'd get way more, they seem to have standardised on using the glasses guide price and the ombudsman backs them up on it (personal experience).
AyBee said:
Have you gathered together all the information you have to indicate your car is worth more than they say it is or have you just verbally told them?
I verbally told them and also emailed the adverts but they weren't interested.Update:
Just had a call from Tesco, evidently my car being an SE Sport has loads of optional extras which I thought were standard.
Result being they have now offered £8410!
Accepted and being transferred to my account as we speak :-)
ETA, Now what to do. Selling caravan so don't need another big 4x4. It will be wife's car and main family car. Will have to start a 'What car' thread now.
Edited by GreatGranny on Thursday 7th September 10:30
BMWBen said:
They factor in the fact that screen price does not equal sale price. Given how close you are in value (low 7k to high 7k) I think you'll struggle to get more.
Gone are the days when they low-balled you an offer and if you knew how to argue you'd get way more, they seem to have standardised on using the glasses guide price and the ombudsman backs them up on it (personal experience).
Surely it depends on the insurance company. I had similar argument to OP and they upped their offer by about £1200 which i quickly accepted. They started with trade in value and then went to private sale value within the space of 2 emailsGone are the days when they low-balled you an offer and if you knew how to argue you'd get way more, they seem to have standardised on using the glasses guide price and the ombudsman backs them up on it (personal experience).
pavarotti1980 said:
Surely it depends on the insurance company. I had similar argument to OP and they upped their offer by about £1200 which i quickly accepted. They started with trade in value and then went to private sale value within the space of 2 emails
They said that it was an industry standard valuation whatever that means.They said it was non negotiable so good job I fought it and they re-valued using a different system.
However, why didn't they do that in the first place? They had the reg and access to databases which listed spec of the car yet still valued it as an SE not as an SE Sport.
pavarotti1980 said:
BMWBen said:
They factor in the fact that screen price does not equal sale price. Given how close you are in value (low 7k to high 7k) I think you'll struggle to get more.
Gone are the days when they low-balled you an offer and if you knew how to argue you'd get way more, they seem to have standardised on using the glasses guide price and the ombudsman backs them up on it (personal experience).
Surely it depends on the insurance company. I had similar argument to OP and they upped their offer by about £1200 which i quickly accepted. They started with trade in value and then went to private sale value within the space of 2 emailsGone are the days when they low-balled you an offer and if you knew how to argue you'd get way more, they seem to have standardised on using the glasses guide price and the ombudsman backs them up on it (personal experience).
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