Car written off, Insurance offer is rediculous
Discussion
Hi
I wrote my car off recently. My fault.
I have today received an offer for the car. It is 20-25% less than I am able to replace the car with something comparable.
I have said no, and submitted plenty of adverts proving my position, and have in return received a suggested replacement with double the miles. (150k vs 80 on mine).
Basically the chap at the insurance company has said there is no movement. His letter states that SIMILAR models are selling for his figure but in reality cannot justify that statement.
Any suggestions as what do. I feel that I am being shafted big time!
thanks
I wrote my car off recently. My fault.
I have today received an offer for the car. It is 20-25% less than I am able to replace the car with something comparable.
I have said no, and submitted plenty of adverts proving my position, and have in return received a suggested replacement with double the miles. (150k vs 80 on mine).
Basically the chap at the insurance company has said there is no movement. His letter states that SIMILAR models are selling for his figure but in reality cannot justify that statement.
Any suggestions as what do. I feel that I am being shafted big time!
thanks
hashtag said:
Hi
I wrote my car off recently. My fault.
I have today received an offer for the car. It is 20-25% less than I am able to replace the car with something comparable.
I have said no, and submitted plenty of adverts proving my position, and have in return received a suggested replacement with double the miles. (150k vs 80 on mine).
Basically the chap at the insurance company has said there is no movement. His letter states that SIMILAR models are selling for his figure but in reality cannot justify that statement.
Any suggestions as what do. I feel that I am being shafted big time!
thanks
Giving value to a car isn't an exact science and is merely based on opinion, your opinion is that it's worth X the insurance companies opinion is it's worth Y you both need to come to an agreement and settle at ZI wrote my car off recently. My fault.
I have today received an offer for the car. It is 20-25% less than I am able to replace the car with something comparable.
I have said no, and submitted plenty of adverts proving my position, and have in return received a suggested replacement with double the miles. (150k vs 80 on mine).
Basically the chap at the insurance company has said there is no movement. His letter states that SIMILAR models are selling for his figure but in reality cannot justify that statement.
Any suggestions as what do. I feel that I am being shafted big time!
thanks
Read in full.
http://www.financial-ombudsman.org.uk/publications...
Do note
FOS said:
We do not usually find advertisements for similar vehicles very persuasive. A vehicle may often be sold for less than the advertised price – and differences in mileage, year of registration, model type etc can significantly affect the value.
Ask them what guide they're using for the valuation and go from there with a polite and reasonable attitude.ZOLLAR said:
hashtag said:
Hi
I wrote my car off recently. My fault.
I have today received an offer for the car. It is 20-25% less than I am able to replace the car with something comparable.
I have said no, and submitted plenty of adverts proving my position, and have in return received a suggested replacement with double the miles. (150k vs 80 on mine).
Basically the chap at the insurance company has said there is no movement. His letter states that SIMILAR models are selling for his figure but in reality cannot justify that statement.
Any suggestions as what do. I feel that I am being shafted big time!
thanks
Giving value to a car isn't an exact science and is merely based on opinion, your opinion is that it's worth X the insurance companies opinion is it's worth Y you both need to come to an agreement and settle at ZI wrote my car off recently. My fault.
I have today received an offer for the car. It is 20-25% less than I am able to replace the car with something comparable.
I have said no, and submitted plenty of adverts proving my position, and have in return received a suggested replacement with double the miles. (150k vs 80 on mine).
Basically the chap at the insurance company has said there is no movement. His letter states that SIMILAR models are selling for his figure but in reality cannot justify that statement.
Any suggestions as what do. I feel that I am being shafted big time!
thanks
Read in full.
http://www.financial-ombudsman.org.uk/publications...
Do note
FOS said:
We do not usually find advertisements for similar vehicles very persuasive. A vehicle may often be sold for less than the advertised price – and differences in mileage, year of registration, model type etc can significantly affect the value.
Ask them what guide they're using for the valuation and go from there with a polite and reasonable attitude.As you suggest we need to agree Z!
[quote=Pferdestärke]Have you looked on the Glass guide or Parkers valuation?
Spend a few pound on a accurate valuation and send to your insurers
Ask insurance company who they used for valuation also
[/quote]
The T&C in the public accessible glasses guide states it can't be used for insurance valuations.
http://www.glass.co.uk/terms/
2. USE OF THE SERVICES
Please remember that a Glass’s Valuation is a guide only. The values provided by this service are not insurance settlement values, cash values, or replacement prices and should not be presented as such.
Spend a few pound on a accurate valuation and send to your insurers
Ask insurance company who they used for valuation also
[/quote]
The T&C in the public accessible glasses guide states it can't be used for insurance valuations.
http://www.glass.co.uk/terms/
2. USE OF THE SERVICES
Please remember that a Glass’s Valuation is a guide only. The values provided by this service are not insurance settlement values, cash values, or replacement prices and should not be presented as such.
Edited by ZOLLAR on Tuesday 12th January 16:52
ZOLLAR said:
The T&C in the public accessible glasses guide states it can't be used for insurance valuations.
http://www.glass.co.uk/terms/
2. USE OF THE SERVICES
Please remember that a Glass’s Valuation is a guide only. The values provided by this service are not insurance settlement values, cash values, or replacement prices and should not be presented as such.
I'd still carry out a valuation check, and ask the insurers how they compiled their settlement figure?http://www.glass.co.uk/terms/
2. USE OF THE SERVICES
Please remember that a Glass’s Valuation is a guide only. The values provided by this service are not insurance settlement values, cash values, or replacement prices and should not be presented as such.
Edited by ZOLLAR on Tuesday 12th January 16:52
andburg said:
I would help to know how much we are talking about once you have removed your excess from the equation
25% of the car's value could be anything dependant on car.
£2000 car
£500 excess
£1500 offer seems rather reasonable
£20000 car
£500 excess
£15000 offer is clearly taking the piss
25% before the excess is removed
25% of the car's value could be anything dependant on car.
£2000 car
£500 excess
£1500 offer seems rather reasonable
£20000 car
£500 excess
£15000 offer is clearly taking the piss
25% before the excess is removed
You need an independent professional valuation from a specialist in that make & type of car. Then you send it to the insurer with a letter stating that you will accept this figure and no other.
They may well accept it. If they reject it you simply say that you will be looking for a court date. They will not want to go to court.
They may well accept it. If they reject it you simply say that you will be looking for a court date. They will not want to go to court.
Cooperman said:
You need an independent professional valuation from a specialist in that make & type of car. Then you send it to the insurer with a letter stating that you will accept this figure and no other.
They may well accept it. If they reject it you simply say that you will be looking for a court date. They will not want to go to court.
Court? are you serious?They may well accept it. If they reject it you simply say that you will be looking for a court date. They will not want to go to court.
Talk about making a mountain out of a mole hill, I'd love to see the face on magistrates for that absolute waste of time.
Op if you're unable to come to an agreement on the valuation do as normal people do and escalate through the companies complaint procedures once exhausted they'll suggest you contact the FOS if you're still unhappy.
Once at the FOS they'll go through the link I've shown you.
Edited by ZOLLAR on Tuesday 12th January 18:16
check my figures that's how I showed them....
vehicle Value
excess
75% of value
the £2000 example of 75%+ excess was actually 100% of the vehicle value
the £20000 example of 75%+ excess was only 77.5% of the vehicle value
As you are claiming you will never get 100% value as you'll always have to stump up your excess, look at offer+excess and see how close that gets you to a comparable vehicle not just the offer alone.
vehicle Value
excess
75% of value
the £2000 example of 75%+ excess was actually 100% of the vehicle value
the £20000 example of 75%+ excess was only 77.5% of the vehicle value
As you are claiming you will never get 100% value as you'll always have to stump up your excess, look at offer+excess and see how close that gets you to a comparable vehicle not just the offer alone.
hashtag said:
So he claims to have offers glass's to price.
However I have just paid for a glass's valuation, and it is significantly different from the offer.
Do glass's have 2 valuations?
Please see my previous posts, The publicly accessible one can't be used for insurance settlements.However I have just paid for a glass's valuation, and it is significantly different from the offer.
Do glass's have 2 valuations?
Edit to add the same post.
The T&C in the public accessible glasses guide states it can't be used for insurance valuations.
http://www.glass.co.uk/terms/
2. USE OF THE SERVICES
Please remember that a Glass’s Valuation is a guide only. The values provided by this service are not insurance settlement values, cash values, or replacement prices and should not be presented as such.
gottans said:
Is part of the problem that we as private owners buy at retail prices but the insurance company is using a trade valuation? If this the case then private owners will always be out of pocket.
Where's Loon when you need him..
No insurers don't use the trade valuation, it's quite clear on the glasses valuation which is which.Where's Loon when you need him..
[quote=ZOLLAR]
Court? are you serious?
Talk about making a mountain out of a mole hill, I'd love to see the face on magistrates for that absolute waste of time.
Op if you're unable to come to an agreement on the valuation do as normal people do and escalate through the companies complaint procedures once exhausted they'll suggest you contact the FOS if you're still unhappy.
Once at the FOS they'll go through the link I've shown you.
Not at all. It would, of course, not be a magistrate as it would be a civil court.
If you insure your car fully comprehensively, when you make a claim under your contract for total loss the other party are contracted to pay the market value. i.e. to reimburse you for your actual loss. The loss is the true replacement value. Should they fail to do so then you have every right to pursue them through the courts. Small claims court are for up to a certain figure, High Court above that. There is no requirement to go for alternative arbitration should you not wish to do so.
In fact I had exactly this with a company Granada Ghia many years ago. The valuation was in my opinion very low and when our solicitors wrote to the insurer to say that the local Ford dealers had valued a replacement at £xxx and supplied a copy of the valuation, the true value was offered and accepted immediately, less the excess obviously.
Court? are you serious?
Talk about making a mountain out of a mole hill, I'd love to see the face on magistrates for that absolute waste of time.
Op if you're unable to come to an agreement on the valuation do as normal people do and escalate through the companies complaint procedures once exhausted they'll suggest you contact the FOS if you're still unhappy.
Once at the FOS they'll go through the link I've shown you.
Not at all. It would, of course, not be a magistrate as it would be a civil court.
If you insure your car fully comprehensively, when you make a claim under your contract for total loss the other party are contracted to pay the market value. i.e. to reimburse you for your actual loss. The loss is the true replacement value. Should they fail to do so then you have every right to pursue them through the courts. Small claims court are for up to a certain figure, High Court above that. There is no requirement to go for alternative arbitration should you not wish to do so.
In fact I had exactly this with a company Granada Ghia many years ago. The valuation was in my opinion very low and when our solicitors wrote to the insurer to say that the local Ford dealers had valued a replacement at £xxx and supplied a copy of the valuation, the true value was offered and accepted immediately, less the excess obviously.
Cooperman]OLLAR said:
Court? are you serious?
Talk about making a mountain out of a mole hill, I'd love to see the face on magistrates for that absolute waste of time.
Op if you're unable to come to an agreement on the valuation do as normal people do and escalate through the companies complaint procedures once exhausted they'll suggest you contact the FOS if you're still unhappy.
Once at the FOS they'll go through the link I've shown you.
Not at all. It would, of course, not be a magistrate as it would be a civil court.
If you insure your car fully comprehensively, when you make a claim under your contract for total loss the other party are contracted to pay the market value. i.e. to reimburse you for your actual loss. The loss is the true replacement value. Should they fail to do so then you have every right to pursue them through the courts. Small claims court are for up to a certain figure, High Court above that. There is no requirement to go for alternative arbitration should you not wish to do so.
In fact I had exactly this with a company Granada Ghia many years ago. The valuation was in my opinion very low and when our solicitors wrote to the insurer to say that the local Ford dealers had valued a replacement at £xxx and supplied a copy of the valuation, the true value was offered and accepted immediately, less the excess obviously.
The whole "will take you to court" thing is used all the time, t really holds no threat.Talk about making a mountain out of a mole hill, I'd love to see the face on magistrates for that absolute waste of time.
Op if you're unable to come to an agreement on the valuation do as normal people do and escalate through the companies complaint procedures once exhausted they'll suggest you contact the FOS if you're still unhappy.
Once at the FOS they'll go through the link I've shown you.
Not at all. It would, of course, not be a magistrate as it would be a civil court.
If you insure your car fully comprehensively, when you make a claim under your contract for total loss the other party are contracted to pay the market value. i.e. to reimburse you for your actual loss. The loss is the true replacement value. Should they fail to do so then you have every right to pursue them through the courts. Small claims court are for up to a certain figure, High Court above that. There is no requirement to go for alternative arbitration should you not wish to do so.
In fact I had exactly this with a company Granada Ghia many years ago. The valuation was in my opinion very low and when our solicitors wrote to the insurer to say that the local Ford dealers had valued a replacement at £xxx and supplied a copy of the valuation, the true value was offered and accepted immediately, less the excess obviously.
You realise the complaint procedure is free, that would have saved you the cost of a solicitors letter.
Failing to exhaust the complaint route and jump straight to litigation is a huge waste, of course there are sorts of people out there that enjoy that sort of thing and will be on the phone to solicitors etc at the slight hint of grievance.
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