Total Loss - Insurer will not take car and pay market value
Discussion
Hi All
My car was hit from behind a few weeks ago and the third party insurers have been dealing with the claim.
They have ruled the car a total loss and advised their market value and salvage value. I was expected two options; keep the car and have the salvage value deducted from the market value, or let them take the car and be paid market value.
However, the insurers are saying that because I am the third party they will not offer to take the car and pay market value. They are saying that they will pay market value minus salvage value and expect me to sell the car on myself.
Is this normal? I feel that I am being pushed into something I don't want to do; I want them to take the car and pay market value. Can I put up some resistance or am I fighting a losing battle?
Thanks in advance for your help.
James
My car was hit from behind a few weeks ago and the third party insurers have been dealing with the claim.
They have ruled the car a total loss and advised their market value and salvage value. I was expected two options; keep the car and have the salvage value deducted from the market value, or let them take the car and be paid market value.
However, the insurers are saying that because I am the third party they will not offer to take the car and pay market value. They are saying that they will pay market value minus salvage value and expect me to sell the car on myself.
Is this normal? I feel that I am being pushed into something I don't want to do; I want them to take the car and pay market value. Can I put up some resistance or am I fighting a losing battle?
Thanks in advance for your help.
James
cv01jw said:
Hi All
My car was hit from behind a few weeks ago and the third party insurers have been dealing with the claim.
They have ruled the car a total loss and advised their market value and salvage value. I was expected two options; keep the car and have the salvage value deducted from the market value, or let them take the car and be paid market value.
However, the insurers are saying that because I am the third party they will not offer to take the car and pay market value. They are saying that they will pay market value minus salvage value and expect me to sell the car on myself.
Is this normal? I feel that I am being pushed into something I don't want to do; I want them to take the car and pay market value. Can I put up some resistance or am I fighting a losing battle?
Thanks in advance for your help.
James
I was in this situation with RCIB, I had no choice but to do this.My car was hit from behind a few weeks ago and the third party insurers have been dealing with the claim.
They have ruled the car a total loss and advised their market value and salvage value. I was expected two options; keep the car and have the salvage value deducted from the market value, or let them take the car and be paid market value.
However, the insurers are saying that because I am the third party they will not offer to take the car and pay market value. They are saying that they will pay market value minus salvage value and expect me to sell the car on myself.
Is this normal? I feel that I am being pushed into something I don't want to do; I want them to take the car and pay market value. Can I put up some resistance or am I fighting a losing battle?
Thanks in advance for your help.
James
It worked out financially well for me but a pain in the ass.
I have spoken to them again and they have agreed to take the car and pay market value, provided I accept their offer of market value.
The sceptic in me thinks this may have been their plan all along.
However, I was actually happy with their offer and so am inclined to take them up.
The sceptic in me thinks this may have been their plan all along.
However, I was actually happy with their offer and so am inclined to take them up.
Edited by cv01jw on Wednesday 18th July 14:37
It’s normal, but IMO is poor practice when they really should be bending over backwards to help you. It’s unlikely they’d try to screw you on value though. It’s hugely in their favour to give you a good offer and stop you going back to your own insurer.
Quite often people make a decent profit as the salvage value of the car can be quite low but the sale value on eBay surprisingly high. This obviously depends on the extent of the damage though.
Quite often people make a decent profit as the salvage value of the car can be quite low but the sale value on eBay surprisingly high. This obviously depends on the extent of the damage though.
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