Insurance valuation and payout figure

[deanogtv]

Probably covered on here many times but here goes anyway......

Filling out my insurance quote online for our little snorter run around and I got asked 'how much is car worth'.... £1000 I put as that what I have just paid.
2 weeks later car gets written off. Insurance say its market value is £650??? Now why ask how much the car is worth if you tell me different.

Now its not the end of the world but what got my goat was the little run around I sourced was a bargain at the price. Little old lady had had it from new, full service history and in perfect condition, gutted to loose it really. Now insurance company say there are many out there for the said £650 they are offering, I beg to differ.

Now do I stand my ground out of priciple or just drop my strides and take it??

[Krikkit]

Is it worth your time to try and screw an extra £400 out of them?

Get some similar examples of cars being sold together and send it on to them, in the first instance they will go with a low-ball from Parkers etc.

[J8 SVG]

Keep rejecting their offer, they can't close the case until you accept and they want everything done as soon as possible.

I got mine up from £2250 to £2700 with a few complaining phone calls but make sure you back your argument up with adverts for cars of the same age, spec and location if you can

[dave7692]

A guy that I used to work with had this, he then found 3-4 on autotrader/ local ads matching his valuation and sent it to them to prove that they were inaccurate.

[kiethton]

J8 SVG said:

Keep rejecting their offer, they can't close the case until you accept and they want everything done as soon as possible.

I got mine up from £2250 to £2700 with a few complaining phone calls but make sure you back your argument up with adverts for cars of the same age, spec and location if you can

Exactly this, I got my brothers pay-out for a 5 year old 28k mile fiesta (purchased at 3 years old and 3k miles for £3,900 + auction fees) from £2,600 to £3,600 after a half hour phone call.

You get them to open autotrader - set your search conditions and dis-credit all of the ones less than what you want for yours. They agreed with me and paid out the £3,600 - softened the blow of his £1k excess!

[73mark]

Find adds with cars like yours price around £1000 send them to your insurance company and refuse there first offer my miss did and got an extra £340 good luck

[GC8]

The FOS say that a cars value is what you paid if you bought it recently. Obviously, I have summarised their judgement...

[blongs]

Following on from GC8, if it went as far as a complaint to the financials ombudsman the guideline set for them to rule by is here

http://www.financial-ombudsman.org.uk/publications...

[PaulD86]

blongs said:

Following on from GC8, if it went as far as a complaint to the financials ombudsman the guideline set for them to rule by is here

http://www.financial-ombudsman.org.uk/publications...

That would certainly seem to apply in this case, but interesting scrolling up one section to what they say about adverts.

[paintman]

Look for identical vehicles on autotrader & see what the going rate is. Download & printout the descriptions & the values so you have hard copy & go back to the insurers armed with these.
Been there done this a few years ago but it did take 9 months & the involvement of the FSO as the other driver's insurers just ignored our letters. We did get the figure we were after which was 1/3 more than they originally said was their final offer.

[J8 SVG]

Purity14 said:

Then when trying to take out insurance on your new car, the claim will still be "Pending". So you will be paying more than if the claim was settled.

But I agree, put up a decent fight, just don't bother holding out for months over it. Send them examples, and if they say no, suck it up.

I just turned it around to be their fault and made sure they supplied me with a rental car for the whole time they were 'messing me around' had a month in a very acceptable Golf 1.6 TDi which I put 1000 miles on!!

[deanogtv]

PaulD86 said:

That would certainly seem to apply in this case, but interesting scrolling up one section to what they say about adverts.

good advice, phoned them back, quoted the FSO guidance haence the car being 2 weeks old and having proof of purchase. Put on hold straight away. Yes sir we would be glad to pay the extra! Job done, Great advice!!

[GC8]

[J8 SVG]

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