Fighting a write off valuation
Discussion
Ian Geary said:
My policy ended when the vehicle was written off, but luckily it took the insurance lot so long to handle my claim I basically got full term from it.
I was using another (insured elsewhere) vehicle under the driving other vehicles provisions third party, so didn't particularly lose out.
So generally, if you suffer a write off in the first week of your policy, then you basically have to buy a whole new annual second policy in short order. There might be mythical policies that will phoenix for you after a write off, but I've never seen that in t&cs.
Strictly speaking they are entitled to cancel the policy because the subject matter of the contract (the car) effectively doesn't exist. But most insurers will generally continue the policy on a replacement vehicle. I was using another (insured elsewhere) vehicle under the driving other vehicles provisions third party, so didn't particularly lose out.
So generally, if you suffer a write off in the first week of your policy, then you basically have to buy a whole new annual second policy in short order. There might be mythical policies that will phoenix for you after a write off, but I've never seen that in t&cs.
Although some don't, so I was glad I made my claim against the insurer of the car that hit mine!
the-norseman said:
Insurance is 1st Central, mileage is 67xxx.
In 2004, they went from offering me £600, on a 1995 Astra 1.4, to £1800, based on the data analysis I did using MiniTab on 47 adverts, from reputable dealers advertising on autotrader. I used the "main effects" function to show, how age colour, mileage and spec had differing impact on retail value. Plotted a lot of graphs and presented them a with 5 page report with 60 page appendix, via email.
The loss adjuster, started off his excuses, by saying that his guide, only went down to 1996.
As an aside, it was the 2nd of 3 mk3 astras that I've written off, but I'm still waiting for my CBE for services to the British Motoring Public.
Pit Pony said:
In 2004, they went from offering me £600, on a 1995 Astra 1.4, to £1800, based on the data analysis I did using MiniTab on 47 adverts, from reputable dealers advertising on autotrader.
I used the "main effects" function to show, how age colour, mileage and spec had differing impact on retail value. Plotted a lot of graphs and presented them a with 5 page report with 60 page appendix, via email.
The loss adjuster, started off his excuses, by saying that his guide, only went down to 1996.
As an aside, it was the 2nd of 3 mk3 astras that I've written off, but I'm still waiting for my CBE for services to the British Motoring Public.
20 years ago loss adjustors wouldn't have access to the level of data they do now. I used the "main effects" function to show, how age colour, mileage and spec had differing impact on retail value. Plotted a lot of graphs and presented them a with 5 page report with 60 page appendix, via email.
The loss adjuster, started off his excuses, by saying that his guide, only went down to 1996.
As an aside, it was the 2nd of 3 mk3 astras that I've written off, but I'm still waiting for my CBE for services to the British Motoring Public.
Petrus1983 said:
the-norseman said:
Just a quick question regarding insurance, obviously I've got an outstanding claim, when the claim is settled, lets say next Wednesday.
Will my insurance then be ended? or will they allow me to carry on my cover which is due in December and put a new car on it?
That's company specific so worth giving them a buzz. Will my insurance then be ended? or will they allow me to carry on my cover which is due in December and put a new car on it?
Which always resulted in a lower premium by moving elsewhere.
FWIW said:
That's the sort of literature that will send you to sleep. alscar said:
Not sure why a gap insurer would or could even try and negotiate with a car insurer to increase their payout ?
Their policy is obviously sold to the car owner to protect any such shortfall.
They're mitigating their loss, of course they would want the insurer to pay out the correct valuation. Some insurers do, others try to get away with as little a vale as they can.Their policy is obviously sold to the car owner to protect any such shortfall.
alscar said:
Petrus1983 said:
They do. They're happy to go to the Ombudsman as that costs the insurance company £500 straight off the bat (recently heard it's higher).
Interesting - why would the car insurer bow down to them though - unless you’re saying they do that to just avoid paying £500 automatically to the Ombudsman ?If the gap insurer charged the customer for a policy then surely reducing their payout is by itself against FCA regulations or am I being naive ?
The FOS fee (£750) doesn't factor into the insurers calculation, they will stand up to the valuation if they think its right and take the fee hit.
Trax said:
They aren't bowing to anyone. Its normal process to complain about a valuation if you don't think its correct. A GAP insurer will do it on their policyholders behalf if they think its low too.
The FOS fee (£750) doesn't factor into the insurers calculation, they will stand up to the valuation if they think its right and take the fee hit.
When it came to valuation disputes I didn't see many that were upheld. Those that were were often older cars where we'd used an independent assessor. The FOS fee (£750) doesn't factor into the insurers calculation, they will stand up to the valuation if they think its right and take the fee hit.
Petrus1983 said:
Pit Pony said:
In 2004, they went from offering me £600, on a 1995 Astra 1.4, to £1800, based on the data analysis I did using MiniTab on 47 adverts, from reputable dealers advertising on autotrader.
I used the "main effects" function to show, how age colour, mileage and spec had differing impact on retail value. Plotted a lot of graphs and presented them a with 5 page report with 60 page appendix, via email.
The loss adjuster, started off his excuses, by saying that his guide, only went down to 1996.
As an aside, it was the 2nd of 3 mk3 astras that I've written off, but I'm still waiting for my CBE for services to the British Motoring Public.
20 years ago loss adjustors wouldn't have access to the level of data they do now. I used the "main effects" function to show, how age colour, mileage and spec had differing impact on retail value. Plotted a lot of graphs and presented them a with 5 page report with 60 page appendix, via email.
The loss adjuster, started off his excuses, by saying that his guide, only went down to 1996.
As an aside, it was the 2nd of 3 mk3 astras that I've written off, but I'm still waiting for my CBE for services to the British Motoring Public.
Trax said:
They're mitigating their loss, of course they would want the insurer to pay out the correct valuation. Some insurers do, others try to get away with as little a vale as they can.
Yes I realise that - I phrased my point badly - I’m just not sure why a car Insurer would take any notice of them. GAP insurance is a form of contingency insurance so surely if the car Insurer refuses to up their payout the GAP insurer has to maintain their policy agreement to the Insured ?
alscar said:
I wonder too why apparently most dealers in the UK are apparently stopping their sales of Gap Insurance if they are such good products to buy ?
Or is that more a case of mis selling by said dealers ?
I think sales have been stopped by the FCA pending / after an investigation.Or is that more a case of mis selling by said dealers ?
Dashnine said:
I think sales have been stopped by the FCA pending / after an investigation.
Yes indeed but that’s my question especially given the previous points made that they often try and persuade the car Insurer to pay more and therefore less themselves - that doesn’t strike me as particularly good behaviour. alscar said:
Dashnine said:
I think sales have been stopped by the FCA pending / after an investigation.
Yes indeed but that’s my question especially given the previous points made that they often try and persuade the car Insurer to pay more and therefore less themselves - that doesn’t strike me as particularly good behaviour. Don’t really have an issue if Gap insurance companies try to up the value from the main insurance companies, why should the ‘big boys’ make money from under valuing a write off.
Dashnine said:
I think they’ve been stopped because they are very expensive buying from the dealer ( i.e. a rip off along with all the other crap they try to get you to buy). I’ve always bought Gap from a third party at a much cheaper cost.
Don’t really have an issue if Gap insurance companies try to up the value from the main insurance companies, why should the ‘big boys’ make money from under valuing a write off.
Agree why would you ever buy from a dealer but I guess many have. Don’t really have an issue if Gap insurance companies try to up the value from the main insurance companies, why should the ‘big boys’ make money from under valuing a write off.
Take your point but implies that the Gap Insurers marketing isn’t perhaps as transparent as it could be.
alscar said:
Yes indeed but that’s my question especially given the previous points made that they often try and persuade the car Insurer to pay more and therefore less themselves - that doesn’t strike me as particularly good behaviour.
Strikes me as fabulous behavior. Trying to get the insurer to honour their contract with the mutual customer? I'd think we'd all be in favour of that!Trax said:
alscar said:
Petrus1983 said:
They do. They're happy to go to the Ombudsman as that costs the insurance company £500 straight off the bat (recently heard it's higher).
Interesting - why would the car insurer bow down to them though - unless you’re saying they do that to just avoid paying £500 automatically to the Ombudsman ?If the gap insurer charged the customer for a policy then surely reducing their payout is by itself against FCA regulations or am I being naive ?
The FOS fee (£750) doesn't factor into the insurers calculation, they will stand up to the valuation if they think its right and take the fee hit.
I was in a similar situation when my wife's car was totalled, they were adamant about sticking to a very poor offer and happily invited me to take it to the ombudsman if I didn’t like it.
I suggested that as I had an admission of liability and plenty of evidence of what it would cost to replace the car I would be going straight to a small claims court. They must have figured that this would cost them a lot more than the ombudsman’s fee because half an hour later a sensible offer appeared.
Don’t play the game how they want you to…………
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff