Insurance refusing to raise my write off value
Discussion
Hi all
Will try keep this short, car was written off and other party admitted liability straight away, since then I dealt direct with 3rd party, they offered me half the expected value for my car so I took advice off here printed ads etc and rejected offer, got a letter now saying they point blank refuse to up the offer, is there anything I can do ? They offered 500 and there are no cars for that price cheapest on autostrade is 1500
Thanks
Will try keep this short, car was written off and other party admitted liability straight away, since then I dealt direct with 3rd party, they offered me half the expected value for my car so I took advice off here printed ads etc and rejected offer, got a letter now saying they point blank refuse to up the offer, is there anything I can do ? They offered 500 and there are no cars for that price cheapest on autostrade is 1500
Thanks
This happened to me in 2009. Had a bump in my Scirocco resulting in a dented wing, scuffed bumper and smashed lamp. 3rd party declared the car a write off and offered me £175. I told them it was worth £1,500. They wouldn't budge.
I took my claim to an accident management company. Provided them with proof of values of like cars. Thankfully an identical car made good money on eBay a week previously. I ended up with a cheque for £1,650 and got to keep the car which was repaired for £55 and inspected by VOSA for a similar amount.
They can take the piss out of older car owners in my experience.
I took my claim to an accident management company. Provided them with proof of values of like cars. Thankfully an identical car made good money on eBay a week previously. I ended up with a cheque for £1,650 and got to keep the car which was repaired for £55 and inspected by VOSA for a similar amount.
They can take the piss out of older car owners in my experience.
One approach I used successfully:
1. Quick chat with the Financial Ombudsman Service (very helpful), get a reference number
2. Talk again to insurance company, say you will be referring this to the Financial Ombudsman Service. Give them the FOS reference number to show you have already talked with them. Say that that you intend to proceed with your claim for full pre-accident market value and will be backdating any payment and costs to the date of the accident. Interest rate charged is 8%.
3. If the insurance company says you have to go through their complaints procedure first, you will have to do that. (may take 8 weeks)
4. If their official response is that the payout is not increased, go to the Financial Ombudsman and follow their procedure.
Overall, it will cost the insurer more than simply paying out the market value.
How much higher are the cars on AT? It's worth noting that the vehicle valuation is not based on the forecourt price but the actual sale price.
http://www.financial-ombudsman.org.uk/publications...
http://www.financial-ombudsman.org.uk/publications...
I don't think a claims management company is necessary (you may end up paying for it yourself) - an independent assessor would be adequate (but make sure they're aware that you'll claim any costs involved from them).
One other thing - you say that the cheapest on Autotrader is £1500 - is this identical to yours (or close)?
One other thing - you say that the cheapest on Autotrader is £1500 - is this identical to yours (or close)?
Edited by Monty Python on Wednesday 5th February 15:33
rotarymazda said:
One approach I used successfully:
1. Quick chat with the Financial Ombudsman Service (very helpful), get a reference number
2. Talk again to insurance company, say you will be referring this to the Financial Ombudsman Service. Give them the FOS reference number to show you have already talked with them. Say that that you intend to proceed with your claim for full pre-accident market value and will be backdating any payment and costs to the date of the accident. Interest rate charged is 8%.
3. If the insurance company says you have to go through their complaints procedure first, you will have to do that. (may take 8 weeks)
4. If their official response is that the payout is not increased, go to the Financial Ombudsman and follow their procedure.
Overall, it will cost the insurer more than simply paying out the market value.
He has no contract with the insurer (he's the third party) so he can't escalate to the FOS.1. Quick chat with the Financial Ombudsman Service (very helpful), get a reference number
2. Talk again to insurance company, say you will be referring this to the Financial Ombudsman Service. Give them the FOS reference number to show you have already talked with them. Say that that you intend to proceed with your claim for full pre-accident market value and will be backdating any payment and costs to the date of the accident. Interest rate charged is 8%.
3. If the insurance company says you have to go through their complaints procedure first, you will have to do that. (may take 8 weeks)
4. If their official response is that the payout is not increased, go to the Financial Ombudsman and follow their procedure.
Overall, it will cost the insurer more than simply paying out the market value.
Thanks for the replys guys, in the end I've had no choice but to hand it over to a claims company, initially I was delighted to deal direct with the 3rd party, but slowly it dawned on me it was a mistake, slow to give me a courtesy car, and when it did arrive it was a 61 plate with almost 60,000 miles, also soon as the offer arrive they took the car back off me, if insurers are wondering why claims costs are so high, stop shafting us! Then we wouldn't need these so called blood sucking claims companies
The claims company have asked for all my paperwork and will handle my excess and getting the right price for my car, great ! I just wish I used them in the first place
The claims company have asked for all my paperwork and will handle my excess and getting the right price for my car, great ! I just wish I used them in the first place
Chipmunk1 said:
Thanks for the replys guys, in the end I've had no choice but to hand it over to a claims company, initially I was delighted to deal direct with the 3rd party, but slowly it dawned on me it was a mistake, slow to give me a courtesy car, and when it did arrive it was a 61 plate with almost 60,000 miles, also soon as the offer arrive they took the car back off me, if insurers are wondering why claims costs are so high, stop shafting us! Then we wouldn't need these so called blood sucking claims companies
The claims company have asked for all my paperwork and will handle my excess and getting the right price for my car, great ! I just wish I used them in the first place
Which claims company are you using? The claims company have asked for all my paperwork and will handle my excess and getting the right price for my car, great ! I just wish I used them in the first place
Also keep us updated with progress.
Sad but true, claims management co. Is the only way to go. In my view they (claims management cos) only exist because ins. Cos try to bully the average motorist.
I had this a few years ago when I was rear ended by a lorry. The insurance co. offered a fraction of what I'd paid a few weeks earlier when buying the car. The lady was adamant that they wouldn't pay any more. I said ok , sure call me back in a month and we can argue some more. She again made it clear that the offer would not improve and at this point I told her that in all honesty I didn't care..... I was quite happy to continue driving around in a brand new 530D that was costing her co. £ 170 a day. By 5 that evening I had an offer that I was more than happy with.
I had this a few years ago when I was rear ended by a lorry. The insurance co. offered a fraction of what I'd paid a few weeks earlier when buying the car. The lady was adamant that they wouldn't pay any more. I said ok , sure call me back in a month and we can argue some more. She again made it clear that the offer would not improve and at this point I told her that in all honesty I didn't care..... I was quite happy to continue driving around in a brand new 530D that was costing her co. £ 170 a day. By 5 that evening I had an offer that I was more than happy with.
ArmaghMan said:
Sad but true, claims management co. Is the only way to go. In my view they (claims management cos) only exist because ins. Cos try to bully the average motorist.
I had this a few years ago when I was rear ended by a lorry. The insurance co. offered a fraction of what I'd paid a few weeks earlier when buying the car. The lady was adamant that they wouldn't pay any more. I said ok , sure call me back in a month and we can argue some more. She again made it clear that the offer would not improve and at this point I told her that in all honesty I didn't care..... I was quite happy to continue driving around in a brand new 530D that was costing her co. £ 170 a day. By 5 that evening I had an offer that I was more than happy with.
That's partly why insurance is expensive - claims management companies charging ridiculous amounts for fire cars. A 5-series from Enterprise is £103 a day. As stated above, things like this should be handled through your own insurance - that's what you pay them for.I had this a few years ago when I was rear ended by a lorry. The insurance co. offered a fraction of what I'd paid a few weeks earlier when buying the car. The lady was adamant that they wouldn't pay any more. I said ok , sure call me back in a month and we can argue some more. She again made it clear that the offer would not improve and at this point I told her that in all honesty I didn't care..... I was quite happy to continue driving around in a brand new 530D that was costing her co. £ 170 a day. By 5 that evening I had an offer that I was more than happy with.
Hmm,
I have pursued 3rd parties for losses on my cars twice. On both occasions I had fully comprehensive insurance.
I did this because, as I understand it because, if you use your own insurance company, you are bound by all the small print in the contract you signed and therefore agreed to. You also hand over responsibility not to 'settle' with the 3rd party to your insurance.
My first claim involved writting off my car. The 3rd party were insured with Direct line, who were fantastic and offered me more than the agreed value I had on the car with my insurers. I had the cheque within a week. Generally if your own insurance company write off your car, they take ownership of the vehicle (which you agreed in the small print) and you have to buy it back off them. A 3rd party cannot do this, they have no claim to your vehicle.
On the second occasion, the 3rd party was more difficult. A clear letter setting out my claim, and that I would pursue through the small claims if required, resulted in a speedy resolution.
I have pursued 3rd parties for losses on my cars twice. On both occasions I had fully comprehensive insurance.
I did this because, as I understand it because, if you use your own insurance company, you are bound by all the small print in the contract you signed and therefore agreed to. You also hand over responsibility not to 'settle' with the 3rd party to your insurance.
My first claim involved writting off my car. The 3rd party were insured with Direct line, who were fantastic and offered me more than the agreed value I had on the car with my insurers. I had the cheque within a week. Generally if your own insurance company write off your car, they take ownership of the vehicle (which you agreed in the small print) and you have to buy it back off them. A 3rd party cannot do this, they have no claim to your vehicle.
On the second occasion, the 3rd party was more difficult. A clear letter setting out my claim, and that I would pursue through the small claims if required, resulted in a speedy resolution.
Monty Python said:
That's partly why insurance is expensive - claims management companies charging ridiculous amounts for fire cars. A 5-series from Enterprise is £103 a day. As stated above, things like this should be handled through your own insurance - that's what you pay them for.
Agreed they overcharge for hire cars.However I would rather use a claims management company as they are more motivated to get the money off the 3rd party.
Your insurance company will give up sooner, increase your premiums and reduce your NCB.
There are some potential gotchas with claims management companies, but the one I used provided written agreements that if it all went tits up I would not get stung for their costs and charges.
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