Negotiating cash settlement from insurer
Discussion
party went in to the back of me and damaged rear bumper and boot lid. Spoke to my insurers and they said its a write off and they will offer me the market value at £2700 but I can't keep the car or buy it back. Its a 57 homda jazz with 77k miles. Decide to call 3rd party insurers and after looking at photos they have said the same thing and have offered £2100. I tried to argue its worth more but he said trade value is £1300 and retail is £2100.
My main objective is just to get a payout and keep the car as I managed to get a friend to secure the bumper so it is completely driveable. They said if I want to keep the car then I will get around £1500. My question is should I try to negotiate the amount or just take it.
My main objective is just to get a payout and keep the car as I managed to get a friend to secure the bumper so it is completely driveable. They said if I want to keep the car then I will get around £1500. My question is should I try to negotiate the amount or just take it.
Always negotiate as you have nothing to lose and everything to gain. Even if it went to the Ombudsman, your Insurer will lose the fees or face an increased levy next year.
The only problem will be finding ads of your age of car on Autotrader within 50 miles. Once cars get to Shed status, they're more likely to appear on Facebook and the like.
The only problem will be finding ads of your age of car on Autotrader within 50 miles. Once cars get to Shed status, they're more likely to appear on Facebook and the like.
mcflurry said:
If it's just failed the MOT plus the costs of sorting the bumper, why wouldn't you take the £2700 and buy another car?
Because I would need to find maybe at least another £1500 towards getting a new car and I need it for work and don't want to rush in to buying one. I'm not going to get the bumper repairedrobdex1 said:
Because I would need to find maybe at least another £1500 towards getting a new car and I need it for work and don't want to rush in to buying one. I'm not going to get the bumper repaired
:not sure if serious:£2700 will get you into any number of cars which are newer than your old one, and also presumably have bumpers and a valid MOT.
Taking back a known s
t car and deliberately driving it around whilst broken (not to say illegal) seems like a odd course of action.Definitely negotiate. Similar issue with a 3rd party hitting our Pug 107 runabout resulting in damage to driver's door, scuffs to rear offside door and a couple of small dents in the sill cover. A 2007 model but low miles and 1 previous owner.
We were offered two settlement figures, with and without keeping the car, which we weren't entirely happy with so sent about a dozen examples of cars of similar ages currently on sale with Autotrader / Ebay and differing mileages and were offered an increase worth 15%.
We essentially now have a free car to run around in, albeit with various dents and a Cat S status.
We were offered two settlement figures, with and without keeping the car, which we weren't entirely happy with so sent about a dozen examples of cars of similar ages currently on sale with Autotrader / Ebay and differing mileages and were offered an increase worth 15%.
We essentially now have a free car to run around in, albeit with various dents and a Cat S status.
robdex1 said:
deggles said:
Is it going to cost you more than £1500 to fix?
Someone told me around £1600 but I'm probably not gonna get it fixed cos its drivable and doesn't look too bad. I'm tempted to just take money cos it's just failed mot and needs a fair bit spending on itMost people don't want to buy a "Cat" car, in my experience so harder to sell.
I'd take the money.
Saw a Mitsubishi Colt with a decent MOT and not many miles going for £700 the other day, if you want a fill-in car - though it sold almost immediately but they do appear occasionally..
robdex1 said:
mcflurry said:
If it's just failed the MOT plus the costs of sorting the bumper, why wouldn't you take the £2700 and buy another car?
Because I would need to find maybe at least another £1500 towards getting a new car and I need it for work and don't want to rush in to buying one. I'm not going to get the bumper repairedhttps://www.autotrader.co.uk/car-search?advertisin...
Krikkit said:
True i can get similar vehicle with no bodywork damage. Need to call my insurers again to see if that offer is still valid. I'm just reluctant to go through the stress of buying a new vehicle. Could get like for like but who knows what work that car will need in the future. Long term it makes sense to take the money but I'm not in a position to put money towards another car so if they reduce the value then id rather just get my car through its mot and pocket the remainder of the moneyGassing Station | General Gassing | Top of Page | What's New | My Stuff