Insurance settlement help
Discussion
Good afternoon, long short short my car was written off a month ago after an uninsured car went into the side of me.
My insurance company have given me their final offer and instructed me to go to the financial ombudsman if I am not happy (which I have just filled out online)). They say they have given me a fair price and point to the Glass's & CAPS book price but that unfortunately that doesn't reflect the current market price I could go out and replace my car for.
To replace my car like for like taking into account spec, milage, colour & condition I cannot see one example for at least £1,500 more nationwide.
Judging on the online reviews I suspect the financial ombudsman is going to be a waste of time, has anyone got any experience?
Do I have any other options?
Thanks for reading
My insurance company have given me their final offer and instructed me to go to the financial ombudsman if I am not happy (which I have just filled out online)). They say they have given me a fair price and point to the Glass's & CAPS book price but that unfortunately that doesn't reflect the current market price I could go out and replace my car for.
To replace my car like for like taking into account spec, milage, colour & condition I cannot see one example for at least £1,500 more nationwide.
Judging on the online reviews I suspect the financial ombudsman is going to be a waste of time, has anyone got any experience?
Do I have any other options?
Thanks for reading
I had similar when my son crashed the family run around. I sent them adverts of very similar cars and received an improved amount I was okay with - around a £1000 ‘more than I paid (Covid). A relatively low value car and I don’t know what (if any) impact the ads had as of course they were offered prices rather than actual sales figures. Although I was happy with the final figure I’d not have been able to get the same car for the same money but we’d driven it for a year so it was okay and as stated nothing flash.
yeah think when i had to negotiate a payout for a car i sent the insurer adverts for comparable cars as evidence of market conditions. managed to get an offer increased a fair bit. are we talking about £1500 lower than a £3000 car, or a £15,000 car? bear in mind that asking prices online are usually 10% higher than what you might actually pay for something, if you negotiate a bit.
but either ways, good luck!
but either ways, good luck!
Thank you for your responses.
I did the same thing with adverts and they increased their offer by £1000 by the tie of the final settlement offer.
It's a low milage Mercedes SLC AMG line in white I've only owned the car a year I paid just over £17,000 for it but the same spec & colour now seems to be around £21,000 with the insurance offering £19,000.
The process is all new to me just seems way off me being able to replace it like for like
I did the same thing with adverts and they increased their offer by £1000 by the tie of the final settlement offer.
It's a low milage Mercedes SLC AMG line in white I've only owned the car a year I paid just over £17,000 for it but the same spec & colour now seems to be around £21,000 with the insurance offering £19,000.
The process is all new to me just seems way off me being able to replace it like for like
vinnie07 said:
It's a low milage Mercedes SLC AMG line in white I've only owned the car a year I paid just over £17,000 for it but the same spec & colour now seems to be around £21,000 with the insurance offering £19,000.
That's very odd, as 2nd hand cars are by and large cheaper than they were a year ago, plus your car is a year older than when you bought it. Also, cars advertised for £21K aren't necessarily expected to be sold for £21K. Just been through this myself. Incident was in October and it took me three months to get a half reasonable offer and a further eight for the FOS to come back with a decision.
Complaint sent to the financial ombudsman, absolute waste of time for me. Decision came this month not upheld even though the payout was 25% less than anything comparable on the market. They judge on the payout being "fair" according to CAP and not if you're able to replace like for like. Adverts that were provided were ignored. They don't give a stuff if you were treated appallingly. Like others warned me, it is a poorly run organisation stuffed with incompetent and overworked staff.
I'd recommend that you ignore the FOS first decision if not positive (given by an investigator) as they make it sound like a final decision. You'll have the option to put it in front of the actual ombudsman and the investigator will try and persuade you not to - presumably to limit workload!
Complaint sent to the financial ombudsman, absolute waste of time for me. Decision came this month not upheld even though the payout was 25% less than anything comparable on the market. They judge on the payout being "fair" according to CAP and not if you're able to replace like for like. Adverts that were provided were ignored. They don't give a stuff if you were treated appallingly. Like others warned me, it is a poorly run organisation stuffed with incompetent and overworked staff.
I'd recommend that you ignore the FOS first decision if not positive (given by an investigator) as they make it sound like a final decision. You'll have the option to put it in front of the actual ombudsman and the investigator will try and persuade you not to - presumably to limit workload!
Edited by Yomamaisasnowblower on Monday 21st August 16:04
edthefed said:
Ask the insurers to source and supply you with an identical car to the one written off ?
Totally pointless approach to take.Had a car written off (small electrical fire) Jan this year. Insurer was Churchill.
Original offer was laughable, initially refused to engage in a real world concersationaboutvalues stating that they would not accept sny proof of similar vehicles advertised prices.
Unearthed CEOs email, sent all the details to her stating the recent letter sent out to all insurers warning them not to undervalue vehicles in total loss claims and gave her 72 hours to respond.
All settled amicably and reasonably within that 72 hours.
Be polite, be reasonable, be factual and asvise that you will not be going down without a fight and they will probably back down.
They know that there are plenty of people they can fleece so not fighting the minority who stand their ground is not worth the effort
TwigtheWonderkid said:
That's very odd, as 2nd hand cars are by and large cheaper than they were a year ago, plus your car is a year older than when you bought it. Also, cars advertised for £21K aren't necessarily expected to be sold for £21K.
they're offering you £2k more than you paid a year ago? take the money. give your complaining skills a rest and instead practise your negotiation skills.TwigtheWonderkid said:
That's very odd, as 2nd hand cars are by and large cheaper than they were a year ago, plus your car is a year older than when you bought it. Also, cars advertised for £21K aren't necessarily expected to be sold for £21K.
I was as surprised as you to see how the prices had gone up, possible being a convertible and time of year is having an impact but I genuinely could not get the same car for the price offered Yomamaisasnowblower said:
Just been through this myself. Incident was in October and it took me three months to get a half reasonable offer and a further eight for the FOS to come back with a decision.
Complaint sent to the financial ombudsman, absolute waste of time for me. Decision came this month not upheld even though the payout was 25% less than anything comparable on the market. They judge on the payout being "fair" according to CAP and not if you're able to replace like for like. Adverts that were provided were ignored. They don't give a stuff if you were treated appallingly. Like others warned me, it is a poorly run organisation stuffed with incompetent and overworked staff.
I'd recommend that you ignore the FOS first decision if not positive (given by an investigator) as they make it sound like a final decision. You'll have the option to put it in front of the actual ombudsman and the investigator will try and persuade you not to - presumably to limit workload!
Thank you for your response, sounds like I am in the exact same position you were not so long ago, I feared as much after reading reviews about them. I will try and get in put in front of the actual ombudsman if the initial help if of no use. Thanks again Complaint sent to the financial ombudsman, absolute waste of time for me. Decision came this month not upheld even though the payout was 25% less than anything comparable on the market. They judge on the payout being "fair" according to CAP and not if you're able to replace like for like. Adverts that were provided were ignored. They don't give a stuff if you were treated appallingly. Like others warned me, it is a poorly run organisation stuffed with incompetent and overworked staff.
I'd recommend that you ignore the FOS first decision if not positive (given by an investigator) as they make it sound like a final decision. You'll have the option to put it in front of the actual ombudsman and the investigator will try and persuade you not to - presumably to limit workload!
Edited by Yomamaisasnowblower on Monday 21st August 16:04
Andy665 said:
Totally pointless approach to take.
Had a car written off (small electrical fire) Jan this year. Insurer was Churchill.
Original offer was laughable, initially refused to engage in a real world concersationaboutvalues stating that they would not accept sny proof of similar vehicles advertised prices.
Unearthed CEOs email, sent all the details to her stating the recent letter sent out to all insurers warning them not to undervalue vehicles in total loss claims and gave her 72 hours to respond.
All settled amicably and reasonably within that 72 hours.
Be polite, be reasonable, be factual and asvise that you will not be going down without a fight and they will probably back down.
They know that there are plenty of people they can fleece so not fighting the minority who stand their ground is not worth the effort
Thank you for your response. That's a very interesting approach to take, what a great idea! I am with Hastings Direct, may I ask how you managed to get the CEO's direct email? As I've said previously I'm not out to make a quick buck just simply want the same car again like for like as I did treasure it but the offers received are way off current list prices. Had a car written off (small electrical fire) Jan this year. Insurer was Churchill.
Original offer was laughable, initially refused to engage in a real world concersationaboutvalues stating that they would not accept sny proof of similar vehicles advertised prices.
Unearthed CEOs email, sent all the details to her stating the recent letter sent out to all insurers warning them not to undervalue vehicles in total loss claims and gave her 72 hours to respond.
All settled amicably and reasonably within that 72 hours.
Be polite, be reasonable, be factual and asvise that you will not be going down without a fight and they will probably back down.
They know that there are plenty of people they can fleece so not fighting the minority who stand their ground is not worth the effort
brillomaster said:
they're offering you £2k more than you paid a year ago? take the money. give your complaining skills a rest and instead practise your negotiation skills.
On the face of it Brillo it may seem a fair price but with the current list prices I can't get near the car the cheapest if over £1,500 more I don't see them dropping that much no matter who's negotiating the deal. I simple want a fair price to replace my car like for like and was looking for a little advice on how best to do that Have you factored in the excess on your policy? Even though you weren't at fault, your insurers don't have anyone to recover their losses from so would go down as a fault claim, therefore the final settlement would be minus the excess.
Double check that your policy doesn't also have some hidden clause that ups the excess to silly numbers in the case of being hit by an uninsured driver. In a way, it would make sense as it absolves the insurers from having to pay out on a full claim and shifts the onus on some poor innocent sod who then has to issue civil proceedings against the ignorant asshat that caused all the trouble in the first place.
Double check that your policy doesn't also have some hidden clause that ups the excess to silly numbers in the case of being hit by an uninsured driver. In a way, it would make sense as it absolves the insurers from having to pay out on a full claim and shifts the onus on some poor innocent sod who then has to issue civil proceedings against the ignorant asshat that caused all the trouble in the first place.
Wiccan of Darkness said:
Have you factored in the excess on your policy? Even though you weren't at fault, your insurers don't have anyone to recover their losses from so would go down as a fault claim, therefore the final settlement would be minus the excess.
Double check that your policy doesn't also have some hidden clause that ups the excess to silly numbers in the case of being hit by an uninsured driver. In a way, it would make sense as it absolves the insurers from having to pay out on a full claim and shifts the onus on some poor innocent sod who then has to issue civil proceedings against the ignorant asshat that caused all the trouble in the first place.
Yes my excess in this case is -£500 from the settlement figure they have offered. I have just about got over the fact that I will be £500 + loss of no claims out of pocket but the poor settlement figure on top is turning the whole situation into a nightmare. Double check that your policy doesn't also have some hidden clause that ups the excess to silly numbers in the case of being hit by an uninsured driver. In a way, it would make sense as it absolves the insurers from having to pay out on a full claim and shifts the onus on some poor innocent sod who then has to issue civil proceedings against the ignorant asshat that caused all the trouble in the first place.
The gist I got from the police (whom didn't seem very interested may I add) is that uninsured cars on the road are becoming all the more common.
My car got hit in the rear on a Motorway slip-road a few months ago and I got a derisory offer from the insurer of the car that hit me.
I sent links to some adverts for similar cars and got a slightly less derisory offer that I accepted in the end because I got fed up dealing with clowns.
I hope you get a decent outcome.
I sent links to some adverts for similar cars and got a slightly less derisory offer that I accepted in the end because I got fed up dealing with clowns.
I hope you get a decent outcome.
Mr Tidy said:
My car got hit in the rear on a Motorway slip-road a few months ago and I got a derisory offer from the insurer of the car that hit me.
I sent links to some adverts for similar cars and got a slightly less derisory offer that I accepted in the end because I got fed up dealing with clowns.
I hope you get a decent outcome.
Cheers for your response, sorry to hear you didn't get the pay out you was hoping for I can see why you decided to count your losses in the end, it is all becoming such a hassle I sent links to some adverts for similar cars and got a slightly less derisory offer that I accepted in the end because I got fed up dealing with clowns.
I hope you get a decent outcome.
I had the same experience with my car. The ombudsman is a waste of space, so my suggestion is that you would be better off taking what money you can from your insurer and then putting a claim in through the small claims court. For me, that was the first time anyone looked at the adverts I had and said 'yes, they've not paid enough'.
You can search for ombudsman decisions online, and they are all a cut and paste job that say something like 'Mrs X wanted more, but I've reviewed the guide prices and the insurer has offered the average of these so its fair and reasonable'. Also, I shared my value evidence via onedrive, so I know that the ombudsman never accessed the adverts I sent in. Shambolic.
One thing that helped me in court was that I got some guide price info from another source, which included 'asking prices' and 'selling prices'. This prevented my insurer from arguing that the adverts could be negotiated down to what they had offered: the difference in the book between CAP asking and selling prices was about 5%, and they underpaid me by about 15%. It was also clear that the book 'advertised prices' were much lower than what was available online.
The most frustrating thing I found was that some vehicle valuers consider adverts when reaching a vehicle value, whilst others just look at the books. I hence feel that I had to go to all that trouble (took about a year and a half) because my insurer chose a valuer whose method suited them.
Feel free to pm me if you need a hand with anything, but good luck!
You can search for ombudsman decisions online, and they are all a cut and paste job that say something like 'Mrs X wanted more, but I've reviewed the guide prices and the insurer has offered the average of these so its fair and reasonable'. Also, I shared my value evidence via onedrive, so I know that the ombudsman never accessed the adverts I sent in. Shambolic.
One thing that helped me in court was that I got some guide price info from another source, which included 'asking prices' and 'selling prices'. This prevented my insurer from arguing that the adverts could be negotiated down to what they had offered: the difference in the book between CAP asking and selling prices was about 5%, and they underpaid me by about 15%. It was also clear that the book 'advertised prices' were much lower than what was available online.
The most frustrating thing I found was that some vehicle valuers consider adverts when reaching a vehicle value, whilst others just look at the books. I hence feel that I had to go to all that trouble (took about a year and a half) because my insurer chose a valuer whose method suited them.
Feel free to pm me if you need a hand with anything, but good luck!
vinnie07 said:
Thank you for your response. That's a very interesting approach to take, what a great idea! I am with Hastings Direct, may I ask how you managed to get the CEO's direct email? As I've said previously I'm not out to make a quick buck just simply want the same car again like for like as I did treasure it but the offers received are way off current list prices.
Here you gotobiasvandermeer@hastingsdirect.com
Tobias van der Meer
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