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Before beginning to claim your bank charges be sure to read the FAQ by clicking the link above. Read it carefully and also read as much of the forum material as you can manage before you start claiming your bank charges refund. You will have to register before you can post or view the materials which may assist you in reclaiming your penalty charges: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. Understand what you are doing and you will be able to Reclaim the Right more effectively.

Why don't you come and introduce yourself in the Welcome section at the top of the forum. Then have a look around the rest of it.
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Old 25th May 2007, 16:09   #1 (permalink)
wifey100
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Join Date: May 2007
Posts: 41
wifey100 Novitiate
Question Insurance claim valutaion

Hi
My car was stolen in April - my insurance are ready to make me an offer and everyone has told me not to accept the first offer as it is always substantially reduced.

How do insurance companies come up with their offers?
If I don't agree it how do I prove otherwise?
Surely the amount insured is the amount I should receive?

I would be grateful for any answers I want to be ready for them as I have heard nothing but horror stories
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Old 25th May 2007, 16:50   #2 (permalink)
craigwalton
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Default Re: Insurance claim valutaion

Most Insurance Companies use a book called Glass's guide. when you type in your make model reg & year it will give you 2 prices, one for trade, one for retail. This valuation will also have a variance on mileage, eg for every 1000 miles over the average deduct £20.

The Insurance company is supposed to go for in between the retail and the trade - this is called the mid book price, and offer that.

However, due to FSA complaints on regional variations, the Insurance companies also look on t'internet and find a similar age model to substantiate the price they are offering....

If you are unhappy with the price you will need to substantiate your price. This means finding a car of similar age / model / milage to the car you had damaged / lost at the price you want.

Hope this helps!!!
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