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Insurance claim valutaion


wifey100
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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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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!!!

Abbey - owed £3260 - Paid up.

 

Barclays owed £2500 - Paid up.

 

Halifax, Mint & Egg - next on the hit list

 

Dont click on the scales - I'm quite proud of my little red dot! - As the little red dot has gone - click away!!!!

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