Car total loss valuation

[mivec]

My car was written off in a no fault claim. My insurers have only offered a guide book value. The policy states that any claim shall be based on the market value at the time and current dealer advertisd prices are much higher than the guide book value. I am thinking off claiming for the difference between the two in the small claims court. I would be interested to hear if anyone has taken this option.

[Sidewinder]

Never had to go that far. I argued that if the insurance company weren't happy with the valuation of the car that I gave when I took out the policy then they should have questioned it at the time rather than offer a quote for a valuation that they weren't happy to pay out to in the event of a total loss, less any agreed depreciation since the policy was taken out. They accepted my valuation as the basis for the claim providing that I could give them at least two examples of the make and model in a similar condition, which I did from Auto Trader.

 

Not saying that yours will be as accommodating, but they should certainly pay you an amount that will allow you to replace what has been lost.The thing with insurance claims is that you rarely accept their first offer and provide evidence that they are not working to a realistic valuation - they will frequently revise their offer if you can prove that their version of 'market value' differs from what you will actually have to pay!

[mivec]

Never had to go that far. I argued that if the insurance company weren't happy with the valuation of the car that I gave when I took out the policy then they should have questioned it at the time rather than offer a quote for a valuation that they weren't happy to pay out to in the event of a total loss, less any agreed depreciation since the policy was taken out. They accepted my valuation as the basis for the claim providing that I could give them at least two examples of the make and model in a similar condition, which I did from Auto Trader.

 

Not saying that yours will be as accommodating, but they should certainly pay you an amount that will allow you to replace what has been lost.The thing with insurance claims is that you rarely accept their first offer and provide evidence that they are not working to a realistic valuation - they will frequently revise their offer if you can prove that their version of 'market value' differs from what you will actually have to pay!

 

Thanks but the insurers and the financial ombudsman say that they take a motor trade guide price as the value. I do not agree that this is the market value, hence my proposed course of action.

[Dotty50]

Hi Mivec, have you done your own online vaulation with Glass's Guide?

 

I recently had a total loss and was offered a low amount (this is normal with claims) and I rejected the offer, they asked for examples of a like for like car, which I got off Autotrader and Exchange and Mart, submitted the evidence and they increased the offer by £600, this was still a little lower than I would have liked but they could have referred it to a higher authority and it would then be assessed on Glass's and CAP's prices and as CAP's tend to be lower and the offer could have been reduced, I accepted.

 

On a positive note, I did manage to get a replacement car (model wise) for a little bit more than I was paid and it is two years newer.

 

Maybe you need to do a bit more research on car sites or ebay, you may be able to find a replacement at a bargain price and don't forget that a dealer will more than likely have added £500.00 to the forecourt price and can be negotiated down.

 

Good luck!

[raydetinu]

by no fault claim, you mean the TP was responsable? or something else? hit and run?

I pressume you are claiming on your policy? however they would just claim of TP insurers, so would make no difference to them.

So if TP at fault you should be put back in a position you were before the incident, i.e make model of car of equal condition mileage etc. or cassh equivalent.

so do local research of what is available that will match and that is what you will accept, no less.

Also you could get your excees of the TP as well.

The above would not necessarilly apply if your insurers cannot pass it on as TP unknown, then they will use the current trade value, I belive that is in their conditions ( that is why the value of your car is asked for when you take out the cover ).

Anyway never accept the first offer as said above.

I also got extra because I had just put 4 new tyres nad exhaust on to get through mot, they added that in as well, ended up getting more than I paid for it.

[mivec]

by no fault claim, you mean the TP was responsable? or something else? hit and run?

I pressume you are claiming on your policy? however they would just claim of TP insurers, so would make no difference to them.

So if TP at fault you should be put back in a position you were before the incident, i.e make model of car of equal condition mileage etc. or cassh equivalent.

so do local research of what is available that will match and that is what you will accept, no less.

Also you could get your excees of the TP as well.

The above would not necessarilly apply if your insurers cannot pass it on as TP unknown, then they will use the current trade value, I belive that is in their conditions ( that is why the value of your car is asked for when you take out the cover ).

Anyway never accept the first offer as said above.

I also got extra because I had just put 4 new tyres nad exhaust on to get through mot, they added that in as well, ended up getting more than I paid for it.

 

Thanks everyone but I have been researching for 2 months and have sent a number of adverts to my insurer. They persist in ignoring these saying that their, and the financial ombudsmans, guidelines state that they take e.g. glasses guide as gospel. The policy states they will pay market value not a guide book value and this is why I am taking them to the small claims court.

[Ed Gasket]

Good for you ! I don't see how they can claim to repay you 'Market value' and then use a trade only guide as their price. They should put you back in a position similar to what you were in before your loss. This, to me, means you should be able to replace your car in a relatively straightforward manner; not have to bargain hunt and mess around on eBay! Hence you should be entitled to the retail price of a replacement vehicle; not the cost price that only a trader can get. I am sure the balance will be in your favour on this one if it goes to court. Let us know the outcome !

[blackknight]

Are they offering Glasse's trade or retail??

Do you have a traders policy??

[mivec]

Are they offering Glasse's trade or retail??

Do you have a traders policy??

 

Actually they say they are offering glasses retail guide price. However, this is much less than advertised selling prices.

[belfast4]

Actually they say they are offering glasses retail guide price. However, this is much less than advertised selling prices.

What sort of car was it? year, model, mileage and I will tell you the guide price tomorrow. Trade and retail.

[mivec]

What sort of car was it? year, model, mileage and I will tell you the guide price tomorrow. Trade and retail.

 

Thanks but I already know the guide price.