Help and Advice greatly appreciated....

[Silvertank]

As some of you may be aware my poor old EVO decided to roll down a hill in November of last year. Sadly I was in it at the time, but fortunately I wasn't hurt.

The insurance company (Admiral) have finally made me their initial offer, which is well short of what I paid and had the car insured for. I bought the vehicle a month before the accident o) for £15k, they have offered me £11,500!

I'm obviously going to reject their offer, but I wondered if there was an unofficial 'approved' way of going about disputing the settlement figure.

I know they use Glass's to establish the price, but as a personal buyer I don't have the luxury of buying a car at those trade values. I also clearly insured the car for the value of my purchase? What grounds do I have for dispute?

Thanks for any input....

By the way, a quick search of autotrader shows my car, at the same spec and mileage priced at about £16k-£18k.

 

[imadoofus]

All I can tell you is that unless you insured it for an agreed value, then you didn't in fact insure it for the 'value of your purchase'. You insured it for market value, and that's always going to be a sticking point.

They are effectely offering to buy the wreck from you, and as such, they're starting low. You are entiteld to reject the offer (and I don't believe there's a specific format for that rejection), but if you can provide evidence of pre-accident value (photo's, proof of condition etc) then that will help you.

My car isn't insured for an agreed value, but I have provided the insurance co with detailed photo's and a written justification for why it's worth more than 'market value', in the event (hopefully never), that I need to negotiate settlement with them.

PJ

 

[Bobby Dazzler]

I have no specific references, however in this situation I read that compiling a body of evidence is essential, cutting out and keeping adverts of similar cars to demonstrate market value.

However in this case you have a one month old receipt that was for the actual amount you paid for the vehicle, which supported with a few adverts ought to be more than enough to up the offer a little.

I sold a Peugeot 205 some years ago, and a guy bought it for his daughter. Spent a week servicing it, changing clutch, brake pads & disks, etc. On the first weekend she had it, the chaps daughter wrote it off. The first offer was low, and IIRC he submitted the receipt for the car and for the parts he'd bought and fitted. I think they settled on the cost of the car plus 50% of the parts cost, on the basis that the work he did increased the value of the car slightly (sold with slipping clutch, and therefore cheaper than one with a perfect clutch). I hope this helps.

I hear that there's a courting dance that needs to be followed and that third offer is usually the one that's most realistic and therefore accepted.

 

[tony2311]

best way is to print/cut out car adverts thats a close match to your car and argue away, never accept the first 2 offers

 

[nickg]

When my car was nicked the claim was handled by a 3rd party on behalf of the insurance co.
I sent them copies of adverts of similar cars in Autotrader, and explained in detail the spec of my car etc etc.
They paid out in line with autotrader prices.
I don't think there is a "formal" way of doing this - just bargain as hard as you can and make it clear that you wont go quietly!

 

[graeme73s]

I would agree that backing up your claim for more money via copies of adverts for the same type of car, similar spec, mileage etc. is the way to go. Bear in mind that I presume you have a normal insurance policy and not a motor trade policy. With the trade policy they will only pay out trade value.

 

[maxg]

best way is to print/cut out car adverts thats a close match to your car and argue away, never accept the first 2 offers

I had a golf written off a coupe of years ago, I had to get three or four adverts for similar cars and eventually they paid up. Its how they work most people wont quibble and they then get off paying less.

 

[Silvertank]

Thanks for the feedback guys. I'll do as you all suggest and keep you posted.

 

[Silvertank]

Just to let you know, after their first offer (£11.5k) and my rejection, the insurance company have revalued the car at £15k.

I'm going to try my luck again, and ask them to find an EVO 8 for that price. I know they won't be able to, so I'll see if they can give me a bit more. You don't get if you don't ask.

All the best

Tank

 

[Silvertank]

Finally settled for £15.5k.

The process has dragged out a bit but getting £500 more has been worth it.

Thanks for everyone's encouragement.

As regards to a new car...I'm still undecided, but the 300TD should see me right for a few more miles yet

 

[grober]

Result! Frankly its appalling that owners have to " negotiate" a value for their car if its written off. How many innocent car owners ignorant of the car market have been short changed by insurance companies in this way. I'm sure there are guys in expensive suits in big offices ready to defend this as " legitimate business practice" I have another word for them --
Cheapskates

 

[timskemp]

Cheapskates

Cheapskates maybe, but by paying out less it keeps all our premiums lower.

 

[grober]

Or their profits higher??

 

[Alps]

well done on getting what you could, my dad wrote his peugeot 306 HDI off and they offered £3K and they asked me to find similar cars of higher value. the problem was i couldnt find ANY in the local area of the same spec, so in the end had to accept their offer. to replace with the same car would have cost me £1K more, but i couldnt prove it as they were all either lower milage, diff color, diff spec model... or the bad bit was they were higher milage etc, and cheaper. So in the end just accpted the offer. my 2p worth