write off value of a car .. anyone successfully negotiated more??

[stuarti]

hi

i know that insurance companies will look to pay out glasses guide prices (at best) despite the fact that will still leave me well short of buying the similar car and spec again, and they are english based so their cars i know tend to be a little cheaper there...

once they make an offer of what they going to pay out, can you negotiate this ok?? any kind of facts u need to include in the arguement... ?? has anyone successfully negotiated much more from a comnpany than their first offer?

Thanks

Stuart

 

[Woodcutter]

Friend of mine managed to get more cash for his 05 2.0 TDI A3 after it was written off. He forwarded some comparables to the insurance company to prove what it would cost him to go out and replace his car like for like.

 

[stuarti]

yeah i was thinking about trying to gather up a document with some examples of what similar cars are on the market for at the minute.... cheers...its got to be worth a try

 

[belfastchris]

I've done it twice when my motors were written off, get screen shots of similar spec/mileage motors and post them off- u never know they may bump their offer up a bit

 

[KeithRobinson]

Yeah, as Above. Check auto trader or local dealerships for a car like yours and sent the quotes etc to the company.

Someone successfully got £8000 for a "twincam" in 2008 by doing this.

 

[impact]

Same as above, cutting out and copying ads for similar spec motors to prove what they actually go for locally worked for me.

My wife used to settle write off's and generally if you were polite and realistic you probably could get a bit more as they want to keep you happy (ie likely to stay with them for more money) but if you came on the phone with a bit of lip you will be guaranteed to get nowt.

 

[stuarti]

cheers will start doing this...!! in prep ...!!

 

[Leeroy]

I got more for my corsa got loads of receipts of what I had done to the car and my dad owned it before me so they give me more money as the car was in the family for a while.

 

[stuarti]

wick, dont have any reciepts for it, ive detailed it, had tints, dents take out, valet inside etc.. but no recpeitps... ah well !!!.. im trying to prepare myself for their insult...

 

[johnm]

My bro done it with his bike, showed the condition in was in prior to it getting stolen with receipts, ser history, and the add that he had bought it off 2mths previous.
Ended up getting back what he paid for it. Definitely worth putting the time in.

 

[TheLarneMan]

It will be to your advantage if you have some good photos of the car (pre write-off!), service history, receipts, etc.

When my Impreza was written off, I refused the insurance companies first offer. I was friendly with the Subaru dealer who sold me the car and he phoned the insurance company on my behalf and persuaded them to increase their offer to something more acceptable.

 

[Tony@Greenlight]

hi

i know that insurance companies will look to pay out glasses guide prices (at best) despite the fact that will still leave me well short of buying the similar car and spec again,

and they are english based so their cars i know tend to be a little cheaper there...

once they make an offer of what they going to pay out, can you negotiate this ok?? any kind of facts u need to include in the arguement... ?? has anyone successfully negotiated much more from a comnpany than their first offer?

Thanks

Stuart

Hi Stuart,

I wouldn't worry unduly as you'll probably find that the Insurer (whether mainland or Northern Irish based) will use a qualified local independent engineer to assess whether the vehicle is a total loss and also to place a value on your vehicle.

The engineer will send a full report to the Insurer with his professional recommendation of the value of your vehicle at the time of the claim, taking into account the overall condition and the impact of any modifications (where present) upon the value.

Most Insurers will then contact you with an offer as soon as they receive this from the engineer and the offer will be based entirely upon the engineers recommendation.

If you feel that the engineer has undervalued your vehicle, I would follow what some of your fellow members on here have already advised. You could look at regional autotrader, Piston heads or even classified ad's in the local papers to substantiate what you feel the car is worth.

Provide this to the Insurer and they will take this up with the engineer, sending your evidence and asking the engineer to re-assess the valuation in light of your evidence.

This will either result in an increased offer, or the engineer providing insight into the basis of his valuation where the engineer refuses to increase.

The fundamental principal of Insurance is to put you back in the same position that you were in prior to the Insured incident or loss.

If you can prove that their offer will leave you short when buying a similar spec/mileage car again, put the ball in their court by providing evidence of the current sale value of replacement vehicles and challenge them to find you examples at the level of their offer.

Kind regards

Tony

 

[Dazza 555]

They have a series of tricks at their disposal to get their way:


TRICK 1: THE CRAFTY OFFER

The insurance company offers a payout that is close enough to the actual value of your car to be realistic, but low enough to save it a few hundred pounds.


Frequently this will be a trade price. This breaks ABI guidelines because it is not a price a normal person could realistically expect to pay.


Sometimes the settlement will be based on a general valuation of your type of car that gives no consideration to your region or the season.


In some parts of the country certain vehicles will cost more. For instance, Land Rovers may be in higher demand in rural areas, so the cost is likely to be higher.


Some cars have seasonal price variations.


Soft-top cars get more expensive in spring and summer, so you should not accept a valuation based on what it would be worth in February.


TRICK 2: THE CHEQUE

Frequently the insurer will phone telling you the car is a writeoff.


Then a cheque with their estimated value will arrive in the post.


This is normally accompanied by a letter saying that by cashing the cheque you are agreeing to the settlement and cannot challenge it.


Insurers hope that by avoiding any discussion drivers will think the settlement cannot be negotiated.


This has caught out a number of Money Mail readers, who believe they have been left with no recourse to complain having cashed the cheque without realising the consequences. Unfortunately this is grey area. The Financial Ombudsman Service expects insurers to be up front about the implications of cashing a cheque.


But beware — drivers who do cash in a payment are usually seen as accepting the settlement.


TRICK 3: COURTESY CAR

Most insurance companies will offer a courtesy car when yours is written off, usually for a fixed period such as a fortnight. Don't be fooled into thinking you will be able to have a courtesy car until your dispute is settled.


Normally four days after your settlement cheque arrives you will be expected to hand it back whether you accept the payment or not.


This pressures drivers into accepting the payout because they need transport.


Got a view on insurance?


Join the boards and have your say...

• 'I dont have mug stamped on my forehead'
• 'We thought we had chosen a reputable company'
• 'Where does an old fogey like me get travel insurance?'
• 'They will NOT pay out so you will NOT be insured'
• 'My husband has a criminal record, where can he get insured?'


TRICK 4: THE CONDITION REPORT

The condition of a car can be a stumbling block. Readers have told how insurers have refused to believe a car is in good nick, or claim it was more damaged than it actually was.


The Financial Ombudsman says if an insurer tries to deviate from the value shown in a car price guide then in any dispute it would ask for specific evidence as to why they felt this was appropriate A spokesman said: 'It is expected that cars driven for a number of years will show signs of wear and tear. We would not expect to make deductions for minor imperfections that have been as a result of wear and tear.' Be wary of engineers appointed or employed by the insurance companies.


The Ombudsman has seen examples where engineers employed by insurers have put a car into a lower insurance category for relatively minor marks or dents to a vehicle.


However, you need to be realistic.


Cars can devalue quickly. Your expectations must be based on the current retail value, not on what you paid for the vehicle.


Some drivers get quite attached to their cars, but this 'love' doesn't mean you should get more money.


Likewise, your own improvements do not necessarily add value. In fact, some modifications can decrease it — 'go faster' stripes on a family saloon, for instance.


TRICK 5: MAKING YOU PAY

Normally, if you complain enough, the insurance company will offer a slightly increased settlement. But this can be way off the amount you still expect.


It is then that the insurer offers the help of an independent assessor.


You will be told that, for a small non-refundable fee, you can employ an assessor to value your car. The problem is that most insurers know drivers will be so fed up with the situation by now that they relent. Many also don't want the added cost.


The assessor's verdict also comes with a clause. If they find the valuation to be below yours, you will only get the original settlement offer, and not any further increased offers.


Money Mail readers are sceptical about the independence of these assessors.

 

[stuarti]

thanks a lot for all the advice...

 

[Smog]

Got offered high 3000/ low 4000 for mine at first flat out just said no and went nuts at them (not a great idea but was seriously stressed).

they didnt bother to use my cars milage to help value it as the battery was disconnected (my car had very low miles for its age) they said condition was "average" when it was dam well near perfect other than hubcaps. Always paid extra to get the car serviced at the dealership to help resell which was more money wasted in this case as it counted for nothing.

they agreed a value of £4800 then but then just tried to get out of paying for months so I saw nothing at all. In the end they said "to settle the matter quickly" they will give me £4300

Such a joke like, they got hit with a bill for over £3500 for the hire car for 2 months and something like £1500 for car storage then I was left with nothing as they wouldnt pay me for my car. Trying to be cheap cost them a ton more in hire car costs and they knew this all along.

Got the full £4800 with a bunch more hasle but it still left me unable to replace the car like for like.

Goodluck how ever you play it

 

[stuarti]

flip that sounds wick all right...

 

[Lyons]

My wife negotiated an extra £2k on her Golf.

Best bet is go to a main dealer and ask what you'd expect to buy an equivalent car for from them.

Don't take any crap!

 

[steve_yfzracer]

I know when i had a problem like this insurance company made a offer, I rejected and they came back with a better offer, nearly sure you could scrape some extra off as they will usually chance their arm, understandably!!

 

[stuarti]

got their offer upped a bit, sent him screen dumps of similar cars over here and what they are on the market at,.. so was happy enough.. from crash to payout was just over 2 weeks.... very impressed....