Help with negotiating car write off/total loss settlement

SBC · 16 December 2017 at 10:17PM

I've never been in this situation before and looking for advice on how to handle it.

My car was in a not-my-fault accident, the other party admitted liability and I am now negotiating the total-loss settlement with their insurer for my car.

The problem is the car is quite old, and there are so few examples of cars for sale of my make and spec, their insurer wants to offer me only the book price. Of the few examples I've found for sale, the asking price is significantly more. I don't know why, it's not a special car.

I explained (using the examples) I wouldn't be able to go out and replace my car if they gave me the book price as the market currently dictates a higher price, but they've said they don't offer like-for-like valued settlements, only book price value settlements. They've upped their offer a little, but it's still nowhere near the cost to replace my car.

It's being sent up a level at their end as I refused their offer, but I'm wondering if I should stick to my guns, or if I'm being unrealistic in trying to get the true price it will cost me to replace the car out of them?

Is there any more ammunition I can use?

At the end of the day it seems like I got hit and am now being asked to pay for the privilege. Please help!

BoGoF · 16 December 2017 at 10:30PM

Asking price doesnt mean selling price though?

What car is it?

tasticz · 16 December 2017 at 10:32PM

as poster above said, please provide your car details and how much is the insurance offering and how much are you looking for?

SBC · 17 December 2017 at 4:42AM

I don't want to give too many details so as not to dox myself, suffice to say insurance are offering 50% less than the asking prices I've found. I know asking price isn't selling price, but I can't see any garage giving that much discount. The insurance's offer is just nowhere near. I will be out of pocket.

The figures we're playing about with are less than £2k total.

forgotmyname · 17 December 2017 at 8:28AM

Less than 2k so they are offering £1000?

A mate gave £400 on a trade in and has it up for £1300. He knocked
less off for the trade in than he would have for cash.

If he doesnt get some nutter to pay £1300 he will keep dropping the price, but if someone does look at it he is their best friend and will knock loads off.

You wont tell us the car so pointless asking for help really. Crystal ball says your cars worth £123.57
If their offer is more than take the money and run.

SBC · 17 December 2017 at 2:01PM

Thanks, but having the exact make/price isn't needed for the advice I seek.

My predicament is, I can't find any private sellers of my car, and the only garages that I've found are selling them for 30-50% higher than the insurer wants to pay out (ie the book price).

Are the insurers obliged to meet this higher figure that it's realistically going to cost me to replace the car?

BoGoF · 17 December 2017 at 2:24PM

Half a story so nobody can say if you expectations are too high.

But to answer your question....no.

BoGoF · 17 December 2017 at 2:34PM

When you took out the insurance how much did you say it was worth?

sheramber · 17 December 2017 at 3:38PM

I always understood you got the trade in ( book price) value of our car as that is what it is worth. Not what a dealer cold then sell it on for.

rs65 · 17 December 2017 at 5:50PM

sheramber wrote: »

I always understood you got the trade in ( book price) value of our car as that is what it is worth. Not what a dealer cold then sell it on for.

It's the retail book price that you get.

SBC · 17 April 2018 at 12:24PM

Ok, I just want to finish off this story for anyone else stuck in this situation - the good news is that it IS possible to (and I did eventually) get the other party's insurer to pay out the full resale/garage forecourt price of a low-value written off vehicle.

Here's a my total experience (this was all done via phone conversations and a couple of emails):

Nov - other driver admits fault in accident, their valuer is sent to check my car and writes it off.
Dec - received low-ball book-price offer from their insurer (half of the resale value), which I reject and find 3 genuine 2nd hand dealer prices to back my rejection up with. They can find no lower sales examples themselves.
Dec - they up offer by 25%, but it's still only 2/3 of the forecourt prices I found, so I reject again. I tell them the exact figure I expect (based on my findings).
Jan - I ask them what they're doing? The cost (to them) of the replacement vehicle which they've lent me now exceeds the amount we're squabbling over by a factor of 3! They're clearly not strapped for cash.
Feb - they up their offer to £100 less than my requested figure, saying they can only find examples for that lower amount. I said I will accept if they send their findings to me, and in the next sentence they change their mind and just give me the full amount I asked for in the first place.

What I've learnt from this is:

The insurer will try every tactic to save even a frikkin £100.

They will pressure you to accept their offer just moments after giving it, leaving no time for you to consider/research. (I always refused to commit there and then, and said I'd think about it and get back to them.)

Stick to your guns if you have genuine For Sale or Sold examples to back up your expected settlement figure.

The book price is unrealistic to most customers, as unless you are a garage owner you will never be able to buy a replacement car yourself for that book price. In the first conversation they said they only ever give out the book price, which is clearly false.

Hope this is useful/gives hope to others.

Help with negotiating car write off/total loss settlement

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