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Reject first insurance offer on car claim?
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# 1
NorthernBetty
Old 11-02-2010, 10:53 AM
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Default Reject first insurance offer on car claim?

Hi there,

Can anyone give me some advice on rejecting the first offer I've had from my car insurance company for my stolen car?

It's a two year old car and I've been offered half the purchase price - I don't want to be greedy but to re-buy the same car would be another £1.5 - £2k on what's been offered so I'd like to reject the offer.

I've drafted a letter saying it was in immaculate condition, well looked after, low mileage, regular service & MOT and the rest..but wonder if there is a better way to approach it.

Thanks
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# 2
dogbot
Old 11-02-2010, 11:00 AM
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You need to provide evidence of the vehicle was worth - find examples of the same year/engine/gearbox/specification set fairly close to your area with mileage as close as possible. You can't expect to get those amounts though - it is generaly held that what a car is advertised for is very rarely what it sells for so expect a bit less and of course your excess will be deducted from the settlement. Suggest to them a figure you are looking for - say take an average of the similar vehicles you find plus £500/£1k?

Remember, you are not insured for the full cost of replacing your car with a similar one less your excess. You are only insured for the value of the vehicle immediatly prior to loss less your excess.
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# 3
lisyloo
Old 11-02-2010, 11:02 AM
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If you know the same car is more to buy, then provide adverts.
They need to be as close as possible to your car in terms of condition, mileage, age, spec etc.
Also you need to bear in mind that asking prices are not selling prices.
You would expect to negotiate on the advertised asking price wouldn't you?

But yes, certainly if it's miles away from the right price then you should reject it.
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# 4
jenny_13
Old 11-02-2010, 8:31 PM
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As everyone has said send proof of at least 3 adverts showing a similar car to your own. Also have you made sure they have valued the correct model? Sometimes the engineers get it slightly wrong and that can make a difference.
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# 5
NorthernBetty
Old 11-02-2010, 8:52 PM
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Thanks everyone, that's been really helpful.
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# 6
Anihilator
Old 11-02-2010, 9:27 PM
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The advert argument is a load of crap.

Get the glasses guide value and that is what you should be asking for.

What kind of car, age, mileage, spec is it? what is your offer?

Being MOT'd etc isnt really an argument as it is assumed that all cars should be.

Also if its only 2 years old why would it be MOT'd???
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# 7
MarsdenCuckoo
Old 11-02-2010, 9:32 PM
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Generally speaking, never ever accept your insurance co's first offer; just refuse it and ask for more.... Common sense says they'll come in initially at what they're hoping they can get away with and there will be more in the pot.

Good luck.
Make the most of everything in life (especially Avon )
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# 8
Anihilator
Old 11-02-2010, 9:41 PM
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Quote:
Originally Posted by MarsdenCuckoo View Post
Generally speaking, never ever accept your insurance co's first offer; just refuse it and ask for more.... Common sense says they'll come in initially at what they're hoping they can get away with and there will be more in the pot.

Good luck.

No firstly you need to establish if its a fair offer.
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# 9
MarsdenCuckoo
Old 11-02-2010, 9:51 PM
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Quote:
Originally Posted by Anihilator View Post
No firstly you need to establish if its a fair offer.
Each to their own but in my personal experience insurance co's only ever offer bottom book (if that!) Are you saying that there's a chance that they'll come in with their 'best and final' offer right at the outset?
Make the most of everything in life (especially Avon )

Last edited by MarsdenCuckoo; 11-02-2010 at 9:53 PM.
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