Insurance valuation of car

Ian_W

According to the Financial Ombudsman website this is their general approach to write-off valuations should you dispute the insurers valuation and complain to them:

In most cases, we assess the market value as the retail price which the policyholder would have had to pay for a comparable vehicle at a reputable dealer, immediately before the date of the damage/theft.

• This may be lower than the price at which the vehicle is advertised, as the dealer may have built in a margin for negotiation.
• It is likely to be higher than the price payable in a private sale or at an auction, and higher than the trade value (which is the price a dealer would pay before adding its mark-up).

The first bullet point perhaps explains tinkerbell84's point and as a cash buyer, which you will be, I don't think you would expect to pay the windscreen sticker price for a replacement vehicle in the present climate.

Click on the FOS link and you'll see that they place most reliance on the trade guides CAP, Parkers & Glasses, the latter 2 are available to the public [don't think CAP is] so if you get a retail valuation from them you should have a good idea whether or not the offer is reasonable.

If it's not complain in writing quoting the valuations.

Rolandtheroadie

Check the value on parkers used car price guide to see how realistic the offer is (i'd go with the trade value). If this figure is £1410 or less, i'd probably accept.

tinkerbell84

JohnB69 wrote: »

What do you mean tinkerbell84?

Others have answered

JohnB69

Thanks for all the answers guys.
Keep it coming. I need all the ammunition I can get!!