how many times should u decline a insurance payout for your car

aj1soad

hi all. ive had my mondeo ghia estate 51 plate written off. ive had a look on all the websites( autotrader, ebay, parkers etc) and the price averages from £2990 +. so i told the insurance company i wanted that much. they first offerd me £2500 but they were comparing my car to one that had done 40k more miles. so then they offered me £2700. how many times should i try to push the price up? from looking on the net the nearest mondeo ghia estate i could find was 90 miles away.

rev_henry

Erm, I think it depends a lot on whether it was your fault or not. If it wasn't your fault (and they've decided that) then you have a lot more leeway with 3rd party's insurer, as you have a right to be put back in the position you were in before the accident.

dacouch

You can reject it as many times as you want but there will come a time usually after the second or third offer that they will just say that is our final offer.

Bear in mind that cars being advertised for x price on autotrader etc are regarded as the price to start haggling at so are not deemed to be a guide to the market value.

The ombudsman pays most attention to the prices from guides such as glasses and parkers and only takes notice of advertised prices in unusual cases.

http://www.parkers.co.uk/cars/used-prices/Valuation.aspx?deriv=19961&plate=67

http://www.parkers.co.uk/cars/used-prices/Valuation.aspx?deriv=22213&plate=67

Have a read of this from the Ombudsman

Assessing the value of a used vehicle is not an exact science – though we strive to be as consistent as reasonably possible. We take into account all relevant evidence:

• We pay most attention to valuations given in motor-trade guides, such as Parker, Glass and CAP. These are based on extensive nationwide research.
• Evidence from an independent engineer can be helpful, if available, particularly where the vehicle is not a standard one (for example, because it has been heavily modified).
• Evidence from an insurer’s engineer may also be helpful, but we will need to assess the independence of the report.
• We do not usually find advertisements for similar vehicles very persuasive. A vehicle may often be sold for less than the advertised price. And small differences in mileage, year of registration, model type etc - can significantly affect the value.

We do not often uphold a complaint about the valuation of a vehicle where, within a reasonable time, the insurer has offered the full retail value (not the trade value) in accordance with the main motor trade guides – unless it is an agreed-value policy.


Read the whole article / guidance here
http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html