Problem with valuation of stolen vehicle

Steve_Roberts_3

My car - a 10 year old Ford Escort - was stolen in October, and my insurance company (Highway Insurance, now part of Liverpool Victoria) have contacted me to offer £400 for the loss of the vehicle (£500 less the policy excess of £100), claiming that this is the market value of the vehicle.

However, I disagree with their valuation, as having been the owner of this vehicle for the majority of its life, I would have received considerably more for the car under the Government scrappage scheme. Indeed, until the theft it was my very intention to purchase a new vehicle under this deal.

Surely any market valuation should reflect the actual market?

Thanks!

hells_2

Have you given them examples of similar cars for sale with similar mileage, etc etc? Have a look on auto trader to see if there are any similar cars.
I had to do this to prove value of a vehicle I needed paying out on (attempted theft, but I kept and repaired the car with the insurance pay out)

Astaroth

Yes, the market value of the car being sold as a private sale (not a government subsidised system).

You can use the likes of Autotrader to look at guide prices however remember that advertised price does not equate to sale price as i could list your old car for £20,000 - just aint going to sell it.

BenL

Looks like a cracking offer from the insurance company.

Autotrader shows 10 y/old Escorts start from £295, quite a few at the £500 screen price. These might go for £400/£450 after negotiation.

The insurance company is not responsible for you not being able to take part in the scrappage scheme.

cogito

I'm rather surprised that anyone would bother to steal a 10 year old Escort. Same thing happened to me and I had the misfortune of getting a knock from the police at 4.30am to tell me they'd found it.

Oscar_The_Grouch

Hi there

I usually recommend that people look at Parkers Car Guide (http://www.parkers.co.uk/cars/prices/) but for something over 8 years old, they will charge you £3.49 to give you the valuation. If you are sure that your car is worth more than £500 (and remember that the scrappage scheme has nothing to do with the value of the car; it's a government subsidy) then it may be worth spending the £3.49 to prove it.