Advice please on settlement offer from insurance co

Amanda65

Hi all

DD1 had an accident last week and the insurance company have advised that they are writing her car off. Whilst we don't dispute this, the problem is the figure they have offered.

The car is an 'S' reg Renault Clio 1.2 Grande in black with a sunroof and electric locking, circa 65k miles. It had recently had a new clutch and break pads, the engine etc. was great (started first time every time) and a new door lock. We paid £1700 for the last July and the insurers (Diamond) calculated the premium on this basis. They have today offered us £700 and by the time they have taken off the £400 excess are proposing they pay us £300 :eek:

Is there anything we can do ? DH is of the opinion that the scrap value would be more than offered so far. And (petty I know) she had recently filled up with petrol and there was about £40 of petrol in the tank - what happens to that ?

Any advice would be gratefully received - thanks in advance.

hewhoisnotintheknow

go on auto trader and find similar examples, then ocntact the insurance company saying it will cost xyz to replace it with a similar car

hewhoisnotintheknow

btw, usually when you decline the offer, they offer more

Ian_W

Whilst ads may give you an idea you may be better off getting an online valuation from Parkers or Glasses. Although these may cost you a couple of quid they tend to be what the Financial Ombudsman uses where disputes on write-off valuations are referred to them.

This ARTICLE gives a good summary of how they approach these cases, basically the insurer should offer you the market value to replace the car from a reputable dealer. If they are under-valuing it make reference to the guide you've used and the FOS when you refuse their offer. Will probably concentrate minds, if not ask them for a deadlock letter so you can take it to the FOS, which almost certainly will.

computershack

The fact it has £40 of petrol in is meaningless as is the money you've spent on repairs. The market value of an average S reg Clio is what they base it on.

T and W reg Renault Clio 1.2s are around £895 from used car dealers around here.

dacouch

http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html

Amanda65

computershack wrote: »

The fact it has £40 of petrol in is meaningless as is the money you've spent on repairs. The market value of an average S reg Clio is what they base it on.

T and W reg Renault Clio 1.2s are around £895 from used car dealers around here.

Have looked at Autotrader so far and they are coming up at between £1300 and £1500 so will try Parkers / Glasses as well.

And out of interest - what happens to the petrol as presumably they don't crush the car with it still in the tank

pulliptears

funny really as I had this conversation with OH about my T reg clio the other week.
26k on the clock and I realised that should it be involved in an accident it would more than likely be written off.

I'll watch with interest to see what you finally get. Good luck!

hewhoisnotintheknow

Amanda65 wrote: »

Have looked at Autotrader so far and they are coming up at between £1300 and £1500 so will try Parkers / Glasses as well.

And out of interest - what happens to the petrol as presumably they don't crush the car with it still in the tank

the breaker will remove the fuel and recycle it somehow

michaelro

Amanda65 wrote: »

Have looked at Autotrader so far and they are coming up at between £1300 and £1500 so will try Parkers / Glasses as well.

Having had a quick look there are several V, W, X & Y Reg with similar mileage for between £1000 - £1300.

This would suggest the £1300-£1500 'S' Reg ones may be overpriced.

Also assuming this was a fault accident as you'd be able to claim the excess back?

Amanda65

michaelro wrote: »

Having had a quick look there are several V, W, X & Y Reg with similar mileage for between £1000 - £1300.

This would suggest the £1300-£1500 'S' Reg ones may be overpriced.

Also assuming this was a fault accident as you'd be able to claim the excess back?

Will go back in today and have a look thanks - all the ones we've seen so far have been higher priced.

And sadly yes was a fault accident - she skidded, panicked and slammed her foot on the accelerator instead of the brake and ended up on her side in a ditch. When all is said and done, we are just hugely grateful that she is OK.