Beyond Economical Repair - getting car's real value

Nats_uk

I recently bought a car (for £950) but 4 days later hit black ice and skidded into a road sign. The car's front wing and bumper was damaged and as it is an L reg car the insurance company have said it was beyond economical repair (I insured it for £1000 and they say it would have cost £1900 to fix)

We are now in the stage where the insurance company are offering me money for the car (I do plan to buy it back and fix it myself). However, 2 days ago they only offered me £550 for it.

The car has a rare engine, has low mileage and the day before the accident I have a bill for work of £322 including new rear shocks. I have told them to find me 3 cars with the same spec and mileage for £550 and get back to me. This was two days ago but I still haven't heard anything.

I know the car is worth what it was insured for and I want at least close to that value - I was offered £450 for the engine alone the day after someone heard I had crashed.

What is the best way to proceed?

dacouch

Here are guidelines (Rules) for Insurers from the Insurance Ombudsman on valuations for written off vehicles.

9. vehicles recently purchased second-hand

If the policyholder only recently bought his car second-hand, we are likely to assume that the price paid was the market value, unless the insurer can provide sufficient evidence to the contrary.

Please read the whole link so you understand the context and you may also find other useful information

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