Negotiating vehicle value for write-off Advice?

Eggy_Pumps

Hi could anyone in the industry or with experience of negotiating with insurance companies about accident damaged vehicles give me any pointers for getting the highest value paid out?

I have experience of this myself on three occasions but nothing very recent. I know not to accept the first offer and to send in similar spec / age / condition adverts etc.

Anything else you can tell me will be very much appreciated. Thanks in advance

dacouch

http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html#13

FlatFour

Hi,

I think showing several good examples of the same model / spec / age car for sale at a good price, as you've already mentioned, is by far the best way.

The thing to remember is that you're looking for a fair payout that would enable you to replace the written-off vehicle - so a fair market value. if you source these prices from dealers, rather than private sales, the value will be higher. I think this is fair as I'd rather have the backup of buying from a dealer vs. private sale personally.

If your car was particiularly low milage try to find such examples or quote the various guides for the "bonus value" for low-mileage. Maybe it was a model fitted with extras so show that too. Friends of mine have also provided receipts for recent work done on the car that would enhance it's value. I.e. a car that's just had new brakes fitted wouldn't need a big spend on brakes for sometime, so is worth more.

Some years back a friend of mine was unfortunate enough to have his car written off just after he'd spent loads on it. It was an older BMW and he'd just had a full service, lots of bits replaced such as brakes, clutch etc. etc. The "plan" so to speak had been that it'd be a big spend so the car would only need basic servicing for the next few years...obviously that didn't go quite as hoped.

To give his insurance company credit they said to him "we noticed you've recently had x, y, z done so will be taking this into account"

Best of luck getting a fair price, I think it'll be easier if the write-off claim is against someone elses insurance!

Cheers,

FlatFour.

reason2

the whole point is to put the person in the same position as they were before the accident.. so if they offer £1k and you can get the same make model yr car with same millage for a grand - asking for more is a bit.. unfounded

if however to be in the same position will cost you 1500 and you can prove it.. then thts what u should go for

Eggy_Pumps

Thats really helpful, thanks! I am claiming from someone else's insurance. A foreign woman was driving on the wrong side of the road round a bend, hit another car head-on and then ended up on top of my parked bike.

I'm anticipating that I may have a fight on my hands because my bike, although 10 years old, has only 7,000 miles on the clock. The only annoying thing is that the bike was due a few small visible maintenance bits which I'm worried will look like it could have been better looked after. I'd just done the important servicing bits on the engine which can't be seen! but I can show receipts for parts. Typically, the fairings that are smashed to bits were in exceptional unmarked condition!

I'll let you know how I get on.

FlatFour

Hi,

Glad to hear you weren't on the bike at the time!

Such a low-mileage vehicle suggests to me that it was maybe a hobby/project/summer months only bike? If the cosmetic bits were minor I'd not worry about it too much, just make sure they are aware that these were things on your list - assuming they make an issue of it.

Best of luck with your claim.

FlatFour.

Eggy_Pumps

Thanks for that, good advice.

Eggy_Pumps

Just a quick update on this. I have had the bike assessed and confirmed as a class c total loss, as expected. However, the valuation is significantly lower than mine. I have provided a online valuation and adverts of similar low mileage examples to backup my assertion.

However there is a deduction for salvage which I'm a bit annoyed about. Don't get me wrong, I'm not saying it's unreasonable, it just that when I enquired in the first instance about how to handle the claim, either through their insurer or mine, I was told categorically that if I did it through the other parties insurer, they would give me full retail market value and I would retain the vehicle without deduction. I was so surprised at this that I rang back to check. I was told the same. some time passed before I acted on the information due to ill health etc. When i did get the ball rolling a few weeks ago, I was dealt with by an appointed company (by the other parties insurer) to manage the claim, arrange a hire vehicle etc. Again I asked them about the valuation should the vehicle be written off and told the same. When I rang the insurer last week to chase the claim, I was given the valuation less salvage value. I explained that this was contrary to what I was told on 3 separate occasions but they wouldn't budge saying that was their policy. I immediately rang the appointed claims handling company agin who stated that was their understanding, i.e. not to deduct for salvage as they have no right to the vehicle.

Can anyone with experience of this give me any pointers?

Eggy_Pumps

I wonder if anyone can shed any light on this? I'm still waiting on the insurer to re-consider their valuation of my vehicle. They have already raised it by a little but about £1,000 short of my valuation and the 3 adverts / online valuation I've provided. I'm shelving the salvage deduction issue at the moment so that the valuation issue isn't clouded.

In anticipation of a fight, I've spoken to the FOS, ABI & FSA with a view of gaining as much information as possible. What I've learned so far is quite interesting albeit not as helpful as I had hoped. I've learned that the insurer has no right to retain my vehicle and thereby deduct accordingly but by the same token, neither do they have any obligation to offer me full market value for my bike. This is because I am not claiming through my insurer but rather the 3rd parties.

I was told that if I had legal cover on my policy, they would appoint a solicitor to recover the salvage valuation. I always take legal cover on my car insurance but not on my bike. My insurer advised that I go back to the 3rd party insurer again to argue that I was told several times that I would not have a deduction for salvage but I see that as a long shot at this stage. They may still be able to appoint a solicitor on my behalf even without legal cover but no guarantees.

It seems that, should I not receive the valuation I feel is fair, I have no right to go through FOS as I have no contract with the insurer paying out. So what option do I have, Armed with the assessor's report, independent valuations and adverts of similar vehicles at a significantly higher value, is this something that I would need to take to the small claims court (which I'm perfectly happy to do) or is there another option?

Badger_Lady

I've had very varied experiences of these. One high, one low and one bang in the middle!

The low one:
- I had a very specific make and model of car, which was pretty rare and in demand though not an official classic. I was member of the owners' group, very proud of it and kept it in excellent condition. To replace it would have cost me £3,000 at the time, but I was told that the insurers don't have to replace the vehicle exactly - they only have to cover enough for an 'equivalent spec car', i.e. it could be a completely different make and model as long as it was a similar age, condition and style. I therefore only got £1,750 in the end.

The middle one:
- Well to be fair I'd only had it 6 weeks so they just reimbursed what I'd paid.

The high one:
- No idea. Completely out of the blue, the insurers sent me a cheque about £1k higher than my highest hope. Ace.

Eggy, do you really feel like you're being screwed over, bearing in mind what I've said about 'the low one'? What is the vehicle and what others are you seeing available on the market?

Quentin

Eggy_Pumps wrote: »

... or is there another option?

You can still claim off your own insurer (assuming you have comp. cover)