Car insurance nightmare

vaio

good result for you but for the rest of us maybe it's time the regulators had a look at the offers made in total loss claims to see if there is systematic gross under valuation going on with realistic offers only being made if the customer complains.

I'd have thought that the FOS rules on valuations are supposed to be applied at first instance and not only when the punter rejects the first "try it on" ridiculously low offer.

Doodlebug1

I completely agree with you, if I hadnt complained for the 2nd time in three days and after many hours of research (effectively doing their job for them!) I probably would have settled with £1200 not knowing what my position was and lost out. I don't like to complain generally but like you said, thinking that the FOS rules on valuations should apply at the first instance. I guess they'll try anything to save a few bob.

vaio

worth dropping a letter detailing it all to the FOS & FSA as well as putting a formal compliant in because of the way they've treated you?

mikey72

A good idea.
A complaint would focus their attention, particuarly if you put in a claim for compensation for the letters, time spent pursuing the claim, and the hours of time.
If they can charge £50 for an "administration fee", you can do the same.
Say £100, and see what they offer.

vaio

I'd be tempted to go for a sum equivalent to the amount they tried to undervalue your car by.

It's never seemed fair to me that there isn't a downside for companies who try to rob you. They either get way with it or, if challenged, just have to give you what they should have given you in the first place.

I'm sure a system whereby if they try to rob you and get caught they have to give you twice what they should have given you in the first place would concentrate their minds on following the rules and treating punters fairly.

Doodlebug1

That is a good idea, definatetly worth doing. Can I still do it after accepting the valuation given? I've recieved the documents of how to make a formal complaint to AXA which I will fill out today, should I mention how much compensation I think I deserve? I feel really cheeky asking for £500 (which is how much they undervalued my car at), I know I shouldn't be since they were uber cheeky with their original offer, I guess its the British politeness kicking in!! I already sent in a complaint to FOS, who are FSA? I do like the new complaining me - gets results!!

I like the idea of having to pay out when caught undervaluing, if only!!

naz101

just on the back of this story, I thought I would post my dealing with the insurance company. My 3 year old mint condition corolla was written off. It had 20000 miles on it. they offered me £4600 for it and said I could get a similar car for that down south...I live in Scotland. The car they were talking about was 3 years older than my car with 70000 miles on it. I called the FOS and within 1 week the offer was up to £7500......some jump huh?

Doodlebug1

with AXA? That's mad!! Did you complain to them?

naz101

eek sorry it wasnt with axa it was with elephant. tbh I was just so relieved at getting the money that i left it. it was a stressful time