Don't trust car insurance companies valuations!

foxette37

Just some useful info for anyone involved in a car insurance claim which involves a vehicle being valued due to it being declared a total loss....

Had an incident on the 29 Nov in my Mitsubishi Shogun (97R LWB TD Auto 2.8 DOP 96k mileage). On the 02 Dec Admiral insurance informed me that the vehicle was assessed as a total loss. On the 12 Dec, after many calls from me chasing up the claim (and no returned calls from Admiral) they finally told me verbally that they had valued the vehicle at £2800.

The claim administrator said that this was the highest amount he could offer me for my make/model/mileage etc, and if I disagreed then the claim would need to be escalated to his senior. I told them this was substantially less than what I expected. He explained that they use the Glass's guide for valuation, and also check current ads in publications like Autotrader....

Luckily I had been doing a little price research on my own, so I told him there was no way I would accept this valuation and to proceed with the 'escalation' immediately!

I spent £3 online to get my own Glass's vehicle valuation, and it's the best thing I ever did..... turns out the £2800 Admiral offered me was only £100 over the recommended TRADE-IN price for the Shogun!! I was so disgusted, even thinking about it now makes my heart pound. The Glass's recommended retail price for my vehicle is £4980 while the recommended private sale price is £3662!

I sent all this info, including a copy of the Glass's valuation and 2 ads from Autotrader to Admiral on the 13 Dec.... still no re-evalutation. Clearly, because I wasn't stupid enough to accept their first offer they are now going for the time-delay tactic, hoping I'll give in and take a crap offer just to get this all sorted, because I am still without a car and at this time of year, with grandparent's hoping to see my little one they think I'll give in.... not a chance <insert your worst swear words at this point>

please please please spend that £3 and get your own valuation....!
I expect it's going to make a big difference to the outcome of my little car insurance story (fingers crossed)

forgotmyname

I wouldnt pay £2800 for one that age. Plenty in autotrader for nearly half that.

That could be their next move send you copies of similar cars fir under £2000 and saying how generous they are.


They will hope you get bored and accept their offer and go away.

I guess you didnt send them this one.. http://www.autotrader.co.uk/classified/advert/201149433442030/sort/priceasc/usedcars/maximum-age/over_10_years_old/fuel-type/diesel/model/shogun/make/mitsubishi/radius/1501/keywords/dop/postcode/nw106rj/page/1?logcode=p

Not my postcode.

foxette37

They might, but a lot of them listed as DOP aren't...
The one you linked to can't be a DOP - no leather seats!

"The Diamond option pack (from Oct 91) adds ABS and adjustable variable-rate suspension (3- and 5-door), leather seats and heated front seats (5-door only)."

see Autotrader ad for Gregory Garage - page 2:
I can't post the link as I'm a newbie!

this is a true DOP..... and 6 months younger than mine but 35% more mileage, and price is £3750.

Beside, it's the Glass's valuation that's supposed to be the most important....

InsideInsurance

Allegedly the consumer and commercial versions of Glass are actually different from each other, at least according to one of their senior RMs though she could never rationalise why that is the case.but was adamant that it was.

Glass isnt necessarily the most important thing, you should also look at Parkers and CAP which are the other two guides used and all should be used in connection with ads but remember that Ads are ASKING prices and not the SELLING price.

foxette37

Just an update, in the end I got £3662 from Admiral as the write-off valuation..... and an extra £30 cheque towards all the phone calls I had to make to resolve my claim.

ruggedtoast

Unfortunately the motor insurance industry will start to get it all back from you as soon as you try and insure a new car.