Cat C write-off - Rejecting car valuation

NurseMoneySaver1122

Yeah that is what I read on the FOS website too...

"In most cases, we assess the market value as the retail price which the policy holder would have had to pay for a comparable vehicle at a reputable dealer, immediately before the damage" (FOS).

Their letter indicates that the Valuation Guide Starting Price is £1375. But the deduction on condition just seems harsh for the condition of my car, especially after reading this on the FOS website:

"Older Vehicles: The guide prices and fair market value should take account of fair wear and tear, which over time may include minor damage. The presence of minor rust or dents, or a higher mileage, is less likely to detract from the guide price than with newer used vehicles".

I understand the FOS can look into car valuation disputes, but how can they solve a dispute of a car's condition?

OshayAway

NurseMoneySaver1122 wrote: »

Yeah that is what I read on the FOS website too...

"In most cases, we assess the market value as the retail price which the policy holder would have had to pay for a comparable vehicle at a reputable dealer, immediately before the damage" (FOS).

Their letter indicates that the Valuation Guide Starting Price is £1375. But the deduction on condition just seems harsh for the condition of my car, especially after reading this on the FOS website:

"Older Vehicles: The guide prices and fair market value should take account of fair wear and tear, which over time may include minor damage. The presence of minor rust or dents, or a higher mileage, is less likely to detract from the guide price than with newer used vehicles".

I understand the FOS can look into car valuation disputes, but how can they solve a dispute of a car's condition?

Have you obtained your own valuation? Don't assume the insurance company has based it on retail as they should do and the FOS would.

Personally, I would want to establish the right (and best) catagory was being used first then request justification on why they have marked it down on condition. Normal wear and tear isn't justifiable. If it's a shed on wheels with hand painted panels, cracked glass, bald tyres, ripped seats, coat hanger ariel, never had a service... fair enough.

NurseMoneySaver1122

OshayAway wrote: »

Have you obtained your own valuation? Don't assume the insurance company has based it on retail as they should do and the FOS would.

Personally, I would want to establish the right (and best) catagory was being used first then request justification on why they have marked it down on condition. Normal wear and tear isn't justifiable. If it's a shed on wheels with hand painted panels, cracked glass, bald tyres, ripped seats, coat hanger ariel, never had a service... fair enough.

Yeah I did a valuation, which at the time, was £1,550 retail price and £1,034 private sale. But I did not change the condition section as I wasn't sure what is considered fair wear and tear and what should be included.

All I do know is, there are minor scratches and dents which I believe comes with the general age of the car. Short of parking it in a garage 24/7 for 12 years, it is bound to have a few scratches etc.

OshayAway

Would you be happy with £1,550?

NurseMoneySaver1122

Absolutely!! I'd even settle for less than that, but I just don't feel my car warrants a deduction of nearly £400 for condition

vaio

NurseMoneySaver1122 wrote: »

Yeah I did a valuation, which at the time, was £1,550 retail price ......

so the starting point should be £1,550 rather than £1375

NurseMoneySaver1122

vaio wrote: »

so the starting point should be £1,550 rather than £1375

But like I said, when I got that valuation from Glass's, I didn't change anything in the condition section, as I weren't sure what is considered fair wear and tear and what should be included.

So don't think I can use that as a starting point, can I?

rs65

As they included the FOS leaflet, it seems that is your next step.

Before that though I would ask them how they have decided its 'fair' condition. There must be some criteria they apply.

OshayAway

Presumably you're in negotiations with them over the phone? Tell them you've received a glass' valuation with correct mileage at a figure of £1,550 and you would be happy to accept that as full and final settlement.

They will say yes or no or (more likely) offer you something in between. If you reach a statement, state you feel you're too far apart and you would like to take the case to the ombudsman for their judgement.

The insurer will likely want to avoid this as there is significant additional cost to them, even of they win.

I'm sure there are other bods on here more familiar with the 'ins and outs'. I've personally dealt with 4 total loss cases for myself and family, in each case negotiated up on initial offer from 80% to 95%.

dacouch

The ombudsman is not a quick route, you're looking at months for an adjudicator to give a decision.

Whats the exact make and model, year and mileage of the car