Engineer's Total Loss / Write Off Valuation Lowered by Insurer

OshayAway

raskazz wrote: »

To me what Quentin is trying ot say is pretty clear;

It's clear to me as well, I've been down that road several time with very successful results every time, each time increasing the initial offer by 4 figures.

raskazz wrote: »

irrespective of what an engineer gave as a "valuation" verablly - if your friend is dissatisfied with the actual offer, then they need to prove that the market value of the vehicle pre-accident was greater than the amount of the offer (taking into account that excess and unpaid premium will be deducted from the value).

How can they do that? Well Mikey72's link earlier in the thread gives them all they need to know.

Here's my point; rather than assume that the initial valuation was a mistake, let's assume that it's correct. At no point was a mistake suggested by either the insurer or the engineer. Let's actually assume that the insurer, although in receipt of an accurate valuation, has opened with a low bid in the hope it would be excepted 'off the bat', unbeknown to then that the customer has been advised of the accurate and correct valuation.

In that scenario - which I think is not outside the realms of possibility - why should the onus be on the customer to negotiate up?

I'm inclined to agree with InsideInsurance: "Check the policy wording, if it states "market value" as most policies do, they will struggle to justify to the FOS why they who havent seen the vehicle think the market value is very notably less than an independent engineer who has seen the vehicle thinks - though again that depends on the rationalisation to the difference by the insurer."

OshayAway

The plot thickens! Interestingly Glass's guide puts the value at £2,860 and CAP at £2,575. So that would suggest that my suspicions are correct and dispel the notion that any mistake has been made by the engineer.

OshayAway

Update...

The insurer received an email today including a copy of the Glass's guide price. However, in reply they simply state that "in order to follow the dispute process, you do need 3 examples of your own to be sent in".

This is from a claims handler not the complaints department. Given that the FOS use price guides and don't put stock in adverts, surely this should be good enough for the insurer? Presumably a reply to that effect is in order with a request to be referred on to the complaints team?

Quentin

Are you wanting replies?

If not, ignore this one.

Why are you so anxious to invoke the complaints procedure (knowing it could be months before a complaint is resolved)?

Why not just go the usual route and supply the evidence as requested to back up your valuation?

BertTheRaccoon

In my many years of experience, an insurer has always been satisfied with examples of classified adverts.

Just make sure you are realistic with examples of same spec and mileage etc so that they are genuine like-for-like examples, otherwise they will just spit it back at you and maintain their stance.

Obviously, try and find examples that are with dealers that are even more expensive than your valuation as the insurer will typically argue that nobody pays the sticker price and how you'd be a cash buyer with no part-exchange, so to expect to pay less than the screen prices from your adverts.

Also give them information as to anything that distinguishes your car in so far as service history, recent big expenditure, condition etc, anything to help distinguish it from all the turds for sale as the insurer could well give your mate examples of cars they have found for sale at far less than your examples in order to justify their valuation.

At the moment it sounds like it is just remaining with the claims dept for a review. There's no need in my opinion to start any official complaint yet.

OshayAway

Quentin wrote: »

Are you wanting replies?

If not, ignore this one.

Why are you so anxious to invoke the complaints procedure (knowing it could be months before a complaint is resolved)?

Why not just go the usual route and supply the evidence as requested to back up your valuation?

Of course Quentin, as long as they're helpful.

I don't see why they should have to jump through hoops when they already have evidence good enough for the FOS. But apart form that, they can't find any similar vehicles for sale by dealers.

Quentin

OshayAway wrote: »

...... they can't find any similar vehicles for sale by dealers.

They don't have to be dealers adverts! (But you know that)

OshayAway

Quentin wrote: »

They don't have to be dealers adverts! (But you know that)

Yes, but dealer adverts are higher and it should be valued to replace at that. If they send the insurer lower private sale ads, that'll hardly strengthen their case.

Quentin

Surely (with all the negotiating you told us you have done already over valuations) you know that asking price doesn't = market value?

OshayAway

Quentin wrote: »

Surely (with all the negotiating you told us you have done already over valuations) you know that asking price doesn't = market value?

Perhaps you could explain how that fact helps in this situation?