Car insurance write off settlement

mjgreen60

Hi all

My wife unfortunately recently had an accident which we have just heard has left our car written off.

Heard from the insurance company today that we are being offered £11600 as means of settlement. My wife suggested that we may contest this and has as yet not accepted the offer (we read that often companies often undervalue initially).

The company told my wife that they have seen a similar car for sale in Swansea (we are in Worcestershire) for £11300. Looking at the Audi approved website (our car was an Audi) and Autotrader I can't find any evidence of this. Looking through the Audi site though I can find easily comparable cars for more like £12500 - £13000.

Am I right in thinking that we are likely to get a slightly higher amount as settlement if we push them and provide evidence? We aren't being greedy, it's just that we were only 1 year into the finance and so would like some money as a deposit for the next car!

Thanks in advance for any help

mj

spacey2012

Do the Insurance company know finance is secured on the car ?

Quentin

Yes.

Provide the evidence and push for a better offer.

mjgreen60

Hi

Thanks for the replies

They do know that there is finance and have said that as it would cover clearing the finance and that they have seen a comparable car at similar price then it is justified. They have also said that the price they offer is not the advertised price but a realistic price that the dealership is likely to settle for.

My main question is is there any point in trying to negotiate or should we just settle for what they have offered? Thinking I might visit my local dealership tomorrow and see what a realistic price is that they would sell for

Thanks again

mj

jobdone1

I have found in the past if you are at fault for the accident they will do their best to keep the loss to them as low as possible.

vaio

Read http://www.financial-ombudsman.org.u...valuation.html

it covers pretty much all you need to know re fair valuations

Dealer price is what you should get from your insurer

Quentin

vaio wrote: »

.....Dealer price is what you should get from your insurer

Dealer price is too ambitious - that includes a margin for negotiation down by the customer!

Market value is what you should get.

vaio

yep, and market value is what it would cost you to replace it from a dealer.

I assume that the price guides in the link I gave reflect actual selling prices which is why the FOS say they use those rather than adverts, which as you say, often include a negotiation element so the punter feels they have got a good deal