Overvalued insurance settlement

Samj008

I was rear ended the other day and have been dealing with the other parties insurance company. They have written off my car but, their engineer has over-valued my car significantly. I have agreed a settlement over the phone and I am sending in my VC5 document. What happens if they don't notice and pay me out.

Can I cash the cheque, if it all goes through as expected, do they have any legal comeback? If this was a small local company I wouldn't think of accepting, but I see Insurance companies and blood suckers, who would have undervalued it if they could have, so don't have to big of a moral conundrum.

Answers appreciated.

hugoshavez

What makes you say they've overvalued?

Can you give us an idea of the car and the offer so we've a sense of scale?

Can't see there being any comeback after the offer is made, accepted and payment made though.

Samj008

I looked online and the value was 800 - 1200. Their offer is 3500. I was hoping to get them to £1000 to just be able to buy something driveable but expected a real battle.
While on the phone the engineer misquoted the year and the miles. He only asked me the reg and the colour and how long I had owned it. The rest he made as statements.

hugoshavez

OK, be prepared for the offer to be revised down when they get the documents and double-check the details.

Buzby

The payment will not be just for the car, but a final amount incorporating your costs and buying out any claim for whiplash etc. You need to check exactly what elements are covered within your payment. I doubt - if you are surprised at your good fortune - that a settlement for the car alone will be as high as you believe.

Check each stage carefully.

Samj008

There is no personal injury claim. yeah I am thinking if they check over the details and spot the issue they will revise it down. but I am hoping it just gets passed to a pencil pusher who doesn't spot it.

hugoshavez

Buzby wrote: »

The payment will not be just for the car, but a final amount incorporating your costs and buying out any claim for whiplash etc. You need to check exactly what elements are covered within your payment. I doubt - if you are surprised at your good fortune - that a settlement for the car alone will be as high as you believe.

Check each stage carefully.

Fair enough advice at the end, but come on!

A motor engineer's not going to be negotiating on personal injury!

dacouch

hugoshavez wrote: »

Fair enough advice at the end, but come on!

A motor engineer's not going to be negotiating on personal injury!

The only exception being the old Quinn area managers...

Did you ever see them in action? Very amusing and very dodgy

Samj008

So the consensus is they will spot the mistake?

dacouch

Samj008 wrote: »

So the consensus is they will spot the mistake?

There's a good chance, although I would not be surprised if they don't spot it.

Perhaps if they over pay you and you don't point out the mistake, you will review your opinion of Insurers being blood suckers.

hugoshavez

dacouch wrote: »

The only exception being the old Quinn area managers...

Did you ever see them in action? Very amusing and very dodgy

Not myself, but I've heard stories...a simpler time, huh?