car insurance claim 'retention'??

emtea

I have a claim at the moment with tesco.
My car is 'beyond economical repair'. If I want to keep the car (it is mechanically sound) and get it repaired myself, I'm told I'll get the market value of the car, Glass's guide price, less my excess, less a 'retention' charge. The retention is several hundred £s. Don't know what it's for or how they arrived at their figure.
I have spoken to a couple of people who I thought would know. One a legal person, who didn't seem to have come across it before, the other an insurance guy, who said 'it's a general term' I can only tell you about our policies, but if you are keeping the car, you will get less.'

If I call tesco I get someone who seems to give as little info as possible.
The position at the moment is they are asking me to decide whether I want to give up the car or keep it, and to send them documents.
I have asked for some figures in writing, outling the 2 options. They say they will confirm the figs. when the claim has been agreed and before a cheque is sent, & I should decide what I'm doing & send the documents.
It's against my nature to rant, but feel they need a kick up the a***.
Can't face a fight, at the moment.
I've gone on long enough here.
Hope you guys can help this newbie.

foxyuk

that is correct!!!!

if you want to keep the car and get it repaired they will pay you the market value and will ask for an engineers report before they re-insure this car... the car will already be on the accident register as a cat c or d so bear this in mind when you resell it....

IF YOU WANT SETTLEMENT AND KEEP THE CAR!!!

insurers get salvage for the car therefore they are entiltled to deduct whatever percentage they would receive from the salvage agent bear in mind when they settle the claim they own your car....

salvage is normally 12 % of the market value

you would get amount less excess and salvage amount....

emtea

Thanks foxy
The car has been inspected, photos taken. It's down as cat D.
The thing they are calling the 'retention' charge is 18% of the market value they have got from the Glass's guide. A lot to me, peanuts to them.

You say it's salvage. Can't see why there is a charge for salvage when there is no salvage happening. The car is standing outside my house and I'm intending to be responsible for getting it fixed. Not used to this stuff, foxy........

I want to get settlement, keep the car, get a temp replacement car (I have paid for it as part of the cover) while I get it fixed by my own guy, and re-insure it with them.
I'm afraid that there may be sharp tactics to deal with to acheive this without losing out.

foxyuk

ok if you agree the figure and they dispose of the car it will go to a salvage agent which they use, in return the insurance company get money for the car and this reduces the pay out made to you.....

If you want to keep the car they will work out a salvage figure and give you settlement less excess and less salvage value.

18% is high for salvage.. i assume as it is a cat d and salvage fig is high because the damage is superficial.

Please adv dets of car... make , model, reg, mieage etc, area of damage, number of prev owners

THE INSURERS WILL INSIST ON YOU GOING TO AN INDEPENDANT MOTOR ENGINEER AND PRODUCE THEM WITH REPORT THAT THE CAR IS UP TO STANDARD BEFORE THEY WILL RE-INSURE THE CAR... COST APPROX £80

emtea

Please adv dets of car... make , model, reg, mieage etc, area of damage, number of prev owners

Peugeot 406 Rapier HDI (90) 1997cc
X reg (Jan 2001)
120k miles
1 prev owner

Damage - large dented scrape on rear drivers side door & back panel. Door will not open.

foxyuk

emtea wrote: »

Please adv dets of car... make , model, reg, mieage etc, area of damage, number of prev owners

Peugeot 406 Rapier HDI (90) 1997cc
X reg (Jan 2001)
120k miles
1 prev owner

Damage - large dented scrape on rear drivers side door & back panel. Door will not open.

what they offering as settlement????

do you know what the insurers repairers were quoting???

emtea

foxyuk wrote: »

what they offering as settlement????

do you know what the insurers repairers were quoting???

Valued at £2585 based on Glass's.
Less 'retention' or 'salvage' cost £465.
Less excess £300

Don't know what the insurerers repairers quoted.
Have their no. & could ask.

foxyuk

that valuation is a good offer trust me!!!!

i assume you are going to get a 2nd hand door and get it painted then repair to back panel?

should not be that expensive

emtea

yes that's what it would be.
I have just had quite a favourable verbal quote of £1200 inc vat from an independent body repairer. It would leave me with money in the pocket.
Maybe I should get that in writing and just get on with it now.
Although the guy did know it was an insurance claim, and could have bumped it up. So I could get another quote from somewhere and go from there.

what say you foxy?

foxyuk

thats expensive i think for the work being carried out....

can you pm me some pics of damage?

where you located?