Car written off - declining initial offer

dacouch

angrykid62 wrote: »

Ive taken a look at the value of my car with a few of the valuation companies like CAP/GLASS/PARKER

DEALER:

CAP: £2800 - £3100
GLASS: £3080 - 3890
PARKER: £2500 - £3000

total average is £3074

so a gross sum of that average would leave me a net of £2674
which in my opinion seems about right.

If you read the link I provided you will see that if the guides give differing sums you should use an average unless one guide price is very out of line with the others in which case it should be ignored.

So it might be the case the Glasses price will be ignored although most companies tend to rely on Glasses and Cap so they may ignore the Parkers price.

You need to stop looking at the net prices of the settlement, the amount of excess you're chose / had imposed is not part of the equation as is any remaining premiums they may deduct from the settlement.

Take your time to read and understand the Ombudsman link as it will help you understand how the valuation process works and can work in your favour.

nobbysn*ts

cap 2950
glass 3485
parker 2750

total average around 3k doesn't seem unreasonable. It's near enough in line with the middle price from cap.

angrykid62

dacouch wrote: »

If you read the link I provided you will see that if the guides give differing sums you should use an average unless one guide price is very out of line with the others in which case it should be ignored.

So it might be the case the Glasses price will be ignored although most companies tend to rely on Glasses and Cap so they may ignore the Parkers price.

You need to stop looking at the net prices of the settlement, the amount of excess you're chose / had imposed is not part of the equation as is any remaining premiums they may deduct from the settlement.

Take your time to read and understand the Ombudsman link as it will help you understand how the valuation process works and can work in your favour.

why should I not look?
It makes a difference in terms of the balance that I recieve.
the excess is £400 which they deduct from their offer ( already mentioned this as I have spoken to them )

there are no more payments to be made on the policy.

therefore a gross of 3k leaves 2.6k net ( ie: the amount I get )

I cant go to a dealer with the gross I go with the net so therefore It helps to know

dacouch

angrykid62 wrote: »

why should I not look?
It makes a difference in terms of the balance that I recieve.
the excess is £400 which they deduct from their offer ( already mentioned this as I have spoken to them )

there are no more payments to be made on the policy.

therefore a gross of 3k leaves 2.6k net ( ie: the amount I get )

I cant go to a dealer with the gross I go with the net so therefore It helps to know

Because you're insuring yourself to be put back into the position you were immediately prior to the accident eg they give you the value of the car immediately prior to the accident.

The excess you've elected to carry to reduce your premium and any compulsory excess have no bearing on what price you should receive from the Insurer.

You should be looking at the gross settlement offer

angrykid62

Maybe I am missing something..

their initial offer was for £2800 ( with £400 to be deducted leaving me £2400 to be on a cheque )

so as you can see they are quoting gross but they said they will send the cheque minus any deductions ( excess in my case )

that's why I've been focusing on the net.
again If I'm completely off mark, I apoligise .. if so could you explain where I am off

nobbysn*ts

You're both saying the same thing.
Ball park £3k gross, or £2.6k net after the only deduction which is the £400 excess.

[Deleted User]

Find a car you want to buy from a dealer and negotiate a price. Make sure it is a reasonable offer, e.g. including a year warranty and on a car with full service history etc. You can then use that offer as the basis for what you want to ask for.

InsideInsurance

angrykid62 wrote: »

I cant go to a dealer with the gross I go with the net so therefore It helps to know

Whilst you need to know if the offer is pre or post the excess you do otherwise need to forget your excess. If you have a £50 or £3,000 excess the gross offer should still be the same for your car. The insurer wont offer you a higher settlement because you went for a cheaper insurance by having a higher excess.

If you are saying to cannot afford to make up the £400 excess you have then unfortunately now is not the time to realise that and you should have paid more for the policy up front to get a lower excess.

Unfortunately these boards are littered with examples of people taking large excesses to lower their insurance price but then they cannot afford to claim after having an accident because they cannot pay the excess they selected

angrykid62

My excess is £200
And I have never in my life had it higher than £200

On this occasion the excess is £400 due to the young driver.

Nevertheless I can still afford that.
Our insurance is still mid price at around 120 a month

But again is reasonable
And so far appear to be a good underwriter.

I'm currently on the way to the dealer to sort a new car out.