dealing with insurance after classing your car as Total Loss

sush40

Thanks for your help. Is it still possible to negotiate the value now that the first cheque has been sent?
The company said on the letter: ''We value your vehicle at 5430, less 1900.50 for the salvage of the vehicle''.
Is this an estimate? Does it mean the salvage money could be different from £1900?

InsideInsurance

sush40 wrote: »

Thanks for your help. Is it still possible to negotiate the value now that the first cheque has been sent?
The company said on the letter: ''We value your vehicle at 5430, less 1900.50 for the salvage of the vehicle''.
Is this an estimate? Does it mean the salvage money could be different from £1900?

Ignore the salvage, its irrelevant to you.

Focus on the £5,430 and if you are happy with this figure. If your not then contact them with what you think the offer should be and be prepared to send in evidence to support your valuation.

sush40

So basically, if they dont get £1900 for the salvage value, they will compensate the cheque they've just sent (£3529) to make the final amount equal to £5430?

Quentin

The salvage value is irrelevant.


You are not keeping the salvage.


You are therefore entitled to the car's pre accident value.


They have said that is £5430. If you want to dispute that follow the advice already given.


If you are happy, then send them the docs they want and they will send you a cheque for the balance owed

InsideInsurance

sush40 wrote: »

So basically, if they dont get £1900 for the salvage value, they will compensate the cheque they've just sent (£3529) to make the final amount equal to £5430?

Most insurers have a flat deal with scrap yards that they get X% of the settlement value. Some will have exceptions for cars newer than A and older than B or worth more than £50k or such but then X is typically lower. They therefore dont have to mess around negotiating on each vehicle and can simply code at they have paid out £1,000 and will be making a £200 recovery from the scrapyard or whatever it is.

As already said though, the salvage is irrelevant, its only the pre-accident value that is important as that is what you require for indemnity.

sush40

Ok, I think I get it. So if I wanted to negotiate the car value, they would have to send a cheque to balance the £3529.
What I was asking is, could they do so even AFTER sending this cheque? (sent today), or should I have disputed the value before?

Quentin

sush40 wrote: »

Ok, I think I get it. So if I wanted to negotiate the car value, they would have to send a cheque to balance the £3529.
What I was asking is, could they do so even AFTER sending this cheque? (sent today), ..........?

Yes. See #10

sush40

Thank you. I'm going to pick up the stuff I left in the car tomorrow (car being at the garage). I might take some pictures of the car to show the good condition of it (where it hasn't been damaged, like the inside, wheels, etc). Don't think this will be relevant as a proof (valuation should be based on condition of the car just before the crash, I know..) but perhaps I could manage to use this to dispute the value?

Quentin

You need to find adverts for similar aged/condition/mileage models which show a higher market value (note asking price is anticipating having to give a discount, and not the actual market price of a car)