CAR INSURANCE: Caught out by CompareTheMarket car insurance autofill value...

dacouch

SJM007 wrote: »

Disappointingly, the insurance company is standing by its guns and quoting the wording of its policy and will not change the compensation to the market value of the car. I've raised a complaint via the ombudsman.

I will keep updating this thread and if anyone has any more input it would be much appreciated.
Regards

I'm guessing it's Adrian Flux.

It won't surprise any of the posters on MSE who work in the industry that they are initally sticking by their guns. The frontline staff tend not to have an in depth knowledge of Insurance so if their policy says X even if it disagrees with the Ombudsman they will normally stick by their Policy Wording.

Don't worry, providing it was a genuine mistake then the Insurer will have to pay you the full market value even if it's higher than the amount you declared.

They don't get a choice to ignore the Ombudsman.

Out of interest what did the Ombudsman say when you contacted them?

Did you refer Adrian Flux to this thread?

maddogb

"make a settlement payment based on either the market value of your vehicle at the time of loss or the declared insured sum, whichever is the
lesser amount."


unless they can show an agreement to the second part of this specifically in their contract with you this falls foul of either the UTCC(1999) act or the newer Consumer Act 2015 (can't rem exact name there)
see my thread on Esure in the motoring section.

SJM007

dacouch wrote: »

I'm guessing it's Adrian Flux.

It won't surprise any of the posters on MSE who work in the industry that they are initally sticking by their guns. The frontline staff tend not to have an in depth knowledge of Insurance so if their policy says X even if it disagrees with the Ombudsman they will normally stick by their Policy Wording.

Don't worry, providing it was a genuine mistake then the Insurer will have to pay you the full market value even if it's higher than the amount you declared.

They don't get a choice to ignore the Ombudsman.

Out of interest what did the Ombudsman say when you contacted them?

Did you refer Adrian Flux to this thread?

The Ombudsman were great and they now have all the details. They latched onto the wording so fingers crossed!

It wasn't AF by the way.
Regs

SJM007

maddogb wrote: »

"make a settlement payment based on either the market value of your vehicle at the time of loss or the declared insured sum, whichever is the
lesser amount."


unless they can show an agreement to the second part of this specifically in their contract with you this falls foul of either the UTCC(1999) act or the newer Consumer Act 2015 (can't rem exact name there)
see my thread on Esure in the motoring section.

Thanks for this - helpful - will check out the thread you mention. Here's hoping common sense prevails!
Regs

oscarward

Thanks for this. Just out of curiosity I tried a quote for a loan car I had last week. 66 plate Jaguar XF 3.0d S. List price new £49995 without any extras.


Compare the market valued it at £31450. If it was mine I would certainly have GAP insurance which would have been an interesting argument between the companies in a worst case scenario.

SimonSays

You could argue that under the Insurance Act your misrepresentation of the risk (Before you cry and say you didn't misrep - You did by your own admission jumping over the auto filled field) is not a purposeful one and if the risk at the higher value is still acceptable, they should deal at the higher value and deduct the AP from payout

But this is all your doing as you jumped over the box.

SJM007

oscarward wrote: »

Thanks for this. Just out of curiosity I tried a quote for a loan car I had last week. 66 plate Jaguar XF 3.0d S. List price new £49995 without any extras.


Compare the market valued it at £31450. If it was mine I would certainly have GAP insurance which would have been an interesting argument between the companies in a worst case scenario.

Almost the same short fall as me - albeit totally different amounts.