Extremely low valuation from insurance

edison

Complete non fault claim and dealing with TP insurer directly at the moment(Tesco bank box insurance).

Car is a 2013 porsche boxster s. Accident happend on new years day when I only had my vehicle for less than 3 weeks. Bought it at 34500. Insurance come back at 31300. Sent over the original purchase invoice and relevant ads from autotrader. Came back to me today saying there is no change of offer from their engineer. Told them I cant agree and been told the case now transferred to their complain team and I will receive a call from them but there is no guarantee on time!

What should I do further please?

Also there is a small situation in between. They offered me 37k on the phone and I accepted it. Then they called me that it was a error and they can only pay 31300 as per engineer's report. Is that legal to do so after we had made a agreement on the phone? Sorry there is no writing confirmation but I'm sure the phone is recorded by them?

Thanks,

Ed

Johno100

Did you buy it privately or from a dealer?

You're going to have to start looking for ads for comparable vehicles for sale (which is a lot easier in this internet age) to show they've undervalued the vehicle.

foxy-stoat

Ask for the telephone transcript and try it.

No idea why they decided to offer you £2500 more than you paid for it....surely you would of said that you didnt pay £37,000 for it 3 weeks ago so you dont expect to receive more, although now they are offering you £3200 less than what you paid for it, I can see why you want to query the difference.

Good luck and report back on the outcome.

edison

Johno100 wrote: »

Did you buy it privately or from a dealer?

You're going to have to start looking for ads for comparable vehicles for sale (which is a lot easier in this internet age) to show they've undervalued the vehicle.

Bought it from a independent dealer and they sell good volume of porsche every month.

I have sent several similar ads to insurance from autotrader&porsche approved used and they came back with no increasing on the offer...To be fair it's a rare vehicle and mine got very high spec as well so similar car is around 38k-39k easily. Their valuation might be based on a boxster with zero accessories on it ...

edison

foxy-stoat wrote: »

Ask for the telephone transcript and try it.

No idea why they decided to offer you £2500 more than you paid for it....surely you would of said that you didnt pay £37,000 for it 3 weeks ago so you dont expect to receive more, although now they are offering you £3200 less than what you paid for it, I can see why you want to query the difference.

Good luck and report back on the outcome.

I was wondering maybe they made a mistake internally and trying to put the pressure on me now. I don't really know if a verbal agreement made it a contract then they can't just simply pull it back?

Car_54

Johno100 wrote: »

Did you buy it privately or from a dealer?

You're going to have to start looking for ads for comparable vehicles for sale (which is a lot easier in this internet age) to show they've undervalued the vehicle.

Bear in mind that ads show the asking price, not the selling price. See the Ombudsman's comments on valuation here https://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html

foxy-stoat

I would of thought that any settlement figure needs to be confirmed in writing rather than a phone conversation - last time my car was totaled the insurers called to say a letter was in the post and that will have the offer on.

AdrianC

edison wrote: »

To be fair it's a rare vehicle and mine got very high spec as well so similar car is around 38k-39k easily. Their valuation might be based on a boxster with zero accessories on it ...

And how did you declare it in the quote?

Did you say it was standard, or did you tell them about the options fitted?

Can't really complain about them valuing it without the options if you didn't declare it, can you? All they've done is go on the info you declared.

edison

Of course i told them the spec. The engineer who looked at the vehicle also agree it should worth more than the online estimated basic value. I just cant understand with a vehicle purchased in 3 weeks together with the original purchase invoice, how can they not to pay the invoice value.

AdrianC

edison wrote: »

Of course i told them the spec.

Fair enough. Many wouldn't have.

I just cant understand with a vehicle purchased in 3 weeks together with the original purchase invoice, how can they not to pay the invoice value.

Because they think you overpaid.

edison

foxy-stoat wrote: »

I would of thought that any settlement figure needs to be confirmed in writing rather than a phone conversation - last time my car was totaled the insurers called to say a letter was in the post and that will have the offer on.

Your case is fine as they didnt tell you the figure on the phone. My case was they gave me a offer and i accepted it on the phone. It must means something i guess? Otherwise no point to make phone calls if everyone's word means nothing..