Vehicle written off - dispute about market value

pcdj

My car was written off a month ago. It was a clear cut case; the other party admitted fault immediately (the other vehicle was a company car, and the company in question didn't seem to care).

I have TPFT insurance myself, and both my insurer and the AA chose to pass me on to their respective accident management companies to settle my claim. Upon reading up about these companies, I chose to get the third party's insurer's details and go to them direct.

They were quick to provide me with a hire car at their cost, however we've come to a standstill at the market valuation (they didn't even bother sending someone to check my car, and instead did so using pictures they were provided with).

We're about £1000 apart on a £4500 valuation. I provided them with several examples from Auto Trader to demonstrate I can't go out tomorrow and purchase an equivalent replacement vehicle for this price. They acknowledged receipt and said they'd consider it. A week or so later they terminated all email communication and have instead sent an unsolicited cheque through the post stating it's their final offer.

Where do I stand on this? I'm reading that as I have no contract with the third party's insurer I can't make a claim with the Ombudsman. Is the small claim court my only option?

BoGoF

What do the trade guides say the value is? What is the exact make, model and spec of the car (and mileage) so people can advise if your expectations are realistic.

pcdj

I thought none of the trade guides were accessible to the public since the last of them, Glass's, removed public access?

I only have Auto Trader and eBay to go on.

AdrianC

pcdj wrote: »

I provided them with several examples from Auto Trader to demonstrate I can't go out tomorrow and purchase an equivalent replacement vehicle for this price.

Nobody ever promised you could. It might not exist.

What insurance should do is give you the market value of your car. Adverts are not necessarily a good guide to that, because the car being advertised might be massively overpriced and not selling. It might eventually sell for a lot less than the ad.

What car are you talking about? Something bog standard, mainstream, and covered by the price guides? Or something a bit off-beat?

They acknowledged receipt and said they'd consider it. A week or so later they terminated all email communication and have instead sent an unsolicited cheque through the post stating it's their final offer.

Where do I stand on this? I'm reading that as I have no contract with the third party's insurer I can't make a claim with the Ombudsman. Is the small claim court my only option?

Nope, you can go to the ombudsman. With a vanilla policy, you'd have the same issue - because all bar agreed-value policies insure your car for "market value", anyway.

https://www.financial-ombudsman.org.uk/businesses/complaints-deal/insurance/motor-insurance/vehicle-valuations-write-offs

pcdj

AdrianC wrote: »

What car are you talking about? Something bog standard, mainstream, and covered by the price guides? Or something a bit off-beat?

A BMW 3 series coupe with some extras above standard spec. There are no local examples available to purchase at the price they're offering which aren't 30k+ higher mileage. (Edit: There are several examples available to purchase matching my spec and mileage, but not at the offered price).

AdrianC wrote: »

Nope, you can go to the ombudsman. With a vanilla policy, you'd have the same issue - because all bar agreed-value policies insure your car for "market value", anyway.

https://www.financial-ombudsman.org.uk/businesses/complaints-deal/insurance/motor-insurance/vehicle-valuations-write-offs

So a third party insurer with which I have no contract with can be taken to the Ombudsman?

AdrianC

pcdj wrote: »

A BMW 3 series coupe with some extras above standard spec.

Factory options, or later mods?

There are no local examples available to purchase at the price they're offering which aren't 30k+ higher mileage. (Edit: There are several examples available to purchase matching my spec and mileage, but not at the offered price).

Apart from repeating "You don't need to be able to source a replacement", local is irrelevant. Cars can move around the country trivially easy - it's kinda their whole point.

So a third party insurer with which I have no contract with can be taken to the Ombudsman?

Yes.

Of course, this would all have been easier if you weren't trying to penny-pinch on the premium by going TPFT. How much did you actually save?

pcdj

AdrianC wrote: »

Factory options, or later mods?

Factory.

AdrianC wrote: »

Apart from repeating "You don't need to be able to source a replacement", local is irrelevant. Cars can move around the country trivially easy - it's kinda their whole point.

Fine. Several statements I've read contradict this, otherwise I wouldn't be making a point of it.

AdrianC wrote: »

Yes.

Also reading contradictory statements on this.

AdrianC wrote: »

How much did you actually save?

~£700

jimbo6977

Bear in mind that:

1. manufacturer / dealer-fit optional extras depreciate faster than the car itself, so by the time a Bimmer is worth 4k, the options are worth virtually nothing.

2. aftermarket extras can de-value a car rather than adding value.

AdrianC

Seven hundred quid difference per year between TPFT and fully comp?

They must have been expecting you to smear it across the scenery...

OK, as far as the options go, if they make any substantial differences to value, then they'll be in the price guides - but they'll almost certainly add very little - although they may benefit saleability. Something as generic as an ageing 3-series (E92?) is definitely valuable through the price guides.

pcdj

Sure.

But going back to BoGoF's "what do the trade guides" say comment, Parkers's custom valuation service - which I've just found - seem to take them into account, and get me at least half way through my £1000 discrepancy.

AdrianC

Parkers isn't a trade guide.