Car Insurance& Consumer Rights

clb50

Hello
I am looking for help and advice. I have recently written off my car, there was no 3rd party involvement, except the patch of black ice. My insurance company have offered me £5500 but to replace my vehicle on a like for like basis it will cost approximately £8000. I have explained this to them and provided examples but they just repeat the same sentence stating this is the value the engineers have put on the vehicle. Does anyone have experience of this or know where I go from here?
Many thanks in advance Julie

Aylesbury_Duck

All you can do is gather more examples of cars of a similar spec, age, mileage, condition, etc.  Remember you won't get anything extra for it just having been serviced, or having had a new clutch, new tyres, etc.

What car is it and what are those details?  Some on here will then look and see what's available.

Ultimately, if you can't reach agreement on the settlement, it's a matter for the insurance ombudsman.

neilmcl

What are you basing your £8k valuation on?

Sandtree

You need to register a complaint and provide your evidence for the valuation... you also need to be clear if they are talking net or gross of your excess and if you are retaining the car if its net or gross of the salvage.

If you are unhappy with the response to your complaint, or you do not receive one within 8 weeks, you have the right to escalate the complaint to the Financial Ombudsman Service.

Note that "asking price" is a very different matter to "sold price" and anyone can put ads in AutoTrader for any silly asking price.

Jenni_D

neilmcl said:

What are you basing your £8k valuation on?

That's an important question ... if it's based on actual sold prices then you will have an argument; if it's based on asking prices (e.g. Autotrader adverts) then they're not a reasonable source for comparison.

Jenni x

JJ_Egan

Engage an insurance loss assessor or at least post more info on the car .