challenging total loss valuation

MrFrugalFever

If Parker’s uses CAP data then I’m the pope. they’re great at compiling technical data and reviews but that’s all.

jimbo6977

MrFrugalFever said:

If Parker’s uses CAP data then I’m the pope. they’re great at compiling technical data and reviews but that’s all.

See the last but one q&a on this page
https://www.parkers.co.uk/car-valuation/


Edited for spelling

MrFrugalFever

jimbo6977 said:

MrFrugalFever said:

If Parker’s uses CAP data then I’m the pope. they’re great at compiling technical data and reviews but that’s all.

See the last but one q&a on this page
https://www.parkers.co.uk/car-valuation/


Edited for spelling

Interesting, I shall compare monday to see if it matches the CAP system!

jimbo6977

MrFrugalFever said:

jimbo6977 said:

MrFrugalFever said:

If Parker’s uses CAP data then I’m the pope. they’re great at compiling technical data and reviews but that’s all.

See the last but one q&a on this page
https://www.parkers.co.uk/car-valuation/


Edited for spelling

Interesting, I shall compare monday to see if it matches the CAP system!

It never did in my day! I'm not in the business any more so it'll be interesting to know, although I would offer 10-1 against.

Back in the day WhatCar and Parkers online value was often +/-50% compared to the (now very much defunct) monthly paper publications! 

In any case, for the OP, what you have to do is present a convincing argument to the poor claims handler bod at Admiral to justify paying above Glass's / CAP top book value.

At the sorts of low values between a monkey and a bag, the Parkers or WhatCar? value could've swung it when I was involved,because we had more important things to do. 

Rudi1990

crex said:

My issue is very similar to this thread, right down to the same insurer (Admiral) https://forums.moneysavingexpert.com/discussion/6183502/how-can-i-dispute-write-off-valuation

Essentially, following an accident yesterday, Admiral have decided that my vehicle is a write-off. The damage is very limited (broked track rod, dented wing, smashed indicator), but they are insisting it's a total loss due to the age of the vehicle (02 plate). The vehicle has 116k miles on the clock, 7 months MOT to run, in good working order.
Today they offered me a 'market value' settlement of £550, based on the Glass guide. After a lot of persuading, they revisited it - this time they offered £696, based on the CAP guide. I asked where the market was where I could buy a replacement for anything like these prices! Admiral insist that their regulations require that they use these guide prices.
I did a quick search of recently completed sales on ebay as close to my spec as possible, filtering on vehicles registered 2000-2004 and over 100k mlles. This brought up 10 results in the past month, between £750 and £2000. All those that sold under £1500 were spares or repair / non-runner. The one that was overall closest to mine went for £1550, but was lower mileage (105k).
Admiral insist that ebay and autotrader prices are irrelevant as they only reveal asking prices, not sale prices. They completely ignored the fact that I had researched completed sales. It has been left that they will revisit it one last time, but I'm not holding out much hope. What are my options for challenging this?
I am very familiar with the second hand market for this vehicle (Isuzu Trooper), so I just cannot understand how the guides can be so far removed from what I know to be the reality - how is this possible?
TIA

I work for Admiral, you would have bought a market value policy and as such, the total loss settlement will reflect the market value of your vehicle using industry recognised valuation tools (Glasses/CAP/Parker’s)
If you are unhappy with the settlement figure, raise a complaint, you will be provided with a final decision letter at which point you can escalate the complaint to the Financial Ombudsman Service (FOS) who will complete an independent valuation.

rajeshk4u

Something similar happened to me Elephant insurance many years ago. I believe Elephant are part of the Admiral group.

I don't know if their practices have changed over the years. I still feel anger at being rapped and cheated by this company.

I was hit by an insured driver, they claimed it was a write off. Even though the damage was minor bumper tailight and body work dent (about about £900 to repair).   They then cancelled the policy, so that I could n't even drive my dad's car on a"third party" basis to look around for another car. I was grounded. Most car dealerships are in inconvenient places.

My policy excess was £350, but as Elephant cancelled my insurance policy, they would keep £700 policy premium. As they said the policy has been "paid out". So if you buy a 12 month policy, and you have an accident in 3rd month. You loose the remained of the 9month policy premiums. Plus the insurance company gets to keep my car, for which they will get a some value, as the car was perfectly drive-able.

 

So if I bought a replacement car, I would have had to pay £1000 for a brand new insurance policy due to recent claim and loss of no claims bonus.

I had no choice by to withdraw my claim and get the car repaired at own expense.It was a bumper and taillight. I did n't get the dent repaired.  I had to get a new MOT before they would re-instate the insurance again.

I have never dealt with Elephant again (or any of their companies again e.g. Admiral)

Defacto rating are useless, as they bring this to people's attention.

I went to Aviva and they said they would have moved the cover to a replacement vehicle.

I felt rapped by Elephant insurance. Too painful and drained to get justice.

jimbo6977

rajeshk4u said:

Something similar happened to me Elephant insurance many years ago. I believe Elephant are part of the Admiral group.

I don't know if their practices have changed over the years. I still feel anger at being rapped and cheated by this company.

I was hit by an insured driver, they claimed it was a write off. Even though the damage was minor bumper tailight and body work dent (about about £900 to repair).   They then cancelled the policy, so that I could n't even drive my dad's car on a"third party" basis to look around for another car. I was grounded. Most car dealerships are in inconvenient places.

My policy excess was £350, but as Elephant cancelled my insurance policy, they would keep £700 policy premium. As they said the policy has been "paid out". So if you buy a 12 month policy, and you have an accident in 3rd month. You loose the remained of the 9month policy premiums. Plus the insurance company gets to keep my car, for which they will get a some value, as the car was perfectly drive-able.

 

So if I bought a replacement car, I would have had to pay £1000 for a brand new insurance policy due to recent claim and loss of no claims bonus.

I had no choice by to withdraw my claim and get the car repaired at own expense.It was a bumper and taillight. I did n't get the dent repaired.  I had to get a new MOT before they would re-instate the insurance again.

I have never dealt with Elephant again (or any of their companies again e.g. Admiral)

Defacto rating are useless, as they bring this to people's attention.

I went to Aviva and they said they would have moved the cover to a replacement vehicle.

I felt rapped by Elephant insurance. Too painful and drained to get justice.

All of the above is perfectly normal, although most people don't fully realise all of this until they come to make a claim, so it can be a challenge to their preconceptions. 

verigotta

Call them again tell them you are going to report them to the FOS they must put you in the same position as you were previous to the loss. Market value is what the car will cost you to replace like for like. prices can fluctuate even depending on the weather and where you live. I had exactly the same issue after I told them I was going to report them another £300 turned up after a "reassessment". After they got contacted by the FOS another £500 turned up I actually thought they overpaid then by about £200 but after all the messing about stuff them.` 

mattyprice4004

MrFrugalFever said:

Hi, we all think we know what the ‘real world’ market value of our cars are but unfortunately the systems used within the insurance industry and trade will be far more accurate than what Joe bloggs has posted on eBay 2 weeks ago. 

What value did you originally agree on when you renewed your insurance? What excess have you paid?

in all reality, when push comes to shove, whether they offer you your £1,500 or not, ultimately it is you who will lose out - premium will increase on renewal, no car (unless buy back and repair) and unlikely to get a value that reflects a few recently sold examples.

you can only but argue your case, providing as much evidence as necessary, they will have the final say. With the greatest of respect, they really won’t want to be spending much man power on a case that’s a few hundred quid, sad as it may be.

Absolute twaddle. 
At the end of the day they HAVE to be put back in the original position they were in - and if they can't replace the car for £1500 then that's how it is and the insurer needs to up their offer.
You can throw around all the guide prices you want, but if the real-world market doesn't reflect that then they're useless. 

I had an MG ZS180 written off by a driver who didn't understand what lane markings meant - and I was offered £1,300 for a car that was valued as such (the loss adjuster showed me the guides) but I then politely asked him to find me one for that amount in the same condition, or buy it for me and I'll be a happy man. 
After much deliberation and pointless acronyms for trade bodies I didn't care about were thrown around, I walked away with the (correct) £2250 it'd take to replace the vehicle. 

To the OP, keep fighting - they'll relent when the Ombudsman gets involved.