Insurance valuation versus Webuyanycar valuation?

marlot

>> The point, which seems to have flown past your head ...

Or they understand what you're saying, and simply disagree.

ontheroad1970

marlot said:

>> The point, which seems to have flown past your head ...

Or they understand what you're saying, and simply disagree.

Perhaps, but a come get me estimate will not be accepted by anyone as an accurate valuation, especially from someone like WBAC.  My point is reinforced by the fact that if you had just had your car damaged substantially and tried to use the "valuation" tool in WBAC, they state that it is not complete until inspection - how would that match up? This is the actual question the OP is asking.  God forbid that anyone should actually answer the question.

scrappy_returns

If a car is presented exactly as described leaving the WBAC guy with no wriggle room then they will honour the price quoted online. Unlikely to happen but certainly not impossible.
They will then go on and sell the vehicle, presumably at a higher rate so they at least break even or make a profit.  Then would it be fair to say the vehicle value could in the range of the offer made by WBAC and the price they sell it at? Of course that price is unknown so  again would it be fair to say market value is WBAC offer upwards?

ratrace

Thats what gap insurance is for to make up the difference

the car insurance company will only pay you what the market value is at that time when an incident occurs, for eg: i have just been paid out for my astra which i bought 5 years ago for £3k

due to used cars going up in value recently i have been paid out £2450 the car had 175k on he clock

so the point is the market dictates the payout prices

 

ontheroad1970

scrappy_returns said:

If a car is presented exactly as described leaving the WBAC guy with no wriggle room then they will honour the price quoted online. Unlikely to happen but certainly not impossible.
They will then go on and sell the vehicle, presumably at a higher rate so they at least break even or make a profit.  Then would it be fair to say the vehicle value could in the range of the offer made by WBAC and the price they sell it at? Of course that price is unknown so  again would it be fair to say market value is WBAC offer upwards?

Try reading the thread properly.  The OP was asking whether an insurance company would accept an online 'valuation' from WBAC in the event of a write off.  As the valuation is not final until inspection of the vehicle, the vehicle then being wrecked to the point of write off, then they won't get the online valuation or any other kind of offer.  The WBAC valuation simply cannot be used in this way.  

BOWFER

ontheroad1970 said:

Try reading the thread properly.  The OP was asking whether an insurance company would accept an online 'valuation' from WBAC in the event of a write off.  As the valuation is not final until inspection of the vehicle, the vehicle then being wrecked to the point of write off, then they won't get the online valuation or any other kind of offer.  The WBAC valuation simply cannot be used in this way.  

This same logic could be applied to any valuation method then.
Whether it's Parkers guide, an offer from WBAC, an offer from a dealer, example of other cars of the same type on autotrader etc.
All of them are just guides and don't guarantee you'd actually get that if you tried to sell, any one of them could knock you down for chips etc.
So they're all pointless using your argument, so what valuation method is valid?

Sandtree

BOWFER said:

ontheroad1970 said:

Try reading the thread properly.  The OP was asking whether an insurance company would accept an online 'valuation' from WBAC in the event of a write off.  As the valuation is not final until inspection of the vehicle, the vehicle then being wrecked to the point of write off, then they won't get the online valuation or any other kind of offer.  The WBAC valuation simply cannot be used in this way.  

This same logic could be applied to any valuation method then.
Whether it's Parkers guide, an offer from WBAC, an offer from a dealer, example of other cars of the same type on autotrader etc.
All of them are just guides and don't guarantee you'd actually get that if you tried to sell, any one of them could knock you down for chips etc.
So they're all pointless using your argument, so what valuation method is valid?

If you look at the FOS website on how they deal with complaints on valuations of cars they advise they almost exclusively go by book price. If one book is wildly different to the others they'll treat it as an outlier 

So no, if you look in Parkers and it says £2k higher than you've been offered doesn't automatically mean its worth £2k more but the insurer can rerun the valuation using Parkers and their views on pre-accident condition etc and will see what it says... only after looking in Parkers, Cap, Glasses etc can you see if they're broadly consistent or one is out on a limb suggesting much more or less