Car insurance query

java24

Good evening all, 

Someone crashed into my parked car down my road sometime over a period of 2 days where it was no in use, they left no details and of course I informed my insurance company

My insurance company have deemed the car a total loss, the settlement figure they have provided is £4323. I don’t know much about this kind of thing but the policy states market value is based upon similar cars of make, model, age and mileage. Is this based on the price that the car dealer would buy for or sell for? If selling for I have found the exact same make, model and age with 2k additional mileage for £6995, I’ve also found same make and model and age with varying mileage for between £6990 and £8000.

insurance company won’t budge is it worth going to the ombudsman? 

Many thanks 

MikeJXE

You have duplicate post 

akaWooders

When I last changed my motor policy I spoke to the new insurer about the wording of the write off clause in their policy. My previous policy stated replacement cost while the new policy implied settlement would be market value on sale of vehicle. The former therefore being more generous. I tackled them on this point and their answer was that any claim at write off is subject to negotiation. 

Loss adjusters at insurance companies are paid to keep claims as low as possible so will always start from that standpoint. I suggest you go back to them and quote the policy wording you mention above, that you cannot replace the vehicle at less than the cost of the used vehicles you've seen and send them links to those dealers. 

Don't forget you can also negotiate with the used car dealer.

Good luck 

baser999

Have you provided your insurers with evidence of the similar cars you found? 

akaWooders

PS I've just checked my own policy and Market Value is defined as "the cost of replacing your car with the same make, model and specification. Age, mileage and condition will be taken into account." Is this the same as yours?

If it is as above you have a valid argument to say that your claim should be settled as stated. 

The final sentence of the Market Value definition in my policy says "We'll consider the amount you could have reasonably got for your car if you sold it immediately before the accident, loss or theft and not the price you paid for it." This is the principle your insurer appears to be employing in your claim. Does your policy say similar? I'd argue that you weren't considering selling the car and need the exact amount required to replace the vehicle with one of the same make, model and spec. 

Don't take no for an answer.

diystarter7

Hi OP

Who is the insurance outfit?

(How long you had the car, FSH from the makers, what car is it and miles if you wish  to share if not no worries)

Never had it put to the test thankfully but I always go for a large, well-known brand that has good reviews
when things go wrong

Just say, no and no and send evidence from 2/3 major outlets that have the same make/model/yes/miles/owners/service history I'm sure they will move

Others will confirm this and hopefully i am spot on - once car is total, your insurance payments are written off. Therefore, if you took out 1k ins a few weeks ago, its all gone. I'm not a 100% on this but have read it around the forums

Good luck