Market value - vehicle theft claim

jonnyhtfc90

Hello,

I've been dealing with Aviva on a motor theft claim as my car has unfortunately been stolen. Third party Solus Valuations have been in touch with an offer around £8,600 which I initially thought was on the low side, and, sure enough, looking at Auto Trader, equivalent cars of the same year/mileage/spec are on forecourts for £10,000 - £11,000. I've been what I assume is the usual talk about how they come up with their valuations but this seems like too big a gap to accept. Is it worth my while pursuing this and are there any useful resources available to me?

Thanks

DullGreyGuy

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

Above is the guidelines to insurance companies from the Ombudsman but the two main parts are:

To decide whether a valuation is fair, we compare it with prices in online motor trade guides such as AutoTrader, CAP, Cazoo and Glass’s.

We’re likely to agree with your valuation if the amount is in line with the guides. But if we think your valuation is unfair, we’ll tell you to adjust it using the guide prices.

If a guide price is significantly higher or lower than the others, we may think it’s reasonable to ignore it. This depends on the value of the vehicle. For example, a difference of £200 would be significant for a £1,000 car, but not for a car worth £9,000

and:

Customers sometimes say the amount they’ve been paid is unfair because they’ve seen similar vehicles advertised at higher prices.

We wouldn’t normally place much weight on adverts to decide whether a valuation is fair. Differences in mileage or year of registration can significantly affect value, and sometimes the vehicle actually ends up selling for a lower price than advertised.

Obviously also be clear if the number they are giving you is before or after the deduction of your excess. When considering if a valuation is fair you obviously have to add on your £500 excess (or whatever it is)

DE_612183

also a forecourt price can include 6 /12 months warranty and vehicle checks which is all part of that sale price as well

DE_612183

but having said that - 8600 is probably their opening offer - I'd go back and say I was expecting £10k so you may get another 4-500 which would be ok.

jonnyhtfc90

Thanks for your responses. £8,600 is before deduction of excess so I'd see £8,100 cash accepting this offer.
Cheapest equivalent on Autotrader is £10,295 with 6 months warranty.
I've asked that they review their offer so currently waiting for them to come back to me.

rigolith

DE_612183 said:

also a forecourt price can include 6 /12 months warranty and vehicle checks which is all part of that sale price as well

You are supposed to get the price that a reputable dealer would agree to sell at. That includes the cost of them checking and repairing it, and warrantying it.