Estimating Car Value.. help! (Glass's guide needed)

derrick

Try HERE it says by Glass's

nadnad

Bossyboots - I think the figures you gave may have been for a model of a higher spec than the OP owns - his being a 1.1 with no extras - I'm guessing its a 206 style? Which would be worth a lot less than what you have stated.

LoLo

Well I crashed my car earlier this year in february. It was a fiat punto w reg and had about 44000 miles on it. Basic model and I got £2800 for that so hope this can give you a rough guide.

Altarf

nadnad wrote:

well I don't know how other insurance companies work but I work for one of the largest in the world and I know for a fact that our engineers use a combination of glasses guide and the local autotrader to come to a price that is agreeable to the person who has lost their car. This is a fair way to do it as it allows them to buy a car of a similar age and type to the one they have lost.

The Financial Ombudsman says:

"Of course there can be genuine debates about what represents a fair market value. Our starting point is to consider the approach the firm has taken. We would expect it to have consulted the normal trade guides and to have allowed for any difference from the norm in the car’s mileage or condition. In most cases, the firm should have assessed the market value as equivalent to the ‘guide retail price’ (the price that a member of the public might reasonably expect to pay at a dealership)."

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/22/issue-22-motorinsurance.htm

So hopefully your loss adjusters are using the retail price in Glass's Guide and the trade sellers in Autotrader to come up with a fair valuation.

soolin

nadnad wrote:

well I don't know how other insurance companies work but I work for one of the largest in the world and I know for a fact that our engineers use a combination of glasses guide and the local autotrader to come to a price that is agreeable to the person who has lost their car. This is a fair way to do it as it allows them to buy a car of a similar age and type to the one they have lost.

Yes, this was eactly how the value of my car was recently assessed. I was told by my insurers that it would be based on Glass's valuation as well as taking into account the general condition and service history of the car and my location. I phoned the saleroom guy I know and he said exactly the same and gave me the Glass's guide figures and told me the insurers would come in probably at the lower end, £1700 - £1800 unless my car was exceptional. I actually got a tad over £2000 which was top end of Glass's and I was well pleased.

I was told the only appeal I could make is where I had an unusual car or where I could positively prove that my car would be worth more if I had sold it on a fair and open market. Basically I think that is for classic cars, for a run of the mill Punto it was take it or leave it.

Soo

Altarf

soolin wrote:

I phoned the saleroom guy I know and he said exactly the same and gave me the Glass's guide figures

But did he give you the price if he was buying or the price if he was selling?

MercilessKiller

I would be hoping for at least £3000 for the Pug. Parkers estimates up to £4000, when Glass's estimates at lowest £2000

I learned that the garage would charge £2000, but my dad stupidly has already put in the claim, meaning we can't privately fix it without claiming. Due to this, if insurance covers it it will cost a lot more than £2000, and if Glass's is correct, the insurance will write the car off, and then I can get it fixed using the value of the car privately.

Insurance premiums will be rocketining as I am a new driver.

Ouch.

Thanks all.

soolin

Altarf wrote:

But did he give you the price if he was buying or the price if he was selling?

He gave me all the Glass's figures which ran to about half a page. Trade in was low, of course, as was the book selling price. The best figure was the figure for buying from a dealer and that was roughly what I got. He had warned me though that it was more usual to be offered somewhere around the selling price. I did get an extra £75 for having a fully documented and stamped service history with Fiat and a bit of paper that said I had taken my car back for a recall adjustment.

Soo

Altarf

soolin wrote:

The best figure was the figure for buying from a dealer and that was roughly what I got.

Glad to hear it.

soolin wrote:

He had warned me though that it was more usual to be offered somewhere around the selling price.

Seems like there are are quite a few insurance companies trying it on even though they know the rules....

If it was the policy holder trying to bump up the claim they would either invalidate the policy or call the police. But the insurance companies trying it on with the policy holder, well that's just coming to a price that is agreeable to the person who has lost their car.