insurance paid on stolen car but too low - can anyone help?

kev-1977

Hello .... I have no idea if this thread is in the right bit of cloth.
But I think it is, and need advice.

In the last month I had my car stolen. It was found but the insurance company decided to write it off due to major damage.

After completing the application form & returning documents/car keys etc. The insurance company posted me a cheque .... but the amount .... lets just say it was slightly insulting and nowhere near the amount I was expecting.

I will soon be returning the cheque to them with a covering letter stating their offer is not acceptable .... but what should I say?

The contents of the letter will include I had to purchase a new car, new car insurance (which is now more expensive thanks to losing my no claims) and a new road tax disc. Also pointing out I still havent had back the tax disc from my old car to apply for a rebate off the DVLA.

I don't use my car for work .... but nonetheless, it is a necessity.

It has caused a tremendous strain financially as I have had to borrow money to pay for it .... this is stressing me out so I could mention that.

Has anyone been/know anyone who has a had the same experience.
Thanks everyone

darky

Sorry to hear about your experiences with the stolen car, however;

No insurance will pay our for whats called "consequential loss" - in other words losses incurred which weren't directly insured for - the only loss you would therefore be covered for is the stolen car.

The amount insurers pay for settlement is usually the 'market value' of the car (usually trade price) which dosen't take into account dealers profit. If the settlement is less than this then you will need to prove your car was worth more by for example sending in cut outs from the auto trader/exchange and mart for similar cars with similar mileages etc.........

Stress is not taken into account, nor is road tax nor the theft excess on your policy .......unfortunately when some scumb*g steals your car you always lose out....

Bossyboots

We got Diamond to offer an extra £300 on my car when their insured hit it. We produced evidence and a spread sheet of depreciation to show that it was worth more than they said.

As darky has said, there is nothing else that can be claimed from the insurers, they are only responsible for the market value of the car less any excess.

They must return the tax disc to you before the end of October so that you can get it off to DVLA for the refund. You can only claim a full month so September wouldn't have counted anyway. You need to get it in the post on or before the last day of the first month you want to claim back.

toozie_2

You can claim a refund on the tax disc by completing a form V33-a refund form-when you haven't got the disc. Quote the crime reference number on the V33, stating the insurance have taken the disc, shame you couldn't have got it sent off yesterday (in September).


I would keep haggling with the insurance for as long as you can afford to. My friends car was run into outside her house, the first amount offered was pathetic, but with letters and phone calls she eventually got about £150 more. Don't cash any cheques until you are satisfied that its the final settlement.

Good Luck

jonesMUFCforever

Check online with someone like Glass's guide (not sure of spelling there). I think you can some valuation free without having to pay and register.
Eric

nadnad

yeah I work in insurance - the only thing to do is send in cuttings to prove your car is worth more than they gave you.

deanos

They will always give a low offer first as most of the time they will get away with it

moolah_2

As mentioned above you can get a valuation from http://www.glass.co.uk/uk/en/
This will cost £2.95 though. But Glass is supposedly the price guide used in the car industry. Parkers.co.uk is free but not always the most accurate.

Woby_Tide

you can get a free Glass' valuation via the Vauxhall website

http://www.virtual-showroom.co.uk/scripts/nuvv/nuvv1.asp?clientId=vauxhall&laf=vauxhall&nuvvpath=b&sessionid=0

johndglynn

Glass's Consumer Values are trade-in values though, so insurance companies won't accept them for debating the size of their payouts. The most effective way to negotiate a decent settlement with your insurers is to go through the Autotrader website and print copies of ads for cars closely matching your own, compile the results into some kind of spreadsheet and show that your car is worth X amount based on similar cars offered for sale in the UK. Send the complete file in, along with a covering letter and copies of any recent big bills - cam belt, tyres, clutch, general maintenance (the insurers should make an allowance to cover you for that too). Anything you have done to add to your car's market value should be factored in to your submission.

Insurers should be putting you back in the position you were in before your loss, so if there is a retail value for your vehicle that is what they should pay out. Good luck!

N9eav

I recently dealt with a stolen car. the owner was asked to look around the aera and find a similar one for sale so that a fair price could be negotiated. It may be worth doing the same and telling the ins. company that you can't replace it for less than??