How do insurance companies come to their valuations? Do they just run an internet search or use Parkers? Lady Igzilla's van got written off this morning by a drunk driver ramming her off the A27 - she spun round 5 times and took out a road sign and was lucky she wasn't killed. We got the van for a song and though it was 12 years old, had only done 90k miles. It's a right mess, but will we get a fair offer for it? She needs a new van asap for work, so we can't hang about.
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Insurance write off valuations
- Thread starter Igzilla
- Start date
surrey jim
Not in Surrey
I'm my [limited] experience I didn't accept the first offer and got a further £500 on written off car. The company gave initial offer which I declined as I advised the car had full service history, recent spend on it etc and they came back with a revised figure.
happypig
Staring at the rude boys
In law you are entitled to be put back in the same position that you were in before the accident (if it's someone else's fault). What you paid for the van is irrelevant, if it would cost you £3000 to get a van of similar age/condition/mileage then that is what you should get.
Having said that, the other party's insurer will look at trade prices and almost certainly offer you less but you are under no obligation to accept it.
Being insured doesn't exempt the other party from liability, it simply indemnifies them against risk. You are still at liberty to ignore the other insurer and pursue the other party directly for restitution.
You can, if you so desire (and who wouldn't) reply to their offer with a refusal and advise them you intend to take legal action against their client directly (make sure you include details/ prices of several replacement vans from autotrader).
Think of it like this, if you knocked a lamp post over and it cost the council £2000 to replace it, you would expect to have to pay two grand damages.
Edit: there's nothing to stop you going out and buying a replacement van tomorrow, then seeking to recover the cost (as long as it's no better than the original)
Having said that, the other party's insurer will look at trade prices and almost certainly offer you less but you are under no obligation to accept it.
Being insured doesn't exempt the other party from liability, it simply indemnifies them against risk. You are still at liberty to ignore the other insurer and pursue the other party directly for restitution.
You can, if you so desire (and who wouldn't) reply to their offer with a refusal and advise them you intend to take legal action against their client directly (make sure you include details/ prices of several replacement vans from autotrader).
Think of it like this, if you knocked a lamp post over and it cost the council £2000 to replace it, you would expect to have to pay two grand damages.
Edit: there's nothing to stop you going out and buying a replacement van tomorrow, then seeking to recover the cost (as long as it's no better than the original)
Guy Fawkes
The voice of treason
- Sep 29, 2007
- 8,195
I hope you arn't with one of my old insurers who actually wanted me to phone up the other party's insurer and negotiate my own settlement amount myself (my vehicle was hit by someone else whilst my car was parked up overnight and the other driver ended up in jail but my insurer kept insisting no one had been caught and my insurer still tried to get me to go to the MIB, even after their conviction - I'd have expected far better from one of the major UK insurance companies which have several insurance company names)
BensGrandad
New member
Does she not get a courtesy replacement van while the matter is sorted?
drew
Drew
Might helped if you named and shamed.
Strictly speaking, your insurers are really only obliged to recover their own costs. If you had fully comp and they made a settelement, they would only seek to recover what they paid you. In reality, what now happens is that they appoint solicitors automatically and it is they that will include your costs that weren't recovered from your own insurers.
With regard to valuations, insurers always used to use Glass' Guide. That said, if you don't think it is fair then you need to demonstrate that buy showing what similar vehicles are going for in your area, not always easy with commercial vehicles. Local adverts etc would support that but don't forget with vehicles that it is not always advertised price that a vehicle is actually sold at!
Dumseagull
Active member
Most of the industry uses "cap" for their valuations. It is also negotiable if you fancy a haggle [emoji106]
samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
Interesting you mention this, I was thinking the same today. My van was hit last week(his fault) and I am waiting for the amount they are going to offer. Weirdly they don't want to look at the van, they want me to send pictures of the damages via email which I found strange. My van was a 2003 Vivaro, with 155k on clock, the body work has faded but mechanical its in great shape, been a great van and its in great order. I know they will fob me off with a crap price but I will hopefully buy it back off them and sort the repairs my self.
samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
She should do straight away
BensGrandad
New member
Daughter in laws sister had her car written off in an accident not her fault. She has only been driving 6 months. Paid £450 for polo on E bay got £600 from insurance company and bought it back for £25 to repair it but decided against it as not sure if the chassis was twisted so sold it on ebay as a repairable write off for £100 pound. The moral of the story is somd people benefit from insurance claims..
Forgot to add she had a 15 plate Fiesta hire car while it was bejng sorted.
Forgot to add she had a 15 plate Fiesta hire car while it was bejng sorted.
Last edited:
- Thread starter
- #11
Unfortunately no, unless their loss adjuster believes it to be repairable, which won't be decided until Monday at the earliest. I've seen the van at the recovery yard and it's a write off, believe me. The entire right side, rear doors, rear axle, all damaged beyond belief. Very sad, as it was a great van with a long life ahead of it.
samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
Well she made £250, but the amount of hassle she properly went through,she deserves it. Ive had to have time of work ect to sort bits out which will all be getting claimed back off the insurers.
samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
Thats not right mate, if the other driver has excepted liability, you should get a hire van straight away.
- Thread starter
- #14
Well, the other driver hasn't explicitly accepted liability. He continued driving, and hit two other vehicles before the police arrested him. We know his reg but not his name, so waiting for the police to come back to us with more details.
- Jul 10, 2003
- 25,766
If it is the other driver's fault you should get a hire vehicle immediately and keep it until the write-off amount is agreed and nestling safely in your bank account. Get your insurance company to supply you with a vehicle immediately. It will help focus the insurance companies on settling quickly
BensGrandad
New member
Surely she could hire a similar size van and pay for it but attach that claim to her claim. She shouldnt be out of pocket for an accident that wasnt her fault provided it is decided that way.
drew
Drew
The third party insurers should provide a replacement vehicle up until they make an offer for settlement.
I had a nice BMW cabrio stolen from the car park of David Lloyd, Bristol whilst I was swimming. My locker door was forced open and they took everything including my car keys and then just drove my car away. It was never seen again.
I'd bought the car not long before but had negotiated hard and got it for a price I was very happy with. The first offer from my insurance company would not allow me to replace the car with something similar so I sent them screenshots from Autotrader of all similar specced/age/mileage cars. The next offer was what I believed was fair and I accepted it.
What I was surprised about is they paid me more than I'd paid for the car when I bought it. I had assumed my outlay would be the absolute ceiling for any payout.
I'd bought the car not long before but had negotiated hard and got it for a price I was very happy with. The first offer from my insurance company would not allow me to replace the car with something similar so I sent them screenshots from Autotrader of all similar specced/age/mileage cars. The next offer was what I believed was fair and I accepted it.
What I was surprised about is they paid me more than I'd paid for the car when I bought it. I had assumed my outlay would be the absolute ceiling for any payout.
happypig
Staring at the rude boys
What if it had been a gift from a rich parent ? Would you expect them to offer you nothing ?
Prettyboyshaw
Well-known member
Insurers are seen as snakes that will do anything to not pay out but they are highly regulated. They use glasses guide etc to set the value but should also take into account service history mileage number of owners etc. if they don't just send in adverts of vehicle similar to yours and they will normally increase their offer.