Insurance write off valuations

[Bozza]

What if it had been a gift from a rich parent ? Would you expect them to offer you nothing ?

Yes, exactly that.

 

[drew]

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.

Market value. Not common but some cars can accrue in value. Also, like in your scenario, you might buy a car at below market rate but to replace it you may need to pay the market rate.

 

[paul-brighton]

the prolem you have here is that liability does not appear to have been accepted. Pop into a proper local bodyshop and ask them which accident management (AM) companies they deal with. A decent AM will sort you out a hire van and deal with the At Fault insurer directly PROVIDED liability is not in dispute. You may have to tell your own Insurer you are withdrawing your claim. Regarding valuation glass's guide for newer vehicles and Cap for imports and older vehicles.

 

[Horton's halftime iceberg]

To be fair, in my experience a lot of insurers use independent companies to value vehicles, they look at similar vehicles online, will then send you the evidence which often allows you to buy the replacement they have sourced.

The fact its a van it may not be on a generic car policy, in which case a lot of trade or commercial fleet policy only cover you for trade value.

All the insurers are covered by the FCA and you can take your valuation to the ombudsman FOS if you think it is wrong (this is often why you are offered £500 more as thats about the fee the insurer has to pay), however you would need to find evidence that they have not valued the car/van correctly for the FOS to recommend them changing it.

In my experience cars/vans are very personal to us and we all want to buy them cheap and sell them (value them) high, so it becomes an emotional debate that often people find it hard to see the facts of the valuation or why they are not getting top end price.

Ask what method the company uses to arrive at the figure, if an engineer is going to inspect the van it may be based on his/hers knowledge and opinion of seeing them day in day out, but it may speed up the process and they will submit the details and value quicker.

 

[Official Old Man]

I was hit by another van and they took out my back door. My van was well used but had never let me down. Cost my £6000 about five years before. I was offered £5000 and I grabbed it quickly but as it was only the back door damaged I asked for and got the van back as well. Cost me £500 for a second hand door and my van is back on the road. Also given a brand new sprinter for 6 weeks whilst the two insurance companies fought it all out.

 

[Igzilla]

Courtesy van hire now imminent (just waiting for the call tomorrow as to when it will be delivered). We had to wait for the police to release the details of the perp to us before they'd countenance a hire vehicle. He's been charged with drink driving so hopefully it'll be a long time before this ****tard ever drives again. We know the van isn't worth mega bucks, but it was perfect for Lady Igzilla's needs, had low mileage and we just had new brakes (which probably saved her life), new cambelt, new battery, new coolant tank. Should have gone on for years and years, sniff

 

[BensGrandad]

Courtesy van hire now imminent (just waiting for the call tomorrow as to when it will be delivered). We had to wait for the police to release the details of the perp to us before they'd countenance a hire vehicle. He's been charged with drink driving so hopefully it'll be a long time before this ****tard ever drives again. We know the van isn't worth mega bucks, but it was perfect for Lady Igzilla's needs, had low mileage and we just had new brakes (which probably saved her life), new cambelt, new battery, new coolant tank. Should have gone on for years and years, sniff

Is it a write off or could you get the compo and buy it back to repair as others have done rather than buy another one if you know it is reliable.

 

[wellquickwoody]

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)

Are you American?

 

[happypig]

Are you American?

Odd question. No, I'm not.

Are you Welsh ?

 

[wellquickwoody]

Thats not right mate, if the other driver has excepted liability, you should get a hire van straight away.

Wrong, if the vehicle is written off then that is the end of the claim. Money for replacement is paid, end.

 

[Igzilla]

Is it a write off or could you get the compo and buy it back to repair as others have done rather than buy another one if you know it is reliable.

Sadly, I fear the damage is too great. He was going over eighty when he smashed into the back of her.