Car insurance settlement advice

jamiefrost · 20-02-2010, 11:17

Wife had an accident a couple of weeks ago, she's fine (no kids in the car at the time thankfully). Car not so good

The insurance company have said the car is uneconmical to repair so it's a total loss. OK these this happen.

Given us a market value of £5400, and have said they will pay us the market value minus excess and outstanding policy amount. about £400 in total, but they have aid they are sendinga cheque for £1500 not £5000 as I was expecting.

I am missing something or have they maid a mstake with the amount for the check?

Any advice welcome.

JJ

Raistlin · 20-02-2010, 12:45

Sounds like they've made a mistake with the cheque, got to be worth a 'phone call to them to check I would have thought.

**Chris** · 20-02-2010, 12:48

Quote:

Originally Posted by jamiefrost

Wife had an accident a couple of weeks ago, she's fine (no kids in the car at the time thankfully). Car not so good

The insurance company have said the car is uneconmical to repair so it's a total loss. OK these this happen.

Given us a market value of £5400, and have said they will pay us the market value minus excess and outstanding policy amount. about £400 in total, but they have aid they are sendinga cheque for £1500 not £5000 as I was expecting.

I am missing something or have they maid a mstake with the amount for the check?

Any advice welcome.

JJ

1. Never accept the first offer you get to settle, unless it really is at or above market value.
2. Be prepared to collect evidence from places like Autotrader and Glass' guide to show them the cost of replacing your motor with one of similar spec and condition.
3. Definitely query that amount with them - it could be a typo. But don't be surprised if it isn't, it wouldn't be the first time an insurance company tried to get away with an almost criminally poor settlement.

Charlie_Bubble · 20-02-2010, 12:52

Do as Chris says. That's exactly how I'd go about it. Don't accept their first offer even if it just gets you a couple hundred more. Scout out similar models on autotrader in your area.

Welshchris · 20-02-2010, 15:36

A friend of mine is taking Tesco insurance to court over something Similar. He had a quote for a car that was worth £3500. Anyway he changed his mind and wanted a different car and they sent him another quote and said cos the car he wanted is worth over £5000 as the car was worth closer to £6000 it would cost extra and even charged him a transfer fee on the insurance. A few months later he was involved in an accident and tesco stated he never informed them of the change of insurance even tho he had two quotes in writing and tesco claim never to have given him the second quote and only offering him £2700 settlement so its in the hands of his solicitor and a court date is in the waiting.

jamiefrost · 20-02-2010, 16:41

Thanks for the advice every one. I'll give them a call on monday. Just can't understand who they can say the market value is £5400 then offer a total of £1800 brfore the deductions.

Hope the've made a mistake, really don't like insurance companies seem they want to take advantage where every they can.

Thanks again

JJ

haydnwalker · 20-02-2010, 17:28

Usually if you look up on autotrader (as has previously been mentioned) 3 or 4 cars of the same engine/spec/year as the one in the accident, then they usually up the offer.

My father-in-law had that argument with his £11k Land Rover after he had an accident they were only going to give him £8000 until he did that and then they upped it to £10,000

jamiefrost · 20-02-2010, 17:48

Looking on autotrader the market price is fair, all I can think is that the settlement figure is an error.

Feel less stressed now, bit of a shock when I opened the letter this morning

Thanks

JJ

superbiatch · 20-02-2010, 17:50

Quote:

Originally Posted by jamiefrost

Looking on autotrader the market price is fair, all I can think is that the settlement figure is an error.

Feel less stressed now, bit of a shock when I opened the letter this morning

Thanks

JJ

You don't owe finance on it do you? If so, could it be the rest is to pay the finance off?

jamiefrost · 20-02-2010, 17:51

No no finance on the car at all, see what the say Monday

JJ

Flyboy · 20-02-2010, 21:38

Quote:

Originally Posted by jamiefrost

Wife had an accident a couple of weeks ago, she's fine (no kids in the car at the time thankfully). Car not so good

The insurance company have said the car is uneconmical to repair so it's a total loss. OK these this happen.

Given us a market value of £5400, and have said they will pay us the market value minus excess and outstanding policy amount. about £400 in total, but they have aid they are sendinga cheque for £1500 not £5000 as I was expecting.

I am missing something or have they maid a mstake with the amount for the check?

Any advice welcome.

JJ

What was the make and model of the car?

jamiefrost · 21-02-2010, 10:28

Quote:

Originally Posted by Flyboy

What was the make and model of the car?

Toyota Yaris 2005 plate

JJ

Hom3r · 21-02-2010, 13:37

The thing is we all now insureance companies love to play out

Flyboy · 21-02-2010, 15:31

Quote:

Originally Posted by jamiefrost

Toyota Yaris 2005 plate

JJ

Which variant and engine?

jamiefrost · 21-02-2010, 23:23

Quote:

Originally Posted by Flyboy

Which variant and engine?

Its a 1.3 Colour Collection 10500 miules on the clock

JJ