JonnyLove Posted 26 November, 2009 Share Posted 26 November, 2009 My car is now classed as a "write off". It is 1.5 years old and I have finance outstanding on it. What should I expect the insurance company to pay out. This accident was not my fault as the driver drove into the back of me. In which case would I be able to claim for losses if the Insurance won't pay out what I deem suitable. I have a fair bit of knowledge of insurance and guidance but would like to know if anyone has any first hand knowledge / experience that could help me out with. Thanks in advance. Link to comment Share on other sites More sharing options...
Saint Keith Posted 26 November, 2009 Share Posted 26 November, 2009 im not an expert, but i imagine they pay glasses book price, plus or minus whatever they feel like depending on which way the wind is blowing Link to comment Share on other sites More sharing options...
nathan Posted 26 November, 2009 Share Posted 26 November, 2009 They have a set price for a car that goes down depending on age. When I took out my car I was offered gap insurance which covers any shortfall between their value and what is o/s on finance, as there is sometimes a large shortfall. Link to comment Share on other sites More sharing options...
JonnyLove Posted 26 November, 2009 Author Share Posted 26 November, 2009 They have a set price for a car that goes down depending on age. When I took out my car I was offered gap insurance which covers any shortfall between their value and what is o/s on finance, as there is sometimes a large shortfall. Yes but this only comes into play if it is your fault which in this case it is not. (As from my understanding the insurance company must put me in the same position I was in pre-crash and that was with a 1.5 year old car). This is what I am checking or would like guidance on if this is what should be the case and also best ways on getting what I want. Link to comment Share on other sites More sharing options...
Saint Keith Posted 26 November, 2009 Share Posted 26 November, 2009 Yes but this only comes into play if it is your fault which in this case it is not. that's not the case with any gap insurance ive ever had. it pays the difference, irrespective of whose fault it was, up to the policy limit, provided you didn't write it off deliberately/fraudulently etc Link to comment Share on other sites More sharing options...
badgerx16 Posted 26 November, 2009 Share Posted 26 November, 2009 When my son wrote off my wife's 2 year-old car earlier this year the insurance paid up the current value on the basis that the outstanding finance was paid off directly and we got what was left. The other thing to watch out for is that a lot of insurance companies, even though they have declared the car a write-off, won't cancel the insurance policy, so they will keep on taking the money. ( In our case, we notified them that we wanted the policy cancelling and cancelled the direct debit. We then received a letter confirming the cancellation, plus a cheque refunding the overpayment. However, this was followed 2 weeks later by a letter saying that they had failed to collect the latest payment and were considering going through a recovery process to chase us for the money ! ) Shysters. Link to comment Share on other sites More sharing options...
badgerx16 Posted 26 November, 2009 Share Posted 26 November, 2009 This is what I am checking or would like guidance on if this is what should be the case and also best ways on getting what I want. I think you have the right to challenge a valuation, but you need some evidence of your estimate. In our case their offer was quite a bit higher than I had worked out from the guides, so I kept schtum. Link to comment Share on other sites More sharing options...
sotonjoe Posted 26 November, 2009 Share Posted 26 November, 2009 They don't pay a 'set price' at all. They will make you an offer based on their valuation of the car. They will base their valuation on what they see as being 'fair market value'. If you feel their offer is inaccurate and you can provide evidence to the contrary (e.g similar vehicles being sold for higher prices), then you can write them a letter to that effect. Be sure to include your evidence and state how much you want. As long as you're reasonable and have evidence of the value you're claiming, you have a good chance of getting the amount you request. Link to comment Share on other sites More sharing options...
Ponty Posted 26 November, 2009 Share Posted 26 November, 2009 If it's Direct Line they just phone up and ask what you reckon it's worth. That's what they did with my Supra anyway. Link to comment Share on other sites More sharing options...
JonnyLove Posted 26 November, 2009 Author Share Posted 26 November, 2009 If it's Direct Line they just phone up and ask what you reckon it's worth. That's what they did with my Supra anyway. Great thats who he is insured with. Link to comment Share on other sites More sharing options...
Nineteen Canteen Posted 26 November, 2009 Share Posted 26 November, 2009 If it's Direct Line they just phone up and ask what you reckon it's worth. That's what they did with my Supra anyway. Did they pop down the cashpoint? Link to comment Share on other sites More sharing options...
Jesus Reigned Posted 26 November, 2009 Share Posted 26 November, 2009 The insurance company I work for base their valuations on Glass's Guide retail, which in the current climate will probably be more than the actual market value. If you've got finance, this gets paid off first and you get anything left over. If the car's only a year and a half old you should get what it's worth I'd say. Link to comment Share on other sites More sharing options...
saint_stevo Posted 26 November, 2009 Share Posted 26 November, 2009 Sister wrote her car off with me in it on my birthday on the M5, insurance paid out within a week @ Glasses guide price, but missed the fact it had been written off previously due to smoke damage inside and so gave her full guide price......strange i thought... Link to comment Share on other sites More sharing options...
sotonjoe Posted 27 November, 2009 Share Posted 27 November, 2009 Sister wrote her car off with me in it on my birthday on the M5, insurance paid out within a week @ Glasses guide price, but missed the fact it had been written off previously due to smoke damage inside and so gave her full guide price......strange i thought... Probably largely down to the calibre of people working as low paid claims handlers. Link to comment Share on other sites More sharing options...
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