Insurance payout

[georgiamh]

Just spent the morning haggling with my insurers and they've offered a final price of �1,900 for my 2001 (Y reg) Clio that I paid �2,500 from a garage 4 months ago. Looking online I can get a decent replacement for this figure (which is already �800 more than they previously offered me!), just wanted to see if people think I'm right to stick here or should I press for more? Don't want to be greedy but also want what's fair. My boss (a Lit solicitor) had previously warned that they wouldn't necessarily agree with what I thought was a fair price, but I wondered if anyone had any experience in the matter. Thanks!

[Ethel]

Your boss is a solicitor whom you know and trust.

I would follow his advice rather than strangers who could tell you anything.

If they have upped the offer by �800, that is already a 40% increase on the initial offer.

You have seen you can replace your car for that amount - it seems fine to me and I would accept it.

As you bought your car from a garage you would have paid extra for a warranty.

[gouldc]

When we value a vehicle, we are obliged to use Glass's Guide.

We also use Autotrader as car prices can vary region to region.

If you can locate one for the price offered, then so can the insurers, and there is no reason to increase the amount offered - the idea of issuing an insurance payment is to put you in the same position as you were in prior to the loss - ie pay you enough to replace your vehicle like for like.

[georgiamh]

Thanks for of you, really just wanted to know i was doing the right thing and feel much better now! Have settled, so the car hunt is on!

[wilkesneil]

When the insurance company offer you a payment for your vehicle, they will go by the glaciers guide or parkers guide. This is a trade book and this is what the trade will pay for the car. Inform the insurance company you want full value as you can't buy the car at trade price and use this to your advantage. All insurance companies try this method but i no some1 who argued this case on the basis of trade-private prices and got full value of the car in the end.

[gouldc]

Glass's Guide is a publication whose prices are based on dealer returns (ie sale prices) from around the coutnry and are an average.

They have values thus:
Retail - what the car should sell for on the forecourt
Trade - what the dealer would expect to part-ex, sell at auction for
Disposal (older cars) - essentially, scrap value.

Insurers should value at retail, adjusting for mileage and condition.

We're obliged to value the car using this guide - it is stipulated by our regulatory bodies.