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now_follow | The insurance are giving 4000 for the car....but i want more how do i go about it? |
had accident...not my fault but anyway the insurance are willing to pay 4000 pounds with an excess of 150 POUNDS..
..` WE WUD BE prepared to offer the sum of 4000 in settlement of the claim under the policy subject to the excess of 150 pounds...pay ment will be subject to the salvage becoming underwriters property and less any amount due to any hire purchase companny.,etcetc
should you object u mst write why,,,and also undetake to reimburse underwriters excess storage charges which will accrue at 5 pounds per day plus vat.
can someone explian to me what all that means and what is a underwriter[insurance?] AND MY CAR was worth 10 000 pounds...why am i getting only 4....how do i respond and is it worth it |
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LynseyB
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hiya,
Used to work for esure, was only in the call centre but hopefilly i can help with the jargon:
An underwriter is some1 who underwrites the policy, for example esure underwrite sheila's wheels products, there basically the ones that decide what the factors will be that you have to reach before they'll give you an insurance, (eg yrs no claims, age of car, age of all drivers. etc)
Basically what theyre offering is to buy your car off you for £4000, this will then become the property of your insurance company, the £150 excess, is what you would have to pay if you had any fault (acident that is your fault or one in which u cant claim from the 3rd party, ie if you hit a tree) and you will be liable to pay for a car if you get a courtesy car.
You said your car cost £10,000 new, how long ago did you buy this? Remember a cars value depreciates as soon as you leave the forecourt, so depending on the age of the car and the milage this could be fair.
Do some research and try to find out what the current market value of your car (this will be what your insurance company will say they are offering) if you can get a better deal go for it.
But......... remember if you cancel the policy you are liable to pay ALL the outstanding amount of your policy, so if you pay direct debit this will continue to come out of your bank every month. If you refuse their offer and decide to sell it privately remember to take off what you have to pay back to your insurers.
In my opinion about 80% of people who made a claim were better off taking what the insurers offered.
In the back of your booklet there should be a glossary which explains all the jargon for you, and always make sure you have in writing what there offering you,
Sorry this is so long winded but i hope i helped!!
Good luck |
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paul r
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Basically the insurance will own the car when you are paid never accept first offer. If the car was new when purchased, check you don't have gap insurance, which will pay the difference between the cars value now and what you paid for it. You also need to go on www.glass.co.uk and get the correct value. Also gather evidence off exchange and mart and auto trader to support correct value. Don't give in to them stick to your guns. |
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Dan Insurance Man
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The underwriters are your insurance company.
The £150 Excess will need to be paid- if you have 'Legal Protection' or 'Legal Expenses' you should be able to claim back your excess from the other person's insurance if they were at fault.
If you do not have Legal cover- it can't hurt to ask the underwriter to include your excess in their own attempts to recover the costs from the other parties insurance company - at worst they will say 'no'.
I doubt very much that your vehicle is worth £10,000 - it is unlikely an 'reputable' insurer would make an offer at 40% of the market value.
To increase the offer you need to send evidence to them showing that for you to replace you vehicle with one of the SAME Make, Model, Trim & Mileage it would cost £xxxx amount. You can do this by taking cuttings from auto trader or printing adverts off the internet.
It is important that the examples you give them are as near a match to your vehicle as possible.
They should make you an equivalent or near equivalent offer to the market prices you demonstrate. |
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catg182
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When a vehicle becomes a write off (or total loss), your insurance company will place a "pre accident" value on your vehicle. Although your vehicle may have been worth £10,000 when you bought it, vehicle's decrease in value rapidly. If you really do disagree with this pre accident value, then you need to search online for the price you could buy a vehicle with the same make and model as yours in the same condition with a similar mileage. If they are being sold for more than £4000 I would send this evidence off to your insurers advising that you disagree with their valuation.
Once a figure has been agreed, they will send you a settlement cheque, in return you must pay your £150 excess and they will keep your salvage. If you wish to keep the salvage, call your insurers and ask how much the salvage is worth, and that amount will be taken off of your settlement cheque. |
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Crispy bacon, eggs and tomatoes!
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Find examples that you can quote to the insurers of cases where significantly higher amounts have been paid for a similar - or even less valuable - vehicle.
If you fail take your case to arbitration or to the relevant ombudsman |
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