Establishing Market Value of a pick up

[AJR75]

So, yet another pick up thread but this one being slightly different to the usual which one is best etc...

Last week I had the unfortunate experience of being rear ended in my 17 plate Hilux which has now been deemed and insurance write off, with the liability being fully accepted by the other driver and confirmed by my insurance co.

My insurers have been swift in their response and have been on the phone with a settlement "offer" made before the truck was collected and even inspected (pictures were provided).

Here's my beef- the settlement offer is much lower than I was expecting and the terms of the insurance contract state "to be valued at current market value"

The offer has been based on an auto trader search, turning up two trucks, one in Leeds (I'm Somerset based) and one more locally which is advertised as coming soon with no pictures or spec. My own search shows 8 trucks of similar spec and much more local which are circa 4-5K north of the insurer's offer (17K V 21/22K)

How do I argue my case back to them about the value or am I just misunderstanding the valuation process and have to take the hit on the value? I was always given to understand that the purpose of insurance was to "reset" you back to where you were pre accident wise.

Thoughts appreciated!

 

[Clive]

So, yet another pick up thread but this one being slightly different to the usual which one is best etc...

Last week I had the unfortunate experience of being rear ended in my 17 plate Hilux which has now been deemed and insurance write off, with the liability being fully accepted by the other driver and confirmed by my insurance co.

My insurers have been swift in their response and have been on the phone with a settlement "offer" made before the truck was collected and even inspected (pictures were provided).

Here's my beef- the settlement offer is much lower than I was expecting and the terms of the insurance contract state "to be valued at current market value"

The offer has been based on an auto trader search, turning up two trucks, one in Leeds (I'm Somerset based) and one more locally which is advertised as coming soon with no pictures or spec. My own search shows 8 trucks of similar spec and much more local which are circa 4-5K north of the insurer's offer (17K V 21/22K)

How do I argue my case back to them about the value or am I just misunderstanding the valuation process and have to take the hit on the value? I was always given to understand that the purpose of insurance was to "reset" you back to where you were pre accident wise.

Thoughts appreciated!

ask them to replace your pickup with one the same

 

[Bald Rick]

Type your reg in to Webuyanycar and see what they come up with

 

[bobk]

Type your reg in to Webuyanycar and see what they come up with

Or better still we buy any van , ha ha

 

[JockCroft]

Type your reg in to Webuyanycar and see what they come up with

Are they not lowest auction value, not Retail value?

 

[Bald Rick]

Or better still we buy any van , ha ha

Probably already been recorded as a write off but the OP hasn’t got anything to lose

 

[tepapa]

So, yet another pick up thread but this one being slightly different to the usual which one is best etc...

Last week I had the unfortunate experience of being rear ended in my 17 plate Hilux which has now been deemed and insurance write off, with the liability being fully accepted by the other driver and confirmed by my insurance co.

My insurers have been swift in their response and have been on the phone with a settlement "offer" made before the truck was collected and even inspected (pictures were provided).

Here's my beef- the settlement offer is much lower than I was expecting and the terms of the insurance contract state "to be valued at current market value"

The offer has been based on an auto trader search, turning up two trucks, one in Leeds (I'm Somerset based) and one more locally which is advertised as coming soon with no pictures or spec. My own search shows 8 trucks of similar spec and much more local which are circa 4-5K north of the insurer's offer (17K V 21/22K)

How do I argue my case back to them about the value or am I just misunderstanding the valuation process and have to take the hit on the value? I was always given to understand that the purpose of insurance was to "reset" you back to where you were pre accident wise.

Thoughts appreciated!

Not had to do it but I believe you can provide them your search results and the prices you've found to get the more realistic value.

 

[Bald Rick]

Are they not lowest auction value, not Retail value?

Gives a guide. Parker’s would too

We buy are owned by BCA … who I think also own autotrader now too

 

[tepapa]

Gives a guide. Parker’s would too

Guide of below market value.

 

[PostHarvest]

one in Leeds

Don't know about Somerset as I'm in the midlands, but several friends always head north to buy used vehicles as they claim that they are considerably cheaper.

 

[grainboy]

Had this years ago,
Told them, okay you find me a replacement.
They couldn’t. Had to pay for what I found,

 

[workin f nowt]

Not had to do it but I believe you can provide them your search results and the prices you've found got get the more realistic value.

I did this a long time since for a combine and they paid out on advert price

 

[benny6910]

I had a similar issues with a car, lower value than yours but I sent 3 screen shots of higher value cars than they quoted me and they settled with the average of the values I sent them. It took me 10 mins and gained me £1500. They are just trying it on to try and save a bit of money.

 

[farmerm]

Few years ago I had the opposite, got offered twice what I valued my vehicle at but then I suppose I did know its existing faults....

 

[AJR75]

Not had to do it but I believe you can provide them your search results and the prices you've found to get the more realistic value.

Thanks All. I sent them my search and was told that I was using incorrect search filters and that their search criteria/ availability options were very different to what was available to me. I asked for these so that I could search on a like for like basis and the subject was promptly changed- 3 times this happened.

I guess interestingly as well, no offer has been forthcoming in writing either. Have to admit there was a bit of frustration creeping in at this point but managed to remain calm and polite whilst asking for the comversation recordings- again this wasn't refused but was asked why I wanted them and that he wasn't able to authorise their release in spite of telling me at the head of each conversation that they were recorded.

Do like the idea of rejecting the settlement "offer" in favour of telling them to simply replace the vehicle! Suspect I ought to put this in writing sooner rather than later though.

 

[neilo]

Are they not lowest auction value, not Retail value?

No. The value that webuyanycar comes up with is based on it being in good condition and full service history (and not including £100 or so of transaction fees). They then inspect your vehicle at one of their ‘centres’/portacabins and reduce the value giving if they can find a scratch, etc.
Unless the vehicle is immaculate (an immaculate 5 yr old farm pickup is a very rare thing indeed), then the valuation will be pretty accurate I’d have thought.

 

[neilo]

Thanks All. I sent them my search and was told that I was using incorrect search filters and that their search criteria/ availability options were very different to what was available to me. I asked for these so that I could search on a like for like basis and the subject was promptly changed- 3 times this happened.

I guess interestingly as well, no offer has been forthcoming in writing either. Have to admit there was a bit of frustration creeping in at this point but managed to remain calm and polite whilst asking for the comversation recordings- again this wasn't refused but was asked why I wanted them and that he wasn't able to authorise their release in spite of telling me at the head of each conversation that they were recorded.

Do like the idea of rejecting the settlement "offer" in favour of telling them to simply replace the vehicle! Suspect I ought to put this in writing sooner rather than later though.

They are trying it on, that’s their job (they’re not working for you). There are ‘claims management’ companies that will negotiate on your behalf if you don’t fancy it yourself. I’m surprised one hasn’t rung you already, they’re usually hanging around like no win-no fee lawyers at the site of an accident.

It will cost them a bit to supply an equivalent vehicle for you until the new one is arranged too…

We had the opposite in the Spring, when our 230k miles Honda Civic was rear ended. They offered £2500 for a car we were about to dump in auction and hope for £500. Had to make sure we’d heard right, but didn’t take long in accepting it.

 

[grainboy]

No. The value that webuyanycar comes up with is based on it being in good condition and full service history (and not including £100 or so of transaction fees). They then inspect your vehicle at one of their ‘centres’/portacabins and reduce the value giving if they can find a scratch, etc.
Unless the vehicle is immaculate (an immaculate 5 yr old farm pickup is a very rare thing indeed), then the valuation will be pretty accurate I’d have thought.

So how do they go on and make a profit then,
If they are paying true value, ???

 

[neilo]

So how do they go on and make a profit then,
If they are paying true value, ???

They don’t pay the full value, it gets pulled down on inspection. The online figure they give you is for one in A1 condition and a hook to catch you. As such, it’s not a million miles out imo.


It’s certainly another figure to bare in mind (or ignore if you can find better) when arguing with insurance Co though.

 

[grainboy]

But, if they deduct for condition etc,
Then that vehicle is worth less because of condition etc,
So back to square one,
They are paying in your opinion what it’s worth,
So where’s the profit, ??