Published on 12, July, 2020
Hiya, I am a 22 year old with autism suffering with my finances. Have loads of things to pay off but I am really struggling at the moment. I am in a situation that I don’t know how to get out of. Long story short I got a car in finance in January and I got insurance one day after I got into an accident that wasn’t my fault. My old insurance paid 6k to the finance company the car was on. Bare in mind they didn’t pay it immediately as they paid the wrong company so took them a few months to sort out. Now they are saying they will only pay 6k not 11k which the car is valued at. Does anyone have any ideas or suggestions? If so please do get back to me. Thank you very much
I'd suggest asking Citizen's Advice:
https://www.citizensadvice.org.uk/consumer/get-more-help/if-you-need-more-help-about-a-consumer-issue/
I think it will depend on who valued it at 11k? Were they not acting on behalf of your insurance company or was that the price you paid for the car? Did you have Gap insurance? As Iain said cars depreciate a lot and if bought from a dealer they will sell it to you for considerably more than they would pay you for part exchange
Do you mean the car was written off? i.e. did the insurance company take the car from you saying it was now theirs and gave you the cash in exchange?
if this is the case then it may come down to arguing over why you think it is worth 45% more than the insurance comany say.
Was 11k what you paid for it new? If so, depreciation is very rapid on new cars (especially electric ones) and the insurance company would only pay a low second hand value.
If you are seeing a lot of adverts for second hand versions of your car in the same colour / condition / milage as yours at close to 11k then I would print off / screenshot these adverts and use these to send to the insurance company to ask then to explain the difference.