Too late to negotiate?

[paperphobia]

Hello,

 

My mum's car was written off, not her fault, and the money offered by the IC was far below par for the car: great condition inside and out, flawless body and paint, under 70K miles although 14yo, but in perfect working order.

 

She has already paid in the cheque but not spent the money, and I was suggesting after only finding out that this was not a fixed offer, that you can negotiate the amount on the value of a car of the same.

 

What I would like to know is that can the cheque be made out back to them with a lettter of complaint about the amount and if they do not sort it within 8 weeks it can be passed to the FOS? Or is it too late as she has already paid it in. Is there any way to get the ball back in their court?

 

Thanks

[BankFodder]

I don't think you can do anything about it. Your only hope is that for some reason or other the cheque bounces.

 

 

Insurance company offers should always be negotiated.

 

I suppose that if you could find very clear evidence that the settlement was a serious undervalue and you had a representation from the insurers that what they were paying was the true value then you might be able to challenge it. I think it would be a lot of work.

[dacouc]

Why do you think the amount they paid for the car is not correct?

 

Is it because you've seen adverts for similar cars for more?

[paperphobia]

BankFodder: Damn, OK, it might be too late.

 

Yes dacouc, and I read that they give you the base smallest possible value, but my mum payed it in not realising it wasnt a final, even I didn't realise tbh, so I am hoping I can get some leverage.

[dacouc]

Adverts are regarded as the price the seller is prepared to start negotiating downwards from, they do not reflect the exact value of vehicle.

 

If you took your mother to buy a car you would naturally haggle the price down with the seller.

 

"In general, we don’t think adverts and listings are a reliable guide to a vehicle’s price. That’s because vehicles are usually advertised at a higher price than they eventually sell for – and small differences in condition can have a big impact on the value. So it’s unlikely we’ll use adverts when we’re deciding whether an insurer’s valuation is reasonable. Be we may do if the car’s a classic or rare model."

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation-case-studies.html#a

 

Have a read of the link which explains how the Insurer should arrive at the valuation for the car