Car insurance offer to low? Anyone had experience in this

[simon12]

I have finally been offered £2800 for my car being written off (up from there original offer of £2500). Its a 2004 Skoda Fabia VRS with only 71000 miles and I was the second owner from new. £2800 doesn't sound bad for a car that old but there are none for sale in the country with less than 100K miles for less than £3990 and that one though 3 years newer has had 7 owners and still has 20,000 miles more than mine. The only place I can find actual sold prices is ebay where 1 2005 one in mint condition sold for £6500 (miles unspecified) and one 2005 87600 miles with many minor issues sold for £3990 both having many bids. There are many (well 7 in the UK on autotrader) with at least 120,000 miles for under the £2800 offered. So should I just accept the £2800 and if not what should I do?

 

[London]

Once a car is 16 years old the mileage and the number of owners dosen't really matter and you wouldn't get any more if you traded it in.

 

[simon12]

Once a car is 16 years old the mileage and the number of owners dosen't really matter and you wouldn't get any more if you traded it in.

Except in this case it clearly does I can find high mileage ones for sale from £1400-£2500 but the only ones with under 120K are £3950 - £5000 and I have demonstrated that in an online auction my car if not damaged should have sold for over £3990. Also what has the trade in value got to do with it?

 

[LeeH]

Refuse the offer and point out examples of cars online. That’s what I did with Aviva.

They must be the same year, mileage and spec.

 

[Clint]

A chap in work has a VRS estate on ,I think,a 03 plate. I don't know the mileage but I'd say "quite high"..above 70k. It's been serviced regularly,had any issues addressed over the years and runs/starts fine. It's got a few dings but nothing major and a bit of paint spilled in the boot...he's looking to get a newer car and said he'll scrap the Skoda...

 

[LeeH]

He must have money to burn then.

 

[Chippy_Tea]

.he's looking to get a newer car and said he'll scrap the Skoda..

Why would you scrap a car when buying another surely he would get more trading it in.

 

[Clint]

I dunno..I might offer him £50 for it and sell it for £200...

 

[simon12]

Cheers for the answers I just emailed them with the examples and requested at least £3990 or an explanation of why they are not offering enough to replace the car.

 

[Leon103]

Cheers for the answers I just emailed them with the examples and requested at least £3990 or an explanation of why they are not offering enough to replace the car.

Let me know when I can remove all my adverts...

 

[Chippy_Tea]

I have finally been offered £2800 for my car being written off (up from there original offer of £2500). Its a 2004 Skoda Fabia VRS with only 71000 miles and I was the second owner from new. £2800 doesn't sound bad for a car that old but there are none for sale in the country with less than 100K miles

This is from the parkers guide site, i assume they will use the same sort of car price guide car dealers use so what they have offered will be what the guides say (parkers price below is very close to your new offer) they are a business so i doubt they will care (and that sucks) that the offer will not allow you to replace your vehicle with one of a similar year and mileage, when it comes to insurance there is only one loser and that's us.

Skoda Fabia VRS (2003 - 2007)

 

[The Baron]

I think you have been offered circa around the market price personally but by all means try for more but I think you have got what its worth (sorry but you did ask for advice and do not want to insult). I have searched on ebay and the first one I found was a 2006 asking £3000 or best offer with 84k on it HPI clear and a cambelt and water pump change in the last year with MOT until Jan 2022. You may see people asking more and yes I have seen the one at £6k but it is generally over twice the price of the majority and will never sell at that also the insurance group of older cars does restrict the second hand value of cars as it can be a high % of the cost to buy so it does bring the value down and it is a group 18 vehicle.
As I have said only trying to help and put a even keel on your situation so you can make a decision. Ps no harm in asking and hope you can eak a little more out of them

 

[VW911]

My boy paid £1300 for his VRS, '06, 90k on the clock, and in pristine condition.
I don't think your offer is too bad at all...

 

[dad_of_jon]

I have finally been offered £2800 for my car being written off (up from there original offer of £2500). Its a 2004 Skoda Fabia VRS with only 71000 miles and I was the second owner from new. £2800 doesn't sound bad for a car that old but there are none for sale in the country with less than 100K miles for less than £3990 and that one though 3 years newer has had 7 owners and still has 20,000 miles more than mine. The only place I can find actual sold prices is ebay where 1 2005 one in mint condition sold for £6500 (miles unspecified) and one 2005 87600 miles with many minor issues sold for £3990 both having many bids. There are many (well 7 in the UK on autotrader) with at least 120,000 miles for under the £2800 offered. So should I just accept the £2800 and if not what should I do?

Years ago I rejected the first 2 offers the insurance company made and threatened going to the insurance ombudsman. Their 3rd and final offer was much closed to what I expected.

 

[Leon103]

That's the issue with insuring at market value. Insurance companies don't look on eBay to see how much cars are advertised. And I wouldn't trust eBay as a guide, most of the adverts are cons.

 

[Leon103]

That's why I like what caravan insurance companies do. They give you the option of insuring for a new caravan of your spec or a replacement at market value

 

[VW911]

I always get an agreed insurance value on any cherished vehicle. Surprisingly, it doesn't cost much more, especially on older vehicles...

 

[The Baron]

Insurance companies only use Glasses Guide or Cap for valuations which is a standard in the industry. Parkers Guide is seen as a Comic (motor trade talk) and Ebay is as has been said quite unpredictable.

 

[Chippy_Tea]

Insurance companies only use Glasses Guide or Cap for valuations which is a standard in the industry. Parkers Guide is seen as a Comic (motor trade talk) and Ebay is as has been said quite unpredictable.

A mechanic mate of mine used to sell a few cars on his garage forecourt back in the day when loads of them used to go to the local car auctions buy a cheap car or two tart them up and sell them on for a few extra beer tokens they all used Glasses and I can guarantee one thing Glasses price will be a lot lower than parkers.

 

[The Baron]

Thats right Chippy Glasses is the real value of cars but still needs to be used as it says as a guide where the experienced motortrader comes in to its use, Parkers guide is made to sell magazines and no where near as much work or knowledge is put into producing the values hence it was considered a comic in the trade