Insurance settlement values - outcome from recent FCA review of practices of insurers representing 70% of the market

[tokyomb]

If you haven't seen you might find Findings of multi-firm review into insurers' valuation of vehicles an interesting skim.

States what the FCA expect of motor insurers in the light of the recently introduced 'Consumer Duty' when they are arriving at settlement values for total loss claims. e.g. shouldn't just be using one guide for retail price, shouldn't be making general wear and tear or pre-existing damage deductions, also shouldn't be making 'low-ball' initial offers in the expectation of policyholder challenge.

Hopefully none of us find ourselves in this position - but in case you do (and don't have an 'agreed value' policy), it is worth knowing what the regulator requires of the insurer. Also gives a good idea of what to ask for to support a case if you are complaining about a valuation or considering taking a case to the Financial Ombudsman.

 

[CatmanV2]

If you haven't seen you might find Findings of multi-firm review into insurers' valuation of vehicles an interesting skim.

States what the FCA expect of motor insurers in the light of the recently introduced 'Consumer Duty' when they are arriving at settlement values for total loss claims. e.g. shouldn't just be using one guide for retail price, shouldn't be making general wear and tear or pre-existing damage deductions, also shouldn't be making 'low-ball' initial offers in the expectation of policyholder challenge.

Hopefully none of us find ourselves in this position - but in case you do (and don't have an 'agreed value' policy), it is worth knowing what the regulator requires of the insurer. Also gives a good idea of what to ask for to support a case if you are complaining about a valuation or considering taking a case to the Financial Ombudsman.

Banging straight into where we're focussing our current marketing campaign. That and, oh, I dunno, the financial advice

C

 

[tokyomb]

Banging straight into where we're focussing our current marketing campaign. That and, oh, I dunno, the financial advice

C

Not sure what you’re getting at with that?

I do not work for an insurer.

 

[CatmanV2]

Not sure what you’re getting at with that?

I do not work for an insurer.

Not getting at anything, other than a chunk of our business works in financial regulation. Nothing implied, chap

C

 

[Nibby]

If you haven't seen you might find Findings of multi-firm review into insurers' valuation of vehicles an interesting skim.

States what the FCA expect of motor insurers in the light of the recently introduced 'Consumer Duty' when they are arriving at settlement values for total loss claims. e.g. shouldn't just be using one guide for retail price, shouldn't be making general wear and tear or pre-existing damage deductions, also shouldn't be making 'low-ball' initial offers in the expectation of policyholder challenge.

Hopefully none of us find ourselves in this position - but in case you do (and don't have an 'agreed value' policy), it is worth knowing what the regulator requires of the insurer. Also gives a good idea of what to ask for to support a case if you are complaining about a valuation or considering taking a case to the Financial Ombudsman.

That info is good to know because I've just had a quote for insurance renewal for £198 and did wonder in the event of a claim I would get some low-ball offer where they got their valuation off somewhere like WBAC

 

[philw696]

Spent an hour and half with my broker on Saturday morning who thankfully is a car enthusiast and we've just reduced our costs very nicely as I can prove my mileages the joys of using several vehicles over the year.

 

[TimR]

That info is good to know because I've just had a quote for insurance renewal for £198 and did wonder in the event of a claim I would get some low-ball offer where they got their valuation off somewhere like WBAC

Yeah- it’s interesting. No guarantee that insurers adhere to any of it of course. Except by reputation. And scrutiny, although data gathering is the stumbling block in that individuals won’t have a way to step outside anecdotal.

 

[Nibby]

Yeah- it’s interesting. No guarantee that insurers adhere to any of it of course. Except by reputation. And scrutiny, although data gathering is the stumbling block in that individuals won’t have a way to step outside anecdotal.

Probably I’m overthinking it but this is with Saga who I’d like to think are one of the more reliable outfits, if there is such a thing when it comes to insurance. The trouble could be if ever I had to claim if it is a write-off would be the fact I would want to be able to buy another manual Spyder with a glass rear window.