tokyomb
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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.
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.