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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11132
Experience:  30 years as a practising solicitor.
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My car was written off by an american driver in a hire car.

Customer Question

My car was written off by an american driver in a hire car. My insurance is telling me that I will probably be offered the market value for my car.
My car only had 31,000miles on the clock and was 5 years old.
The amount they are suggesting could not replace my car like for like.
The police were involved and the driver has accepted full responsibility.
Would I need to take this to court to try and get an amount that can buy me a car the same as I had.
I am retired and do not drive many miles each year hence the low mileage on my car
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
Your insurers are bound by the written contract of insurance. What does that say about what they are to pay? Does it use the phrase "market value" for example?
Customer: replied 2 years ago.

yes they said the market value is how they assess the value of my car which of course would not replace my car in the condition and mileage.

I would think that the party who wrote my car off should be replacing it like for like. If not then I am having to take a loss on something that was not my fault.

Expert:  JGM replied 2 years ago.
Why do you think your car is worth more than the market value? A car's market value is established with reference to age and mileage as well as other factors.
Customer: replied 2 years ago.

The very fact that the insurers give me the book price which is not the price you would need to buy it in a garage or showroom.

They explained to me that the book price was a base price before it goes to a garage or showroom to be sold.

As this is the only place I can buy from my value has to allow for a price that a garage or showroom would price it.

Expert:  JGM replied 2 years ago.
Book price is not the same as market value. Book price is a dealer's price. Market value in your context is what you have to pay to buy a replacement vehicle. Insurance companies do this all the time. You have to argue with them and get them up in price. If they refuse you could take them to court and you would win, assuming your policy wording is appropriate.
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Customer: replied 2 years ago.

ok thanks I will do what you suggest many thanks

Expert:  JGM replied 2 years ago.
Your welcome.