Octavia MK3 write-off settlement

[Garyj881]

Due to a motorcyclist pulling out on me at a junction, my car is now a write-off. The other driver have accepted lyalibity.

A third party has collected my car on behalf of my insurer confirming the car to be a write-off and have offered their second and final settlement figure forewhich I have refused.

I have (had) a 2015 Skoda Octavia 2.0L TDI Laurin and Klement. FSH, flywheel and clutch replaced less than 6months ago. Cambelt last year and before the accident in great condition.

I paid 10K for it 4 years ago but with the second hand car market going a little crazy in the last 18month. It is in my eyes still holding the 10K value.

My Insurers 3rd party who collected and assessed the car initially first offered a 6K settlement. I declined and explained it's not enough. They then rang today and offered a little over 7K. I declined to accept. I explained I want a minimum of 9K as I simply cannot buy another car, same spec, mileage and condition nether mind the new car will potentially need a new cam belt and require more work in the immediate future.

Similar cars on Auto Trader are £9995 to £11000.

After declining, they said they will pass me back to the insurer.

I am not sure how this is going to play out, where I stand and can't understand why I am going to money putting too, to buy another car.

 

[mjt]

Surely even in the current market, £10k is a bit much for a 7-year-old Octavia TDI? What's the mileage?

 

[Gaygle]

What sort of mileage was it on? I'm guessing around 100-110k?

If so, from looking at similar vehicles, I'd say it's worth at least £8.5k-9k. Hell, WBAC quoted £6750. They're obviously low balling you so hold your ground.

The purpose of insurance is to put you back in the position where you were before the collision happened. If they're telling you that you can buy a like-for-like car for £6k, ask them to send you link to a car similar to yours for that price. You should be getting what the market value of your car is, and all things considered, £8.5k-9k seems about right

 

[Garyj881]

Surely even in the current market, £10k is a bit much for a 7-year-old Octavia TDI? What's the mileage?

89K.

I said I'll accept 9K minimum. I can't buy a similar car for less than £9995. Look on trader at the Laurin and Klement Octavia with 89k 2015 plate. The second hand market is ridiculous right now.

Quoted from a website.
Car insurance companies must offer you a proper payout for the value of your car or the cost of repairs. Don’t accept the first offer given by the insurer over the phone - car insurance companies must offer you a proper payout for the value of your vehicle or the cost of repairs. This means you must be offered a sum that will allow you to buy a like-for-like car in a similar condition in your local area or to get the vehicle repaired at a reputable garage in your area.

 

[Garyj881]

What sort of mileage was it on? I'm guessing around 100-110k?

If so, from looking at similar vehicles, I'd say it's worth at least £8.5k-9k. Hell, WBAC quoted £6750. They're obviously low balling you so hold your ground.

The purpose of insurance is to put you back in the position where you were before the collision happened. If they're telling you that you can buy a like-for-like car for £6k, ask them to send you link to a car similar to yours for that price. You should be getting what the market value of your car is, and all things considered, £8.5k-9k seems about right

My car has 89K.

I mean at 8.5k I would need to put £1500 to it to get something similar. I know it's a Skoda, but it is the Laurin and Klement version. Better spec, 18" turbine alloys etc.

The insurer will hopefully ring me tomorrow.

 

[Gaygle]

My car has 89K.

I mean at 8.5k I would need to put £1500 to it to get something similar. I know it's a Skoda, but it is the Laurin and Klement version. Better spec, 18" turbine alloys etc.

The insurer will hopefully ring me tomorrow.

Ah apologies, I saw a post from you over two years ago saying it was on 80k and guessed you'd done average mileage. Yeh, you can't get anything for less than £10k of your model