Where available fixed market value policies invariably cost more. But say we all took out such a policy, doubled the value ,then yes , I see Ray’s point on fraud.
Buckman‘s last paragraph is the main reason why the FCA have taken such a drastic step. Like his friend , hundreds of complaints have been made to the FOS.. Clearly some Insurers attitude to Total loss valuations has left a lot to be desired.
Demanding an Insurer re evaluates five years claims is certainly unusual. I suspect other Insurers are currently looking at themselves internally on the same subject.
Watch the press for updates. Maybe not too late for Audiorob and Buckman’s friend🤞🤞
If a person went stupid I can see the point. In our case with current Jeep comparison site valued it at about £4k less last year in Aug. If we had accepted that valuation and the vehicle had been written off, we woudl be well and truly out of pocket. Currently our vehicle has a lower mileage than those on Autotrader and also has a full dealership service history so if it would have been undervalued if we made a claim.
Sadly my friend's experience was a couple of years ago and he has sadly passed on. He was not at fault either as he was stationery when other driver ploughed into his car.
This rip off policy by insurance companies is not confined to the UK as when we had a car which was a Mini stolen in SA, what they offered us was a joke, but we had no choice then. It was never recovered.
A few years later I had my marked sign written company car stolen from a car park outside the pub, agin the payout was a joke. The company car was only about 3 years old. It was recovered upside down in a ditch and written off.