offered settlementsWhen drivers claim on their car insurance where their vehicle is written off or stolen, they should be offered a payout equivalent to the fair market value of their car.But the watchdog, the Financial Conduct Authority , said it had seen evidence firms were offering customers less than their vehicles' fair market value.
It also said it found insurers were providing initial offers that were below the vehicle's estimated market value with the expectation that they would only increase that value if the customer challenged it.knowingly making a settlement offer below the value the customer is entitled to is a breach of their regulatory requirements.
Car expert picks five classic motors ‘that are sure to turn heads’ for under £10k - including ‘underrated’ JaguarIf your car is written off or stolen, you can claim on your insurance policy to effectively replace your vehicle at its current market value. You should be able to find this information on their website, but if you can't, ask them to send it to you.
It's worth making your complaint as soon as possible, as it'll be easier to remember all the relevant details.If you don't get a response within eight weeks or you're not happy with the one you do get, you can take your complaint to the FOS for free.If you decide to complain to the FOS, you need to do so within six months of your provider's final response.If you'd prefer to talk it through with someone, call 0800 023 4567.
You can usually choose your own excess when setting up a policy and it can be as low as £100 and as high as £500 or more.This means you could bring the cost of your insurance down by agreeing to pay more if you do need to make a claim.