Today we received a letter from Aviva stating that they'd undervalued our car back in 2020 when our theft claim was settled.
They worked out that they owed us an additional £1300 plus £450 in accrued interest over the past 5 years.
Direct Line Group got caught out under valuing total loss vehicles in the recent past and the FCA took them to task for it; so yeah wouldn't surprise me if other insurers were doing the same thing as well to make those annual reports look better.
Yeah we had the same thing from an accident in 2021. I think their data didn’t account for stupid high used car prices post Covid. It was great for us, brought it in 2019 for £1900. Payout less money to keep the car and cost of repairs was £1200 in 2021, then in 2023 they gave us £1000 including interest for the undervaluation. It needed a new wing, headlight and bumper. I got the bits from Euros where I worked at the time for mucho cheapness, fixed it myself. It’s essentially a free car at this point.
Cynical me thinks maybe there’s big news coming and they’re getting ahead of it (think DCA or PPI mis-selling scams)
Either way, that is a very nice surprise, congrats!
Direct Line Group got caught out under valuing total loss vehicles in the recent past and the FCA took them to task for it; so yeah wouldn't surprise me if other insurers were doing the same thing as well to make those annual reports look better.
Pretty much, it's due to FCA guidelines, and they have to evidence that they've taken every measure to put the mistake right or face fines.
Pretty much, it's due to FCA guidelines, and they have to evidence that they've taken every measure to put the mistake right or face fines.
Logical you*
Nice.
Yeah we had the same thing from an accident in 2021. I think their data didn’t account for stupid high used car prices post Covid. It was great for us, brought it in 2019 for £1900. Payout less money to keep the car and cost of repairs was £1200 in 2021, then in 2023 they gave us £1000 including interest for the undervaluation. It needed a new wing, headlight and bumper. I got the bits from Euros where I worked at the time for mucho cheapness, fixed it myself. It’s essentially a free car at this point.