Not upheld: Motor insurance, total loss valuation complaint against Trinity Lane Insurance Company Limited

Decision detail

Summary

Mr C's classic car (1989 registration) was stolen in November 2022 while undergoing repairs. Trinity valued it at £26,500 initially, later increased to £29,000 by a second engineer, resulting in a settlement of £24,845 after deductions. Mr C disputed this valuation, believing his vehicle should be worth £35,000-£40,000 based on two market examples valued at £55,000 and £59,000. The ombudsman found Trinity's valuation fair because the second engineer conducted extensive market research of 21 comparable vehicles and properly considered Mr C's examples, concluding his vehicle's restoration was primarily aesthetic rather than a full 'nut and bolt' restoration. The complaint was not upheld.

The Ombudsman's reasoning

For classic cars over 30 years old, industry valuation guides do not apply, so the ombudsman considered engineer reports, expert opinions, and comparable vehicles. The second engineer's report was detailed, comprehensive, and persuasive, including extensive market research of 21 comparable vehicles and consideration of both examples provided by Mr C. The engineer's conclusion that the restoration was primarily aesthetic rather than a full 'nut and bolt' restoration was well-reasoned and supported by invoice review. The valuation of £29,000 was therefore fair and reasonable. No unnecessary delay was found as Trinity produced valuations promptly and considered all evidence provided.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website