Not upheld: Motor insurance, total loss valuation complaint against Ageas Insurance Limited

Decision detail

Summary

Mr I complained that Ageas Insurance undervalued his car at £2,310 after it was written off in an accident in January 2026. The car was old and rare, making standard trade guides inapplicable, so Ageas relied on advertisements of similar vehicles. While Mr I provided examples of comparable cars priced at £4,000-£4,500, these had approximately 100,000 fewer miles. The ombudsman found Ageas's valuation reasonable and at the top end of the range considering all available evidence, and therefore did not uphold the complaint.

The Ombudsman's reasoning

The ombudsman noted that valuing an old and rare vehicle is inherently difficult and a matter of judgment rather than certainty. Since standard trade guides could not value the car, Ageas appropriately relied on advertisements of similar vehicles. While Mr I provided examples of similar cars priced higher (£4,000-£4,500), these vehicles had significantly lower mileage (approximately 100,000 fewer miles), which reasonably accounts for the price difference. Ageas's valuation of £2,310 fell at the top end of the reasonable range when considering all available evidence. The ombudsman's role is not to provide a valuation service but to determine whether the insurer's valuation was reasonable and considered relevant information, which it did.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website