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insurance payout

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  • 23-09-2004 5:07pm
    #1
    Our man in Havana
    Closed Accounts Posts: 29,476 ✭✭✭✭


    My brother was involved in a car crash and car was totaled. Car valued at €3k. Insurnace are only offering 1k.

    Naturally my bro is not impressed and wants more. He is thinking of telling them to stuff it and will see them in court.

    Where does he stand? Can he get more money by disputing the value? Can the courts do anything?

    Thanks
    007


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    #2
    Hellrazer
    Moderators, Arts Moderators, Recreation & Hobbies Moderators Posts: 10,676 Mod ✭✭✭✭Hellrazer


    Who valued the car at 3k??

    Im assuming your brother valued the car at 3K when he insured it.But the actual resale value of the car may be only €1000.00.He could technically lose more if he went to court.And Ive seen it happen to two lads here who over valued their cars to the insurance company.Be careful.
    Richie.


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    #3
    Seth Brundle
    Moderators, Politics Moderators Posts: 39,720 Mod ✭✭✭✭Seth Brundle


    Hope the bro is ok.
    Who has valued it at €3k or how was it valued at this figure?
    What was it insured for?
    What car/year/condition/etc?


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    #4
    Our man in Havana
    Closed Accounts Posts: 29,476 ✭✭✭✭Our man in Havana


    kbannon wrote:
    Hope the bro is ok.
    Who has valued it at €3k or how was it valued at this figure?
    What was it insured for?
    What car/year/condition/etc?
    My bro is fine apart from the fright he got.

    1994 VW Vento
    perfect condition, 170k on clock

    Apparently he told the broker the 3k figure. I did warn him about over valuing. But in fairness 1k is an insult.

    Fire and theft afaik but its the other insurnace that paying out


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    #5
    Seth Brundle
    Moderators, Politics Moderators Posts: 39,720 Mod ✭✭✭✭Seth Brundle


    Firstly, what was the excess on the policy (€2K was it?)
    Price for 94 vento is somewhere about €500 to €2500 according to http://www.buyandsell.ie/scripts/lootsite.dll?mfcisapicommand=search&Query=vento&Location=0-15


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    #6
    grumpytrousers
    Registered Users Posts: 1,884 ✭✭✭grumpytrousers


    Bond-007 wrote:
    My bro is fine apart from the fright he got.

    1994 VW Vento
    perfect condition, 170k on clock

    Apparently he told the broker the 3k figure. I did warn him about over valuing. But in fairness 1k is an insult.

    Fire and theft afaik but its the other insurnace that paying out
    What the insurance co will *tend* to pay out is the replacement cost of the car...so by their reckoning, a 10 year old vw with 170K on the clock would go in Buy & Sell, assuming all other things are equal, for a grand-ish.

    basic rule of insurance. They're cnuts to a man and won't pay out unless they really have to. Do a bit of research a la Buy and Sell etc and see what the going rate ACTUALLY is...if it's a bit more, you could point that out.

    neighbour of mine works for a credit union and they sell home insurance. At a seminar, she was told by the insurance co rep that as a rule they always refuse to pay out on the first claim and will only act to pay out when they get a threatening letter from a solicitor.

    dunno if you want to go down that road, but make a start by doing your homework on the 'replacement' cost, factor in the fact that the asking price in buy & sell is probably somebody who'll take the 'nearest offer' and work back from there.

    good luck...and hope the bro is okay


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    #7
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Yeah, the general rule is that the insurance company will only pay what the car is worth (actually, what it would cost to replace the car with an identical one), up to a maximum of what you insured the vehicle for.

    *If* he was going to court, he'd want to prepare himself - printouts from autotrader and as many ads as he can, get written quotes from dealers, showing that a similar car with similar mileage is worth what he thinks it's worth.

    As kbannon's link to B&S shows, the most he could get, at a stretch, if the court rules in his favour, is maybe €1200-€1300. Not really worth the time and hassle - never mind the risk, cos if he loses, it's gonna cost him a lot lot more.

    I'd tell him to take the €1000 and be happy.


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    #8
    Our man in Havana
    Closed Accounts Posts: 29,476 ✭✭✭✭Our man in Havana


    I would agree Seamus. He is a bit headstrong and i did tell him if you tell the insurance that a car is worth 10k and its worth 100, he would only get 100.

    I will try to knock sense into him.

    Its a diesel and there was a shed load of extras on it. Thats the real reason he is upset.


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    #9
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Bond-007 wrote:
    Its a diesel and there was a shed load of extras on it. Thats the real reason he is upset.
    If it was a diesel it's worth a little more. If he had the extras insured with the insurance company, afaik, they'll pay up, but chances are he didn't. :)


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    #10
    Hellrazer
    Moderators, Arts Moderators, Recreation & Hobbies Moderators Posts: 10,676 Mod ✭✭✭✭Hellrazer


    Tell him to take the €1000.00.Hes doing well getting a grand for a 94 vento.What in gods name does he think its worth.TBH I dont think I could give one of those away to a punter diesel or not!!
    If hes that mad about the car ask him to get the salvage value from the insurer,buy the car from them and get it repaired.It`ll probably cost him a fortune.

    Richie.


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    #11
    RicardoSmith
    Closed Accounts Posts: 8,264 ✭✭✭RicardoSmith


    3K for a 94 vento? With 170? You've got to be joking.


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    #12
    unkel
    Registered Users Posts: 65,393 ✭✭✭✭unkel
    Chauffe, Marcel, chauffe!


    Hellrazer wrote:
    Tell him to take the €1000.00.Hes doing well getting a grand for a 94 vento.What in gods name does he think its worth
    RicardoSmith wrote:
    3K for a 94 vento? With 170? You've got to be joking.

    All good and well, but think about it from his side (or if it happened to you): he really liked or even loved the car, it was going very strong and he had a lot of extras in it. No way will he be able to buy something similar for a grand.

    It might only be worth €1000 but he sure loses out through no fault of his own :(


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    #13
    Hellrazer
    Moderators, Arts Moderators, Recreation & Hobbies Moderators Posts: 10,676 Mod ✭✭✭✭Hellrazer


    unkel wrote:

    It might only be worth €1000 but he sure loses out through no fault of his own :(


    Eh well actually he does lose out through a fault of his own.He over-valued the car to the insurance company!Thats why hes only getting a grand back.

    As for extras,If there were extras on the car they technically are supposed to be notified to the insurance company for 2 reasons.
    One is so the value of the vehicle can be adjusted accordingly and the other is so the premium can be adjusted aswell.
    Its a no win situation and it really does pay to put the correct value down on the policy.
    Richie.


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