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Overinsured?

  • 04-08-2009 8:59am
    #1
    Raiser
    Registered Users, Registered Users 2 Posts: 4,929 ✭✭✭


    Dunno if this will make much sense, but - but in light of the fact that when you first give the worth/value in € of your car to the Insurer - say 10K and then auto-renew your policy every year for say five years, your then pay a premium based in part on that stated car value year on year.

    My question is - if you then claim after 5 years do they not then say, hey hang on a minute, we now value that car at 5K due to wear and tear, depreciation/current market value etc?

    - So then is your premium unnecessarily high based around a figure that will only ever work in the favour of the insurer and against you?


Comments

  • #2
    AugustusMaximus
    Closed Accounts Posts: 1,044 ✭✭✭AugustusMaximus


    Was thinking the same thing myself.

    I guess you could tell them the estimated worth of your vehicle and for them to update it.

    It won't have too much effect on your premium though, especially if its only a few thousand Euros different.


  • #3
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    My question is - if you then claim after 5 years do they not then say, hey hang on a minute, we now value that car at 5K due to wear and tear, depreciation/current market value etc?
    That's exactly what they'll say. Even if you insure your '97 Micra for €250,000, they'll still only pay you what a '97 Micra is worth if you write it off. It's one of the fundamental tenets of insurance.
    Raiser wrote: »
    - So then is your premium unnecessarily high based around a figure that will only ever work in the favour of the insurer and against you?
    You could ask them, but afaik, the value of the car is largely irrelevant until you get into the higher figures (€30k+)


  • #4
    voxpop
    Registered Users, Registered Users 2 Posts: 2,800 ✭✭✭voxpop


    Seamus is right. No matter what you insure it for they take the lowest between the OSMP and what you insured it for.


    It made a difference to the cost of my policy - reducing the value of the car by 2 grand (Quinn)


  • #5
    Eoin
    Registered Users, Registered Users 2 Posts: 21,257 ✭✭✭✭Eoin


    I wasn't too sure of the value of my car when I got a quote on it, but they said a few grand either way makes no difference at all to the quote.


  • #6
    robtri
    Registered Users, Registered Users 2 Posts: 5,473 ✭✭✭robtri


    usually a grand or two either side won't make a big difference...
    but if you bought a high priced car say two years ago, there could be a saving to be made if you haven't adjusted the value of your car ....


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  • #7
    Raiser
    Registered Users, Registered Users 2 Posts: 4,929 ✭✭✭Raiser


    Thanks for the replies folks!


  • #8
    L1011
    Registered Users, Registered Users 2 Posts: 69,931 ✭✭✭✭L1011


    I got a further 80 quid off my premium by correcting the valuation from 14 to 10. Fully comp - on TPFT the difference will be miniscule obviously.


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