Car insurance

Trhiggy83

Hi there,

I had an incident last week and have to claim off my own policy, in my insurance details i have the cars value to be 11500 euro but its actually worth closer to 14000 Euro i reckon. Will the insurers just pay the 11500 or will they pay the estimated value of the car. I know if you overvalue your car they will only pay what their estimation is. Does it work the same way if you underestimate the value of your car does anyone know???

oldyouth

Trhiggy83 wrote: »

Hi there,

I had an incident last week and have to claim off my own policy, in my insurance details i have the cars value to be 11500 euro but its actually worth closer to 14000 Euro i reckon. Will the insurers just pay the 11500 or will they pay the estimated value of the car. I know if you overvalue your car they will only pay what their estimation is. Does it work the same way if you underestimate the value of your car does anyone know???

The maximum insurers will pay is the sum insured on the policy. If it a partial claim for repairs, they may adjust the settlement downwards by the % underinsured

oldyouth

Trhiggy83 wrote: »

Hi there,

I had an incident last week and have to claim off my own policy, in my insurance details i have the cars value to be 11500 euro but its actually worth closer to 14000 Euro i reckon. Will the insurers just pay the 11500 or will they pay the estimated value of the car. I know if you overvalue your car they will only pay what their estimation is. Does it work the same way if you underestimate the value of your car does anyone know???

The maximum insurers will pay is the sum insured on the policy. If it a partial claim for repairs, they may adjust the settlement downwards by the % underinsured

PeakOutput

oldyouth wrote: »

The maximum insurers will pay is the sum insured on the policy.

this is NOT true for motor claims

the value that is put on the car is a rough value used for coming to a decision on the premium it has NO RELEVANCE to a claim

if your car is written off the insurance companies engineers will come to a valuation for your car using the book value and other factors like mileage and apparent condition etc. this could be higher then the 11,500 or lower then it

if you disagree with the valuation it is up to you to prove it is worth more by finding the same make and model for sale higher elsewhere

Trhiggy83

PeakOutput wrote: »

this is NOT true for motor claims
the value that is put on the car is a rough value used for coming to a decision on the premium it has NO RELEVANCE to a claim
if your car is written off the insurance companies engineers will come to a valuation for your car using the book value and other factors like mileage and apparent condition etc. this could be higher then the 11,500 or lower then it
if you disagree with the valuation it is up to you to prove it is worth more by finding the same make and model for sale higher elsewhere

I was told this was the case alright but I just read the insurance cert and it says that if the policy is uninsured then they will only pay the amount you insured it for.Do I have any grounds if this is this is wrote on the cert or should I argue the point that I didn't know the exact value of the car as I imported it and to be honest there is not many cars with the same spec around Ireland to compare it to.

oldyouth

PeakOutput wrote: »

this is NOT true for motor claims

the value that is put on the car is a rough value used for coming to a decision on the premium it has NO RELEVANCE to a claim

if your car is written off the insurance companies engineers will come to a valuation for your car using the book value and other factors like mileage and apparent condition etc. this could be higher then the 11,500 or lower then it

if you disagree with the valuation it is up to you to prove it is worth more by finding the same make and model for sale higher elsewhere

Not correct

PeakOutput

oldyouth wrote: »

Not correct

unless something has changed since i left the insurance industry were i qorked with claims every day for 3 years this is exactly correct. you are insuring the car for the market value of the car at any given time this changes on a day to day basis

op i dont understand what you mean by if the policy is uninsured

Trhiggy83

PeakOutput wrote: »

unless something has changed since i left the insurance industry were i qorked with claims every day for 3 years this is exactly correct. you are insuring the car for the market value of the car at any given time this changes on a day to day basis

op i dont understand what you mean by if the policy is uninsured

Sorry that was a typo i meant underinsured, It actually says in the insurance schedule that the maximum payment in event of total loss cannot exceed my estimated value. I estimated it at 11500 but its worth closer to 13000 i reckon.
Do i have any grounds with this in the insurance schedule or is it still fair for me to argue the point.

Cookie_Monster

how long ago was car insured. for example if the car was worth 13k at the start of this year, it's probably only worth 11k now anyway

Trhiggy83

I bought it in the UK.It was only insured 2 months ago, It is worth between 13 -14k i reckon, not too many cars around ireland to compare it to at the same spec thats why i went to the UK in the first place so that i could get the spec i wanted.

PeakOutput

Trhiggy83 wrote: »

I bought it in the UK.It was only insured 2 months ago, It is worth between 13 -14k i reckon, not too many cars around ireland to compare it to at the same spec thats why i went to the UK in the first place so that i could get the spec i wanted.

needless to say most people over estimate the value of their cars, do some research into how much it would cost you to buy the same car right now and if you cant find it in irish car guides look into uk ones

it was your valuation that put the number at 11500 and without accusing you of anything maybe you thought undervaluing it would get you cheaper insurance your going to have a hard time now coming back at them and saying oh but i was wrong its actually worth 2,500 grand more today then i said it was worth a year ago.

having said all that the engineer dosnt look at what is on the policy he only looks at the book value and mileage and condition before the accident and then comes to his valuation you might get lucky and he might think its worth what you think it is but i wouldnt hold my breath

edit; oh and it dosnt cost you anything to argue your point its just unlikely it will change anything

Trhiggy83

PeakOutput wrote: »

needless to say most people over estimate the value of their cars, do some research into how much it would cost you to buy the same car right now and if you cant find it in irish car guides look into uk ones

it was your valuation that put the number at 11500 and without accusing you of anything maybe you thought undervaluing it would get you cheaper insurance your going to have a hard time now coming back at them and saying oh but i was wrong its actually worth 2,500 grand more today then i said it was worth a year ago.

having said all that the engineer dosnt look at what is on the policy he only looks at the book value and mileage and condition before the accident and then comes to his valuation you might get lucky and he might think its worth what you think it is but i wouldnt hold my breath

edit; oh and it dosnt cost you anything to argue your point its just unlikely it will change anything

ya i didnt realise how important the valuation was until now. I didnt consciously put it at a lower value to get cheaper insurance, i just realised this when it was pointed out to me that you only have it insured for 11500 by the insurance company. I have not filled in my claim form yet but thanks for the advice anyway.

oldyouth

PeakOutput wrote: »

unless something has changed since i left the insurance industry were i qorked with claims every day for 3 years this is exactly correct. you are insuring the car for the market value of the car at any given time this changes on a day to day basis

Nope nothing has changed since you left the industry and the OP has backed what I said by quoting what is on his schedule. 3yrs working with, I presume, one Company's methods, does not give you an understanding of the principles of insurance

Bottom line is that the maximum you can get is the sum insured. However, this may be enough to replace your vehicle like for like with the way car prices are falling

PeakOutput

oldyouth wrote: »

Nope nothing has changed since you left the industry and the OP has backed what I said by quoting what is on his schedule. 3yrs working with, I presume, one Company's methods, does not give you an understanding of the principles of insurance

Bottom line is that the maximum you can get is the sum insured. However, this may be enough to replace your vehicle like for like with the way car prices are falling

let us know the outcome sure op

Trhiggy83

No hassle, should know the outcome by the end of the week