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Car valuation from insurance company

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  • 23-04-2013 5:27pm
    #1
    lotsoftens
    Registered Users Posts: 56 ✭✭


    Long story short car was stolen over the weekend....08 diesel ford mondeo with 65k miles on it (4k more now) bought at christmas for, and insured with 123.ie for, 10k. Whoever the valuers are that were assigned once it was reported are up north i think. They gave a valuation of 9,600 today. Haven't accepted it yet. "Only" €400 difference from what i paid for it but every penny is going to count right now. never been in this situation before so looking for some advice please...the car is insured for 10 and the average cost of similar replacement is over 10 and even closer to 11 so are they in the right to just say the car has depreciated by 400 quid? It's not a case of the insured amount vs the market value and whichever is lower? I could be well wrong on this but i don't know hence why i'm asking. I don't like the way the first reason they gave me for the valuation was that there was a car in antrim of similar spec for 7500 euro - a) i didn't buy this up the north and b) they didn't even bother including vrt costs etc. when i pushed them on it and looked for a republic price the quote was 10,500 but then they started talking about a point of sale discount. Would appreciate some advice here....only been 4 days since the car was stolen and i'm already sick of the hassle that's gone with it! :(


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    #2
    Atlantic Dawn
    Registered Users Posts: 82,560 ✭✭✭✭Atlantic Dawn
    M


    Check the OMSP price on revenue.ie for the vrt calculation, this will give Revenues estimate on the cars value based on similar models sold here. If you bought your car in a garage then suppply them with dealer quotes for similar cars to your own, if you bought from main dealer only give them main dealer quotes. Ignore their foreign country price, your didn't buy in the UK, if they want to supply a UK car and VRT it then tell them to do it, they won't.

    What you need is lots of quotes verifying your price as correct and theirs as wrong.


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    #3
    johnnydeep
    Closed Accounts Posts: 197 ✭✭johnnydeep


    you paid them, don't take it lying down have you spent any money servicing it tyres e.t.c. contact them and play hardball having said that 10k sounds steep for an 2008


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    #4
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    OP, being offered only 400 squids less than what you paid puts you in the jackpot league, any other thread on this topic has the punter being offered between 50% and 75% of what he thinks the car is worth.

    You are correct when you say that the best you can get is the lower of market price & the nominated value on the policy.

    I agree that comparisons with prices in Armagh are BS, don't know how they managed to dream up that one.

    However, taking a calm view of the situation........

    You bought the car 'at Christmas' (which I assumes means 2012) for 10K and now (April 2013) they're saying its worth 9,600. Take the money FFS and don't be greedy.


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    #5
    lotsoftens
    Registered Users Posts: 56 ✭✭lotsoftens


    coylemj wrote: »
    Take the money FFS and don't be greedy.

    I only bought the car 4 months ago and if you look on carzone for a similar spec model from any dealer you are still looking at close to 11k as an average now so i can't even get close to replacing like for like for what they are offering. Add in that i will now have a higher premium to pay as a result of the claim as well as having to fork out for a new driving license & replacement driving glasses that were in the car i'm already looking at being down well over a grand cos of some eejits - i don't think i'm greedy trying to be as less out of pocket as possible on this! If they are giving me a false value of the car then i think i'm entitled to look for what it's insured for.


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    #6
    Peanut2011
    Registered Users Posts: 1,001 ✭✭✭Peanut2011


    lotsoftens wrote: »
    Add in that i will now have a higher premium to pay as a result of the claim as well as having to fork out for a new driving license & replacement driving glasses that were in the car i'm already looking at being down well over a grand cos of some eejits

    Op, AFAIK replacement driving license is €35, so how much are the glasses?? :eek::eek:

    On a serious note, the car valuation they are giving you for NI is bull and you should tell them that straight away. In relation to like for like replacement.... well the value they will give you is not always the value you would pay to garage as the price you pay in garage includes warranty and all other bits and pieces.

    In saying that, I still think they have offered you quite a good deal. Have they mentioned about your excess if you have any on the policy. Is the €400 the excess??

    I know it is not ideal but you could try to argue the case and show that like for like cars are a lot more and if you can make the case good enough you just might get that little bit extra. I know it is a lot of hassle and you have a long way to go until you have it settled but just keep your nerve and do your own research.


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    #7
    johnnydeep
    Closed Accounts Posts: 197 ✭✭johnnydeep


    lotsoftens wrote: »
    I only bought the car 4 months ago and if you look on carzone for a similar spec model from any dealer you are still looking at close to 11k as an average now so i can't even get close to replacing like for like for what they are offering. Add in that i will now have a higher premium to pay as a result of the claim as well as having to fork out for a new driving license & replacement driving glasses that were in the car i'm already looking at being down well over a grand cos of some eejits - i don't think i'm greedy trying to be as less out of pocket as possible on this! If they are giving me a false value of the car then i think i'm entitled to look for what it's insured for.
    so what your saying is you bought your car last year for 10k an it has since appreciated to 11k. good news for mondeo owners. if a dealer has a car advertised on carzone for 11k and you go with cash and no trade in. I think you will have a deal. you only insure the car for 10k and yet seem to think you should get 11k. seems like you under valued your car to fraudulent pay a lower premium. that would nullify your policy


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    #8
    lotsoftens
    Registered Users Posts: 56 ✭✭lotsoftens


    Peanut2011 wrote: »
    Op, AFAIK replacement driving license is €35, so how much are the glasses?? :eek::eek:

    On a serious note, the car valuation they are giving you for NI is bull and you should tell them that straight away. In relation to like for like replacement.... well the value they will give you is not always the value you would pay to garage as the price you pay in garage includes warranty and all other bits and pieces.

    In saying that, I still think they have offered you quite a good deal. Have they mentioned about your excess if you have any on the policy. Is the €400 the excess??

    I know it is not ideal but you could try to argue the case and show that like for like cars are a lot more and if you can make the case good enough you just might get that little bit extra. I know it is a lot of hassle and you have a long way to go until you have it settled but just keep your nerve and do your own research.


    Sorry didn't mean a grand for just those 2 items....was including how much extra i'm likely to have to pay on top of whatever i get from the insurance company if i try to get the same car. the replacement glasses were €275 so i'm down that already.

    yeah i told them the NI quote was not relevant which is why they eventually gave me a quote from here for 10,500.

    the valuation is purely on the car....good point on the excess - need to check my policy to see what it says re that...great...could be down more than i thought...


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    #9
    lotsoftens
    Registered Users Posts: 56 ✭✭lotsoftens


    johnnydeep wrote: »
    so what your saying is you bought your car last year for 10k an it has since appreciated to 11k. good news for mondeo owners. if a dealer has a car advertised on carzone for 11k and you go with cash and no trade in. I think you will have a deal. you only insure the car for 10k and yet seem to think you should get 11k. seems like you under valued your car to fraudulent pay a lower premium. that would nullify your policy

    don't think i said anywhere where i think i should get 11 from the insurance company and if i did i'll take it back as i didn't mean that - i'm in no way saying my car is now worth 11 only that to get a similar one with similar mileage on it is going to cost me close to that from looking at dealers and i'm not looking for that from the insurance company - i had it insured for 10 because that is what i paid for it.

    i'm not trying to make a profit out of this...i would be only too happy for my car to turn up today and to be done with this...it's just hassle and whatever happens i'm going to end up down on this....


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    #10
    johnnydeep
    Closed Accounts Posts: 197 ✭✭johnnydeep


    lotsoftens wrote: »
    don't think i said anywhere where i think i should get 11 from the insurance company and if i did i'll take it back as i didn't mean that - i'm in no way saying my car is now worth 11 only that to get a similar one with similar mileage on it is going to cost me close to that from looking at dealers and i'm not looking for that from the insurance company - i had it insured for 10 because that is what i paid for it.

    i'm not trying to make a profit out of this...i would be only too happy for my car to turn up today and to be done with this...it's just hassle and whatever happens i'm going to end up down on this....
    of course you are your car was stolen


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    #11
    MugMugs
    Registered Users Posts: 17,875 ✭✭✭✭MugMugs


    coylemj wrote: »
    Take the money FFS and don't be greedy.

    Yeah, why bother standing up for yourself. Why bother getting what you're owed!

    In the real world meanwhile, you're entitled to what your car is worth.

    You bought it for 10 and insured it for 10. Irrespective of what you've done in it since, if it still worth 10 or indeed, over then you're entitled to receive.....10k!

    You can't gain from an Insurance claim but you can certainly get your moneys worth.


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    #12
    johnnydeep
    Closed Accounts Posts: 197 ✭✭johnnydeep


    MugMugs wrote: »
    Yeah, why bother standing up for yourself. Why bother getting what you're owed!

    In the real world meanwhile, you're entitled to what your car is worth.

    You bought it for 10 and insured it for 10. Irrespective of what you've done in it since, if it still worth 10 or indeed, over then you're entitled to receive.....10k!

    You can't gain from an Insurance claim but you can certainly get your moneys worth.
    so there is no excess. what somebody pays for something isn't always an indication of its worth. ask people who bought their houses in 2007


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    #13
    MugMugs
    Registered Users Posts: 17,875 ✭✭✭✭MugMugs


    johnnydeep wrote: »
    so there is no excess. what somebody pays for something isn't always an indication of its worth. ask people who bought their houses in 2007

    I don't understand where you drew the conclusion that there is no excess applicable to this situation? :confused:

    Irrespective, the OP has already clearly stated that his vehicle is worth more than what he's being offered.


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