Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Please note that it is not permitted to have referral links posted in your signature. Keep these links contained in the appropriate forum. Thank you.

https://www.boards.ie/discussion/2055940817/signature-rules

Insurance co. valuation...

Options
  • 19-08-2005 10:12pm
    #1
    aldous_huxley
    Closed Accounts Posts: 19 ✭


    Folllowing a claim, my insurance co. have come back with the following;

    Assessed valuation of my own car prior to scrappage - €1600 (97 Ford Fiesta 4dr. 1.3L, 130k miles.)
    Excess - €125
    Salvage bid from recovering garage for car - €150

    1. In their letter, they reckon that i'm due €1325 - which means that they are deducting the €150 that the garageman's paying for the vehicle! - a 'clerical error' surely?


    2. Has anyone ever challenged an insurance company with regard to the valuation they have come up with in similar cirucumstances? If so, were you successful and how did you go about it.


    Thanks in advance for any input.


Comments

  • Options
    #2
    Oh Boy!
    Closed Accounts Posts: 38 ✭Oh Boy!


    Most companies will offer book value from glasses guide or some of their ilk. It's a bit of a win win situation for insurance companies, if you over value your car, you'll get the market value of your car at the time of the accident. But if you undervalue your car, you'll get the amount you have it valued at!

    Most people would way overvalue their cars, they don't seem to realise the effect depreciation has. And the market value is what a dealer would give you if you were trading it in, and that is usually a lot less than what you would purchase it for!!

    It looks like thats what happened to you, you've just got the market value of your car. The insurance company then sells the write off to claw back some of the payout.


Advertisement