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NoNonsense creating their own car valuations

  • 14-12-2011 8:01pm
    #1
    Voodoomelon
    Registered Users Posts: 9,662 ✭✭✭


    Is this a new thing with motor insurance companies? Got my renewal quote in the post today and my car which was insured in the region of €7000 last year has now been changed by them to €3000.

    There's a note beneath this saying that they are now using "the latest market valuations to ensure you have the right level of cover".

    My arse, capping the market valuation on older cars immediately gives them the right to not pay out any more than its insured for.

    When did this come about, are any other insurers doing this? Will be ringing them tomorrow.


«1

Comments

  • #2
    galwaytt
    Registered Users Posts: 12,751 ✭✭✭✭galwaytt


    Voodoomelon wrote: »
    Is this a new thing with motor insurance companies? Got my renewal quote in the post today and my car which was insured in the region of €7000 last year has now been changed by them to €3000.

    There's a note beneath this saying that they are now using "the latest market valuations to ensure you have the right level of cover".

    My arse, capping the market valuation on older cars immediately gives them the right to not pay out any more than its insured for.

    When did this come about, are any other insurers doing this? Will be ringing them tomorrow.

    That's fine, so long as they half the premium as well.....

    Besides, they only pay market value anyway - the value on your proposal is irrelevant.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #3
    coylemj
    Registered Users Posts: 25,308 ✭✭✭✭coylemj


    What they're saying is that they will only give you €3,000 if the car is written off, give them credit for not taking a premium from you reflecting your inflated valuation. Most people in a claim for total loss never get anything like what they think their car is worth, especially in the current climate.

    If you don't agree with their valuation then take your business elsewhere but it's unlikely any other insurer will put a significantly greater value on the car since they're probably all using the same valuations.


  • #4
    colm_mcm
    Registered Users Posts: 73,379 ✭✭✭✭colm_mcm


    Out of interest, what are you driving?

    Isn't it an old model 7 series. Worth €7000?


  • #5
    [Deleted User]
    Posts: 23,339 ✭✭✭✭[Deleted User]


    galwaytt wrote: »
    That's fine, so long as they half the premium as well...................

    In fairness the value of the car wouldn't be the dominant factor deciding the premium, the potential for 3rd party claims would be me thinks, so half the car value half the premium isn't likely :)


  • #6
    Big Nasty
    Registered Users Posts: 22,080 ✭✭✭✭Big Nasty


    colm_mcm wrote: »
    Out of interest, what are you driving?

    A 728

    I would agree that it makes no odds man - they're only going to give market value regardless of condition or spec. I've seen your car and to me it's worth €4k + all day long but to them €3k is all *any* '00 7er is worth. :(


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  • #7
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    NoNonsense specialise in extremely annoying nonsense, such as my 1.4 being a "performance car" they won't insure.


  • #8
    Voodoomelon
    Registered Users Posts: 9,662 ✭✭✭Voodoomelon


    Granted my car is not worth €7k, however its not worth €3k.
    A mint facelift E38 Sport with about 90% full spec with 100k miles is not the same as some scrap prefacelift non sport, low spec, 150k+ mile rust bucket on donedeal for €2-€3k.

    My point is that even if you contest what they pay out, by providing examples of higher priced cars currently for sale, they still won't pay out more than what they have the car marked down as. Am I correct in saying that?


  • #9
    Big Nasty
    Registered Users Posts: 22,080 ✭✭✭✭Big Nasty


    Voodoomelon wrote: »
    Granted my car is not worth €7k, however its not worth €3k.
    A mint facelift E38 Sport with about 90% full spec with 100k miles is not the same as some scrap prefacelift non sport, low spec, 150k+ mile rust bucket on donedeal for €2-€3k.

    My point is that even if you contest what they pay out, by providing examples of higher priced cars currently for sale, they still won't pay out more than what they have the car marked down as. Am I correct in saying that?

    I would say you would be absolutely correct but you seem to be taking this a little personally.

    To them a '00 E38 is worth no more than €3k. They're not interested in the spec and condition of your car.


  • #10
    coylemj
    Registered Users Posts: 25,308 ✭✭✭✭coylemj


    Voodoomelon wrote: »
    Granted my car is not worth €7k, however its not worth €3k.
    A mint facelift E38 Sport with about 90% full spec with 100k miles is not the same as some scrap prefacelift non sport, low spec, 150k+ mile rust bucket on donedeal for €2-€3k.

    There's your problem, you're taking into account that the car is a minter, they don't give a toss about the condition since everyone (when claiming for total loss) thinks their car is in mint condition.

    And they equally don't care about spec., the extras in your car are worth zero.
    Voodoomelon wrote: »
    My point is that even if you contest what they pay out, by providing examples of higher priced cars currently for sale, they still won't pay out more than what they have the car marked down as. Am I correct in saying that?

    Yes.


  • #11
    Voodoomelon
    Registered Users Posts: 9,662 ✭✭✭Voodoomelon


    If I were selling tomorrow, I would advertise for €6000 and take €5500, and I honestly think I would get it from a like-minded buyer on the many forums i'm on and the interest I got before when I briefly advertised for far more.

    Being told I am only insured for €3000, its hard not to take it personally. If its only insured for €3k, not a single cent over than can ever be paid out right?


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  • #12
    Big Nasty
    Registered Users Posts: 22,080 ✭✭✭✭Big Nasty


    Again, I would agree if you sign that form that's the max they will pay out.

    To an E38 enthusiast your car in it's condition may be worth €5k in this country. Due to tax rates in the UK it may be worth GB£5k there.

    To the average Joe and more importantly to No Nonsense (FBD) €3k is all a '00 E38 is worth. Best thing to do is call them and see what they say man.


  • #13
    Voodoomelon
    Registered Users Posts: 9,662 ✭✭✭Voodoomelon


    coylemj wrote: »
    the car is a minter, they don't give a toss about the condition since everyone (when claiming for total loss) thinks their car is in mint condition.

    And they equally don't care about spec., the extras in your car are worth zero.

    Thats not true. Its in their blurb at the back of the policy they detail condition and specification of the car needs to be matched in the event of replacing the vehicle.

    This includes pre-loss condition, age and similar mileage. To get my car back again would require about €7000 to import a similar car from the UK. If this was the case, theyd write me a cheque for €3k, which is crap.


  • #14
    Big Nasty
    Registered Users Posts: 22,080 ✭✭✭✭Big Nasty


    Voodoomelon wrote: »
    Thats not true. Its in their blurb at the back of the policy they detail condition and specification of the car needs to be matched in the event of replacing the vehicle.

    I would guess this part of is so they can figure out ways to charge you more, especially with modified cars, while in the event of an accident all they will pay out is market value.

    Put it another way, if you bought a '00 1.6 Corolla and put €20k in to it in mods all they will pay out in the event of a smack is the value of a '00 Corolla even though they asked you about specs / mods so they can find ways to load you at premium time.


  • #15
    [Deleted User]
    Posts: 23,339 ✭✭✭✭[Deleted User]


    Voodoomelon wrote: »
    ............

    This includes pre-loss condition, age and similar mileage. To get my car back again would require about €7000 to import a similar car from the UK. If this was the case, theyd write me a cheque for €3k, which is crap.

    You do realise that even if the valuation on the policy is €7000 they still only pay market value?


  • #16
    Big Nasty
    Registered Users Posts: 22,080 ✭✭✭✭Big Nasty


    Here's what you do man:

    Give them a call tomorrow and send them this link that will show the average asking for a '00 E38 is €4678. Also be extremely thankful that Dermot Wallace is the biggest dreamer this country has ever seen in terms of prices because without his seriously overpriced stock the average asking would be €2800.

    Having seen the condition of your car I can understand your pain but you're going to have a hard battle ahead of you trying to convince them to pay out any more than €3k in the event of something happening. :(

    Best of luck dude! ;)


  • #17
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    Have you detailed all the specifications done because one of FBD's under writing questions is
    Has the vehicle been converted,adapted or modified in anyway?

    When I worked for them (FBD) they would'nt even quote for a Passatt that had a slightly lowered suspension.

    You could open up a whole of a can of worms tbh.


  • #18
    little big planet 2
    Banned (with Prison Access) Posts: 538 ✭✭✭little big planet 2


    at 7000 grand for insurance i assume your 17 or 18 because if your not that's a ridiculous insurance quote daylight robbery


  • #19
    little big planet 2
    Banned (with Prison Access) Posts: 538 ✭✭✭little big planet 2


    and might i suggest britton insurance


  • #20
    listermint
    Registered Users Posts: 33,570 ✭✭✭✭listermint


    little big planet 2 wrote: »
    at 7000 grand for insurance i assume your 17 or 18 because if your not that's a ridiculous insurance quote daylight robbery

    :rolleyes:

    he meant valuation of the car... not his premium. ;)


  • #21
    dar83
    Registered Users Posts: 7,106 ✭✭✭dar83


    little big planet 2 wrote: »
    at 7000 grand for insurance i assume your 17 or 18 because if your not that's a ridiculous insurance quote daylight robbery

    That's not the insurance Premium quote... It's the vehicle valuation on the policy.

    Showing your age there yourself. :PAC:


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  • #22
    little big planet 2
    Banned (with Prison Access) Posts: 538 ✭✭✭little big planet 2


    ok never mind


  • #23
    little big planet 2
    Banned (with Prison Access) Posts: 538 ✭✭✭little big planet 2


    maybe its just the age of the car which is devalued after a certain age either way when you ring them their just going to give you a load of bollox


  • #24
    Big Nasty
    Registered Users Posts: 22,080 ✭✭✭✭Big Nasty


    Otis Driftwood wrote: »
    Have you detailed all the specifications done because one of FBD's under writing questions is



    When I worked for them (FBD) they would'nt even quote for a Passatt that had a slightly lowered suspension.

    You could open up a whole of a can of worms tbh.

    The car is bog standard! :D

    Actually it's very highly specced but in exceptionally mint condition with zero mods bar angel eyes, a rear dvd player and upgraded stereo / sat nav system (AFAIK) - nothing that should affect the insurance cover.


  • #25
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    Then the fact is that only an enthusiast would be willing to pay what the OP believes it to be worth because most people arent going to shell out an extra 2 or 3k when they can get the exact same car just minus a few trinkets for €3000.

    Tough to swallow Im sure but thats the world we live in.


  • #26
    Voodoomelon
    Registered Users Posts: 9,662 ✭✭✭Voodoomelon


    Fair enough point.
    The only way I would probably get the full value (to me) would be buy it back from them if it was written off and part it out, ontop of the €3k.
    And at €3k, it will take the lightest tip or mechanical bill to write it off.


  • #27
    unkel
    Registered Users Posts: 64,693 ✭✭✭✭unkel


    Voodoomelon wrote: »
    my car which was insured in the region of €7000 last year has now been changed by them to €3000

    It was never insured in the region of €7000 last year. The insurance company asks you how much your car is worth and you give them a figure. This figure is completely unrelated to any claim you might make. I haven't a fecking clue why they ask this question as it is completely irrelevant :(

    There is a solution though for cherished car owners. There is a possibility of insuring your car comprehensively at an "agreed value". This means the insurance company will pay you the full agreed value (minus the excess) in case of a total loss / write off. Talk to your insurer (and all the other insurers and brokers)


  • #28
    AgileMyth
    Closed Accounts Posts: 3,761 ✭✭✭AgileMyth


    MYOB wrote: »
    NoNonsense specialise in extremely annoying nonsense, such as my 1.4 being a "performance car" they won't insure.
    Quinn won't cover my 'Sports car'. Its a VW caravelle. Its basically a 1.9 diesel van!


  • #29
    TwoShedsJackson
    Closed Accounts Posts: 9,438 ✭✭✭TwoShedsJackson


    unkel wrote: »
    It was never insured in the region of €7000 last year. The insurance company asks you how much your car is worth and you give them a figure. This figure is completely unrelated to any claim you might make. I haven't a fecking clue why they ask this question as it is completely irrelevant :(

    Why do they bother asking you for a figure if they will only pay out to an amount they decide? If you take out the policy they should tell you what their book value for the car is, and change the premium accordingly.

    Of course they won't do this because they want people to insure their cars based on what they paid for it versus what it'd actually cost to replace, in the same way that house insurers will gladly let you insure your house for whatever you paid for it in 2005, then only cover the rebuild cost if it burns down.


  • #30
    Seth Brundle
    Moderators, Politics Moderators Posts: 38,773 Mod ✭✭✭✭Seth Brundle


    little big planet 2 wrote: »
    at 7000 grand for insurance i assume your 17 or 18 because if your not that's a ridiculous insurance quote daylight robbery
    7000 grand would certainly be a lot even for a veyron!


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  • #31
    Gophur
    Closed Accounts Posts: 1,921 ✭✭✭Gophur


    €3k for such a car is a fair valuation in Ireland's current market.


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