Problem with insurance

jaybo1

Hi

My car was stolen and burnt out a weekend or so back. It was an old honda integra 1994, insured for €5000. However after the report was filed the insurance company are offering me €1400 as the book value of the car. The car only had 80000 mile son it and was in immaculate condition. Alloys everything working etc. New clutch, new cv joint. There is no way i would have sold it for 1400. Is there anything i can do as this is ridculous amount to offer? Has anyone been in similar situations.

Thanks for any help

Joeface

Im kinda in the same boat as you only i wont be claiming ,
I just wrote off my 94 integra

I only ever insured it for 2000 euro cause thats all it was worth ,A lot of ppl would be in the same boat as you, Book value , tends to screw a lot of ppl

A way out for you is print off a pile of adds off the net and buy and sell where every u can get them , Showing the car is worth more that the 1400 euro
they may up the price, my brother did this and it took some discussing with the insurance company before they gave in but got the value of the car.

Steve

Google is great:
Try phoning these guys - they decide what is fair.

The Insurance Ombudsman deals with complaints and disputes between policyholders and their insurance companies when the company's complaints procedure fails to resolve the problem. The Insurance Ombudsman can oppose an insurance company's decision in relation to an individual policyholder. This decision is binding only on the company, which means you may proceed with court action if you are not satisfied with the ruling.

Insurance Ombudsman of Ireland,
32 Upper Merrion Street,
Dublin 2.
Tel: (01) 662 0899
Fax: (01) 662 0890

Joeface

http://www.carzone.ie/usedcars/index.cfm?fuseaction=search&sortby=PriceAsc&maxrows=100&Make=Honda&MakeID=10&Model=Integra&ModelID=94&Year_Min=1994&Year_Max=1994&GroupID=738

for example ,,, although i do think some of them are way over priced

jaybo1

Thanks for help. They are probably overpriced but the car was worth more than 1400....

Joeface

oh yeah i know, dont give in anyway show them the first couple and maintain that the book value is higher , U might get 3k out of them if your lucky.

jaybo1

are you going to get another integra joe? how did you write it off?

Joeface

was going to try and get another one , but tend to be over priced and dont like it when there modified , prefer them as they are ment to be.For example there is one for sale its a 94 , Its asking 3k and says theres only 50k on the clock , other problem is it says its 1.5 , I assume the engine was changed and that the 50k is on the new engine , but 3k for a car that has more than likely been clocked . If I see one over the next couple of days I might try and pick it up other wise i will look some thing else

Lost control braking in to a bend and went over a ditch in to a dike, car still starts but repairing it would be a long term thing , Needs new wing , bonnet , Front bumper , Rear bumber , new lights at the front all of them , Re spray and so on and so on , Also need new valves for the engine, may also need new shocks on the front , There greats car , Would love to find the time just repair it as kinda hobby .

Best of luck with insurance company , Give them hell

bazz26

You could have insured your Integra for €5,000 or €100,000 and the insurance company will base their premium on that value but at the end of the day they will only pay you the market value of the car.

Realistically though €1400 seems a bit low, not sure if you can get a better offer from them. Definately worth a try though.

smash

VRT office have it valued low too.... sorry dude, might be stuck with a low payout



DATE: 04 September 2007 TIME: 15:13

---

STATISTICAL CODE: 40580626 (Vehicle first registered in Japan)
MAKE: HONDA
MODEL: INTEGRA DB - STANDARD
VERSION: 6 1.6 02DR / SPORTS COUPE (NON-CONVERTIBLE) / MANUAL / PETROL ONLY /
MILEAGE: 80000 MILES

---

The information requested in respect of the vehicle shown is indicated below.
DATE OF FIRST REGISTRATION(MM/YY): AUGUST 1994
OPEN MARKET SELLING PRICE:
(applicable on enquiry date) €1572
RATE OF TAX: 25.0%
VEHICLE REGISTRATION TAX:
(payable on enquiry date) €393

Kimbot

VRT Office use the Open Market Selling Price as a rough guide to the book price that the insurance companies use!!

jaybo1

well there is no way im settling for 1400. not for the condition that car was in. looks like im in for a bit of a battle.... great. Those little scumbags

Henry Ford III

I think you'll have a battle here OP.

Insurers will only give omv, unless you can proove it was worth more. They'll ignore mechanical repairs and renewals as car should have been roadworthy in any event.

If you fitted new wheels and tyres for example they can dismiss these for additional value if you didn't declare them in advance.

It's hard to justify a 13 year old Honda being worth a lot more than €1400 tbh. What people advertise them for doesn't wash either. Revenue VRT calc. is another negative.

Sorry but this doesn't look good for you money wise.

jaybo1

Henry Ford III wrote:

I think you'll have a battle here OP.

Insurers will only give omv, unless you can proove it was worth more. They'll ignore mechanical repairs and renewals as car should have been roadworthy in any event.

If you fitted new wheels and tyres for example they can dismiss these for additional value if you didn't declare them in advance.

It's hard to justify a 13 year old Honda being worth a lot more than €1400 tbh. What people advertise them for doesn't wash either. Revenue VRT calc. is another negative.

Sorry but this doesn't look good for you money wise.

Fair enough. But the next time im getting insurance im going to ask for this book value in advance.

Henry Ford III

jaybo1 wrote:

Fair enough. But the next time im getting insurance im going to ask for this book value in advance.

Good idea.

Btw. On classic cars it's possible to obtain an "agreed insurance valuation" which means this kind of thing cannot happen. Maybe it's possible for regular motors too?

Esel

jonny24ie wrote:

VRT Office use the Open Market Selling Price as a rough guide to the book price that the insurance companies use!!

Could you clarify what you are saying here?

jaybo1

thanks for all the advice guys. im new here but ye all are sound. Anyone want to set up an anti scumbag political party for the next election???!!!

Del2005

Joeface wrote:

Im kinda in the same boat as you only i wont be claiming ,
I just wrote off my 94 integra

I only ever insured it for 2000 euro cause thats all it was worth ,A lot of ppl would be in the same boat as you, Book value , tends to screw a lot of ppl

A way out for you is print off a pile of adds off the net and buy and sell where every u can get them , Showing the car is worth more that the 1400 euro
they may up the price, my brother did this and it took some discussing with the insurance company before they gave in but got the value of the car.

I know it's off topic, but never insure you car for less then €3000. They load cheaper cars, which I discovered after I renewed my insurance on my old car, and as said earlier the insurance company will only give you market value anyway. I was also told to never ever take the 1st offer from an insurance company, they will up the offer. But for the OP, I'd doubt they'd go to €5k.

Btw. On classic cars it's possible to obtain an "agreed insurance valuation" which means this kind of thing cannot happen. Maybe it's possible for regular motors too?

I was reading on a UK land rover fourm about this, you have to send in loads of pcitures and ANY modifications have to be notified and more pics sent in. Also some UK insurers are better then others for this, so I'd say we'd be fcuked with the ones we have.

Henry Ford III

I've an agreed insurance valuation on my classic car here. 4 pics and a detailed description of the car were all that was needed.

p.s. Any modifications must be disclosed on any car, for insurance purposes. Even cosmetic ones such as alloys, or aftermarket ICE, which might attract a thief.