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Car undervalued on insurance - my fault!

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  • 08-12-2008 6:45pm
    #1
    BrokenSpiral
    Registered Users Posts: 73 ✭✭


    Hi Everyone,

    I made a mistake when I insured my car and put 15,000 on the form instead of 25,000. The car was written off and they are offering me 15,000 for it which means I loose serious money!

    Is there anything I can do????
    Any and all suggestions welcome!
    Tagged:


«1

Comments

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    #2
    Anan1
    Registered Users Posts: 22,815 ✭✭✭✭Anan1


    Were you at fault in the accident? If so then no, you only insured the car for up to €15,000 worth of damage. If not then you are due the full value of your car from the other party's insurer.


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    #3
    Barr
    Registered Users Posts: 7,000 ✭✭✭Barr


    Is it private car policy ? they should offer the the Market price of the car regardless of what you put on the proposal ?


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    #4
    partyguinness
    Registered Users Posts: 8,207 ✭✭✭partyguinness


    I would fight them. Even if you are technically wrong they will baulk at legal proceedings and will settly it. Go to a good solicitor.


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    #5
    January
    Closed Accounts Posts: 23,862 ✭✭✭✭January


    Barr wrote: »
    Is it private car policy ? they should offer the the Market price of the car regardless of what you put on the proposal ?

    Incorrect the maximum the insurance company will pay out is what you specified on the proposal form. It's up to you to make sure that it covers what the car is worth. If you have a car that is worth 25,000 and had it insured on the policy for 30,000 the max the insurance company will payout is 25,000.

    You get the market value of the car or the insured value of the car, whichever is lower.

    Unfortunately, nothing you can do. Be more careful next time.


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    #6
    Barr
    Registered Users Posts: 7,000 ✭✭✭Barr


    adrieanne__x wrote: »
    Incorrect the maximum the insurance company will pay out is what you specified on the proposal form. It's up to you to make sure that it covers what the car is worth. If you have a car that is worth 25,000 and had it insured on the policy for 30,000 the max the insurance company will payout is 25,000.

    You get the market value of the car or the insured value of the car, whichever is lower.

    Unfortunately, nothing you can do. Be more careful next time.

    I know hibernian dont operate on this policy - they dont even ask for your car value any more. Their premium has no correlation with the value of the car so what you put in the proposal is effectively redundant


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    #7
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    junior cert business tells you to make sure to ensure at full price and no point going over it..


    was it an online application or by hand? cause that's a ridiculous mistake to make.


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    #8
    return guide
    Registered Users Posts: 631 ✭✭✭return guide


    Deleted User wrote: »
    that's a ridiculous mistake to make.

    The OP is asking for advice and help, we have all made mistakes.


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    #9
    galwaytt
    Registered Users Posts: 12,766 ✭✭✭✭galwaytt


    Anan1 wrote: »
    Were you at fault in the accident? If so then no, you only insured the car for up to €15,000 worth of damage. If not then you are due the full value of your car from the other party's insurer.

    Not so - if that were true, the corollary would be true: i.e. I want to insure my 1990 Mazda for Eur 25,000. (And hope it gets robbed, btw.......:p)

    Unless your policy is a specific 'agreed value' policy, you get the market value.

    Fight it.

    Remember what it says on all those forms?? E. & O.E.

    Exactly.

    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” 



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    #10
    January
    Closed Accounts Posts: 23,862 ✭✭✭✭January


    Barr wrote: »
    I know hibernian dont operate on this policy - they dont even ask for your car value any more. Their premium has no correlation with the value of the car so what you put in the proposal is effectively redundant

    Then they just give you the market value of the car you have. Easy isn't it?? If you give them a value and it's lower than the market value you get the lower value.


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    #11
    Farls
    Registered Users Posts: 1,785 ✭✭✭Farls


    Don't accept that offer of 15k and get a solicitor onto the case.

    I insured my vehicle for 40k, OMSP was 37k...what did I get offered when it was written off?! 24k!!!....thats another days work tho.


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    #12
    Anan1
    Registered Users Posts: 22,815 ✭✭✭✭Anan1


    galwaytt wrote: »
    Not so - if that were true, the corollary would be true: i.e. I want to insure my 1990 Mazda for Eur 25,000. (And hope it gets robbed, btw.......:p)

    Unless your policy is a specific 'agreed value' policy, you get the market value.

    Fight it.

    Remember what it says on all those forms?? E. & O.E.

    Exactly.
    Nope, it's the lower of the insured and the actual value. It's been stated clearly in every policy i've ever held.


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    #13
    BrokenSpiral
    Registered Users Posts: 73 ✭✭BrokenSpiral


    Well I actually did it on the phone, didn't sign anything as I was changing the car on my policy! Never received anything from the insurance company or I would have spotted the figure and changed it!!

    I think I am just gonna have to take the hit!

    Thanks for all the helpful replies, for the negative one(s), I'm delighted you are infallible and never make mistakes, we're so lucky to have you in our midst!


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    #14
    -Chris-
    Closed Accounts Posts: 12,035 ✭✭✭✭-Chris-


    Did you receive a lower insurance premium due to your lower insured value?

    I'd expect that to affect your ability to query this with the insurer...


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    #15
    Seth Brundle
    Moderators, Politics Moderators Posts: 39,367 Mod ✭✭✭✭Seth Brundle


    I reckon that because you entered a contract with your insurance company you will legally have to stick to it, and I would bet a million that it contains a specific term that the policy covers up to but not exceeding the amount insured!


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    #16
    Anan1
    Registered Users Posts: 22,815 ✭✭✭✭Anan1


    BrokenSpiral wrote: »
    Well I actually did it on the phone, didn't sign anything as I was changing the car on my policy! Never received anything from the insurance company or I would have spotted the figure and changed it!!
    They should have sent you your policy details. Do you remember giving a value of €15,000? Those conversations are sometimes (but not always) recorded.


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    #17
    Rich bastard
    Closed Accounts Posts: 6 ✭Rich bastard


    Get on to them and demand the tape of the discussion. Tell them that you dont recall saying that and if you did it was a mistake. try to find out by other means(website) what the saving for you was from declaring the lower value. If none, then they have no reason to say it was anything but a mistake on your behalf and should pay out. You could also argue that they should have sent confirmation of this policy change to you and also perhaps that they should have the facility to pick up on clear errors in policy particulars. Dont settle for this and keep ringing everyday with a little more of an argument until you piss them off enough.


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    #18
    -Chris-
    Closed Accounts Posts: 12,035 ✭✭✭✭-Chris-


    We need more info. I've never had an insurance policy where they've neglected to send me out a detailed contract of cover.

    If you accidentally said €15k instead of €25k, or if you accidentally said Peugeot instead of Porsche, the insurance company will only insure on the information they were given.

    OP, can you give us the full details please?


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    #19
    Voodoomelon
    Registered Users Posts: 9,660 ✭✭✭Voodoomelon


    Can I ask why you think it's worth €25,000? Is that the price you paid for it? Because chances are, you'll never get what you paid for it anyways.


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    #20
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    I don't think you've given the model of your car but in this market, it's possible it's worth closer to 15k than 25k anyway....
    And your call was recorded for cases like this so there is a copy of it that can be requested. It might take up to a day to get it though

    Edit: recording calls is for your protection too. But if you stated 15k on the phone, the insurance company won't second-guess your valuation since it's lower then market value. This looks like an expensive mistake and you can fight it as others suggested but no guarantee it'll work
    adrieanne__x wrote: »
    Then they just give you the market value of the car you have. Easy isn't it?? If you give them a value and it's lower than the market value you get the lower value.

    sums it up realy


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    #21
    galwaytt
    Registered Users Posts: 12,766 ✭✭✭✭galwaytt


    Anan1 wrote: »
    Nope, it's the lower of the insured and the actual value. It's been stated clearly in every policy i've ever held.

    ...mmm, I'll have to check the small print on mine, now......

    One thing I've often wondered about, tbh, is this: Say Jan 1 you 'insure' your car for 30k, because that's what you paid for it. In 12mths time let's say it has depreciated by 4k. Does your renewal either,
    • come down, to reflect the depreciated value, or
    • do they send out the renewal with a revised, lower vehicle valuation, or
    • do they send out a new proposal to fill out every year, to start from scratch ?

    No, they don't.

    But technically, you should see the benefit in your renewal, year-on-year, to reflect the falling value of the vehicle. But guess what - surprise, surprise ! - no, they don't that, either !!

    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” 



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    #22
    Anan1
    Registered Users Posts: 22,815 ✭✭✭✭Anan1


    You're right, they just leave it at the figure you originally gave them. I think the onus is on the insured to inform the insurer of any changes to the value of the car. These days, though, insured value seems to play a very small part in determining the premium - it wouldn't surprise me if the OP's premium would have been exactly the same had they insured their car for €25,000 instead of €15,000.


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    #23
    galwaytt
    Registered Users Posts: 12,766 ✭✭✭✭galwaytt


    Anan1 wrote: »
    ... I think the onus is on the insured to inform the insurer of any changes to the value of the car.

    ah yes, the 'ol insurance company have-thy-cake-and-eat-it syndrome...:rolleyes:
    These days, though, insured value seems to play a very small part in determining the premium - it wouldn't surprise me if the OP's premium would have been exactly the same had they insured their car for €25,000 instead of €15,000.

    True, which possibly leaves the door open for the OP to not give up on this too easy.

    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” 



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    #24
    January
    Closed Accounts Posts: 23,862 ✭✭✭✭January


    He'd be wasting his time to chase it... there would have been no difference in the premium for 10k. But the insurance company will stand by what he said and unfortunately because HE gave the value of the car at 15,000 that's all he will get!


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    #25
    galwaytt
    Registered Users Posts: 12,766 ✭✭✭✭galwaytt


    where I live, 10k is a lot of money - so time spent on it is not wasted........especially if you prevail.

    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” 



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    #26
    cashmni1
    Closed Accounts Posts: 629 ✭✭✭cashmni1


    No harm in trying to persue them alright, but unfortunately, I doubt the OP will be successful.
    I had the same arguement with my Ins. company last year re: the value of my car has dropped in the last 12 months, so shouldn't my premimum? - No chance.
    The next car I bought, premium shot up.....why.....'cause the value of my car had increased by €10,000. As said before. Cake and eating it - Fu*kers !


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    #27
    Del2005
    Registered Users Posts: 18,964 ✭✭✭✭Del2005


    OP do you mind telling what the car was so that the knowledgeable people here can let you know if your €25k value is correct or if the insurances €15k is? As other posters have said car values have fallen a lot. No point getting into a more then likely difficult fight with the your insurance company if your not going to get the €10k anyway.


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    #28
    slimjimmc
    Registered Users Posts: 7,787 ✭✭✭slimjimmc


    Is this it, possibly?


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    #29
    BrokenSpiral
    Registered Users Posts: 73 ✭✭BrokenSpiral


    Result:

    Well folks the final result is in, the insurance company only have to value the car at the amount you put down or the OMSP, whichever is lower. That is VALUE, not PAY OUT. By the time they take out your excess, towage, storage, etc it might even be a lot less!

    Beware!


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    #30
    whippet
    Registered Users Posts: 7,675 ✭✭✭whippet


    it's a little bit dramatic to say BEWARE in capitals, as was pointed out prior, I did this in Junior Cert business studies.

    Also, if you valued a 20k car on your insurance as 10K and did 5K worth of damage your pay out would only be 2.5K as it proportions out the insured value against the market value!


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    #31
    voxpop
    Registered Users Posts: 2,800 ✭✭✭voxpop


    just to chime in - with Quinn I change my valuation from 14k to 11k and my premium went down by about 50 euros.
    I always thought Id get what I insured it for though - being fully comp - otherwise whats the point of imputing the value.


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