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

Car undervalued on insurance - my fault!

Options
2»

Comments

  • Options
    #32
    January
    Closed Accounts Posts: 23,865 ✭✭✭✭January


    The point of inputting the value is to work out how much much to pay in a claim. As whippet pointed out, if his car had not of been a write off and he just got it fixed he would have only gotten a proportion of the value of the repairer as he had his car underinsured.

    It's YOUR responsibilty to know how much YOUR car is worth.


  • Options
    #33
    voxpop
    Registered Users Posts: 2,800 ✭✭✭voxpop


    ok so if you under insure your car - the insurance company take that figure. However, if you over insure your car they take the OSMP and ignore your figure

    is that correct ??


  • Options
    #34
    January
    Closed Accounts Posts: 23,865 ✭✭✭✭January


    Yeah, that's pretty much the way it's always worked.


  • Options
    #35
    voxpop
    Registered Users Posts: 2,800 ✭✭✭voxpop


    Jeez - the house always wins. What a system. Thanks adrieanne for info, Ive just become a little more cynical


  • Options
    #36
    Anan1
    Registered Users Posts: 22,818 ✭✭✭✭Anan1


    voxpop wrote: »
    Jeez - the house always wins. What a system. Thanks adrieanne for info, Ive just become a little more cynical
    I don't mean this in a bad way, but the system is actually quite fair - you decide how much you want to insure your car for. It's also no secret - it's clearly written on every policy i've ever held. I'm all on for having a go at ins cos where warranted, but this case is quite clearly the OP's own fault.


  • Advertisement
  • Options
    #37
    voxpop
    Registered Users Posts: 2,800 ✭✭✭voxpop


    I dont know - if you value your car higher and therefore pay a higher premium. Should you not get the value you insured it for. On the flip side - If you value it low then you pay a smaller premium, you expect it to be covered for that lower amount.


  • Options
    #38
    galwaytt
    Registered Users Posts: 12,761 ✭✭✭✭galwaytt


    voxpop wrote: »
    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.

    curious - we changed from an 04 RX4 1.9D value Eur 15k to a new Galaxy 1.8Tdci 1.8 value Eur 37k and.............insurance went down. When queried, they said the biggest factor was engine size, not value.

    100cc ???

    No, I don't get it 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” 



  • Options
    #39
    daveharnett
    Registered Users Posts: 2,567 ✭✭✭daveharnett


    BrokenSpiral wrote: »
    Hi Everyone,

    I made a mistake when I insured my car and put 15,000 on the form instead of 25,000.
    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!!

    Hang on, there's a big difference between those two statements!
    Do you actually remember telling them it was worth 15,000, or are you taking their word for it?

    Sounds like it could very easily be a typo.


  • Options
    #40
    whippet
    Registered Users Posts: 7,674 ✭✭✭whippet


    voxpop wrote: »
    I dont know - if you value your car higher and therefore pay a higher premium. Should you not get the value you insured it for. On the flip side - If you value it low then you pay a smaller premium, you expect it to be covered for that lower amount.

    actually that wouldn't be fair what so ever.

    You have a 99 corolla worth 3K, tell the insurance company that it is worth 100K, they charge a few euro extra for the insurance, you write the corolla off claim 100K, buy another corolla, plus pay half your mortage off.

    Do the same again, your premium goes up by a few hundred euro, write the next corolla off, buy another one .. this time get your self a nice apartment in Bulgaria with a few quid to put away due to the current ecomomic climate.

    In essence, insurance companies are not their for the insured to make a profit from, they are their to reinstate the insured to the position prior to the claim (in theory) subject to the max value declared on the insurance policy.


  • Options
    #41
    voxpop
    Registered Users Posts: 2,800 ✭✭✭voxpop


    whippet wrote: »
    actually that wouldn't be fair what so ever.

    You have a 99 corolla worth 3K, tell the insurance company that it is worth 100K, they charge a few euro extra for the insurance, you write the corolla off claim 100K, buy another corolla, plus pay half your mortage off.

    Do the same again, your premium goes up by a few hundred euro, write the next corolla off, buy another one .. this time get your self a nice apartment in Bulgaria with a few quid to put away due to the current ecomomic climate.

    In essence, insurance companies are not their for the insured to make a profit from, they are their to reinstate the insured to the position prior to the claim (in theory) subject to the max value declared on the insurance policy.


    Well, my point was predicated on the insurance company actually charging a large premium if you are insuring a car for 100k, not just a few euros more - also what you are getting into here is insurance fraud. Nothing to stop me buying a nice merc with a known dodgy engine for cheap, crashing it, claim the OSMP, buy my corolla and pocket the rest.


  • Advertisement
  • Options
    #42
    Anan1
    Registered Users Posts: 22,818 ✭✭✭✭Anan1


    voxpop wrote: »
    Well, my point was predicated on the insurance company actually charging a large premium if you are insuring a car for 100k, not just a few euros more - also what you are getting into here is insurance fraud. Nothing to stop me buying a nice merc with a known dodgy engine for cheap, crashing it, claim the OSMP, buy my corolla and pocket the rest.
    A basic tenet of insurance is that you not profit from the event against which you are insured. The extent to which you wish to insure yourself against loss is up to you. This is why you are covered up to whichever is the lower of the OMSP and the value for which you choose to insure the car.


  • Options
    #43
    voxpop
    Registered Users Posts: 2,800 ✭✭✭voxpop


    I know what you mean, I suppose its more an issue of transparency.

    As I said it seem to me like the insurance companies suggest that you are insuring for a certain value when in fact, this may or may not be the case and in my situation, I was being charged more for no extra cover (the premium when up with the higher value).


  • Options
    #44
    Anan1
    Registered Users Posts: 22,818 ✭✭✭✭Anan1


    I suppose the moral of this whole thread is always read your policy.


  • Options
    #45
    whippet
    Registered Users Posts: 7,674 ✭✭✭whippet


    Anan1 wrote: »
    I suppose the moral of this whole thread is always read your policy.


    or listen in junior cert business studies class ;)


  • Options
    #46
    jimmycrackcorm
    Registered Users Posts: 14,331 ✭✭✭✭jimmycrackcorm


    One of the common complaints with insurance claims is that they will put a value on the claim when in fact you cannot get an equivalent replacement. For example - You have an old car that you spent €2k on, it's reliable and gets you from A to B. However you make a claim for a write-off and they say the market value is only €500. Chances are you won't get from A to B with that.


  • Options
    #47
    That Girl..
    Closed Accounts Posts: 149 ✭✭That Girl..


    They're supposed to give you the value of the car..

    When they ask you the value it doesn't necessarily mean they will pay out that amount.. If you insure a car for the value of 30,000 and you stay with the same company for years it's probly still gonna be valued at 30,000 on their computers but they'll just pay out the value of the car at the time so they are in the wrong..


Advertisement