Ins.Co. valuation of car & scrap valuation?

makeorbrake

Hi. A third party insurer has given me a valuation for my car and also its scrap valuation - confirmed by email.

A couple of questions.

How can I determine if the valuation is correct? Is there a book value that I can check somewhere?

With the scrap valuation, is email confirmation from the insurance co. sufficient to ensure that this is what i will get when i approach the bidder? Can they turn around later and say they wont offer this?
Also, my understanding is that ins. co.'s put these cars on their system and wait for bids to come in. Is it likely that the scrap value is accurate or should I try and get my own scrap valuation on it?

Just want to double check before I proceed.

R.O.R

makeorbrake wrote: »

Hi. A third party insurer has given me a valuation for my car and also its scrap valuation - confirmed by email.

A couple of questions.

How can I determine if the valuation is correct? Is there a book value that I can check somewhere?

With the scrap valuation, is email confirmation from the insurance co. sufficient to ensure that this is what i will get when i approach the bidder? Can they turn around later and say they wont offer this?
Also, my understanding is that ins. co.'s put these cars on their system and wait for bids to come in. Is it likely that the scrap value is accurate or should I try and get my own scrap valuation on it?

Just want to double check before I proceed.

Make/Model/engine/year/mileage of your car, and someone will give a suggestion.

Insurance company will know roughly what to expect for scrap value. If the guys who the vehicle was recovered to offer close to that, then it's usally the easiest thing to accept that offer. If that offere doesn't come, or is way off the mark then the insurer might get others to look at, and bid on the car.

robtri

as u said scrap value is determined by who the ins company deal with and what they are prepared to offer, normally they will honour the bid, very very rare they will change their mind..
but there is nothing stopping you getting other breaker yards or repair shops to offer you a better offer on it...

makeorbrake

R.O.R wrote: »

Make/Model/engine/year/mileage of your car, and someone will give a suggestion.

Ford Fiesta TDCi van/1.4L diesel/2006/55,000km.

R.O.R wrote: »

Insurance company will know roughly what to expect for scrap value. If the guys who the vehicle was recovered to offer close to that, then it's usally the easiest thing to accept that offer. If that offere doesn't come, or is way off the mark then the insurer might get others to look at, and bid on the car.

Car wasn't recovered to a breakers. I have heard stories of people not being able to get the scrap value originally claimed by the insurer when the time came. I want to cover myself - so I guess I want to make sure that if they have confirmed that Co. X will pay X amount for it, are they under an obligation to buy it at that price - or if they don't, are the insurance company obliged to find another buyer for it at that price or pay out the difference between the overall valuation and what I eventually get for scrap (should it be lower)

Bonito

About €6,750 I'd say.

R.O.R

makeorbrake wrote: »

Ford Fiesta TDCi van/1.4L diesel/2006/55,000km.

Book value with 133,000km is €4,900. Adjusted for mileage (€55 per 1,000km) it comes to €9,190 which is far too high. €6,000 wouldn't be too far off in my guestimation.

makeorbrake wrote: »

Car wasn't recovered to a breakers. I have heard stories of people not being able to get the scrap value originally claimed by the insurer when the time came. I want to cover myself - so I guess I want to make sure that if they have confirmed that Co. X will pay X amount for it, are they under an obligation to buy it at that price - or if they don't, are the insurance company obliged to find another buyer for it at that price or pay out the difference between the overall valuation and what I eventually get for scrap (should it be lower)

So do you have the vehicle? I'd tell the insurance company to pay you the salvage value and get rid of it. IMHO they shouldn't be leaving written off vehicles with customers and get them to dispose of them. Estimate of about €1,000 for salvage?

makeorbrake

I went back to them for clarification and they have confirmed the following;

They will offer 6k with them keeping the salvage or 5499 with me keeping the salvage. I'm a bit confused as they said before, they had gotten a salvage bid of €4,501 - although thats only guaranteed to the insurance company.

The other thing I got him to clarify was how they arrived at the overall valuation of 6k. He said that it was based on a combination of book value & current sales listing on the i-net. He also mentioned that he would take any valuation from an independent assessor/suitably qualified expert should I decide to use one. I wonder would it be worth doing this and what they would charge me?

R.O.R

makeorbrake wrote: »

I went back to them for clarification and they have confirmed the following;

They will offer 6k with them keeping the salvage or 5499 with me keeping the salvage. I'm a bit confused as they said before, they had gotten a salvage bid of €4,501 - although thats only guaranteed to the insurance company.

The other thing I got him to clarify was how they arrived at the overall valuation of 6k. He said that it was based on a combination of book value & current sales listing on the i-net. He also mentioned that he would take any valuation from an independent assessor/suitably qualified expert should I decide to use one. I wonder would it be worth doing this and what they would charge me?

I'd take the €6,000 - which ties up with my estimate anyway. Can't see an independant assesor giving much more for it, and you'd probably end up paying.

Let them deal with the salvage as well.