If insurance company writes off a car what value do i get?

jones

My car may be getting written off after flood damage (I only have it 7 weeks and its cost €14,950) I assumed if it was written off I would get almost full retail value for it but now I hear that might not be the case!

Any experts here know where I stand? I am sick enough over possibly losing the car that took me 6 months to find don’t tell me I’m going to lose money off its value aswell?

aristotle25

You should get the value of the car as it would cost to buy today. Thats my understanding.

So factor in 7 weeks depreciation you should get near to what you paid for it.

mullingar

And if they dont, tell them that you will employ a claims adjuster who will also get his cut at the expense of the insurance company.

aristotle25

Assume you have fully comprehensive insurance as opposed to third party, fire and theft?

jones

Thanks folks!! gutted enough over this without the thoughts of losing a few K off the value aswell

oldyouth

Market value less policy excess, providing you have an adequite sum insured for the vehicle

CardinalJ

mullingar wrote: »

And if they dont, tell them that you will employ a claims adjuster who will also get his cut at the expense of the insurance company.

The insurance co won't pay for any assessor you get.

CiniO

jones wrote: »

My car may be getting written off after flood damage (I only have it 7 weeks and its cost €14,950) I assumed if it was written off I would get almost full retail value for it but now I hear that might not be the case!

Any experts here know where I stand? I am sick enough over possibly losing the car that took me 6 months to find don’t tell me I’m going to lose money off its value aswell?

You will get whatever insurance company thinks your car was worth right before it was damaged.
They will subtract an excess as well.

Vicxas

Its usually trade value of car + Excess too.

funkyjebus

Current market value less your policy excess.

The purpose of insurance is to indemnify you to your original position (you cannnot make a profit out of it), therefore they'll only pay how much
it will cost to get you a like for like replacement.

slave1

Be prepared for a hit (especially if it was new) as it's likely the most expensive trip you will ever make is to drive a new car off the forecourt.
Hope it works out well for you!

beer enigma

jones wrote: »

My car may be getting written off after flood damage (I only have it 7 weeks and its cost €14,950) I assumed if it was written off I would get almost full retail value for it but now I hear that might not be the case!

Any experts here know where I stand? I am sick enough over possibly losing the car that took me 6 months to find don’t tell me I’m going to lose money off its value aswell?

Was it brand new ? if so most insurers will offer a new replacement as it can work out more cost effective.

If its second hand then market value less excess I'm afraid

mullingar

CardinalJ wrote: »

The insurance co won't pay for any assessor you get.

I was told you can as its an expense of your claim (minus excess);)#
You learn something new every day.

But definitely consider it OP if the insurance company offers/insults you a few €K less that the true replacement cost

funkyjebus

mullingar wrote: »

I was told you can as its an expense of your claim (minus excess);)#
You learn something new every day.

But definitely consider it OP if the insurance company offers/insults you a few €K less that the true replacement cost

Ive never heard of an Insurance company paying for a loss assessor, ever (I'm an insurance broker). They will pay for a loss adjuster , but he works for them.

A loss assessor works on your behalf, if the insurance company was to pay for them then if would be a conflict of interest.

I think someone may be mixing up their assessor and their adjuster, which often happens.

sundula

if your car is written off be prepared to be disapointed.

jones

Yeah folks i'm fully comp and no the car isnt new its 2008 Golf! prices seem the same as when i bought it (hardly going to change too much in 7 weeks in fairness)

Thanks for all the input

eddiem74

Sorry to jump in on the thread but am also curious on this.

I accidentially bumped into the assessor today checking my car whilst I was at the storage area getting some belongings from the car that I had forgot while it was being rescued.

He basically said it would be a write off (2008 320i M Sport Coupe ). I asked him what the process was and he said.

• Insurance valuation team would determine a pre-accident value
• Less policy excess
• They would also put out to quote to determine a salvage value

I am not sure really where the salvage value comes into it, I was a little overwhelmed with all he was saying, but I do remember he said I would get the salvage value direct from whom ever was doing the salvaging.

Does anyone have a clearer explanation of how the process works?

I know I need to start doing my own homework on a pre-accident value.

Advice welcome and appreciated.

CardinalJ

eddiem74 wrote: »

Sorry to jump in on the thread but am also curious on this.

I accidentially bumped into the assessor today checking my car whilst I was at the storage area getting some belongings from the car that I had forgot while it was being rescued.

He basically said it would be a write off (2008 320i M Sport Couple ). I asked him what the process was and he said.

• Insurance valuation team would determine a pre-accident value
• Less policy excess
• They would also put out to quote to determine a salvage value

I am not sure really where the salvage value comes into it, I was a little overwhelmed with all he was saying, but I do remember he said I would get the salvage value direct from whom ever was doing the salvaging.

Does anyone have a clearer explanation of how the process works?

I know I need to start doing my own homework on a pre-accident value.

Advice welcome and appreciated.

The insurance company will put a pre accident value on the car, if the repairs are more than 60% of the pre accident value the car is a write off.

In relation to the salvage, they get a quote from garages/scrap companies and take this figure away from the pre accident value and you arrive at what they will give you, less your excess.

Depending on the company, they will get rid of the salvage as well, or it will be up to you to, but they will give you the details of who ever they agreed the figure with.

Hope this helps.

eddiem74

CardinalJ wrote: »

The insurance company will put a pre accident value on the car, if the repairs are more than 60% of the pre accident value the car is a write off.

In relation to the salvage, they get a quote from garages/scrap companies and take this figure away from the pre accident value and you arrive at what they will give you, less your excess.

Depending on the company, they will get rid of the salvage as well, or it will be up to you to, but they will give you the details of who ever they agreed the figure with.

Hope this helps.

Thanks for the clarification.

A couple of other questions:

• should the pre-accident value of the car take into account the full spec of the car? I mean if I added extras when I purchased it I expect they should be considered i.e. they should compare like with like or is that not the case?
• so they deem the car a write off due to flood damage by an assessor basically looking at it and determining that. Should I also have a garage or someone else assess it to really establish if repairable or not?

Just on the damage from my perspective; the car had some water get in the drivers door when opened, so the floor was wet, not the sides or anything. And when you lift the bonnet the engine looks fairly clean. Now it tries to start but doesnt. The car was driven into a flood, got half was in and cut out, it was pushed out the rest of the way, however aircon was on when driving in and being pushed out. It's an automatic also. I am trying to establish should I get this checked in terms of repair instead of just accepting the write off decision? Thought's?

Cookie_Monster

An interesting little item I came across while insuring the car over here.

Book value of the car was agreed at 6,500 NZD, slightly more than I actually paid for it but how and ever. That is the amount I'll get if the car is ever written off, no matter if it's next week or in two years time (if I keep the policy obviously) Pretty sweet huh?

oldyouth

eddiem74 wrote: »

Thanks for the clarification.

A couple of other questions:

• should the pre-accident value of the car take into account the full spec of the car? I mean if I added extras when I purchased it I expect they should be considered i.e. they should compare like with like or is that not the case?

Just be careful that the 'extras' that you added to the vehicle aren't considered as modifications to standard, as declared on your proposal form. That could land you in a good bit of bother

eddiem74

oldyouth wrote: »

Just be careful that the 'extras' that you added to the vehicle aren't considered as modifications to standard, as declared on your proposal form. That could land you in a good bit of bother

So under the assumptions on my insurance statement of facts it does state "has not been modified from the standard manufacturers specification".

But if these extras were added a time of order/purchase and the car was built by the manufacturer to this specification - does that still hold true? I am talking things like: adding automatic, bigger wheels, phone bluetooth, leather seats, etc..

oldyouth

If the vehicle you insured has been altered from the standard production line model, you need to declare it to insurers. Anything that the insurance company consider has increased the chance and cost of a claim is a material fact. That does not restrict itself to speed/performance but also to whether it makes it more theft attractive. It can even mean that the alterations 'profile' the owner as being less desirable than they would have wished to insure initially.

If the modifications themselves are not done by the manufacturer or, alternatively certified by a motor engineer, insurers can even go as far as saying they would have requested documented proof that they were in order at inception and, without such confirmation, they consider the vehicle to be a higher risk (NCT approved or not).

Delancey

Cookie_Monster wrote: »

An interesting little item I came across while insuring the car over here.

Book value of the car was agreed at 6,500 NZD, slightly more than I actually paid for it but how and ever. That is the amount I'll get if the car is ever written off, no matter if it's next week or in two years time (if I keep the policy obviously) Pretty sweet huh?

- I really cant see them giving you the value

Are you sure about that ? In 2 years time the car may have depreciated by , say , 40% - I really cant see them giving you the full current value if the car has depreciated by almost half

tanyapbrady

Can I jump in here and say that my 08 520d BMW was flooded also, soaked inside, insurance co want to install new engine, new carpets and new foglights can I appeal their decision as I reckon its a write off, they reckon the electrics are fine????

jones

tanyapbrady wrote: »

Can I jump in here and say that my 08 520d BMW was flooded also, soaked inside, insurance co want to install new engine, new carpets and new foglights can I appeal their decision as I reckon its a write off, they reckon the electrics are fine????

From talking to friends etc who are mechanics i was told to try get it written off as if enough water got inside the car problems mightn't show up for months....then again it could be grand but there is a risk