NoNonsense creating their own car valuations

Otis Driftwood

Voodoomelon wrote: »

Fair enough point.
The only way I would probably get the full value (to me) would be buy it back from them if it was written off and part it out, ontop of the €3k.
And at €3k, it will take the lightest tip or mechanical bill to write it off.

If they paid you the 3k though they can charge you what they like to buy it back as its now theirs for salvage.

Well hopefully it not something you ever have to worry about anyway!

bohsfan

As mentioned- it doesn't matter what valuation you put on your car when you take out a policy. If the car gets written off they will only give you what is judged as the book value.

I know this from experience- my Passat was written off in the recent floods. It was in mint condition for the year, and had only just come through the NCT the previous month after spending almost €1000 on a new clutch, suspension and other bits. That car was worth about 2-2.5k to me considering its condition and the money spent on it.

They wrote it off and gave me a check for €1050 (there was an excess of €250, watch out for that too!) - I sent them on the paperwork documenting the work done etc. but they weren't interested. I just had to swallow it and move on.

You should look into the agreed payout policies- not everywhere does them, and they will be pricier, but it might suit you OP

Gophur

OSI wrote: »

They did a similar thing to me as well, car is worth ~€3500 and sent out a renewal with the value set at €1500, even better, the proposal has a new excess of €1500 as well :rolleyes: Handy that!

I'll be giving them a ring later, did a quote on their site and got the car insured at €3500, with an excess of €250 plus Windscreen Cover for nearly €100 cheaper than their renewal quote.

In saying that, circa €600 for TPFT for a 24 year old in a 1.6 ain't half bad I don't think.

Claiming from your own policy needs to be carefully calculated. For anything less than €5,000 it's dubious if it's worth losing your NCB by claiming.

PaulKK

OSI wrote: »

In saying that, circa €600 for TPFT for a 24 year old in a 1.6 ain't half bad I don't think.

Its expensive I would say. €580 fully comp in a 2.0 150bhp RWD here for last 2 years, same age.

the_syco

Voodoomelon wrote: »

If I were selling tomorrow, I would advertise for €6000 and take €5500, and I honestly think I would get it from a like-minded buyer on the many forums i'm on and the interest I got before when I briefly advertised for far more.

When it's wrapped-around-a-lamp-post, I doubt it being mint or not beforehand really matters.

swhyte027

To be honest you would buy any of the new model bmws for 7 grand these days.defo don't think ur car is worth 7grand sorry but it's harse.but I had a evo 7 bought and insured 18grand.only had it 3 weeks and it was robbed from outside the house.the insurence guy made me wait 28 days and then made me settle my claim on the book valve of the car of just under 10grand now u think ur p###ed off imagine how the hell I felt.

Voodoomelon

Everyone keeps saying it was never insured for €7000, I am well aware of this fact. My point is that if they cap it at a low amount, whether its worth it or not, contesting the price after a claim with similarly priced examples (ie, a higher amount) is pointless as they won't pay out more than what their figure dictates. By signing the policy, I am agreeing that my car is worth not more than €3000, which i do not agree to.

Big Nasty

As a matter of interest the VRT calc gives you an OMSP of €2298 for a '00 728 Sport, VRT on same is just €827.

bohsfan

Voodoomelon wrote: »

Everyone keeps saying it was never insured for €7000, I am well aware of this fact. My point is that if they cap it at a low amount, whether its worth it or not, contesting the price after a claim with similarly priced examples (ie, a higher amount) is pointless as they won't pay out more than what their figure dictates. By signing the policy, I am agreeing that my car is worth not more than €3000, which i do not agree to.

I think what people were getting at is that contesting the price of a claim was always futile- irregardless of what price you nominated. They are always going to give the book price.

The difference is that your policy is now a bit more black and white. They are being up front about what they judge the car to be worth, and will pay out, rather than you not knowing until you actually have a write off.

If you are not happy with this value then you should look into a fixed value policy as has been mentioned.

It could end up being a blessing in disguise. If they had not put the €3000 valuation on your renewal form, you would not have raised this issue and you would have been very upset if you had to claim during the next year...

Voodoomelon

MCMLXXV wrote: »

As a matter of interest the VRT calc gives you an OMSP of €2298 for a '00 728 Sport, VRT on same is just €827.

You know as well as me the VRT and OMSP figures are off the wall. But no doubt this is the same source for the insurers and where they got the €3k from.

Are other insurers doing this yet?

mickdw

Look for an agreed value policy. They are common in the uk but might be difficult here. Thats the only way you will get the value of your car should it be written off.

Big Nasty

Voodoomelon wrote: »

You know as well as me the VRT and OMSP figures are off the wall. But no doubt this is the same source for the insurers and where they got the €3k from.

Are other insurers doing this yet?

Totally, yeah. I was very surprised to see how low it was TBH seeing as they have a fondness for loading big buses.

Am due my renewal in the next week or so and let you know how I get on - I'm with FBD BTW.

Voodoomelon

Cheers. I won't be renewing til January anyways.

Seth Brundle

mickdw wrote: »

Look for an agreed value policy. They are common in the uk but might be difficult here. Thats the only way you will get the value of your car should it be written off.

I've never had any difficulty in providing my own value of a car when getting a quote.

Otis Driftwood

OSI wrote: »

This is all well and good, but if the car is under insured (ie insured for less than the market value) the very most they will pay is the value it is insured for, even if the going rate is considerably more. If the OP is insured for €3k, the most he'll get is €3k even if the cheapest equivalent car is €5k. Were as if he is insured for €7k, he might be paying €2-3 extra on his premium, but if he can prove the cheapest car he can get is €5k, he'll get at least close to that.

Not if they are setting the rating price.

Most insurance companies nowadays rate the vehicle values themselves so average clause is not a factor.

mickdw

kbannon wrote: »

I've never had any difficulty in providing my own value of a car when getting a quote.

That is neither here nor there as they wont pay that figure out if they think its too high. An agreed value policy is different. The value is set down as being specific to your car and none of this average market value will come into it should it be written off.

Seth Brundle

mickdw wrote: »

That is neither here nor there as they wont pay that figure out if they think its too high. An agreed value policy is different. The value is set down as being specific to your car and none of this average market value will come into it should it be written off.

It is relevant - my point was that regardless of what the company initially look for when renewing, you can change the value allowing for a slightly higher payout (if the car is worth it).

When my last car was written off, the insurance company sent out an assessor who valued the car at much lower that I had (realistically) perceived its worth. However had I valued the car when taking out the policy at the same value as other E39s I would not have managed to receive the eventual compensation that I did get because I was able to prove that cars were on sale for much higher than their valuation.

In other words, I got about two grand more in compensation than their valuation at policy renewal because I changed the value of the car upwards. Had I accepted their original valuation when taking out the policy, I would not have received this 2k.

Voodoomelon

Thats my concern ^^.

Eoin

RoverJames wrote: »

You do realise that even if the valuation on the policy is €7000 they still only pay market value?

But I'd say it would be easier to fight your case when it is actually insured for 7K (no matter how high that seems), rather than trying to argue that you should get more than it's insured for.

Sounds like sneaky tactics on their side. My current and previous insurers have said that the value makes no difference to the premium, until you go above 50 or 100K or something like that.

Cicero

I've always lowered down the amount my car is valued when renewing my policy...usually save around 50eur a year as a result...many policy holders have over insured their cars through the years...claiming your car is worth 7k when the insurance co will only pay out 4k is a waste of money for the policy holder..

maidhc

Cicero wrote: »

I've always lowered down the amount my car is valued when renewing my policy...usually save around 50eur a year as a result...many policy holders have over insured their cars through the years...claiming your car is worth 7k when the insurance co will only pay out 4k is a waste of money for the policy holder..

Completely disagree.

My experience recently is that assessors are reasonable in assessing the pre accident value of a car. If you can show how much the car makes on donedeal/carzone/autotrader they will consider the matter. If the car has 3+ months tax, they will take that into account. Having a valid NCT for a decent spell makes a difference too.

You should always err on the side of caution when valuing you car first day. If rickety 7ers are making 3k on donedeal, and it is conceivable the car could make 5k on the right day for the right buyer, then 5k is the absolute minimum you should put on it. I don't think it will cost you €50, and sometimes it saves money by putting a higher value on your insurance (I don't know why, but try putting a car down as being worth €1000 or €4000).

Cicero

maidhc wrote: »

Completely disagree.

My experience recently is that assessors are reasonable in assessing the pre accident value of a car. If you can show how much the car makes on donedeal/carzone/autotrader they will consider the matter. If the car has 3+ months tax, they will take that into account. Having a valid NCT for a decent spell makes a difference too.

You should always err on the side of caution when valuing you car first day. If rickety 7ers are making 3k on donedeal, and it is conceivable the car could make 5k on the right day for the right buyer, then 5k is the absolute minimum you should put on it. I don't think it will cost you €50, and sometimes it saves money by putting a higher value on your insurance (I don't know why, but try putting a car down as being worth €1000 or €4000).

All I can go on is my experience...when I'm on the phone to the company, I ask them to revise down the estimated value of the car by say 1k...immediately they come up with a slightly cheaper quote..I.e. 50 euro less....I'm not advocating under insuring your car to save on premiums....but in my experience, my insurance company never altered the estimated value of my car...it was up to me to do that.

Seth Brundle

Cicero wrote: »

I've always lowered down the amount my car is valued when renewing my policy...usually save around 50eur a year as a result...many policy holders have over insured their cars through the years...claiming your car is worth 7k when the insurance co will only pay out 4k is a waste of money for the policy holder..

I've found that any quote for a car under about 15k isn't affected by the value of the car.
However, I don't necessarily over value my car's worth but I do value it more than the average price for the same model.
For example, am I to seriously value my car (2003 BMW 525i Individual with 47k genuine kms) as one with 200k kms on the clock?

Cicero

kbannon wrote: »

I've found that any quote for a car under about 15k isn't affected by the value of the car.
However, I don't necessarily over value my car's worth but I do value it more than the average price for the same model.
For example, am I to seriously value my car (2003 BMW 525i Individual with 47k genuine kms) as one with 200k kms on the clock?

My valuation for my car was far more accurate than what the insurance company had it down as...that was my only point...as a result, I would have been paying over the odds in insurance premiums for an unrealistic valuation, and one that the insurance company would never end up paying out on...I haven't stated anywhere that someone should under value their car.