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Insurance Claim

  • 01-05-2014 8:04pm
    #1
    beamer-89
    Registered Users, Registered Users 2 Posts: 74 ✭✭


    Looking for some advice on the insurance claim process.

    Luckily I was the only one involved and the only damage is done to the car.

    I've had my insurance company take the car to a local garage to be assessed and see if the damage is fixable or a write-off.

    I've being looking at the same car prices online and they are for sale for about 1/1.5k more than I gave as the value of the car to the insurance company.

    I'm just wondering will the insurance company work off the value that I gave when deciding how much they will pay out or does the assessor they have look at it go off the market sale value?


Comments

  • #2
    scrap_man
    Registered Users, Registered Users 2 Posts: 123 ✭✭scrap_man


    They normally go off the open market selling price unless you have declared the cars value as less than that, then the most they will payout is your value.
    For example if your car has an open market selling price of 10k and you over insure it for 12k then the max they will pay out is 10k.
    If you under valued it at say 8k then the max they will pay out is 8k regardless of the open market selling price


  • #3
    johnnycashley
    Closed Accounts Posts: 5 ✭johnnycashley


    I've being looking at the same car prices online and they are for sale for about 1/1.5k more than I gave as the value of the car to the insurance company.

    I'm just wondering will the insurance company work off the value that I gave when deciding how much they will pay out or does the assessor they have look at it go off the market sale value?

    I work in insurance and the most they will may is the sum insured as your premium was based on the sum insured you provided to them.


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