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https://www.boards.ie/discussion/2055940817/signature-rules

Write off and the Value car was insured for

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  • 21-10-2014 9:02pm
    #1
    tandcapply
    Registered Users Posts: 323 ✭✭


    Hi All,
    My car was recently written off due to a crash.
    The other party's insurance firm will pay as I wasn't to blame.

    I was stupid enough to value my car with my insurance company for lees than what I've paid for it, I'm probably the only one who does that.

    My question is, will the other party's insurance company pay me based on the value registered with my insurance or are they likely to pay market value which s what I paid for it.

    Also, can and will insurance company discuss and request that information?

    TIA


Comments

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    #2
    colm_mcm
    Registered Users Posts: 73,384 ✭✭✭✭colm_mcm


    Market value, maybe you overpaid for the car and will find another similar one for less money.


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    #3
    marzic
    Registered Users Posts: 784 ✭✭✭marzic


    the market value applies, the value you gave is only relevant to your insurance quote with your own insurance company.

    what year/make/model is the car? if you dont mind me asking.


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    #4
    slimjimmc
    Registered Users Posts: 7,787 ✭✭✭slimjimmc


    marzic wrote: »
    the market value applies, the value you gave is only relevant to your insurance quote with your own insurance company.

    what year/make/model is the car? if you dont mind me asking.
    It's of no relevance to third party claims but had the OP found himself in situation where he was claiming total loss against his own policy then the insured value could be very relevant. For example if you are under-insured with Liberty Insurance they will reduce the pay out accordingly.


    From their Car Insurance Policy Booklet at http://www.libertyinsurance.ie/car-insurance/forms_documents.html
    If you have insured your vehicle for less than the current market value, we will reduce the amount we pay you in line with this.


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    #5
    arthur daly
    Registered Users Posts: 477 ✭✭arthur daly


    The value only matters if you wrote your car off that will only pay that amount but if someone else writes you off it has to be market value


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    #6
    galwaytt
    Registered Users Posts: 12,761 ✭✭✭✭galwaytt


    arthur daly wrote: »
    The value only matters if you wrote your car off that will only pay that amount but if someone else writes you off it has to be market value

    Kinda.
    We've just spent over 9 weeks in "discussions" with both our insurer and the liable third party's insurer and we stuck to our guns.

    The insured value isn't cast in stone, and in our case our insurance company offered more than the insured value when I put the case to them. Eventually. And it still wasn't enough.

    We still weren't happy though as we couldn't replace our car for that amount either. So we did not process the claim through them at all, and dealt directly with the 3rd party's insurer and we settled on a better sum.

    Our experience has taught me thus: your insurer has no interest in you at all, only closing off the claim on their books and are quite happy to settle for an inferior amount, even when ultimately it isn't costing them a cent (3rd Party admitted liability).

    Also, NCB protection a must, and legal cover a good idea if it gets ugly. We had to do a lot of legwork, phone calls and emails but there was no way we were accepting a material loss when we were not at fault irrespective of what "normally" applies.

    And as I have learnt: market values can rise, too.

    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” 



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    #7
    tandcapply
    Registered Users Posts: 323 ✭✭tandcapply


    Thanks all for your reply.


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