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Insurance write off

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  • 30-11-2020 9:02pm
    #1
    supervento
    Registered Users Posts: 370 ✭✭


    Hi everyone,



    spoke with an elderly neighbour today, he had an accident in his car (that he recently inherited) and says the car is a write off....



    basically when he was insuring it fully comp he had thought the car had a value of €5000 (genuine error by him) when in fact the value of the car is €9,000 (as this is what the insurance company have said was the actual market value... prior to crash)



    the value to cost to repair the car is €6300.... and insurance company have said the salvage value is €4380... they have said they will only give him the €5,000 as this is what it was insured for.... as they say the car is a write off so they will not agree to getting it repaired...



    Is this right, or has anyone else came acr'oss situations like this? Hard to believe that a genuine error could be so costly....


Comments

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    #2
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    They paid a premium for €5,000 insurance, they signed / agreed to the figures, so absolutely no comeback.


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    #3
    supervento
    Registered Users Posts: 370 ✭✭supervento


    Darc19 wrote: »
    They paid a premium for €5,000 insurance, they signed / agreed to the figures, so absolutely no comeback.


    Yes absolutely this is the fact of the matter, just quiet brutal on a old person I thought... you would think the insurance company would allow some sort of good will considering....


    He inherited the car and didn't know how much the vehicle was actually worth... just shows you eh...


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    #4
    bazz26
    Registered Users Posts: 51,155 ✭✭✭✭bazz26


    Insurance companies like any business are in the business of making money, good will doesn't come into it. Tragically if he had it insured for 50k they would still only have paid out the market value.


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    #5
    coylemj
    Registered Users Posts: 25,357 ✭✭✭✭coylemj


    supervento wrote: »
    basically when he was insuring it fully comp he had thought the car had a value of €5000 (genuine error by him) when in fact the value of the car is €9,000 ....

    I'm guessing that he made the same 'genuine error' when declaring the value to Revenue for CAT purposes ;)

    Whether it was written off or not, he was going to be out of pocket for any claim for accidental damage. The car had a street value of 9K and was insured for 5K so it was underinsured and the fraction of 5/9 would have been applied to any or all claims under the fully comp. part of the policy i.e. if he crashed the car into a tree (nobody else involved) and caused 3,600 worth of damage, they would have paid out only 2,000 (3,600 * 5/9).


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


    supervento wrote: »
    Yes absolutely this is the fact of the matter, just quiet brutal on a old person I thought... you would think the insurance company would allow some sort of good will considering....


    He inherited the car and didn't know how much the vehicle was actually worth... just shows you eh...

    Lol, 'insurance company' and 'goodwill' in the same sentence, lol.

    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
    Bass Reeves
    Registered Users Posts: 18,214 ✭✭✭✭Bass Reeves


    Is he at fault in the accident that happened and claiming off comprehensive or us there a third party involved who is at fault.

    If he is at fault his comprehensive coverage is ruled by the book value he declared unless he over valued. However if there is a third party at fault he can decline his comprehensive claim and chase the 3rd party for the value of his car

    Slava Ukrainii



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