Motor How do insurance co.'s come up with valuation for motor claim?

[paulpd]

I left the house this morning to go to work and someone had rear-ended my car overnight (hit & run). Guards reckon it's a write-off and so do I and anyone I've shown the photos to do too. Insurance co say I'm covered. The value on the insurance docs is E5k, although Carzone etc have similar makes / years for c.E4k. Excess on policy is E300.

Is there a straightforward valuation method they use or am I relying on being lucky with the assessor? Or is it E5k as per the insurance documents?

Thanks

 

[Ravima]

its NOT the insured value that you receive, but the current market value. If the car can be replaced for €4K and is insured for €5K, then all you will get is the €4K.

You can get your own assessor (at your own expense) and/or you can avail of Arbitration clause under your policy if you want.

 

[mathepac]

... Carzone etc have similar makes / years for c.E4k. Excess on policy is E300. ...

On the web-sites these are asking prices, not valuations, so based on a 10% reduction say €3.5k, less the value of the car to a scrappy, say €1k, less the excess. I'd say expect an offer of €2k to €2.5k in full settlement from your insurers.

 

[paulpd]

On the web-sites these are asking prices, not valuations, so based on a 10% reduction say €3.5k, less the value of the car to a scrappy, say €1k, less the excess. I'd say expect an offer of €2k to €2.5k in full settlement from your insurers.

They just phoned with €4250 so not so bad