# Pre-crash value of car - how do insurance company decide this?



## jun2004 (23 Oct 2008)

Hi
Our car was damaged in a crash recently - no other parties involved.  Have had to go through the insurance company as the repair cost was too high.  The insurance company sent out an engineer to assess the car today and he has decided to write the car off and give us the pre-crash value instead.  He is going to submit the pre-crash value of the car to the insurance company as €5000.  
My question is, will the insurance company give us €5000 or is this just a guide value and they decide themselves what to give us?
Thanks!


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## Ravima (23 Oct 2008)

If assessor puts value at €5k, then they will pay out €5k, assuming that you had it insured for at least €5k. if you only had it insured for €4k, then they will NOT give you €5K


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## mathepac (23 Oct 2008)

Ravima said:


> If assessor puts value at €5k, then they will pay out €5k, assuming that you had it insured for at least €5k. if you only had it insured for €4k, then they will NOT give you €5K


Even if insured for €5k, and assessor valued it a €5k, I will place a bet now that the insurers will not pay €5k.

Any takers?


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## Jimbobp (23 Oct 2008)

mathepac said:


> Even if insured for €5k, and assessor valued it a €5k, I will place a bet now that the insurers will not pay €5k.
> 
> Any takers?


 
No takers here. The company will pay current market value less salvage (that is paid by a dealer, and may be open to negotiation), less policy excess if applicable. If you think the market value offered is too low, we've had success of increasing the offer by presenting the assessor with an alternate valuation. CBG.ie is handy for providing this. Best of luck.


www.powerinsurances.ie


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## Ravima (25 Oct 2008)

If insurance co assessor put the €5k on it, then I'll take the bet. You will get €5k , less the policy excess if any. they may deduct a salvage value, but you will get that from the salvage buyer. A definite bid must be given to you if you are being left the salvage.


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## mathepac (25 Oct 2008)

Ravima said:


> If insurance co assessor put the €5k on it, then I'll take the bet. You will get €5k , less the policy excess if any. they may deduct a salvage value, ...


Grand - pay me now because you've lost. The bet was -


mathepac said:


> Even if insured for €5k, and assessor valued it a €5k, ... *the insurers will not pay €5k* [bolding added]...


and you've just listed two deductions the insurers will take from the settlement cheque.

{Note to self - check lotto numbers for tonight, you're on a roll. }


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## bond-007 (25 Oct 2008)

If a car is stolen what value do they place? Esp if the car is never recovered or is found burnt out?


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## ACA (27 Oct 2008)

bond-007 said:


> If a car is stolen what value do they place? Esp if the car is never recovered or is found burnt out?


 
The most that the pay-out will be is the insured value less any excess. In the event that, (like most people), the value hasn't been changed for a number of years, the CBG and the internet are used to get an average replacement figure - although proof of ownership, NCT and tax is still applicable. No NCT for instance can negate your claim by 25% or more as technically the vehicle isn't road worthy. Proof of service history, new tyres, recently passed NCT etc. all add to the value so are worth keeping for a good while.


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## jun2004 (28 Oct 2008)

Hi

Thanks for all your replies.  The insurance company are giving us the €5000 less the excess.  The car had no current NCT , the engineer had said that some engineers deduct value from the car if it has no current NCT but he doesn't (luckily for us)


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## mathepac (28 Oct 2008)

Congratulations, that's a result. Keep a copy of the settlement cheque and frame it. It'll have rarity value.


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## Ravima (30 Oct 2008)

I don't understand how its rare. Insurers are not thieves despite what prople migth hear in the local pub. They are regulated by the Financial Regulator and standards have generally improved over the past few years.


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## mathepac (30 Oct 2008)

Ravima said:


> I don't understand how its rare. Insurers are not thieves despite what prople migth hear in the local pub. They are regulated by the Financial Regulator and standards have generally improved over the past few years.



Perhaps I should have added "in my direct first-hand experience, based on two claims, the last one ten years ago, but with no more recent experience."

I can't see any reference to "thieves", other than in your post.


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