Motor Undervalued car on policy

Thanks Horusd, will pass that on..

SparkRite said:

More or less.........
Not sure if it applies to motor insurance but it always did to property (real estate) insurance, not 100% sure if it does anymore. So if for example you insure a house for 300K and its real rebuild costs are 400k and that property is razed to the ground, then the underwriters may say that seeing as you under insured the property by 25% then the max they will pay is 300K lest 25% ie. 225K.

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No it doesnt apply to motor.

So why do we go through this charade of "What is the valuation of your car" when buying insurance? Why not let the insurance company tell us what the car is worth, because if the worst happens the will only pay out their own valuation anyway.At least then no-one is under or over insuring their car

seantheman said:

So why do we go through this charade of "What is the valuation of your car" when buying insurance? Why not let the insurance company tell us what the car is worth, because if the worst happens the will only pay out their own valuation anyway.At least then no-one is under or over insuring their car

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You're absolutely right, at the end of the day, they will only pay the "book price".
So really when we fill in insurance applications we should ask "What do you think the car is worth?"
Or "What is the maximum you pay will for a car of this year?"
Basically the owners/insurers valuation counts for diidly squat!!

No. BEcause some insurers charges based on the value of the car once it exceeds a certain value such as €60,000 or €100,000. Obviously someone with a 2011 Range Rover at 110,000 shouldn't be paying the same amount with some who has a 2003 version of the same vehicle at €20,000!

New to this, so be gentle....
My stolen car was undervaled.(d'oh) But the car was recovered a few weeks after the payout.
So the insurance company have made a profit. As they never gave me the option to anul the payout or reclaim my posessions ( which they could have sold on).
Opinions welcome....

How do you know its undervalued?

I have been there with the insurance company and one could argue till your blue in the face but they will pay the current market value of the car as given to them by an assessor or engineer who they pay to assess damages, the engineer simply goes on CBG.IE or CARZONE and gets an average price for your make and model with the same refinements your car has and this is the value. the insurance company I was dealing with passed me on to him as I wouldnt accept their valuation and he explained the process to me which although i still was'nt too happy with it I had to accept it, so regardless if i bought it and insured it for 15k, its worth what they say at the end of the day.

Thanks for the responces ....I know it was undervalued because the insurance company told me it was valued at 12k but unfortunately at renewal I had said 10k. But I accept that. What I don't accept is that they didnt offer the car back to me ( if i returned the payout) or the possessions that were in the car.

Unless their settlement figure included your personal possesions in the car I'm suprised you couldn't have requested to collect them. That said they won't ring you to get you to collect them.