Insurance payout

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tco21

Cynical Grinch
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GF just got notice from her insurer that they'll be paying out 69k for her 2005 Yaris. Seems a bit low considering the car only had 79,000 on the odo and. Is it worth fighting for? Does it ever help fighting for settlement funds? Is car year and model the only factors they look into?
 
I just sold my wifes 2005 yaris in with 40000k on the clock, best price I could get was R71000. insurance pays out book value of your car I think so I wouldn't even bother querying actually think you got a good deal
 
tco21 said:
GF just got notice from her insurer that they'll be paying out 69k for her 2005 Yaris. Seems a bit low considering the car only had 79,000 on the odo and. Is it worth fighting for? Does it ever help fighting for settlement funds? Is car year and model the only factors they look into?
Click to expand...

That amount seems correct for 2005 Yaris, even thou i dont know the exact model.

Check the amount that was insured for on the policy wording document.

Do you have shortfall cover?
 
web said:
I just sold my wifes 2005 yaris in with 40000k on the clock, best price I could get was R71000. insurance pays out book value of your car I think so I wouldn't even bother querying actually think you got a good deal
Click to expand...

There are two types of valuation that an insurance company could be using...
Trade value - the price at which a dealer will buy your car
Retail value - the price at which a dealer will sell that same car back to you

Check your insurance policy to see what you were paying premiums for. Then phone a dealership and ask him to look up the value on your make/model. You will then be able to know if you should fight or not.

That said, the insurance company most likely got that valuation from the same source that the dealer will get the information
 
Trade + Retail /2
Reasonable market value
Plus extras if noted on the schedule
Plus up to 19% for low mileage and excellent condition if applicable
Less excess
 
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