Auto Insurance Claims: fire and theft claim, kelly blue book, work in ireland

Question
vandals recently burnt my commercial jeep  out.now the insurance company only want to give half the price of what it was worth. where do i stand.

Answer
Hello Tony,

The problem in answering this question for me is that I have no knowledge of how insurance companies work in Ireland. I do not know how they word their policies and I do not know what references they use for determining value.

In the US Kelly blue book and other references are used to determine fair market value in a specific region.

Sometimes the insured might have $10,000 invested in the car and maybe it is only worth $5,000. The insured is responsible for anything above the $5,000 in this case.

Sometimes here an insured may have a after market stereo system and custom wheels. There are insurance companies that will only figure for the original parts and in some of these instances to have the after market stuff covered, the insured needs to pay extra for what is known as an endorsement.

As I stated, I know nothing about how the insurance companies work in your country. I would recommend reviewing your policy and if you have questions, contact your agent.

Rob