Car Value Estimation for "total loss" insurance claim. 2001 Mitsubishi Lancer GLXi Sedan Auto 100k kms - $2500

ozbjunkie on 29/01/2019 - 11:46

Hi All,

Hoping for someone with more automotive knowledge than me to say whether a valuation of $2500 is reasonable for a 2001 Mitsubishi Lancer GLXi Sedan Auto 100k kms.

Furthermore, the insurer has informed me that the amount I receive directly from their payments department will be less than $2500 as the remainder is made up of a partial refund from RMS for registration and CTP insurance slip.

Can anyone comment on the fairness and accuracy of the above?

I have checked on racq, redbook, and carsguide, and the valuation seems in the middle of the range (my car has low kms, but has some existing damage to several panels and the radiator guard).

Thanks for any and all assistance. Hoping spackbace might weigh in as a resident automotive guru.

Automotive

Comments

  • HighAndDry on 29/01/2019 - 12:00
    +4

    I have checked on racq, redbook, and carsguide, and the valuation seems in the middle of the range

    Seems right then. No one here is going to be able to give a better valuation than racq, redbook or carsguide. Those are where people here would go to get our estimated values.

    • ozbjunkie on 29/01/2019 - 12:13
      +2

      Thanks for the input - glad I was looking in the right places.

  • bobbified on 29/01/2019 - 12:02
    +5

    the valuation seems in the middle of the range (my car has low kms, but has some existing damage to several panels and the radiator guard).

    Given what you've found in your own research above, I would say you're lucky they're not valuing it at the lower end of the scale.

    What price are you after? You can always try and negotiate. Worst case, you can take them to the ombudsman if you can't agree on a price. But I honestly don't think you'll have much luck in this case.

    • ozbjunkie on 29/01/2019 - 12:13

      Yeah I don't feel hard done by - I just wanted to check, I am neither experienced in insurance claims nor a car person.

      Seems fair enough to me, and given the lack of complaints here, my first issue seems resolved. The second issue is where I was even more unclear, but I guess that's how its done (pending no information otherwise).

  • spackbace on 29/01/2019 - 12:03
    +4

    Yeah all I'd quote would be trade value, which would be about $500 😉

    If your research says it's fair, then…

    • ozbjunkie on 29/01/2019 - 12:11

      Ouch - you're a hard man.
      Thanks for the input.

      • spackbace on 29/01/2019 - 12:19
        +4

        Lol not harsh just reality. It's a wholesale car, 18yo, that's its trade value

        • ozbjunkie on 29/01/2019 - 12:21
          +10

          But it was a chick-magnet! (unfortunately of the same polarity, resulting in relatively strong repulsion).

          • Broke-Ken on 29/01/2019 - 14:35
            +3

            @ozbjunkie: Was it in anyway related to [2sexy] or [2wistd]? ;)

            • ozbjunkie on 29/01/2019 - 14:52
              +1

              @Broke-Ken: no but at least you have given me something to look into while I sit here nursing my shoulder injury and hating life. you're a star.

            • thetrain on 29/01/2019 - 14:58
              +1

              @Broke-Ken: nah not an Evo =P

  • [Deactivated] on 29/01/2019 - 12:15
    +2

    racq, redbook, and carsguide, and the valuation seems in the middle of the range (my car has low kms, but has some existing damage to several panels and the radiator guard).

    They placed the value of the car in mid-range and you think your car stands out in terms of damage hence perceived at less than mid range.

    The insurer is probably offering more than they can if they wanted to scrutinize. Take the cheque and walk away.

    • ozbjunkie on 29/01/2019 - 12:18
      +4

      Yep seems like low kms have cancelled out the minor body damage from previous park-by-feel attempts. Advice noted, thanks.

      I'm feeling ever more satisfied re the amount.

      • [Deactivated] on 29/01/2019 - 12:25
        +4

        I'm feeling ever more satisfied re the amount.

        Then you've truly mastered life.

  • John Kimble on 29/01/2019 - 12:29
    +1

    Furthermore, the insurer has informed me that the amount I receive directly from their payments department will be less than $2500 as the remainder is made up of a partial refund from RMS for registration and CTP insurance slip.

    Yes, that's in the fine print. You have to go get the refund from RMS, they keep the CTP.

  • Iam12 on 29/01/2019 - 13:12

    Had a car written off with full body hail damage that I tried selling for 4.5k to no avail. Insurance offered 6.2k and I negotiated it to 6.8. You can always try for more, just state the low mileage etc.

  • GG57 on 29/01/2019 - 13:39
    +2

    If you really, really think the car is worth more, offer to buy it from the insurance company for that value.

  • pegaxs on 29/01/2019 - 14:57
    +1

    More than you would have gotten if you tried to sell it. I would call it a win.

    Please tell me you had comprehensive insurance on this? $400+ premium, $600+ excess. 😂

    • ozbjunkie on 30/01/2019 - 08:43

      Yeah Bingle was comprehensive for about the same or less than others would do tpp. Your figures are about right.

  • brendanm on 29/01/2019 - 22:52

    Seems high considering the pre existing damage.

  • mychips on 31/01/2019 - 15:21

    Your car is not worth much at all so that sounds on the higher end. Surprised you would even bother with comprehensive with that car. You'd save a boatload just having third party, fire & theft.

    • ozbjunkie on 31/01/2019 - 22:30

      Was 380pa for comprehensive, last I checked a few years ago other insurers wouldn't even do TPP for that price. Am I mistaken? I always like to be corrected if I'm wrong.

      Edit - Compare the market (which is not exhaustive but seems ok for ballpark figures) gives me $340 minimum for TPP without fire and theft. I'm happy to have paid the extra $40 bucks.

      BTW I wasn't even driving, so my flatmate paid the excess and I just get to keep the cash. I'm probably better off without the car anyways.

  • Baysew on 31/01/2019 - 15:22

    My best price is $2499 Tow away.

    • ozbjunkie on 31/01/2019 - 22:29

      Sold if I can keep the plates. Actually it's drivable. But I will assume you're joking.

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