nissan 350z

[valuator]

nissan

[Rory Phoulorie]

So what qualifications does an independent valuator need for the valuations he/she carries out to be accepted by local insurance companies who already deal with their own preferred valuators?

What if I did modifications to the car, but I did not keep the invoices. The modifications are readily visible and can obviously be identified as not being stock. How does an independent valuator take this into account in the valuation?

[valuator]

fdsaffffffffffffff

[valuator]

Should we value our house and not the land? Our office but not our job? Our kids but not their education?

Modifications to vehicles, ie, performance parts, customized paint work, music, graphics, even security devices must be valued.

They can either be valued separately or included in your vehicles overall valuation.

Thats no problem if purchase invoices or receipts for additional accessories were lost or whatever, the point is, if its existence can be a proven part of the vehicle physically then it has to be valued.

If you value your vehicle then u should "VALUE" your vehicle.

[acesinghit]

guy x has a 2000 Mitsubishi Lancer GLXi and it was valued for $48,000.

guy x, some time after got that vehicle stolen. Since the valuation/policy update, the vehicle incured...lets say 3% depreciation, then the value of the vehicle at the time of the loss is now $46,560. and the policy excess is $2,400. therefore, what guy x will get in his cheque is $44,160.

if you insure a $48,000. car for $35,000. then the insurance company calculates the loss from the insured figure less the depreciation as opposed to the valued figure. Insurance companies work from the smaller figure except their is an agreed value policy attached.

[valuator]

sdafsdafadsfdsa

[acesinghit]

^^^the problem is, people dont understand what an excess is or simply the "deductable" on a full comp policy. most people simply insure their car based on the purchase price.....case in point,

a travelling officer of the GOTT can get VAT exemption and a % off the MVT. Say He/She buys a $100,000.00 roro Nissan Cefiro A33 and after exemptions, the vehicle was actually purchased for $82,000.00 then he/she may have insured it at such a figure. A proper insurance company/agent/broker would advise the client that a valuation should be done if a new full comp policy is to be taken out, that way, the correct premium would be paid per annum. The valuator then values the said vehicle for $98,000. If he/she was not guided properly, the vehicle would have been insured for $82,000. and if we apply the same vehicle theft situation above then the cheque for this travelling officer will be in the amount of $75,440. The first question the travelling officer will ask is, can $75,440.00 buy me another Cefiro? The answer is no! He/She will have to fork out the remainder to acquire the same vehicle. He/She IMHO has not been indemnified.

[valuator]

I couldnt agree with u more, that is a classic example of what "Under Insuring" is.

[Spyrogyra]

A foreign friend of mine asked if auto insurance also covers compensation due to injuries or death on either party?

[valuator]

Comprehensive Insurance Coverage covers all parties for bodily injuries, according to policy guidelines

[valuator]

sdfasdddddddd

[cacasplat3]

^^^the problem is, people dont understand what an excess is or simply the "deductable" on a full comp policy. most people simply insure their car based on the purchase price.....case in point,

a travelling officer of the GOTT can get VAT exemption and a % off the MVT. Say He/She buys a $100,000.00 roro Nissan Cefiro A33 and after exemptions, the vehicle was actually purchased for $82,000.00 then he/she may have insured it at such a figure. A proper insurance company/agent/broker would advise the client that a valuation should be done if a new full comp policy is to be taken out, that way, the correct premium would be paid per annum. The valuator then values the said vehicle for $98,000. If he/she was not guided properly, the vehicle would have been insured for $82,000. and if we apply the same vehicle theft situation above then the cheque for this travelling officer will be in the amount of $75,440. The first question the travelling officer will ask is, can $75,440.00 buy me another Cefiro? The answer is no! He/She will have to fork out the remainder to acquire the same vehicle. He/She IMHO has not been indemnified.

my mom is a travelling officer and bought a A33 cefiro..........but got it insured for the actual value(95+K)

[jaceson]

valuator question to you: im a bit unsure about this, but if your vehicle is stolen and it isn't recovered. Would the insurance company be liable to pay you back for your loss? (Assuming fully comprehensive insurance)

[acesinghit]

^^^I can answer it for you pending your REAL answer from valuator:

All fully comprehensive insurance policies for motor vehicles does include theft benefit. Only third party fire and theft policies as the name suggests includes vehicle theft.

If you have a Toyota Corolla valued at $100,000.00 in January 1st 2008 and it is stolen in March of 2008 then according to some motor policies your vehicle would have incured 2 months of depreciation at a % stated in the company's policy document. If it is 1.25% per month then the total depreciation would be 2.5% of $100,000. which equates to $2,500.00. Including your standard deductible aka policy excess which may be 10% of your sum insured this figure would be $10,000.00 therefore when you add the excess and depreciation the total deducted from your sum insured would be $12,500.00 thus allowing you to take home $87,500.00

If the circumstances surrounding the theft of your vehicle sounds fishy after an investigation is done and found to be staged it will result in a breech of your policy condition and thus resulting in a claim denial and imprisonment due to fraud.

that was an entire scope thus hoping to answer your question and others to come.

[acesinghit]

We now have on the market, insurance companies that will not pay u wat your car is worth even if you have an official valuation of your vehicle. It is indeed a sad day for people who inject 1000's upgrading and maintaining their vehicles over the years

once the client states that he/she would like to include mag rims, music system, neons, body kits etc.. as part of their insurance then some insurance companies will re-assess the risk and work the premium accordingly. The insurance will not pay based on something that has not been insured that is why on the proposal form you are asked to fill what you would like to include under accessories and after market parts installed and please no turbos.

[valuator]

I am mainly referring to the vehicle owners who has spent $1,000's in the maintainance and upkeep of their vehicles to that of its original condition.

For example a new Nissan Sentra B14's from the firm, last number plates released were PBH i.e. in the year 2000.

Now think of this PBH in 2008 showroom condition, and there are alot of them

[acesinghit]

^^^u hit right at home with that one........there is a white one in the diego martin area with plate # PBJ 1025 (Super Saloon) I think........that is the last one brand new....my uncle purchased 1 out of the last 3 they had in stock and it is a PBH plate but in EXCELLENT condition.....he is a certified mechanic/auto technician so go figure.....its beyond great. He can't go any where without people asking if it for sale and he says Nope. A valuation was done a month ago and they put it for $38,000. BS! I personally valued it at $44,000....case in point, another Uncle of mine has same local white B14 Sentra SS but it is a late PBC series. It is in fair condition no way compared to my other uncle's own and he getting $40k for it.

[Furlz]

Well who does valuator or you guy recommend as a fair and good valuator.
Please DON'T say Motor Critic!!

[acesinghit]

Cariclaims Investigators and Adjusters Ltd. #32 Gordon Street, POS. tel# 625-9080 does valuations........i hope d info correct

[buzz]

/\ twin isle does a good job IMO five rivers


evaluated my paz local used corolla at $29,000 last year

paid 26 tho