News
Used car values and your insurance policy
By John Healy of Healy Insurances
According to some recent surveys used car values have increased substantially over the past two years.
A survey from Cartell.ie, an automotive data supplier, showed the average second hand car is worth 16% more now than last year. A second survey completed by DoneDeal confirmed used car prices are nearly 50% higher than they were before the pandemic in January 2020.
The analysis from DoneDeal, in conjunction with Trinity College and NUI Galway, found that in the three months to June, used car prices have increased by 10.6%. Not only that, but the research indicates that prices are still increasing and the rate appears to be speeding up.
What is driving this increase?
It is a combination of factors including Brexit and the trade issues that have been created as well as the continuing supply chain challenges brought about by the pandemic.
In addition, lead in times for delivery of new vehicles have been extended primarily due to a global shortage of microchips.
There has also been a huge decrease in imported vehicles from the UK since Brexit and this is certainly adding to the price inflation.
From an insurance perspective most insurers operate on a pre-accident value format in the event of a claim. The pre-accident value is calculated by the assessor based upon market trends and so should take into account the current spike in prices. However, some insurers use the vehicle value when rating the policy. It is advisable to review the vehicle value in advance of your renewal date and update it if necessary.
SUPPORTING LOCAL EDUCATION
Karen Buckley, representing the Loughguittane National School Parents Council, accepts the proceeds of the Fossa Two Mile Comhaltas Annual Ceili from Catherine Joy (Fossa Two Mile Comhaltas).
Pictured at the presentation in Fossa Community Centre on Sunday are (front row, from left): Fionn O’Donoghue, Ronan Carey, Jemma Reid, and Ruby O’Donoghue. (Second row, from left): Chloe O’Connor, Sean O’Brien, Ellie O’Donoghue, and Peg O’Donoghue. (Back row, from left): Jenny O’Donoghue, Luke Hannon, and Aine O’Brien.
Photo: Michelle Cooper Galvin
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