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Thread: Car Worth and Insurance Worth

  
  1. #1
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    haulme's Avatar
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    Car Worth and Insurance Worth

    If you say your car is worth £5k and you actually would only get £2k on an insurance payout in the event of a write off then is it only worth insuring the car for £2k?
    Drives:Mazda 6 MPS- Zoom Zoom

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    no because they ask for the cars value at the time of the inception of the policy - so if your car is worth 5k when you set your policy up thats what you should say
    Now has a clio - dont ban me

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    It makes no difference tbh. Unless you have an agreed value then the value you give in a quote is meaningless.

    I used to get a good laugh doing quotes for people, like one old chap who reckoned his D reg Micra was worth £2k.
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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    it will be by 2098 sten
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    iirc the guy was 87, and that was 5 years ago so I don't think he'll be around to see the rewards
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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    Quote Originally Posted by Sten View Post
    It makes no difference tbh. Unless you have an agreed value then the value you give in a quote is meaningless.

    I used to get a good laugh doing quotes for people, like one old chap who reckoned his D reg Micra was worth £2k.

    for cars at 5k yes i would agree to an extent but some policies are underwritten based on the value of the car so i would always answer as honestly as i could based on the replacement value of my car
    Now has a clio - dont ban me

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    Leyton -SRI-'s Avatar
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    If you value at 5k and it gets written off they will go of book price. Which may be 2k. What can make a difference is similer to when you buy a car. Like milage, if you have a low mileage for year then that will effect the price. Service history makes a difference. If you have a full dealer service history this can stand you in good stead to. So if they offer you 2k then you can sqeeuze a few more pounds out of them if you try.

    One mistake alot of ppl make is spending £1000s on mods and expecting to get there money back for them. If you havent declared the mods then you going up theat river with out a paddle im afraid and thats really not good. If you have declared the mods and you have paid a higher premium to the company and they no what you have done then you are in better stead. Ensure that you keep all you receipts for all mods. What id also do my selfs is take pictures of as much as you can and keep them with the receipts as a proof that you have actually had ths mod done. This may or may not make much diff depending on which company your with.

    Sorry for the long winded reply but hope i helped

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