How much have you insured your car for?

[smeg]

I don't mean your premium. I mean how much have you told your insurance company your car is worth?

I know that my car would have been approximately £10,000 at my last renewal. But when my next renewal comes round I will insure it for £8,000 I think as this it what it's worth.

Would doing this reduce my premuim? :twisted:

 

[Dynax]

Dont think it affects your premium...But make sure you get it right, as if you write your car off, this is what they'll give you. Dont over estimate it aswell, as i think they have say on it :lol:

 

[smeg]

if you write your car off, this is what they'll give you.

That is certainly not what I have heard or experienced myself.

 

[Dynax]

Hmm, i've been told thats what they base it on...From my dad, so i have no idea how realiable that is 8)

 

[Neily03]

If you write it off they give you market value.

Mines insured for "Market value, no more than £14000"

 

[SR-71]

If you write it off they give you market value.

Mines insured for "Market value, no more than £14000"

But if you have GAP insurance you should get in total what you paid for it!

 

[dappastyle]

Hmm, i've been told thats what they base it on...From my dad, so i have no idea how realiable that is 8)

false!

the only people that i know that do like for like is sky insurance. Specialists in MR2's and Supra's.

 

[m888arc]

So whats stopping someone insuring their brand new CTR for £1,000 to get a cheaper premium, and upon a claim the insurance company pay the market value out?

Im confused? Why bother asking what the value is, if they only pay market value?

 

[Neily03]

So whats stopping someone insuring their brand new CTR for £1,000 to get a cheaper premium, and upon a claim the insurance company pay the market value out?

Im confused? Why bother asking what the value is, if they only pay market value?

If you tell them its only worth £1000 then thats all you'll probably get! :lol: :lol:

They ask the value cos they'll have a criteria on which to insure a car, eg they won't insure you if you under 21 and its worth over £15k or if it worth more that £30k you'll need a tracker.... etc etc....

 

[m888arc]

Just seems a bit unclear from the posts above thats all!! 8)

 

[Scousefella]

Lets face it, the value of your car drops every month it is registered. :evil:

When insurers ask for a valuation it is only to understand what you may have paid for it or what the current "average" price of that make and model, including mileage, is worth. If you quote "£12,000" for a 54 plate CTR with 10,000 miles on the clock and then drive it 15,000 miles in 11 months, you will not get what you expect if you stck it in month 12. :wink: