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By (user no longer on site) OP
over a year ago
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Ive checked my car insurance and its a lot less value than what i paid for the car 
I paid 3000 but market value is 1665
Can i put the estimated value up on my insurance? Or judt leave it as it is? |
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If you feel that your vehicle is worth its market value and you maintain it to a good standard. I would add about 200 to that figure. The higher the value of your vehicle the more premium you get charged. Always shop around and don't just take their quote as gospel. Look on compare the market but don't keep checking on their more then twice otherwise the premium just keeps going up.
Hope this helps feel free to message me if you need any further help or info
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I think they use industry standard figures to value the car or someone could value a car at 10k that's worth £500
If it was a classic car you can put a value on it as they tend to increase or maintain value where as yours will depreciate.
If you right it off and they make you an offer you can dispute it. |
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Often depending on the type of car and how well specified it is then the actual market value of a like for like replacement can be above the insurers guide price.
Im sorting my insurance at the moment and the insurers give a market value of anywhere between £3950 and £6750.
The only ones I can find with the same spec as mine are starting at £8500 and above as the spec is very high, rare and unusual.
Some insurers will give you an agreed value of your car and guarantee to pay that value but you will be paying extra for the privilege.
You can change the value of it on your quote but as stated above, you may pay extra on your policy amd if the worst happens and they write your car off, they wont pay you your assumed price but will only offer you the lowest market value of that type of car and it won't be to your cars specification.
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By (user no longer on site) OP
over a year ago
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"Often depending on the type of car and how well specified it is then the actual market value of a like for like replacement can be above the insurers guide price.
Im sorting my insurance at the moment and the insurers give a market value of anywhere between £3950 and £6750.
The only ones I can find with the same spec as mine are starting at £8500 and above as the spec is very high, rare and unusual.
Some insurers will give you an agreed value of your car and guarantee to pay that value but you will be paying extra for the privilege.
You can change the value of it on your quote but as stated above, you may pay extra on your policy amd if the worst happens and they write your car off, they wont pay you your assumed price but will only offer you the lowest market value of that type of car and it won't be to your cars specification.
"
Jeez, so you can't argue the value they offer if it gets written off?! |
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"Has the garage diddled me then or is it about the average deal?
Its a 5 door fiesta 10 plate. The garage has replaced the brakes and cam belt "
The garage didn't diddle you,you diddled yourself for not doing some research before buying the car  |
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"Often depending on the type of car and how well specified it is then the actual market value of a like for like replacement can be above the insurers guide price.
Im sorting my insurance at the moment and the insurers give a market value of anywhere between £3950 and £6750.
The only ones I can find with the same spec as mine are starting at £8500 and above as the spec is very high, rare and unusual.
Some insurers will give you an agreed value of your car and guarantee to pay that value but you will be paying extra for the privilege.
You can change the value of it on your quote but as stated above, you may pay extra on your policy amd if the worst happens and they write your car off, they wont pay you your assumed price but will only offer you the lowest market value of that type of car and it won't be to your cars specification.
Jeez, so you can't argue the value they offer if it gets written off?! "
You can refuse to accept their first offer as they will always try to give you the least possible and its good practice to refuse their first offer as its common practice...they will usually come back with a better offer but unless you have a policy with an agreed value, they will always try it on with you. |
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By (user no longer on site)
over a year ago
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"Has the garage diddled me then or is it about the average deal?
Its a 5 door fiesta 10 plate. The garage has replaced the brakes and cam belt "
The sales price of cars, especially smaller ones, has shot up recently
I've seen similarly priced Fiestas around that price range |
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By (user no longer on site) OP
over a year ago
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"Often depending on the type of car and how well specified it is then the actual market value of a like for like replacement can be above the insurers guide price.
Im sorting my insurance at the moment and the insurers give a market value of anywhere between £3950 and £6750.
The only ones I can find with the same spec as mine are starting at £8500 and above as the spec is very high, rare and unusual.
Some insurers will give you an agreed value of your car and guarantee to pay that value but you will be paying extra for the privilege.
You can change the value of it on your quote but as stated above, you may pay extra on your policy amd if the worst happens and they write your car off, they wont pay you your assumed price but will only offer you the lowest market value of that type of car and it won't be to your cars specification.
Jeez, so you can't argue the value they offer if it gets written off?!
You can refuse to accept their first offer as they will always try to give you the least possible and its good practice to refuse their first offer as its common practice...they will usually come back with a better offer but unless you have a policy with an agreed value, they will always try it on with you."
Bugger! My lsst car was written off by someone else.
I got £1445 for it, could I have bern offered much more if i refused? |
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By (user no longer on site) OP
over a year ago
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"Has the garage diddled me then or is it about the average deal?
Its a 5 door fiesta 10 plate. The garage has replaced the brakes and cam belt
The sales price of cars, especially smaller ones, has shot up recently
I've seen similarly priced Fiestas around that price range"
Phheew.. Thanks |
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Maybe not much more but if you had turned down their first offer you could have got more.
Also depending on you and the state of the car, you could have bought it back at a very low cost and got money for it too and then either repaired it yourself or sold it on and that often releases more than the insurance would have paid you out. |
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I worked in the insurance industry for about 20 years, it’s a bit of a myth that the value of your car has an impact on the premium.
The type of vehicle is factored in to complex rating algorithms to allow for all of the vehicle features that are reflected in the price such as specification etc. So changing the value from, say, £1,600 to £2,000 will not increase your premium.
Obviously if you have a 15 year old Ford Focus that you claim is worth £80k then they won’t quote you so be sensible! Classic cars are rated differently because they often have an agreed value clause which modifies the principal of indemnity.
Bear in mind that they look at everything from your driving history to your credit score and something like 600 other factors to arrive at a premium shows how complex these calculations are so vehicle value is a bit of a myth. |
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By (user no longer on site) OP
over a year ago
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"Maybe not much more but if you had turned down their first offer you could have got more.
Also depending on you and the state of the car, you could have bought it back at a very low cost and got money for it too and then either repaired it yourself or sold it on and that often releases more than the insurance would have paid you out."
How much do you think i missed out on? £100? |
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"Maybe not much more but if you had turned down their first offer you could have got more.
Also depending on you and the state of the car, you could have bought it back at a very low cost and got money for it too and then either repaired it yourself or sold it on and that often releases more than the insurance would have paid you out.
How much do you think i missed out on? £100?"
Don't spend any more time worrying about what you can't change, it's not healthy for your well being.
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By (user no longer on site) OP
over a year ago
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"Maybe not much more but if you had turned down their first offer you could have got more.
Also depending on you and the state of the car, you could have bought it back at a very low cost and got money for it too and then either repaired it yourself or sold it on and that often releases more than the insurance would have paid you out.
How much do you think i missed out on? £100?
Don't spend any more time worrying about what you can't change, it's not healthy for your well being.
"
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By (user no longer on site)
over a year ago
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I wouldnt worry too much about the 'market value'. Mine was written off whilst parked and the insurance paid over 1000 more than I paid for it and its book value. I had pictures of the car and a big book of receipts for recent work. The insurance guy agreed it was in excellent condition and paid me accordingly. |
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