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Insurance quote & vehicle value
Posted: Sun Aug 19, 2018 10:03 pm
by Hates_
When shopping around for renewal quotes, what's the right answer for vehicle value? Is it what I paid for it, even if I bought it four years ago, or is it what I deem it to be valued at now?
Re: Insurance quote & vehicle value
Posted: Sun Aug 19, 2018 10:23 pm
by Mito Man
The latter.
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 12:46 am
by Beany
The value is to replace it in the event of a total loss AFAIK.
If you bought an E30 M3 fifteen years ago when they were a few grand, I'm pretty sure if you wanted to replace it today it'd cost a little more than that.
Also, if someone sideswiped you and dented the rear wing, door and front wing, the repair cost would write off a 'three grand' car - but not a car valued at £30k
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 4:08 am
by unzippy
Are you after an agreed value type of cover?
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 6:16 am
by Marv
Value now.
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 6:29 am
by Hates_
unzippy wrote: Mon Aug 20, 2018 4:08 am
Are you after an agreed value type of cover?
TBH I'm not sure?
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 6:31 am
by Rich B
Hates_ wrote: Mon Aug 20, 2018 6:29 am
unzippy wrote: Mon Aug 20, 2018 4:08 am
Are you after an agreed value type of cover?
TBH I'm not sure?
is it for a special car that couldn’t be easily replaced with a like for like?
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 6:50 am
by integrale_evo
It should be the value it is now, but in reality it'll make little to no difference to the quote and unless it's an agreed value policy they will just offer you whatever their book value says it's worth anyway, and probably nowhere near what it would actually cost to go and buy an equivalent vehicle.
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 7:00 am
by Rich B
integrale_evo wrote: Mon Aug 20, 2018 6:50 am
It should be the value it is now, but in reality it'll make little to no difference to the quote and unless it's an agreed value policy they will just offer you whatever their book value says it's worth anyway, and probably nowhere near what it would actually cost to go and buy an equivalent vehicle.
i got exactly what I asked for on the e46 M3 - which was a fair market value (I provided the examples of “the market”.)
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 7:45 am
by Simon
With my last accident I got offered a few hundred pounds more than the car was worth and would cost to replace, like-for-like. I bit their arm off and didn't haggle, just in case they changed their mind.
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 9:03 pm
by Hates_
Rich B wrote: Mon Aug 20, 2018 6:31 am
is it for a special car that couldn’t be easily replaced with a like for like?
No just my 1 series.
Re: Insurance quote & vehicle value
Posted: Mon Aug 20, 2018 9:14 pm
by Rich B
Hates_ wrote: Mon Aug 20, 2018 9:03 pm
Rich B wrote: Mon Aug 20, 2018 6:31 am
is it for a special car that couldn’t be easily replaced with a like for like?
No just my 1 series.
do you think you want agreed value insurance then?