Quizzes & Puzzles10 mins ago
still not sure what to put for car value on insurance...
i asked this the other day but got mixed answers, so thought id ask again to get some more views
when buying var insurance, should i put the cars value as -
what i paid for it - £1600
what its worth to a dealer - £2000
or market value - £2,400 - or more...or less (not sure what a dealer looks to make on a £2000 car)
i got a good price because a mechanic friend organised the purchase for me from his friend.
the cars owner has a highly qualified mechanic for a brother, so the car has been kept in tiptop condition inside and out and serviced etc properly, new parts etc, despite it having a pretty high mileage
so what would you suggest i put as its value? - because another car of merely the same spec would maybe be worth less, but this cars great condition means it would be hard to find a car as good for the price...
i dont want to put too much because of the premuims but dont want to be left short in the event of a claim
thanks for your advice
when buying var insurance, should i put the cars value as -
what i paid for it - £1600
what its worth to a dealer - £2000
or market value - £2,400 - or more...or less (not sure what a dealer looks to make on a £2000 car)
i got a good price because a mechanic friend organised the purchase for me from his friend.
the cars owner has a highly qualified mechanic for a brother, so the car has been kept in tiptop condition inside and out and serviced etc properly, new parts etc, despite it having a pretty high mileage
so what would you suggest i put as its value? - because another car of merely the same spec would maybe be worth less, but this cars great condition means it would be hard to find a car as good for the price...
i dont want to put too much because of the premuims but dont want to be left short in the event of a claim
thanks for your advice
Answers
Best Answer
No best answer has yet been selected by joko. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The market value you give just fit's into the risk equation the insurers use to calculate the risk. In this case most of the risk is on the side of damage you do rather than damage to you so it's largely irrelevant. However they will also use the figure you give as the most they will pay so say £2400 and be done with it. They will only pay book price, anyway, end of story. Book price encompasses all those things that you were talking about eg FSH, immaculate nick, driven my mother Theresa o Sunday etc etc then that would be the "Private Good" amount.
-- answer removed --
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