Gerry Posted December 30, 2007 Share Posted December 30, 2007 One for Mr Sky here... Does the value to the car (as is asked by insurance companies on the proposal) make any difference to A) policy cost and B) the pay back if a write off ? ie. If I think my car is worth 10K will the policy cost be cheaper than if I think it's worth £14 for instance. As the value we put on out cars is usually more than an insurance company would put on them (in the case of a complete loss) are we diddling ourselves ? Just a thought... Quote Link to comment Share on other sites More sharing options...
Pig Posted December 30, 2007 Share Posted December 30, 2007 good question. When doing online quotes i have found the change in value makes no difference. Quote Link to comment Share on other sites More sharing options...
saboteur Posted December 30, 2007 Share Posted December 30, 2007 in my experience it makes no difference what you write. ITs stupid why they ask perceived value. Quote Link to comment Share on other sites More sharing options...
DannyB Posted December 30, 2007 Share Posted December 30, 2007 Im guessing its just a maximum they will pay out if you have a total loss claim? So if market value is £10000 and youve put £8000 thats all you will get? BUT im sure if you value your car at £10000 and its only worth £8000 market value youll still only get the lowest one.... I havent a clue... obviously! Quote Link to comment Share on other sites More sharing options...
Gerry Posted December 30, 2007 Author Share Posted December 30, 2007 Im guessing its just a maximum they will pay out if you have a total loss claim? So if market value is £10000 and youve put £8000 thats all you will get? BUT im sure if you value your car at £10000 and its only worth £8000 market value youll still only get the lowest one.... I havent a clue... obviously! Sounds about right to me... Head they win and tails they win as well Quote Link to comment Share on other sites More sharing options...
juanchan Posted December 31, 2007 Share Posted December 31, 2007 When speaking to a bloke at Adrian Flux when renewing mine I simply said "errr....not sure. It's a UK auto, so, about £7k-£8k?". His reply to me was "Mate, it's a UK car, it will never be worth anywhere near that - the Jap ones are only going for that price". I don't think it makes a difference to anything with regards to the policy - I was insuring my Corsa with a personal "value" placed on it at over £3k when it was probably barely worth half that. It might give them an indication of how much you're going to argue your point if they have to make a pay out though. Quote Link to comment Share on other sites More sharing options...
SimonB Posted December 31, 2007 Share Posted December 31, 2007 Simple answer is A - yes, B - no. I've always thought it's one of the biggest cons with insurance. They ask the value because in theory there's a bigger risk the more it's worth, so therefore you are charged more. But they still only pay out the market value. If you go on somewhere like direct line and make up a set of details you can see what effect different things like declared value make on the policy cost using their on-line quote thing. IIRC most places use bands for policy cost, so 2-4k would be one band, 4-6k the next for example. It's part of the calculation they use to figure out what to charge. Quote Link to comment Share on other sites More sharing options...
jaymdee Posted December 31, 2007 Share Posted December 31, 2007 Not sure on this really, as when my car was smacked in the back by a kind Bristol Taxi driver, the agreed value prevented my car from being written off and me being given a cheeky low value. So as far as I'm concerned it was well worth having it (with Sky) Quote Link to comment Share on other sites More sharing options...
Guest hpiv Posted December 31, 2007 Share Posted December 31, 2007 in my experience it makes no difference what you write. ITs stupid why they ask perceived value. i would agree, when i insured my evo iv earlier this year i asked about this. if i insured it for £8k it was £750 f/c if i insured it for £6.5k it was £750 f/c in the event of total loss i would NOT recieve that amount insured for, so i dont know why they asked. so, moral of my story is "in the event of total loss you want paying out what you consider it to be worth, get an agreed value for you car" thanks mark Quote Link to comment Share on other sites More sharing options...
bluecoup Posted December 31, 2007 Share Posted December 31, 2007 it only makes a diffrence what you tell them its worth if you got an aggreed value policy. otherwise your getting what they call market value which will be well under what you can relisticaly buy said car for, when i got mine last year all but sky wanted to give me about 3.5 to 4k what they called market value for a car i paid best part of 6.5k for, some said if you could prove after a total lose buying another car same year and model was going to cost more they might give you a bit more, but its all hassle, just cause the insurance is cheap dont mean its good, id say paying an extra £100 on your policy was worth an extra £1k plus on a total loss Quote Link to comment Share on other sites More sharing options...
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