Estimated car value for insurance, does it mean anything really?

the182guy

Just noticed on my insurance renewal that I forgot to decrease the vehicle estimated value from last year. Having looked on Parker's I know the figure is definitely over-valued (about +£500), is it worth notifying them of the change? I paid via an annual payment, would it reduce the cost and might they refund the difference?

Any thoughts as to whether or not it makes much difference to your premium, or payout if needed?

custardy

its possible,though it wont mean they pay that much on a total loss
may as well phone then and change it

Gloomendoom

I always over value. They only pay out the book price anyway.

rev_henry

As you say, I don't see what the point is. They make up their own figure to pay out if you write it off anyway.

Mark_Hewitt

Perhaps it's another get out clause. e.g. If you value it at £5,000 but the book price is £6,000. They'll only pay £5,000 saying that's what you're insured for?

rev_henry

Mark_Hewitt wrote: »

Perhaps it's another get out clause. e.g. If you value it at £5,000 but the book price is £6,000. They'll only pay £5,000 saying that's what you're insured for?

Ah yes now you mention it I think that's it. So they'll always pay less than you insure it for but never more, mmm that seems fair to the customer.

the182guy

I agree. Do you think it makes any difference to the quote? For example, the lower the value, the lower the quote?

forgotmyname

You wont get more than the value you put it might lower the quote slightly.

Buy a car for £3000 insure for £2000 if the event of a claim the max you will get is £2000 less if any excess also applies.

katebl

We had a fiesta we valued on our insurance at £500, think we've been lucky as we got offered £700 for it and I managed to get them to raise to £750 :cool:

cyclonebri1

Mark_Hewitt wrote: »

Perhaps it's another get out clause. e.g. If you value it at £5,000 but the book price is £6,000. They'll only pay £5,000 saying that's what you're insured for?

But they will charge a fee for a 6k car rather than a 5k one????????????

Be honest.