What is the value of my car?

gordoma

Hi All

For many years now I've been driving a company vehicle and have been covered on my company insurance. Last year I decided that I did not want to be on the company scheme any more as I could not get the car I wanted. I worked out that I could privately lease the car I wanted on a maintained contract and just have to pay for my own insurance for about the same monthly cost.

It's been a long time since I insured my own car and at that time I had a cheap old banger. Now that I have obtained a brand new car, I want to make sure that I get the value of my car correct for the insurance quote. Last year was simple as it was a new car, but the value will have depreciated somewhat and I don't know what value to use? Not knowing enough about this I want to make sure that I get the value right so that it's high enough to satisfy the insurance company but not too high so I'm paying a higher premium.

How do people get a value for their car? I've looked on the parker's website but that only gives all sorts of different prices depending on how you're buying/selling it?

I'm using screen sweepers to get quotes so I need to estimate the value for this.

Sorry if this is a real noobie question - Many Thanks in Advance

Alexei

I don't think the value you put on the application is that important. An insurance quote will mostly be based on where you live, your age/claims history, the model of car, and its age.

I'd say the Parkers website is the best place to look. Pick the dealer price to be safe, as that's the price you should expect to pay if replacing the car via a dealer. This is probably the best estimate you can give as to its true value. If it comes to a payout, what you get will be decided by their valuer at the time, and not the figure you've given - so it's really not that important for it to be spot-on.

ArchieB_2

The value is not particularly relevant EXCEPT some companies will pay the market value OR the stated value if that is lower.

Use Parkers or Autotrader and don't undervalue it.

gordoma

Thank for your replies, I thought that might be the case. The price I was using as my original guestimate was only a couple of hundred more than the Parkers dealer price so I'll just stick with that.