Car insurance mid term adjustment

smithysaver

Hi I have been reading up about lowering your car insurance, by keeping your car in a garage etc, and I thought I would look through my current policy and realised that I have been insuring my car for more than its worth. I have its value down as £5500 and its really worth £3500 now. If I was to make a mid term adjustment on my policy I would have to pay a £25 admin fee. Does anyone think it would be worth changing?

Labman_2

smithysaver wrote: »

Hi I have been reading up about lowering your car insurance, by keeping your car in a garage etc, and I thought I would look through my current policy and realised that I have been insuring my car for more than its worth. I have its value down as £5500 and its really worth £3500 now. If I was to make a mid term adjustment on my policy I would have to pay a £25 admin fee. Does anyone think it would be worth changing?

I'd try getting a quote online from your insurer entering the correct value & see what difference it makes & then you could make a judgement.

smithysaver

Tried getting a qoute with same details and it came out £10 dearer lol Thought I might be able to get my monthly payments reduced a little bit.

peterg1965

Depends who you are insured with. I have just changed cars 3 months in to my annual policy with the RAC. I was charged £13 and that was only because it was a higher insurance group.

brazilianwax

The majority of insurers don't insure any car for a specific amount. You'd only get market value if anything happened to write the car off.

It's unlikely to affect your premium.