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Car insurance mid term adjustment
smithysaver
Posts: 69 Forumite
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? 
Total Debt - £0.00
Debt Free Date - Apr 2008
Lightbulb Moment - Jul 2006
Look after then pennies and the pounds will look after themselves!
Debt Free Date - Apr 2008
Lightbulb Moment - Jul 2006
Look after then pennies and the pounds will look after themselves!
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Comments
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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.0 -
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.Total Debt - £0.00
Debt Free Date - Apr 2008
Lightbulb Moment - Jul 2006
Look after then pennies and the pounds will look after themselves!0 -
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.0
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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.:A MSE's turbo-charged CurlyWurlyGirly:A
Thinks Naughty Things Too Much Clique Member No 3, 4 & 5 0
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