Compare the market Car Insurance question

swingaloo

Son is looking for a quote on compare the market for car insurance.


His question is about the value of the car (which automatically fills in when you enter the registration number). He has looked at 3 cars, the first is on sale for £2000 and when entering the reg the value comes up at £3015. The next is on sale at £1995 and the value on that one comes up at £950, the last is on sale at £1695 and the value on entering the reg on that one comes up at £495.


So on all 3 cars there is a big discrepancy between the sale price and insurance valuation. Apart from the first one at £2000 the others show a very low valuation.


So, if he manually enters the value to reflect what he is paying for the cars does that mean that if he should need to make a claim the insurance would only value the car at the price which shows in the box, ie on the 3rd one £395.


He was going to insure fully comp but, if he is paying £1995 and the insurance company are going to value at 395, as he would have a 350 excess there would be no point in doing so.


You can override the 'car value' box but is there any point in doing so if the site just assumes your car is worth x amount of pounds.


Oddly, if I put my car in, which is relatively new then no value appears in the box.

swingaloo

Can anyone give an opinion if he should just pay for 3rd party or ifs its worth going fully comp in the above scenario.
Thanks

enfield_freddy

you will prob find that the 3rd party only price is the same or marginally different than fully comp , try it?


edit: how can they suggest price , they have not seen the condition of it

swingaloo

enfield_freddy wrote: »

you will prob find that the 3rd party only price is the same or marginally different than fully comp , try it?


edit: how can they suggest price , they have not seen the condition of it

Exactly, I have never known it before when Ive insured my cars but if you are on the website one of the first thing it ask for is the registration of the car you want a quote for and straight away the 'value' box autofills.


Previously Ive always put I the value as being near enough what I paid but the box is autofilling with a value well below the selling price.
Yet the prices they are for sale for are no higher than any other garage or private sale we have looked at and we have seen cars in worse condition and older than these 3 for higher prices.

enfield_freddy

I suggest you use other methods of getting a quote , and as the quotes come back check which ones are missing from which comparison site , as all companies do not pay to go on search sites

swingaloo

Will get him to do that. thanks

dwsjarcmcd

Comparison websites such as comparethemarket get these values externally from Third Party suppliers and use typical trade values. It's not what you'd get paid in the event of a total loss, it's just an estimate.

As has been said, you can just override this and put in the actual value to reflect the mileage/condition of the car you're thinking of buying. This may actually result in lower premiums because some Insurers increase their rates for lower value cars as they may not be as safe as higher value ones.

As I said, the value of the car returned by either the website or for that matter the value you input has no bearing on the amount you would get in the event of a write off. That would be determined at the time of the loss