what price do you give insurance co if you negotuated a discount?

BusyDee

Hi all

What do you say to an Insurance Company that a car is worth if you have negotiated a discount and traded in a car. The price you pay or its worth before discounts etc.

BD

lewishardwick

Give them whatever you want.

Most will only pay "market value" in event of a total loss claim...

BusyDee

Thank you for your post, so value of car has no bearing on premium?

BD

forgotmyname

Depends on the insurer, when i put my car down as £1999 some insurers dropped out and the premium increased slightly compared with putting £2001

If its new or on finance do you have GAP insurance?

BusyDee

Hi and thank you for your input.

It will be new, no finance and not getting gap as its my belief I should get like for like if totalled, hope thats correct.

BD

Aretnap

Most insurers will replace the car with a new one of its written off on the first year of its life. There are exceptions (eg Admiral) so check you get a policy which has this feature.

The value for insurance purposes is the cost of buying an identical car from a reputable dealer. If you managed to get an unusually good price that's not relevant to the valuation as presumably you would be unlikely to get the same good price again should you have to replace it.