car insurance car valuation

Nuggy96

Looking at car insurance for a brand new car. When asked the car valuation on car insurance, do you put in the RRP price, or a bit lower due to depreciation once i enter the car. Also, for example this car is worth 15k but i haggled to 12k so what do i put? thanks

Alter_ego

Around 9-10k.

The_Rainmaker

Just stick RRP down.

Aretnap

Don't overthink it. They're asking for a reasonable estimate of the car's value - you're not expected to be able to offer an expert valuation on any given day that the policy's live. The RRP is fine. If it gets written off the payout will reflect the market value at the time of the accident anyway - which is unlikely to be the same as the value you put down.

If it's a brand new car, check whether your policy includes new for old cover. If the car is written off in the first year, most insurers will offer to replace it with an equivalent brand new car. However a few at the cheaper end of the market will only pay the market value - which for a car that's a few months old is likely to be a lot less than you paid for it.

And if the car's on finance, check whether the new for old cover still applies and is acceptable to the finance company - if not then consider GAP insurance.

AdrianC

Put what you paid. They'll pay out market value at the time of the collision, anyway.

Car_54

Nuggy96 said:

 Also, for example this car is worth 15k but i haggled to 12k

No, it was worth £12k.