Car valuation

truescot

Just bought a second hand car for £6994  (competitive price), but the valuation on MSEs Compare+ tool is £3640.The lower estimate massively reduces the premiums, and there is a note saying insurers will only payout the trade valuation. Should I just go with the estimate on the tool?

Spies

Look on autotrader for similar vehicles and put that down as the market value, else if the car is written off you're going to be rather short changed.

HampshireH

Go with similar examples..

Just did quotes for insurance on mine and one day it was worth 10400 the next 8300 on the comparison sites

Can't Imagine it dropped 2k overnight. 

DullGreyGuy

truescot said:

Just bought a second hand car for £6994  (competitive price), but the valuation on MSEs Compare+ tool is £3640.The lower estimate massively reduces the premiums, and there is a note saying insurers will only payout the trade valuation. Should I just go with the estimate on the tool?

Would you be happy with a £3,640 less your excess payout for the car? If no then its not a sensible limit to put on the car... not that declaring a higher value guarantees you'll get any more but setting a low limit will create a cap with some insurers