Renewal Insurance Valuation?

Gig57

Hi I am ready to reinsure my car for a further year, I have done the background and got quotes via links from MSE and my own…insurance has risen, not massively BUT my existing provider…AEGAS is upped the price by only a tenner…I double checked the details and it appears that my car is valued at 2k less than than I input in the original data I submitted via money supermarket ie 7.5k rather than 9.5k….the figure I used was the buy/sell fig on line…..am I at risk of being under insured with AEGAS?….I have another 14 days to finalise but would be interested to hear what you think…thanks

DullGreyGuy

So your renewal has come through with the lower value or the new business quote you did via MSM has the lower value?

I'm surprised the renewal says anything other than "Market Value", normally it's indexed each year automatically for the depreciation that the vehicle sustained in the year if it is listed. 

For my days in Motor we always insured it for Market Value irrespective what the customer stated its value was, we used the stated value for two things... if its under £10k we would offer TPTF/TPO whereas we wouldn't offer it for over that and for over £50k we required a tracker to be fitted with a paid subscription (specific vehicles also triggered this so no declaring your brand new Rolls as being worth £20k to avoid the tracker). 

I've seen some more budget providers say it's the lower of Market Value or declared value and so it would be prudent to correct it if you think it is wrong before committing to buy. 

Gig57

Hi thanks for that…the quotes I have done via MSM have given the value as I submitted at 9.5 k…it’s the renewal coming up at 7.5k BUT I got the original AGEAS quote via MSM last year with the value inputted as 9.5k but just noticed that AGEAS had last years valuation at 7.5….I did check with them verbally and they said that’s the value they have attributed to my car but elsewhere it’s stating 9.5k….I’m very puzzled?