Car Insurance linked to Leased Cars higher than it should be ?

DullGreyGuy

RichyB71 said:

DullGreyGuy said:

You are not buying a fixed price insurance policy so worst case scenario the insurer will pay you the lower of the declared value and the market value at the time of the loss. Best case scenario they will simply pay you market value irrespective of the declared value. 

In the insurers I worked for we did the later and the declared value was not part of the rating/pricing process, it simply drove some other matters (eg if we were willing to offer TPFT or not). As you are saying the price is changing it then sounds like you are looking at insurers that pay the lower of and so simply use a prudent (ie slightly high) estimated current value such that in the event of the a total loss you know the market value will be the lower of the two. 

Many thanks...

So given your background and experience in insurance, 

Quote A - based on full P11 value £48K - £843
Quote B - based on values I've seen for 2 year old TESLA Model Y - £33K - £698

Remember I don't own the car, Lease company do 

Which one do I go for ?

P11d is just about tax, it will show the same £48k when the car is 25 years old, if it makes it that old. 

I have no idea of the value of a 2 year old Tesla, given the current situation with the firm it may be difficult to say what the "right" price is. If you are confident that £33k is the market value then go with that, if you arent sure then bump it up a few K to give yourself a buffer just in case you've under estimated it or if prices rebound 

born_again

2 year old Tesla Y is going to see a drop in value, as the new model Y is due for release soon.

CAP value at auction depending on condition, mileage & which version is £33K to £37K