Car price for quote on car insurance? 26 September 2005 at 1:38PM edited 30 November -1 at 1:00AM in N. Ireland 9 replies 1.4K views

sor_fes2

Hi All,
Just wondering if you should decrease the value of your car each year when you are getting a quote for car insurance?

For example, my car is 3 years old. Was worth £14,000 new, but now is probably only worth, say £9,000 due to depreciation. (I'm sort of making these figures up so feel free to correct my car worth!)

So, should I say my car is worth £14,000, or should I say its worth £9,000. £9,000 is probably what a sales-garage would say it's worth.

How do I find out what my car is worth now?
Does the price of your car have any effect on the cost of your car insurance?

Thanks

foxyuk

yes it does its the current market value of the vehicle ... what is it and i will give u an idea....??

also never say the standard 12000 miles per year ... i always say it is 3500 or so

i was a claims advisor for years so know how the loading of policies work

sor_fes2

Ah.
Well its a Renault (megane) Scenic DTI (diesel)
Date of registration was 30 April 2003, brand new then.
I think it was worth £14,000 new.
So it's likely to be worth what now? Very little? *grin*

BTW I do roughly 50miles a day, Mon-Fri.

Will be spending Saturday writing down phone numbers for car insurance. Just got my renewal quote last weekend. Hopefully Nationwide are NOT going to give me the lowest quote! Hopefully though there will be a few companies open at the weekend that I can ring.

Thanks for your help.

jockettuk

sor_fes2 wrote:

Ah.
Well its a Renault (megane) Scenic DTI (diesel)
Date of registration was 30 April 2003, brand new then.
I think it was worth £14,000 new.
So it's likely to be worth what now? Very little? *grin*

BTW I do roughly 50miles a day, Mon-Fri.

Will be spending Saturday writing down phone numbers for car insurance. Just got my renewal quote last weekend. Hopefully Nationwide are NOT going to give me the lowest quote! Hopefully though there will be a few companies open at the weekend that I can ring.

Thanks for your help.

why not do it online most of the companys have discounts for doing it online... try www.confused.com one thing i will say is that what ever quote they give you and you happy with is then go onto that companys site and see if you can still get it even cheaper.. i always do mine that way..

arkonite_babe

Have a look at the car insurance thread HERE to see what companioes are available to NI and contact details for them

HTH

sor_fes2

Er... cause I live in N.Ireland and most companies won't quote online for n.Ireland. Also most GB based insurance companies will quote really high prices for N.ireland.

I will be checking out online as well, as they may have discounts even if I have to ring them to take out their insurance. Last year I found Abbey online. They had a 10% discount but I had to ring them to sign up for their insurance but mentioned that their site said 10% discount!

BTW confused.com actually doesn't have my model of car on it's list!

mcclim

if you want to find out how much your car is worth check out the vauxhall web site https://www.vauxhall.co.uk, they used to have a way to checking how much your car was worth...

Neil

sor_fes2

Thats pretty good - the vauxhall site. So my car is worth probably a max of £6500. (well to be honest I knew it wasn't £9000 as thats what mr salesman said abount a year ago).

Have had a quick look at some of the online companies. All of them have been at least £100 more expensive than my renewal! Very strange. Anyway nearly time to go home and this is weekend work!

foxyuk

ok here is the glasses guide trade guide that dealers use/ insurance companies

when u trade l your car in via a garage they will give u the bottom value

if car was written off u would get between middle and top book


i need more details ie is it a 2003 03,,,,, correct model??? i have based on authentique..... mileage ive put 25000

for a correct price let me know correct dets\?

http://www.virtual-showroom.co.uk/scripts/nuvv/nuvvV.asp?laf=NQ&clientId=NQ&nuvvPath=B&modelId=077842&valuationId=626644&manufacturerDesc=Renault&rangeDesc=Scenic&qualifyDesc=1.9dTi+80+Authentique+Hatchback+5d+1870cc&derivativeDesc=1.9TD&bodyDoors=5&bodyTypeDesc=Hatchback&fuelType=Diesel&trimDesc=Authentique&transmissionTypeDesc=Manual&cubicCapacity=1870&fuelDelivery=Direct+Injection&fuelAspiration=LPTurbocharged&transmissionSpeedDesc=5+Speed&transmissionDriveDesc=Front+Wheel+Drive&yearplate=2003%7C03&mileage=25

toriitom

In respect of the valuation of your vehicle, it does matter to you and your insurance company.

If your car is 'written off' by your insurance company they will try to settle the claim judging your vehicle as the LOWEST value in Classes Guide (the motor trade bible).

This happened to me in the last couple of years. I had a Ford Mondeo Ghia that I bought for £1600. One day while my wife was driving my car it went on fire. The insurance company uplifted the car and subsequently made an offer of £800 less premiums to be paid (by Direct Debit), leaving me with £195. When I wrote to the insurance company informing them that the car was bought for £1600 and that value was disclosed to them when the proposal was completed they wrote back offering £1000 (less unpaid premiums).

On scouring the Internet I came across a site for the Financial Ombudsman. On this site I found references to adjudications made by the financial ombudsman regarding insurance valuations, http://www.financial-ombudsman.org.uk/publications/ombudsman-news/22/issue-22-motorinsurance.htm

Basically, this ombudsman says that if you insure your vehicle for the ‘current market value’ then that’s what the insurance company should pay out (third paragraph). There is no point in buying a clapped out car for £100 and trying to insure it for £10,000 - these valuations have to be realistic.

My insurance company stated that the CMV of my car was £1000 in Glasses Guide which is the lower value – the one at which a dealer would expect to pay if he was taking this car as a trade-in.

I did some more digging on the Internet and got valuations from Parkers and the AA (who use Glasses as their guide). In both cases the valuations came out within £75 of each other at £1610 and £1685. Armed with the ombudsman’s information and the printouts from Parkers and the AA I wrote back to my insurance company.

Three or four days later I received a letter offering me £1600 (less unpaid premiums), which I accepted as the settlement figure for my car.

If I had been some elderly person not capable of finding information about valuations, my insurance company would have paid out the initial offer.

It is worthwhile insuring your car for the higher market value, and then you stand a chance of getting the true market value should it ever be written off.