I recently applied for a Quote for Insurance, and amongst all the other questions they wanted to know the current value of the car. I’m always caught out by the question so I usually have a Guess at it.
how do others in the know estimate the value of their cars when asked the question?
My Cariad is immaculate ( well I think so but I may be biased) and only done 30K miles. As a Guess I said £13000 , Am I far out.?
Gales
I always overestimate. A lower value could possibly lead to a lower premium, but in the event of a total loss your insurers will want to pay you the least they can get away with. You can’t really argue your car is worth more than the estimated value you’ve given them. At the end of the day, it’s best to give your best guess at what it would cost you to replace the car, from a mazda forecourt.
Honest John website values your’s at around £12,300. So £13,000 as your estimate is about perfect in my oppinion
Most insurers would pay out the book price in my experience .if you use a specialist insurer like Adrian flux you can get an agreed final value insurance you need to send photos and such like it might be worth looking into or gap insurance if the car is on finance
The usual correct answer is “market value”, of which you can always argue. When you buy insurance you are paying a price that reflects the value of what the insurer may have to pay out. So if you say £13K then that forms part of the value they quote. If you have to make a claim however, the insurance assessor will make an offer based on the market value of the car, which is very much what vehicles on similar age and specification change hands for at trade prices. If it were not that way everybody would say their Mini was the value of a Mercedes
There is a gulf between what the trade would pay for a vehicle and what an owner thinks it is worth. Even at low mileage, I think you would probably be shocked at how little your car would be valued at and for a 4 to 5 year old car if it has retained more than 40% of new value I would be surprised. Understand that just because you have kept a vehicle looking good, it has very little to do with sales value which is based on age and mileage. A well cared for car is more likely to sell, not necessarily for more money.
Some years ago I had a GTI which was a total loss (hit from behind), the offer was less than I could replace it with a car
the same from a dealer and was told that they do not pay the garages profit and I should have got gap insurance ?
Hi,
Please feel free to give us a try for insurance if you like. If your vehicle is over 12 months old we have the option of offering a fixed agreed value for your vehicle if it was declared a total loss. If you wanted to PM me some contact details I’d be happy to arrange for one of my quotes team to give you a call back.
Regards,
Dan.
Thanks for that Dan, I’ve already done it this afternoon with Adrian Flux.
Regards
Gales.