Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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It's that time again for me, the time to renew my car insurance and I wondered about the "Vehicle Value" Question.
I've been doing some quotes and have valued my car based upon the current market, but my insurance company is telling me my vehicles value is based upon what I paid for it originally ? (It's a £200 difference)
I got a good deal on my car after some haggling, knocked the guy down a few £100 and in the current market my cars worth more then what I originally paid for it, even with the extra miles and adding another owner to the list.
My issue is, car insurance is more expensive if my cars valued at original buying price then if it's valued at the current marked price.
Do I have to value it for the same amount I paid for it ?
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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no, put what ever value you want
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LeeM
Member
Registered: 26th Sep 05
Location: Liverpool
User status: Offline
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payout in the event of total loss will be based on market value. put that.
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John
Member
Registered: 30th Jun 03
User status: Offline
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Is it just on a boundary?
When I've been getting quotes befreo it's been like 0-5k, 5k-20k etc.
Between those it didn't change.
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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It was using 2 comparison sites, which didn't have limits on vehicle values.
I put the current market value for my car and it's saved me £120 a year on car insurance, but just wanted to make sure it was all above board.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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You changed the value by £200 and the premier went down £120?
Does sound like a good gain for a relatively small adjustment to the facts.
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