Valuation and Insurance

[scimmiamagia!]

If I search Parkers or Motorway or any of the online valuation 'calculators', the value for some Californias is way below what the seller is selling at, and I mean way below, i.e. not 'car price below', but way below, like £35k when the asking is £55k.

Where do you get your California insured, and do they work on the basis of market value, as opposed to book value?

And when you insure, what value do you put on all the extras?

 

[dspuk]

You insure the vehicle you bought. If it is a new one and you have new for old insurance it is that price.

If it is an older Cali it would generally be book they work from when paying you back. They will let you put in what you think it is worth, but will always haggle when it comes to payment time.

The market remains slightly hot, therefore the difference in book vs resale. In some cases, like housing, the market is not really hit but sellers reticent to sell for lower than they "could" have got at market peak. Leads to a lot of unsold Calis, and houses.

Extras, as always, are worth nothing on a second hand vehicle apart from second hand valuation difference, which will more be for things like 4WD but your shower connection is not going to make the second hand value worth more, just more desirable to a buyer.

 

[scimmiamagia!]

I assume secondhand prices are also affected by the time of year, or are sellers looking at new prices?

 

[dspuk]

I assume secondhand prices are also affected by the time of year, or are sellers looking at new prices?

All the above. Prices are hottest in summer. Sellers are mainly looking at what they could get peak covid when prices were wild. But it's a keen market for Calis, as you're finding out. We bought new for this very reason - with the discount we traded the wait for getting one now and got it for not much more, if not less, than many 2nd hand ones.

 

[scimmiamagia!]

We bought new for this very reason

How does anyone afford a new one? I assume you all buy on PCP?

 

[andyinluton]

How does anyone afford a new one? I assume you all buy on PCP?

No use one of Amarillos magic bean schemes.

Or more realisticaly buy new 7 years ago when prices were reasonable, pay off over 4 or 5 years, trade in & top up with what then feels like a reasonable amount to finance each time.

I always do HP rather than PCP as due to my variable income I couldn't be sure that I would be able to either finance or pay off the balloon in 4 years time.

 

[Ozzy Pete]

How does anyone afford a new one? I assume you all buy on PCP?

There are still plenty of people out there that still have money and this (Cost of living crisis) has had none or very little impact.

 

[Grigio Van Grigio]

The value you give the insurers will have little effect on the quote you get. Other factors are way more important when calculating the premium for the risk. As such, I would always err on the side of caution when providing the valuation (while remaining realistic). Bear in mind that additional theft protection may be required over a certain amount, although this doesn’t tend to become a factor until £75.

Don’t underestimate the value as any claim you make may be reduced due to “under insurance”.

 

[Elmo3]

Use an agreed value policy, takes away any argument in the event of theft or total loss. I use Adrian Flux, you need to send them full details and detailed photographs so they can evaluate.