Valuation for insurance

[Taff7996]

Sill question

How do you work out the valuation of your van for insurance, I know what I paid for my van 12 months ago, but how do I calculate what its worth now.

 

[Velma's Dad]

It doesn't matter what value you declare, as in the event of a total loss they will only give you the 'market value' at that point.

As I understand it, the only reason they ask for a value is to detect if you have fitted lots of extras to the vehicle, that you haven;t declared of themselves and which could affect the risk and/or the insured value.

Just have a look at a couple of ads for vans of the same year as yours, and give them a round number based on that.

 

[WelshGas]

It doesn't matter what value you declare, as in the event of a total loss they will only give you the 'market value' at that point.

As I understand it, the only reason they ask for a value is to detect if you have fitted lots of extras to the vehicle, that you haven;t declared of themselves and which could affect the risk and/or the insured value.

Just have a look at a couple of ads for vans of the same year as yours, and give them a round number based on that.

Insurers can be crafty though.
They insure your vehicle based on a number of factors however and one of them is the Value, although they will only pay out the " market value " in the case of a right off, unless there is a New for Old deal.

On renewing my Insurance I asked what Value did they have for the vehicle. I was told it was £55,000 which was the purchase price. I asked them to reduce it to £45,000 and they dropped the premium by £25.

No point paying over the odds.

 

[Ryemslie]

Insurers can be crafty though.
They insure your vehicle based on a number of factors however and one of them is the Value, although they will only pay out the " market value " in the case of a right off, unless there is a New for Old deal.

On renewing my Insurance I asked what Value did they have for the vehicle. I was told it was £55,000 which was the purchase price. I asked them to reduce it to £45,000 and they dropped the premium by £25.

No point paying over the odds.

Also works the other way too, drop the value too low & they see it as something you will maintain/spend less on & can increase the premium. Just happened to me with my main car

 

[2into1]

Knock £2k off your purchase price. Might be a bit less than that but you'll be on the right side.