Valuation for insurance

[SamSara]

Any advice welcome on what to value my van for when I renew insurance at the end of this month. 2017 ocean TDI. Last year I had £49,500 but no idea what to say now. For sale the prices are all over the place and I don’t know what I would get on a write off. Spoken to a couple of companies and I need to be more specific with my valuation. I want to make sure I’m covered incase anyone decides to steal it at Slimbridge because it is clearly the best of the gang . Thank you

 

[dspuk]

Valuation is technically the cost to replace anything. Which can be galling when the market is strong and residuals high. If it was all to burn down to a pile of ash, how much would it cost to replace?

That would be your valuation IMHO.

 

[SamSara]

Valuation is technically the cost to replace anything. Which can be galling when the market is strong and residuals high. If it was all to burn down to a pile of ash, how much would it cost to replace?

That would be your valuation IMHO.

Would they pay that out or would they go by the ‘book price’? That is my quandary

 

[dspuk]

Would they pay that out or would they go by the ‘book price’? That is my quandary

That becomes the "negociation". Would likely end up a number between the two. Hence GAP insurance scams.

 

[andyinluton]

Try VWs site for approved used vans, start at the highest price & work down until you get to something similar to yours.

I'm assuming this isn't for an agreed value policy, just to answer the brokers question as to what you think its worth.

If so, the only time the value that you tell them comes into play is if you gave them a figure that is less than you try & subsequently claim. So best to keep the number on the high side, but not so high that they force you into having a tracker etc.

 

[Elmo3]

If you’re worried about it, just get an agreed insurance valuation and policy.

 

[GrumpyGranddad]

Any advice welcome on what to value my van for when I renew insurance at the end of this month. 2017 ocean TDI. Last year I had £49,500 but no idea what to say now. For sale the prices are all over the place and I don’t know what I would get on a write off. Spoken to a couple of companies and I need to be more specific with my valuation. I want to make sure I’m covered incase anyone decides to steal it at Slimbridge because it is clearly the best of the gang . Thank you

Pop it into We Buy Any Car for the lowest value and go up from that by a sensible amount - maybe 10 - 15%

 

[The Merle]

Any advice welcome on what to value my van for when I renew insurance at the end of this month. 2017 ocean TDI. Last year I had £49,500 but no idea what to say now. For sale the prices are all over the place and I don’t know what I would get on a write off. Spoken to a couple of companies and I need to be more specific with my valuation. I want to make sure I’m covered incase anyone decides to steal it at Slimbridge because it is clearly the best of the gang . Thank you

It’s good to ask insurance company if premium cost goes up over £50k most companies have levels where cost to insure gets more expensive.

 

[dspuk]

This is from Parkers. You can pay a fiver to get more detailed info. These are "book" prices and don't necessarily add in market fever. For that you could likely add 5 - 10% onto current book.

 

[2into1]

This is from Parkers. You can pay a fiver to get more detailed info. These are "book" prices and don't necessarily add in market fever. For that you could likely add 5 - 10% onto current book.

View attachment 99226

Based on that, I wouldn't pay 5p for their thoughts! Anyone wanting to sell at the private price, please get in touch.

 

[GrumpyGranddad]

Pop it into We Buy Any Car for the lowest value and go up from that by a sensible amount - maybe 10 - 15%

Just done this exercise on my van and it returned an accurate valuation based on similar vans i’ve seen for sale.

 

[Ozzy Pete]

Any advice welcome on what to value my van for when I renew insurance at the end of this month. 2017 ocean TDI. Last year I had £49,500 but no idea what to say now. For sale the prices are all over the place and I don’t know what I would get on a write off. Spoken to a couple of companies and I need to be more specific with my valuation. I want to make sure I’m covered incase anyone decides to steal it at Slimbridge because it is clearly the best of the gang . Thank you

It all depends on you insurance companies criteria. If they say replacement vehicle of equal value then that’s what they base it on..

 

[dspuk]

Based on that, I wouldn't pay 5p for their thoughts! Anyone wanting to sell at the private price, please get in touch.

Hence my point on market fever. These are the “book” numbers and any dealer you walk into will use these as his buy price vs his sell price based on miles and condition (and ability to sell). It used to be book price was hard to get hold of and they used it as dark arts, but quite easy nowadays, even if the official black book is still hardish to get (CAP HPI). At Nissan we used all their prices to work out a cars RV which was then used to determine sales values, profitability and market saturation numbers.

Clearly there is little if any difference on a Cali today 2nd hand on private vs dealer and as said in some mint cases you can stick another 5-10% on. C’est la vie.

I took a guess on the OPs van based on profile but if I was to be pushed I’d say current “market value” for their Cali is 47.5 K.

 

[SamSara]

Thanks all

 

[Frank Toogood]

Pop it into We Buy Any Car for the lowest value and go up from that by a sensible amount - maybe 10 - 15%

We Buy Any Car - valued my car at 3k, so sold it privately for 11k. Wouldn’t recommend them.