insurance value

[blakey]

I normally value my car for £18,000 at insurance times and say that 6,000 miles is all that I will drive. If I crash the company will more than likely only give me £12,000 or something?
As value affects the price would it be better to say the value is £15,000 for renewal?

 

[GTTurbo]

I would still insure it for £18,000, then if the unfortunate ever did happen and the insurance company are only offering £12000 or so, you still have room for negotiation.

Then find 3 or so recent advert showing vee's for sale at the highest premium - Ron Hodgson's vee's are prime examples

 

[GTTurbo]

Looking at Pistonheads the following 2 example's give a good guide to pricing it:

Pistonheads £15750

Pistonheads £16995

 

[blakey]

agree with you all. but i think insurance companys should pay out the cars value, thats where they get there costs for pricing to start with.

 

[GTTurbo]

You can argue the settlement figure if you are not happy with the price given, its not simply down to what the insurance companies thinks your car is worth. Hence the need to keep the value high and give room for negotiation.

LINK

Maximising and Concluding Settlement Figure
If you find that the insurer has offered you a very low figure of settlement you will need to prove to them that you are not able to purchase a vehicle similar to yours for the figure they have paid. Usually this negotiation process is relatively quick as insurers do not like the idea of paying for you to use a vehicle while yours is not driveable. You will need to obtain some copies of vehicle sales listings. Publications such as autotrader or exchange and Mart. Find vehicles that match yours as closely as possible in terms of mileage, colour, specification and age. Ideally you should choose vehicles which are available from dealers, and these are usually the hassle free way of purchasing.

With that information and proof to hand most people manage to obtain a satisfactory compensation on the third try.