Insurance question

[dannyjpuk]

i have just changed my car im back in a vectra vvt 57 plate i paid £6500 for it when i rang the insurance company i unsured it for that amount but should i??? or should i ov just insured it for the book price reason being i have herd insurnace companys saying ohhh its only worth ......

what do you think

[m8internet]

I always insure it for slightly more than the book price or at the highest book price
I suggest you try various values and compare, it usually makes little difference to a premium as they are based on the actual vehicle insurance group
Equally, some providers now have an option for current market value
The value will only come into consideration in the event of a total loss claim
You can then argue on the condition based at the time of policy commencement

My car is currently insured at £3500 but that was based on the policy commencement at December 2010 and 110K miles, I also increased the excess from nil to £250
This year it will probably be down to £2000, and again the excess will probably increase from £250 to £400
Thus this increases the chance of a total loss claim (even for a small bump)

[FLOB]

the value you insure it at bears no relation to the amount they will pay out. if it did we'd all be insuring our cars for 100k and writing them off the next day. its only a box filling exercise and has very little bearing on the cost of the policy. asking what you paid for it is not the same as what its worth either........but again they will quote current market values if there is a total loss and you have to argue on that basis- not what you paid for it or think it is worth.....
..........been there- lost my T-shirt lol

[m8internet]

I have made one total loss claim myself, based on a vehicle valued at £1000 covered under TPFT and claimed under theft
Many people, amazingly, accept the first offer

Their first offer was £150 less the £250 excess, er that leaves nil
Their argument was that they had vehicle recovery costs which were greater than the vehicle value, and the stereo was not included as there was no evidence that one had been fitted and so they requested a receipt which I duly provided
Their second offer was £275
Their third offer was £310
Their fourth (and marked final) offer was £550, plus a further £45 for the stereo, which I accepted