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Thread: Insurance value of my car...

  1. #1
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    Default Insurance value of my car...

    Been wondering about this today...

    My car is an 04 plate 1.8 Elegance with 92k on the clock.

    Not worth a lot from the Parkers guide (I've not got one to hand but if anyone would like to find out for me, feel free!)

    Now, like many on here, I'm fanatical about my car. I service everything way before the intervals, if there's the slightest hint of wear in suspension components etc they get replaced. Interior is pretty much mint (except the damn door handles with the flaking rubber surface).

    If my car was to be written off tomorrow, I'd only get the list price for it, despite having spent probably half that in the past year on replacing components.

    Can I get my insurance company to insure my car to it's true value, rather than what the books say about the average guys motor?

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    At one time you could get agreed value I did on my old Astra gsi but most insurance company's don't do it any more

  3. #3
    Regular Member Graham's Avatar
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    Vehicle : Focus

    Trim : Titanium

    Engine : 1.6 TDCI

    Year : 62

    Mileage : 9K

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    I heard something about a GAP insurance a while ago which you have to pay ontop of your insurance, but it makes up the difference between what you claim its worth and what they say its worth

  5. #5
    Regular Member Graham's Avatar
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    Vehicle : Focus

    Trim : Titanium

    Engine : 1.6 TDCI

    Year : 62

    Mileage : 9K

    Default

    Quote Originally Posted by UncleMelon View Post
    I heard something about a GAP insurance a while ago which you have to pay ontop of your insurance, but it makes up the difference between what you claim its worth and what they say its worth
    Gap insurance is:

    If you buy a car for £12k and finance it for 12k, if after 2 years you write it off, the insurance company will give you whats its worth at 2 years old.

    Lets say its £9k the insurance company gives you.

    The Gap insurance will make up the difference between what you paid and what the insurance company paid out.

    So in this instance its £3k.

    Costs about £250 ish for 5 years of cover, but can only be taken out if within 6 months of buying car i think.

    Plenty on the net about gap insurance.

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    They pay market value, not list price. Also, changing wear and tear items doesn't markedly increase the value of a car; imagine adverstising it for sale on autotrader and you get a tyre kicker come to view it, try getting him to pay £500 more than other Vectras go for just because you've replaced bushes or shocks etc.

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    Moderator & Events Assistant paulhb's Avatar
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    Vehicle : M5

    Trim : Nothing needs adding

    Engine : 5.0 V10

    Year : 07

    Mileage : 37000

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    Moved to the right section

  8. #8
    Regular Member chewy71's Avatar
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    I was unlucky enough to have a chap (funnily enough in a Vectra) park his car at the top of a hill one evening. When I returned to my car in the morning, it was 2ft from the kerb and in a different place. My first thought was joyriders until I saw a piece of paper on the window stating he'd left his handbrake off (probably in a habit of sitting with his foot on the brake pedal all the time) ... his car rolled down the hill and smashed into the back of my Alfa.

    Needless to say mine was a write off - and although my car was in mint condition he could not believe my car was worth only £700. He showed me the figures and then allowed a settlement of £900 due to the condition and also the week old rear shocks just fitted! So they do sometimes have a heart!

  9. #9
    Regular Member chewy71's Avatar
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    double post

  10. #10
    Regular Member Ben Chiles's Avatar
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    Generally insurance companies will generate your vehicles value by others for sale of similar spec etc, so it's a case of hoping there's some overpriced similar cars out there. Worked with my 100 edition.

    I had paid 2350 about 12 months prior, insurance company offered 2500 for it and blagged they had found one for sale for that price with less mileage. When asked for a link etc they could not provide, so i sent them links showing two other 100 editions (the only two could find) one for £2995 and one for £4250 obviously the one is wayyyy overpriced but was used in my favour. They came back to me with a re-estimate at £2800 then at £2900, i could see they clearly wheren't getting the message and explained in my eyes the vehicle is worth in excess of £3000, my car had less mileage on than the one up for £2995 and had more mileage than the one at £4250 therefore i was expecting the value of my vehicle to be between these two figures. They finally got the idea and forth offer successful offered £3100. Never accept the first valuation offer for your vehicle.

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