CAR INSURANCE

bluemack

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Hi all,i,ve just bought a car (Honda CRV) for a bargain £350 when i make the call to insure it i will be asked the value of it
should i tell them what it cost me OR what its actually worth ( probably £700/800) its been a good few years since i last
bought a car so not sure what to tell them. Cheers (y)
 

Dusty

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Probably doesn’t make much difference to be honest, if you crash it they will just write it off considering the value of the vehicle.
 

carphauler

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If you write it off they will give you the book price for it, taking into account the mileage, condition, etc so it doesn't really matter what you paid for it or what you quote when insuring.
 

spanky

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Go with the higher value - it wont make much difference bu you could get a few more quid back should the worst happen.

Most of the cost of insurance is to cover potential damage to other vehicles, which in you case are likely to cost more to fix than your own vehicle, hence your own valuation wont make much difference.
 

muskrat

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A year's road tax will cost you almost as much as the vehicle.But they are lovely motors.
 

Markywhizz

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It’s not strictly true you will get the book value if it’s written off. They will pay the book value or your valuation whichever is lower.
 

breadflake

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Having had to fork out another wad of money yesterday would anyone know the book price of a 2009 mk 7 ford transit, just in case anything terminal should happen.
 

mickthechippy

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you can sometimes argue your case for a higher value as to an insurance offer for a written off or stolen car

a few years back I had my work vehicle stolen, a transit 120, now this was a very low milage vehicle in very good condition and with a few upgrades to it, internally racked, board carrier on the roof, radio-CD etc

the insurance company after a few weeks when it became apparent that is wasnt going to be found or recovered, sent me a derisory offer based on the trade value book price, which I declined

I then went to my service garage and got them to do a condition report based on thier servicing and repairs-upgrades done to the motor and armed with that, also went to a few local car traders to get them to value the vehicle, all were higher than the insurance company valuation

also bought a few car-van weekly sales periodicals and cut out the adverts that showed the van model prices that traders and private sellers were asking at the time, yet again the majority of prices were higher than the ins co valuation

presented the ins co with my findings and challenged them to find me a van that was similar for the same price they had offered in recompense, it took a few weeks, but in the end I got a much better offer from them which I then accepted

never take the first offer if you think your motor or the relacement costs were worth more
 

Dave Spence

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you can sometimes argue your case for a higher value as to an insurance offer for a written off or stolen car

a few years back I had my work vehicle stolen, a transit 120, now this was a very low milage vehicle in very good condition and with a few upgrades to it, internally racked, board carrier on the roof, radio-CD etc

the insurance company after a few weeks when it became apparent that is wasnt going to be found or recovered, sent me a derisory offer based on the trade value book price, which I declined

I then went to my service garage and got them to do a condition report based on thier servicing and repairs-upgrades done to the motor and armed with that, also went to a few local car traders to get them to value the vehicle, all were higher than the insurance company valuation

also bought a few car-van weekly sales periodicals and cut out the adverts that showed the van model prices that traders and private sellers were asking at the time, yet again the majority of prices were higher than the ins co valuation

presented the ins co with my findings and challenged them to find me a van that was similar for the same price they had offered in recompense, it took a few weeks, but in the end I got a much better offer from them which I then accepted

never take the first offer if you think your motor or the relacement costs were worth more
Nice one mate, I had never considered trying to negotiate with an Insurance company. The info is now locked into my one surviving brain cell and will be used if and when required.(y)
 
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