car insurance - do you enter the market value of your car or what you paid for it?

[joko]

my car is apparently worth about £4,500...but i only paid £1,600...what should i put on the insurance quotes when it asks for the cars worth?

thanks

[ABerrant]

Déjà vu...

http://www.theanswerb...g/Question839862.html

[Buenchico]

I changed my car insurance over (from my old car to my current one) by phone, so I spoke to a 'real person' rather than a computerised system. When asked for the value of my X-reg 1.6 litre Ford Escort (with air-con, alloy wheels and lots of other extras provided 'as standard') I stated "£350" because that's what I paid for it. (I was working for a Ford main dealer and staff were allowed to buy any 'trade in' at £50 more than the company gave for it). I was fully aware that the 'forecourt price' for my car was around four times what I'd paid for it, so I wasn't surprised when the insurance guy questioned my figure. However I explained the circumstances to him and he was happy to enter it into his system.

So, if you simply want the lowest insurance quote, I'd suggest that you should state "£1600". (Based upon my own experience, I can't see how the insurer could claim that you could be guilty of 'fraud by false representation'). Of course, if you're seeking 'fully comp' insurance, the downside is that you'll only get £1600 (less your insurance excess) back if the car is written off in an accident.

Chris

[Mamyalynne]

Book price.

[trt]

'' but i only paid £1,600 ''..

Bloody hell, that's expensive but it depends on your age and how many years of no claim bonus?
I pay £216.00 a year.

[Mamyalynne]

paid that for the car trt.

[ABerrant]

£1600 - the price of the car not the insurance.

[Buenchico]

Trt has obviously got to far down his bottle of vino ;-)
(Joko states that he paid £1600 for the car, not for his insurance!)

[ummmm]

With 160,000 miles on the clock. £1,600 doesn't sounds quite a good price. No way can I see it being worth £4,500.

[ummmm]

Chris....Joko is a She..

[Buenchico]

Thank you for that, Ummmm (and my apologies to Joko).

My defence is that, in English law (unless the context requires otherwise) the masculine should always be construed to include the feminine ;-)

[joko]

haha blimey, id forgotten i'd asked that before...doh!

cheers

[ummmm]

Chris...that's the explanation. I was trying to explain to someone why the hospital always referred to an unborn baby as a 'he'....They couldn't understand and thought they were having a boy.

[ummmm]

Joko did...in her OP..

[R1Geezer]

leaving aside the obvious anomoly in what you think is the value and how come you only paid what you did type arguments. The value you put on the insurance is the theoretical maximum that the insurer will pay. In reality they will pay market value. So put market value what you paid is irrelevant generally.

[joko]

says the valuations i have got for it...

[R1Geezer]

with 160000 on the clock to be worth that it'll have to be 80K+ supercar when new. What car is it? What year? model etc.

[joko]

jeez does it matter? i just want to know what to put on the insurance forms...

[chazza]

State whatever the car is worth ie what it would cost to replace it. I was told that this is in case the car is written off and you are to get the value of it back in a cheque, that way you would only get £1600 rather than the £4500 that it is worth