still not sure what to put for car value on insurance...

[joko]

i asked this the other day but got mixed answers, so thought id ask again to get some more views

when buying var insurance, should i put the cars value as -
what i paid for it - £1600
what its worth to a dealer - £2000
or market value - £2,400 - or more...or less (not sure what a dealer looks to make on a £2000 car)

i got a good price because a mechanic friend organised the purchase for me from his friend.
the cars owner has a highly qualified mechanic for a brother, so the car has been kept in tiptop condition inside and out and serviced etc properly, new parts etc, despite it having a pretty high mileage

so what would you suggest i put as its value? - because another car of merely the same spec would maybe be worth less, but this cars great condition means it would be hard to find a car as good for the price...

i dont want to put too much because of the premuims but dont want to be left short in the event of a claim

thanks for your advice

[ummmm]

I thought they only paid you book value regardless. Not sure though.

I had an N reg Astra from new...8 years later with only 40,000 miles on the clock and kept in very good condition it was written off. Not by me....!! I got book value.

[Toureman]

Put just above the market value, the insurance company will tell you what amount they will pay, it will most likely be under what you want, then you negotiate, tell them it's not enough.

It does not matter what you paid for it!

It's all to do with haggling.

[ummmm]

I also got to keep the car and repaired it, we had a car repair business at the time.

[R1Geezer]

The market value you give just fit's into the risk equation the insurers use to calculate the risk. In this case most of the risk is on the side of damage you do rather than damage to you so it's largely irrelevant. However they will also use the figure you give as the most they will pay so say £2400 and be done with it. They will only pay book price, anyway, end of story. Book price encompasses all those things that you were talking about eg FSH, immaculate nick, driven my mother Theresa o Sunday etc etc then that would be the "Private Good" amount.

[S_C]

It doesnt matter what you value your car at with the insurance company as they will only pay the market value for a vehicle no matter how high you value your vehicle

Sorry but no matter what you paid " unless new " they will never value it as high as you do