Car value on your insurance policy.

CharlySkunkWeed

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So since I bought my car the value has jumped a fair bit. My insurance is due for renewal and I realised the original value I gave is still on there. I'll be ringing them to ammend it but what's people's opinion on it ?
Does it make much difference? If the car was written off would they even care what you said it was worth ? (Well, I bet they would if you had said it was worth less).
Just curious.
 

Mel_45

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Had one car written off.

AXA was the insurer, paid out wuayvitnepuld cost to replace same model and miles based on autotrader and usedcarsni adverts. This was about £600 more than my valuation.
 

CharlySkunkWeed

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CharlySkunkWeed
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Had one car written off.

AXA was the insurer, paid out wuayvitnepuld cost to replace same model and miles based on autotrader and usedcarsni adverts. This was about £600 more than my valuation.
Makes you wonder why even bother changing the value every time.
Wonder how much extra they'll charge me when I tell them.
 

Burt2000

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I think it depends on the insurer. My car has also jumped a lot in value since I bought it 5 years ago. I’ve an agreed value for £18k as that’s the max they can put on it for now. They said that if it keeps going up in future if I get an independent valuation (for eg from the owner of the type ra owners club) they will look into it then. It increased the premium by about 10% iirc, then they deducted 10% for being a member of the owners club 😂. That’s on a classic policy though so not sure if that makes any difference.
 

vw1500

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I tried to get agreed value on my daily as its 20yr old now and told them value is up from when I bought it. Was told they’d go off market value and could make a case with assessor in event of a claim. A classic policy would give an agreed value, but no protected ncb.
 

Burt2000

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Autoline told me they don’t use the no claims on a classic policy as it doesn’t apply. They are usually cheap enough so its better for me to put it towards my daily driver.
 

CharlySkunkWeed

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CharlySkunkWeed
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I used the app on my insurance to alter the value. Today they sent me a renewal email with all the info (it'll auto renew on the 30th) and the value had updated and the quote was the same as the reminder they sent last week.
So it probably made no difference but keeps me right I suppose.
 

Carson

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Our cars are due for renewal next month but I think I’ll get an agreed value on the JCW.
 

CharlySkunkWeed

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CharlySkunkWeed
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Our cars are due for renewal next month but I think I’ll get an agreed value on the JCW.
See thats what I don't understand, you pay extra so they pay out what your car is worth, but shouldn't they be doing that already ?

If not then why do they ask how much the car is worth when taking out a policy ? (Which is all I'm talking about in my OP)
 

vw1500

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Renewal in for my classic policy and it states that market value is whatever price similar cars are selling for up to the max of the value you stated.
When I asked greenlight before was told that they’d go off what they were selling for and not stated value. That was an everyday policy though.
 

Carson

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See thats what I don't understand, you pay extra so they pay out what your car is worth, but shouldn't they be doing that already ?

If not then why do they ask how much the car is worth when taking out a policy ? (Which is all I'm talking about in my OP)
My understanding is the value given at the time of policy creation is simply an estimate and one which they use to calculate the level of risk - parts, repair etc.

However, that is not an agreement of the value they will pay out in a total loss scenario because, in the most part, the car will depreciate so instead they will take the market value.
 

Lyons

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But surely it’s the market value of a similar car? Any time I’ve had a car written off, or helped someone else who has, they always pay out based on similar cars. If values have risen above what the valuation is on your policy, surely they don’t just stop at that figure?
 

CharlySkunkWeed

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CharlySkunkWeed
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But surely it’s the market value of a similar car? Any time I’ve had a car written off, or helped someone else who has, they always pay out based on similar cars. If values have risen above what the valuation is on your policy, surely they don’t just stop at that figure?
That's my thinking. Though I'm sure they'd try shafting you somehow.
 

Simon998

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Some scrotes set fire to a 38k mile 182 on Cliosport, insurance offered him near £9k for his first offer! He couldn't believe it.
 

vw1500

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But surely it’s the market value of a similar car? Any time I’ve had a car written off, or helped someone else who has, they always pay out based on similar cars. If values have risen above what the valuation is on your policy, surely they don’t just stop at that figure?
One insurance company told me they wouldn’t another states that they will. I’ll copy and paste it in when on laptop.
 
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