Valuation For Insurance Renewal

[PearlJam]

Hi folks

Next month I will have had my Aygo Black for a year and it will be time to renew my insurance.

The car cost me £8000, so I was wondering what value I should put on it now when getting insurance quotes.

How much do you recommend I drop the value by ?

Thanks in advance.

[daveyjp]

Having just bought insurance most companies I tried don't even ask unless the car is worth more than £40,000. I'm with Frizzell and they don't need a value for anything under £100,000.

If they do ask see how much year old Aygos Blacks are costing at Toyota dealers - it's cost to buy a replacement like yours you need, not the trade in/private sale value.

[T600]

If they do ask see how much year old Aygos Blacks are costing at Toyota dealers - it's cost to buy a replacement like yours you need, not the trade in/private sale value.

You're probably right daveyjp, but you can be sure that if your car gets totalled all they will offer you is the trade in value, not the cost of sourcing an equivalent. I've never known anyone be happy with the price offered to them for a totalled car, though generally it's those of us with older cars that we've cared for that suffer most in this regard.

I'd still go for the highest valuation possible though as then you can't possibly be acused of under valuing it, and I don't see the valuation affecting the premium very much. I've always been asked for valuations of cars when renewing my policies. I think the £40K cut off is that many insurers won't touch anything over that value.

[kenl]

No matter what value you give them, they will only pay out the market value of the car if it gets written off.