gamezone07 Posted August 3, 2015 Share Posted August 3, 2015 Recently I purchased any driver car insurance, its the fourth year with this specialist insurer, how ever, I have realise I have left the cars value stated on the documents at 1500 pounds for the last few years, its is now worth half that, imo. Will this have massve bearing on the cost of the car insurance and are other factors more significant? Link to comment Share on other sites More sharing options...
L00b Posted August 3, 2015 Share Posted August 3, 2015 Recently I purchased any driver car insurance, its the fourth year with this specialist insurer, how ever, I have realise I have left the cars value stated on the documents at 1500 pounds for the last few years, its is now worth half that, imo. Will this have massve bearing on the cost of the car insurance and are other factors more significant?At that level of car value, not in my experience. Factors which will have a much stronger significance are place where kept, type of parking (locking garage/carport/drive/street), type of travel insured (domestic/social only, or commute as well, and/or business use as well). When I recently got classic insurance on the MX-5, they had the value auto-calculated at £900 (), it only cost me £15 (and a bit of time) to have agreed value at £3,500. Link to comment Share on other sites More sharing options...
speleo1 Posted August 3, 2015 Share Posted August 3, 2015 i should think at 1500 pounds it wont make much difference to your policy, and they will only pay out the market value of your car anyway if its written off, Link to comment Share on other sites More sharing options...
truman Posted August 3, 2015 Share Posted August 3, 2015 i should think at 1500 pounds it wont make much difference to your policy, and they will only pay out the market value of your car anyway if its written off, Not necessarily...I have a policy which has an agreed value for my car...this is what they'll pay should it be written off... Link to comment Share on other sites More sharing options...
Cyclone Posted August 3, 2015 Share Posted August 3, 2015 Recently I purchased any driver car insurance, its the fourth year with this specialist insurer, how ever, I have realise I have left the cars value stated on the documents at 1500 pounds for the last few years, its is now worth half that, imo. Will this have massve bearing on the cost of the car insurance and are other factors more significant? No, it's unlikely to have much of an impact at all. The potential risk for the insurer isn't the damage to your car, so much as the damage you could do to a ferrari and a bunch of pedestrians, which would cost significantly more than the right off value of your car. Link to comment Share on other sites More sharing options...
gamezone07 Posted August 3, 2015 Author Share Posted August 3, 2015 That's what I thought, thanks for replies. Link to comment Share on other sites More sharing options...
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