Insurance valuation Q....
12 April 2021, 08:34 AM
#1
Scooby Regular
Thread Starter
Insurance valuation Q....
Soo I was waxing my car and a stranger driving by said what’s it worth i said “ £15k “as I always do 😂 but then I started thinking god forbid if my car was involved in a rta who would decide what it’s worth???
As lesser examples are being advertised at higher prices than what I think mine is worth...not that I’d ever sell up.
As lesser examples are being advertised at higher prices than what I think mine is worth...not that I’d ever sell up.
12 April 2021, 09:13 AM
#2
If your vehicle was written off, first the insurance company would offer you trade value for average condition.
You would need to prove, with gathered information from auto sales sites, demonstrating that your car was worth a particular value for its age condition and mileage.
Bear in mind, you will never get a ridiculous inflated price(no matter the condition) over its relative age.
Only until it becomes a rare classic will it increase in value.
Eg an old friend of mine had a really old mint condition low mileage Honda Civic. He sold it for £2500 to a local. It was fantastic condition
Unfortunately they were involved in a minor accident. The insurance valued the car at £250 and were not prepared to repair, so was scrap. The new owner bought back the car and spent another £1000 repairing it.
I sold a Citroen AX, again excellent condition to a friend. They crashed it in bad weather. The insurance offered trade value. I told my friend to find several examples in autotrader of the same car. The insurance raised their write off value to the mean price advertised.
You would need to prove, with gathered information from auto sales sites, demonstrating that your car was worth a particular value for its age condition and mileage.
Bear in mind, you will never get a ridiculous inflated price(no matter the condition) over its relative age.
Only until it becomes a rare classic will it increase in value.
Eg an old friend of mine had a really old mint condition low mileage Honda Civic. He sold it for £2500 to a local. It was fantastic condition
Unfortunately they were involved in a minor accident. The insurance valued the car at £250 and were not prepared to repair, so was scrap. The new owner bought back the car and spent another £1000 repairing it.
I sold a Citroen AX, again excellent condition to a friend. They crashed it in bad weather. The insurance offered trade value. I told my friend to find several examples in autotrader of the same car. The insurance raised their write off value to the mean price advertised.
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12 April 2021, 02:24 PM
#4
As Andy said, they'll pay the minimum value of the car. In order to get more you have to show you cannot get an equivalent age/condition replacement of the same spec.
However with some insurers you can stipulate an agreed value when signing up to a new policy.
Done this with my R32 as there are very few 3 doors with manual 'box and wingbacks with low mileage left that haven't been chavved. Like scoobs, R32s aren't rare by no means so it's easy to pick up a cheap one. But it's getting harder to find a good one.
However with some insurers you can stipulate an agreed value when signing up to a new policy.
Done this with my R32 as there are very few 3 doors with manual 'box and wingbacks with low mileage left that haven't been chavved. Like scoobs, R32s aren't rare by no means so it's easy to pick up a cheap one. But it's getting harder to find a good one.
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12 April 2021, 06:39 PM
#6
Scooby Regular
Thread Starter
some Excellent info there chaps 👌 thx
its as I would have thought my £12k is secure for now 🤞
its as I would have thought my £12k is secure for now 🤞
12 April 2021, 06:46 PM
#7
Scooby Regular
Thread Starter
i hope not buddy as 8 value mine at atleast £12k 😬
Wouldnt want to think what’s yours is worth dude if owt happen3d as this been on for ages at £15k an£ he’s just increased price by few grand recently 😁 as you say few grand maybe......
https://www.ebay.co.uk/itm/224414265041
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