Insurance. Insurance valuation vs market value?

[Lyonelle]

Hi All

I am in a quandary. Insurance quote seems to be skyrocketing. I am as accurate as possible, but 1 area I dispute is the valuation of the Insurance company of my car. I have tried to obtain an accurate valuation (without paying for it). I used a Peugeot site valuation tool and they quoted £4680, which is approx what the insurance sharks quote.

Briefly, I consider my RCZ to be holding its value since I bought it 5 years ago. It is a 2015, 156 THP GT, 30K miles, FSH, great condition. 2 Lady- (grandmothers) owners, so driven with care and love! I consider its value to be £9K to £9.5K. No claims made.

Do I increase the insurance valuation to £9.5K, pay the extra, obviously hope nothing serious happens and I do not need insurance, like the past 4.5 years or go with the insurance valuation for a lower quote and have to accept a lowball offer if I have to make a claim??? I did hear once, the rear windscreen could cost £4K- so I always make sure I have windscreen cover.

Any views?

 

[Kerr]

The values of all cars are correcting themselves after coronavirus. The RCZ has come down really fast. The valuations and prices offered by dealers and car buying services are frightening.

Upping what you think your car is worth when taking out insurance isn't the same as an agreed valuation policy. You specifically need to ask for an agreed valuation policy.

Get a quote and see how much extra it costs. See if the premium is worth it.

It's not good reading that valuation guides value cars at half of what owners think.

 

[Lyonelle]

The values of all cars are correcting themselves after coronavirus. The RCZ has come down really fast. The valuations and prices offered by dealers and car buying services are frightening.

Upping what you think your car is worth when taking out insurance isn't the same as an agreed valuation policy. You specifically need to ask for an agreed valuation policy.

Get a quote and see how much extra it costs. See if the premium is worth it.

It's not good reading that valuation guides value cars at half of what owners think.

Hi Kerr, that is excellent advice. Thank you, just what I needed to know to make a decision. I will research further.

 

[Verminator]

Let us all know what the outcome is