Guys - I need to renew my insurance and they asked me what the value was. (I didn't realise it's currently set at the value of my old car 😕 )

I tried to look get an idea from comparable models on AutoTrader, Gumtree, fleaBay, even webuyanycar, but am getting figures from £1000 to £4000! - prices seem all over the place.

Anywhere else I should look? Or anyone able to give a realistic price?

Spec: 2008 Titanium Petrol 1.8 Manual Focus Estate, 100k miles.

Ta!

Look on 'we buy any car' and then deduct £500

I usually just tell the insurance to put market value, and they tell me what it's worth tbh. 

The value that you give them for your car generally makes no difference to the premium that you pay for insurance, but if you state a low value it will give the insurers a reason to restrict their offer to you in the event of a total loss claim.

Don't bother aiming for a realistic price, give them the price that you paid for it unless you think it is now worth more than that, which is possible in the current second hand car market. 

53 minutes ago, Moondust said:

Guys - I need to renew my insurance and they asked me what the value was. (I didn't realise it's currently set at the value of my old car 😕 )

 

My car has been worth. '£2500' for the last 3 years (far more than what I paid LOL) - doesn't matter what you put, if it's written off they'll only pay out what they think it's worth, not you! (You may be overthinking it too...)

Hi. 

If you do need any help with insurance at all then please feel free to drop me a line.

Regards,

Dan.

12 hours ago, DAN@ADRIAN FLUX said:

Hi. 

If you do need any help with insurance at all then please feel free to drop me a line.

Regards,

Dan.

Dan, why do insurance companies ask for the owners valuation when it's human nature to over estimate what your pride & joy is worth compared to an insurance company who will just rely on the actuary 'book' price on age/condition?

It's another way to test risk I think.  Not sure if it's still the same but when I put that I'd got a £500 sh*tter, that often raised the premium compared to £1500 for the same model...  Can only assume they think you'll be more careful with something that you're over-valuing!  

On 12/5/2021 at 10:08 AM, StephenFord said:

Dan, why do insurance companies ask for the owners valuation when it's human nature to over estimate what your pride & joy is worth compared to an insurance company who will just rely on the actuary 'book' price on age/condition?

In my case the insurer 'doesn't give advice', so the responsibility is with you for if you under/over insure, there's absolutely no comeback on them.

 

On 12/2/2021 at 7:56 PM, StephenFord said:

My car has been worth. '£2500' for the last 3 years (far more than what I paid LOL) - doesn't matter what you put, if it's written off they'll only pay out what they think it's worth, not you! (You may be overthinking it too...)

Not always true. My previous car was written off (not my fault) and it was a pretty niche spec. I argued for 4 months with the guy's insurer and eventually they paid double what they originally claimed it was worth, because I could prove with 3 examples that's what it would cost me to replace that spec at that current time, and they couldn't find one thing to back up their 'book' price. They were also paying for a replacement hire-car for me during all this.

 

Anyway all sorted now, thanks for all the advice. I upped the declared value dramatically based on ebay/autotrader/gumtree prices if I had to replace it like-for-like tomorrow, and as @pcaouolte suggested it only changed the quote by £5. 🙂

Parkers price guide, every time.  Their Part Ex value is 20 % higher than webuyanycar (well it was when I looked into this a few years ago) and in my experience, more realistic.