Hoping to pick my Blackline up next week.

With regard to Insurance; when they ask for the value, do i need to give them the Book Price (£21k) or what i paid (£17k)?

I presume that in the event of a claim, the'll make up their own value regardless...

Hoping to pick my Blackline up next week.

With regard to Insurance; when they ask for the value, do i need to give them the Book Price (£21k) or what i paid (£17k)?

I presume that in the event of a claim, the'll make up their own value regardless...

I was wondering this also with my Blackline. I presume it's going to be the book price as that's what we would have paid if there were no offers on at the moment.

That said, the insurers will only give you market value if it's written off so probably wise to get some gap cover to cover any shortfall in finance (if you've taken any). Try http://ala.co.uk and see if your dealer can match.

I've already got gap cover on it - so i suppose that makes it irrelevant, does it?

Never had to insure a new car before...

I've already got gap cover on it - so i suppose that makes it irrelevant, does it?

Never had to insure a new car before...

Yep, gap cover will make up any shortfall between the insurers valuation of the car and what's outstanding on the finance, or, replacement of your car like for like if you've paid the extra for 'return to invoice'.

You should put the 'market' value which, when you've just bought it, is what you paid.

I you declare a lower value you give he insurer opportunity to reduce their payout. For example if you buy a car for £15k and declare it as £10k,and the car is written off a year (almost) later when the insurers deem it to be worth £13k then they COUlD argue that you have under insured by 1/3 and that therefore, although the car was worth £13k they will only give you 2/3 of that - £8,666. This happened to a colleague of mine.

In he above case it's unlikely that the GAP insurance woul pay the full difference as you would have fraudulently under insured on your main policy.

Unfortunately it doesn't work the other way round so if you insured it for £21k you wouldn't get 'extra'.

Obviously small genuine errors aren't punished. It's a farce though really as most people probably over insure and they generally try I stung you on any layout. I think you should be able to insure the car for £x and if it's written off then that's what you get. If I wanted to insure it for a bit extra they could charge extra and the same if I wanted to save premiums I could reduce the value......

I think you will find in your Policy, T&C & small Print it will be 'Market Value' .

(Thats unless it is an 'Agreed Value' type policy on 'Cherished Policy' or GAP type cover)

'Agreed value Policies on Kit Cars, Cherished, 4x4, Collectors etc are not expensive,

but then the vehicles are not normally undergoing the same depreciation, & are limited mileage etc.

Valuations and pictures provided before commencing the cover. actually they still try to settle on a lower value.

Usually when You come to the time or getting settlement payouts from your insurer and probably need to then show what it is going to cost to replace with like for like.

You just hope that time never comes, but then thats why you are taking out insurance.

george

My car is on Dutch plates and insurance and based on new value here its over €40000 How I wish someone would steal it than I could replace it with 2 blacklines Was €46000 for one here when I got mine last year but price has come down!

Adrian Flux have just refused to offer me insurance... That is a surprise; 24 years old, spotless driving history, 6 years NCD (4 of which with Flux), and now i'm trying to insure a similar vehicle to my last one (albeit newer) - i thought they were a safe bet. They're usually the ones to go to for young drivers, modified cars, anything out of the ordinary...

Apparently a Skoda with a Diesel engine is a "High Performance Vehicle".

Edited 7 October, 201213 yr by Duffmeister

most policys will pay out the invoice value if a claim is made within first year.

When I renewed my policy last month following some modifications, they asked how much the mods were worth.

I told them £1500. On the renewal documents the cars value came through as £11500 (up from £7000).

When I called them they said that the car value made no difference to the premium. So I left it as it was.

It seems that insurers work in 'bands' of car value e.g. £1-5k, £5-10k, £10-30k, etc. so as long as you don't cross into another band it should be OK.

I'm not in the insurance trade, it's just my observations.