I have a Skoda Fabia S EL auto and the basic valuation online is roughly £10,000.

My insurance renewal asks for the car valuation which is where I have a problem.

I have a few extras,that cost a lot, which I added when I bought it from new,including a panoramic roof,winter pack (heated seats and washer nozzles) and adaptive cruise control.

Does this increase the value of the car for insurance purposes or is it irrelevant?

Also does it affect resale value?

Thanks🙂

You chose them as factory options or you had them done after the purchase? If they're factory options I think I'm right in saying they should be listed against the VIN number, so insurers would know what you had on the vehicle. You'd use the invoice value as the value for insurance purposes. On Glass's Guide there's an option to add the options and that inflates the value from standard for checking.

Thanks very much for the reply,they were factory fitted options.

I didn't realise they would be on record with the insurance company.

As for resale in the future,I think it would be valued as standard unless I objected.

An insurance assessor would only ever look at the VIN at point of total loss claim - there'll be nothing noted on your policy itself showing options prior to that.

Ok,thanks again🙂

On 19/08/2020 at 12:58, ChrisKnottIns said:

You chose them as factory options or you had them done after the purchase? If they're factory options I think I'm right in saying they should be listed against the VIN number, so insurers would know what you had on the vehicle. You'd use the invoice value as the value for insurance purposes. On Glass's Guide there's an option to add the options and that inflates the value from standard for checking.

 

Hi @ChrisKnottIns

 

I purchased my car for £4500 via auction on ebay. I 'm pretty sure I got a great deal as I think it's worth closer to £6k-£6.5k. Are you sure you shouldn't put it's current value opposed to what was paid for it (Invoice)?

 

If it happened to be written off after a month and I'd put £4500 as the valuation for the insurance (a similar car with similar miles to mine would cost closer to the £6k-£6.5k market), surely they wouldn't give me more than £4500?

Edited 8 January, 20215 yr by 00000000001

In that quoted post I'm talking about options added to a new vehicle. On any other vehicle you should put it's current market value, ie. what it would cost to replace it now.

Edited 11 January, 20215 yr by ChrisKnottIns

19 hours ago, ChrisKnottIns said:

In that quoted post I'm talking about options added to a new vehicle. On any other vehicle you should put it's current market value, ie. what it would cost to replace it now.

Ah yes, it makes more sense now reading back. Thanks for your response.

 

I'm currently looking for insurance, will your company be happy to give me 2 quotes, one with an accident included and one without?

 

Reason being I need to know how much more I am having to pay as a result of the accident - that way my solicitors (through the motor legal cover I had), can claim that amount back from the other driver. 

 

Sorry fo the post hijack

Edited 12 January, 20215 yr by 00000000001

If you've got a claim open it's unlikely we'd be able to offer a price I'm afraid. Have you considered using a comparison site for that, err, comparison?

4 hours ago, ChrisKnottIns said:

If you've got a claim open it's unlikely we'd be able to offer a price I'm afraid. Have you considered using a comparison site for that, err, comparison?

 

I have used comparison sites but will ultimately need the 'with and without' from the insurance company I eventually go with.

 

It's not an open claim or at least I don't think it's counted like that. Pretty sure the claim is closed on the insurers side (incident no claim made). 

 

I am going through the motor legal insurance to reclaim the extra im having to pay for insurance due to the accident.

 

Does that count as an open claim?

If you're gathering data for the uninsured losses, the claim hasn't been settled. Until liability is agreed and final settlement made, it will be classed as open.