Car insurance - value of second hand car

TheGreenMan · 9 Dec 2005

When privately buying a second hand car what value would normally be used for car insurance purposes? Is it the actual price paid or the market price (ie the price after depreciation)?

moi · 10 Dec 2005

They will allow you insure it for any amount you want but if you try to claim they will only pay "the book" value. How you get "the book" value I do not know. Maybe try asking them.

TheGreenMan · 12 Dec 2005

Thanks. Found the following at
:

The value of a car is taken into account for third party, fire and theft and for comprehensive insurance. What you have the car insured for, however, is not always what the insurance company will pay out in the event of a claim. In the event of the car being a write-off, the insurance company will only pay out what it feels the car is worth, which, more often than not, is less than the car is actually insured for. There is very little to gain by over-insuring a car and, equally, you should not under-insure it either.

I'll ring the company but suspect that an average market value would do.

Car insurance - value of second hand car

TheGreenMan

Registered User

moi

Registered User

TheGreenMan

Registered User

Car insurance - value of second hand car

TheGreenMan

Registered User

moi

Registered User

TheGreenMan

Registered User

Privacy & Transparency

Privacy & Transparency