| Hive: What value to provide for Estimated Market Value for car insurance quote? 09:56 - Oct 30 with 928 views | NthQldITFC |
GoCompare provides one value.
AutoTrader provides something about 50% higher!
It's a fairly old, but low mileage, small car.
How does the EMV affect premiums?
I think from what I've read that the EMV bears little relation to what they might pay out in the event of a claim.
Ta. |  |
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| Hive: What value to provide for Estimated Market Value for car insurance quote? on 10:02 - Oct 30 with 902 views | PassionNotAnger |
For standard retail market it’s rarely used other than to pick out anomalies where a standard vehicle book price may be £20k and customer is declaring its worth £40k which could indicate heavily modified vehicle but equally a fraud trigger. On the flip side some customer says it’s only worth £5k in hope for cheaper premium and again “could” be used against them at point of claim albeit it’s pretty unlikely as insurer would have to demonstrate intent to misrepresent .
Unless you have a specialist or classic car (in which case you should look at “agree value” policies and which generally means providing evidence of value etc just declare the higher value you see from a cursory glance at list prices etc. won’t make any real difference to the price and insurers have to settle at market price at the time of a claim regardless |  | | |
| Hive: What value to provide for Estimated Market Value for car insurance quote? on 10:50 - Oct 30 with 843 views | ElephantintheRoom |
It’s a nonsense. All you have to do is look at auto trader. And see if there’s a similar car. Mileage and reason for insurance and driver history are the big ticket items on a policy.
Your big problem comes, as you’ve suggested when you need to make a claim. If it’s an old car you might be tempted to think all those added extras that cost thousands back in the day are worth something. They aren’t. | |
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| Hive: What value to provide for Estimated Market Value for car insurance quote? on 10:59 - Oct 30 with 815 views | WeWereZombies |
| Hive: What value to provide for Estimated Market Value for car insurance quote? on 10:02 - Oct 30 by PassionNotAnger |
For standard retail market it’s rarely used other than to pick out anomalies where a standard vehicle book price may be £20k and customer is declaring its worth £40k which could indicate heavily modified vehicle but equally a fraud trigger. On the flip side some customer says it’s only worth £5k in hope for cheaper premium and again “could” be used against them at point of claim albeit it’s pretty unlikely as insurer would have to demonstrate intent to misrepresent .
Unless you have a specialist or classic car (in which case you should look at “agree value” policies and which generally means providing evidence of value etc just declare the higher value you see from a cursory glance at list prices etc. won’t make any real difference to the price and insurers have to settle at market price at the time of a claim regardless |
So the higher Auto Trader value is the best one to declare, given that it will not add much to the premium ?
Worth bearing in mind that the OP is talking about an older vehicle so the difference in values might just be down to Go Compare not realising how in demand secondhand vehicles that are ten years or more old actually are (dependent upon make of course.) I was talking over the modest trade in I got for my thirteen year old Octavia (because I knew all that was wrong with the car and wasn't going to play hardball with an independent car dealer who knew what they were doing) and she told me that the few hundred pounds trade in she refused for an old Nissan turned out to be the right move. She sold it privately for two thousand quid. |  |
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| Hive: What value to provide for Estimated Market Value for car insurance quote? on 11:03 - Oct 30 with 809 views | Dyland |
| Hive: What value to provide for Estimated Market Value for car insurance quote? on 10:59 - Oct 30 by WeWereZombies |
So the higher Auto Trader value is the best one to declare, given that it will not add much to the premium ?
Worth bearing in mind that the OP is talking about an older vehicle so the difference in values might just be down to Go Compare not realising how in demand secondhand vehicles that are ten years or more old actually are (dependent upon make of course.) I was talking over the modest trade in I got for my thirteen year old Octavia (because I knew all that was wrong with the car and wasn't going to play hardball with an independent car dealer who knew what they were doing) and she told me that the few hundred pounds trade in she refused for an old Nissan turned out to be the right move. She sold it privately for two thousand quid. |
Fifteen odd years ago I was paid out more for a write-off than it was valued for insurance. Still scratching my head about that one. |  |
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| Hive: What value to provide for Estimated Market Value for car insurance quote? on 11:06 - Oct 30 with 797 views | WeWereZombies |
| Hive: What value to provide for Estimated Market Value for car insurance quote? on 11:03 - Oct 30 by Dyland |
Fifteen odd years ago I was paid out more for a write-off than it was valued for insurance. Still scratching my head about that one. |
It's probably still doing a full day's work seven days a week as a taxi in Burnley... | |
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| Hive: What value to provide for Estimated Market Value for car insurance quote? on 11:11 - Oct 30 with 783 views | PassionNotAnger |
| Hive: What value to provide for Estimated Market Value for car insurance quote? on 10:59 - Oct 30 by WeWereZombies |
So the higher Auto Trader value is the best one to declare, given that it will not add much to the premium ?
Worth bearing in mind that the OP is talking about an older vehicle so the difference in values might just be down to Go Compare not realising how in demand secondhand vehicles that are ten years or more old actually are (dependent upon make of course.) I was talking over the modest trade in I got for my thirteen year old Octavia (because I knew all that was wrong with the car and wasn't going to play hardball with an independent car dealer who knew what they were doing) and she told me that the few hundred pounds trade in she refused for an old Nissan turned out to be the right move. She sold it privately for two thousand quid. |
Yes, definitely disclose the higher number if you feel it’s “reasonable” (ie not a stupidly inflated price or a typo etc)
As pointed out the value paid at the point of claim should be the market value at the time and you won’t necessary get the number used at purchase (nor should that figure be a limit either!) | | | |
| Heh (n/t) on 11:17 - Oct 30 with 772 views | Dyland |
| Hive: What value to provide for Estimated Market Value for car insurance quote? on 11:06 - Oct 30 by WeWereZombies |
It's probably still doing a full day's work seven days a week as a taxi in Burnley... |
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