Could you argue it?

[Alex225]

I've just had a renewal come through for two cars and of course the renewal is way higher than last year. In fact my CLS63 is £70 cheaper even with another years no claims and overall, £100 more than the same company if I was a new customer.

Anyway, we all know that trick but the bit that stunned me was the supposed market value.

Their valuation on my CLS63 was......£8k! Now considering this is a car with less than 18k on the clock and even average mileage examples seem to sell for double I was pretty shocked. In fact one sub-40k model was up for sale by a trader for £23k!

I'm arranging an agreed valuation anyway but if I went ahead with the renewal and the worst happened. Would you ever get close to even £15k?

I know we all think our cars are worth more than insurers do but I can't help thinking that it's way off.

 

[PobodY]

Yes, by all means argue that yours is worth more then their suggested market value.... but be ready for them to say that the premium is higher in that case.

I know it makes me sound a little like a grumpy old man, but I can't help but feel you're dammed if you do, you're damned if you don't with insurance.

 

[Alex225]

No grumpier than me mate haha

See your point though. Thing is I put in the value of my car for the quote but they put on the policy their estimate on market value regardless.

Will see what the agreed valuation prices are though.

Regarding my original point though. I'd challenge anyone to find a sub-30k mile CLS63, for £8k!

 

[GP801]

Our 2003 CLK 200k is insured with LV on an agreed value policy. It is very high spec for a 200k and immaculate but the agreed value is an incredible 6000! Way over true market value but that is what they will pay if its written off or stolen.

 

[markjay]

I have insured several cars with Aviva, and in all cases they asked me what the market value was, and made a note of what I said. None of the cars were classic or high-performance models, all were 2 to 5 years old. I can understand agreed value policy, but if you don't opt for that then I don't see the point in valuing the car at the time of taking out the policy - given that without 'agreed value' the insurer will have to pay out 'market value' at the time of the event, and this may be higher or lower than the current 'value'? At any rate the value of the car should not make much difference to the policy, it's the 3rd party liability that is the potential massive pay-out on any motor policy, not the value of the insured vehicle as such.