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insurance values etc

Discussion in 'Insurance' started by paul hayward, Nov 20, 2012.

  1. paul hayward

    paul hayward Senior Member

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    all MB sold..V70R now ;-)
    anyone have any idea why when you insure your car every year why they ask you the value of it.....(if they have no intention of actually paying that out) ... makes no dam sense to me ....

    i am begining to hate insurance companys and all the complete Bull &$@@ they seem to try on:twisted:
     
  2. television

    television Always remembered RIP

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    So that they can get the max from you,,,interesting some years down the line and the renewal comes in, that value is still marked up where it was at the start,,, and yes they only pay out the market value, I agree it is wrong
     
  3. OP
    paul hayward

    paul hayward Senior Member

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    maybe next year i will ask em how much will you pay me if i need your help....wonder what they would say to that:lol:.... or insure it for 200 quid and say that i EXPECT my premium to reflect the lower value...you cant win:rolleyes:
     
  4. Mic

    Mic Senior Member

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    It is an interesting question because insurance companies must maintain a data base that gives them a much better informed assessment of the market value of any given car than most owners have a realistic clue as to the market value of their car.

    Mic
     
  5. turbopete

    turbopete Senior Member

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    if your car is worth £20k and you insure it for £30k and it gets written off. yet if you got it cheap and only paid £10k and insured it for that, the insurers would say that you only had it covered for £10k!

    i agree it IS wrong. its yet ANOTHER way they can rip you off. and NO i dont like the insurance industry at the moment, in case you hadnt already guessed!
     
  6. whitenemesis

    whitenemesis Senior Member

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    I imagine they ask and if the owner's valuation is wildly different from their database more questions would be asked to see if the car has been changed in any way?
     
  7. turbopete

    turbopete Senior Member

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    or to compensate for filling the fuel tank. or new tyres, tax disc etc!
     

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