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Car insurance anomaly.
Topic Started: Sep 18 2017, 09:25 AM (209 Views)
papasmurf
Senior Member
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Just renewed my car insurance. I noticed the insurance valuation of my car is far higher than I paid for the car.
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papasmurf
Sep 18 2017, 09:25 AM
Just renewed my car insurance. I noticed the insurance valuation of my car is far higher than I paid for the car.


Car insurance is not based only on the value of the car.
Either
1 your car is not worth much
2 The insurance company sees you as a rather high risk
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papasmurf
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gansao
Sep 18 2017, 09:33 AM


Car insurance is not based only on the value of the car.
Either
1 your car is not worth much
2 The insurance company sees you as a rather high risk
Pardon, I have the highest no claims it is possible to get.
The insurance company is valuing the car at £5500 I am not. I have the same thing with two of our motorcycles the insurance valuation is going up not down.
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papasmurf
Sep 18 2017, 09:54 AM
gansao
Sep 18 2017, 09:33 AM


Car insurance is not based only on the value of the car.
Either
1 your car is not worth much
2 The insurance company sees you as a rather high risk
Pardon, I have the highest no claims it is possible to get.
The insurance company is valuing the car at £5500 I am not. I have the same thing with two of our motorcycles the insurance valuation is going up not down.


Sorry I misread your post.
Have you contacted the insurance company?
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papasmurf
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gansao
Sep 18 2017, 10:22 AM


Sorry I misread your post.
Have you contacted the insurance company?
Insurance broker, (my family has being using the same broker since dinosaurs were in existence. In my case they waive the majority of their normal fees.)

We had the same thing happen when my wife had a non blameworthy accident over five years ago, the insurance paid out more than we had paid for the car. (But there was not the same valuation differential as with our current car.) We paid £1500 for our current car and the valuation on the insurance renewal is £5500.)
The motorcycle valuations are independent of them but accepted by the insurance company. (They are old by modern standards. 1981 and 1991, and come under "Classic" insurance.)
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papasmurf
Sep 18 2017, 10:39 AM
gansao
Sep 18 2017, 10:22 AM


Sorry I misread your post.
Have you contacted the insurance company?
Insurance broker, (my family has being using the same broker since dinosaurs were in existence. In my case they waive the majority of their normal fees.)

We had the same thing happen when my wife had a non blameworthy accident over five years ago, the insurance paid out more than we had paid for the car. (But there was not the same valuation differential as with our current car.) We paid £1500 for our current car and the valuation on the insurance renewal is £5500.)
The motorcycle valuations are independent of them but accepted by the insurance company. (They are old by modern standards. 1981 and 1991, and come under "Classic" insurance.)


OK I'll try again......have you contacted your insurance broker?
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papasmurf
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gansao
Sep 18 2017, 10:42 AM


OK I'll try again......have you contacted your insurance broker?
Yes, "just renewed my car insurance," in the thread opener is a bit of a clue.
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papasmurf
Sep 18 2017, 10:45 AM
gansao
Sep 18 2017, 10:42 AM


OK I'll try again......have you contacted your insurance broker?
Yes, "just renewed my car insurance," in the thread opener is a bit of a clue.


No it isn't. You may have just renewed your insurance without contacting your insurance company and finding out why they overvalued your car.
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papasmurf
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gansao
Sep 18 2017, 10:59 AM
papasmurf
Sep 18 2017, 10:45 AM
gansao
Sep 18 2017, 10:42 AM


OK I'll try again......have you contacted your insurance broker?
Yes, "just renewed my car insurance," in the thread opener is a bit of a clue.


No it isn't. You may have just renewed your insurance without contacting your insurance company and finding out why they overvalued your car.
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papasmurf
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gansao
Sep 18 2017, 10:59 AM


No it isn't. You may have just renewed your insurance without contacting your insurance company and finding out why they overvalued your car.
Them valuing it at more than I paid for it is not overvaluing. My broker states they use a market valuation.
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papasmurf
Sep 18 2017, 11:06 AM
gansao
Sep 18 2017, 10:59 AM


No it isn't. You may have just renewed your insurance without contacting your insurance company and finding out why they overvalued your car.
Them valuing it at more than I paid for it is not overvaluing. My broker states they use a market valuation.


Ok. So the point you made was that your insurance company correctly valued your car.
Sorry I thought you had a point to make.  ::)
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marybrown
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gansao
Sep 18 2017, 11:19 AM
papasmurf
Sep 18 2017, 11:06 AM
gansao
Sep 18 2017, 10:59 AM


No it isn't. You may have just renewed your insurance without contacting your insurance company and finding out why they overvalued your car.
Them valuing it at more than I paid for it is not overvaluing. My broker states they use a market valuation.


Ok. So the point you made was that your insurance company correctly valued your car.
Sorry I thought you had a point to make.  ::)
Having driven for 40 years..no accident..no claims..instead of going down..it's going up..
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Alberich
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Alberich
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papasmurf
Sep 18 2017, 09:25 AM
Just renewed my car insurance. I noticed the insurance valuation of my car is far higher than I paid for the car.
No problem. Drive it to any large city, and park it with the doors unlocked. Get insurance pay out, and buy a better car. Sorted!!
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papasmurf
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Alberich
Sep 18 2017, 02:58 PM
Drive it to any large city, and park it with the doors unlocked. Get insurance pay out, and buy a better car. Sorted!!
Car left unlocked no insurance payout.
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Rich
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gansao
Sep 18 2017, 09:33 AM
papasmurf
Sep 18 2017, 09:25 AM
Just renewed my car insurance. I noticed the insurance valuation of my car is far higher than I paid for the car.


Car insurance is not based only on the value of the car.
Either
1 your car is not worth much
2 The insurance company sees you as a rather high risk
There are also two other reasons why insurance policies (apparently never go down) it is to cover the cost of those that do not/will not insure their vehicles, which must mean that they also do not have road tax or an MOT certificate and the Insurance company will base their assessment on where you live and what the local car crime rate is like.

It has not got any better since the DVLA done away with road tax discs whereby the general public who do not possess ANPR (automatic number plate recognition), could report an offender to the relevant authority.

Of late, (another gem by the Labour controlled council) on my estate they are bringing in a 20MPH max speed limit.....I cannot wait to see how they enforce that without the aid of speed cameras, just like they banned parking on verges.

F/me, every night a Reading borough council worker parks his long base vehicle on the verge outside my immediate neighbours house.

:nono:
Edited by Rich, Sep 18 2017, 03:38 PM.
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