Car insurance, true car value?

Question

do i have to tell them the real car value because if less the premium is less.

Answer 1

If you make a claim and your insurance company pays out, they will give you either the market value of the vehicle (at the time of the claim) or the value you specified when taking out the policy - WHICHEVER IS LOWER!

Answer 2

The insurance company will determine the value of your car and not you.   The only exception is if the car is a classic or antique.  Then they require an appraisal.

If you think your car is worth more than a normal car then you should take photos of it and keep all reciepts in case of a claim.

Answer 3

Sorry - you can't save money that way. You must declare the true value when taking out your policy. However ....the true value might not be as high as you think it is - check it out in a Parkers guide.

It is also worth noting that if yuour car is stolen / written off then the value that you have declared goes out of the window - the insurers will only pay out what they consider the current market value (which usually excludes the dealers profit).

Answer 4

Of course you have to. If you tell any lies it could make your policy void should you wish to make a claim.

Answer 5

Think carefully - you should give them an honest value, because they'll only pay out market price in the event of a claim. Don't think they'll pay out £3,000 for a written off £1,500 car.