Insurance question

[bobafatass]

I have just bought a new truck a 3 litre ssr-x v6. I phoned up my current insurers and amended the policy and uninsured my old 2.4.

Now I have the covernote through and it says that my new v6 is only insured for £2500, the price that I paid for it. even tho I have just kitted it out with new rubber ,upgraded suspention and springs etc.

I had to pay an extra £50 to insure it and it is now insured for less than my old 2.4 which was insured for £3500.

So as I see it , I have a newer more valuable car, pay more for the insurance and if anything happens to it, I won't be able to buy an equivilant car with the payout because it's only insured for a fraction of the value.

I phoned the insurers and asked and they say that because I was honest and told them how much I payed for it when they asked me then that's all it can be insured for.
So I asked if was given the car for free then it would be insured for nothing!

Is this right ? or are they pulling my leg ? if so lifesure can stick it and I'll go somewhere else.

Typical, you play by the book and be honest and all you get is ripped off

Andy.

[Vagrant No2]

Depending on your Insurance policy it should say 'in evet of an uneconomical repair a financial remburcment of vehicle market value at time of loss will be made' or words similar . When Insuring a vehicle the value asked is irrelevent as market value at time of loss is used (most of the time) . I never give the value I pay for any of my vehicles I have owned or just make a figure up which is a bit higher then I paid. The cost of the policy is not based on the value you pay for the vehicle .You need to check the policy statements to verify this , most people do not .


When I deal with a total loss , I check to see how much the Insured has put as value and see if I can work to that figure . I settle most claims that way . You do get the silly ones which want 5 times the vehicle value , but I deal with them a different way .
If you had won the vehicle or been left it in a will they must give you market value .

In law you should not gain or loose by the claim . Sometimes it just means you have to see what happens in the event of a claim and vehilce is lost (not usually when vehicle is just purchased ) . Any mods or servicing to maintain vehicle do not always add value .
Mods can , and have, devalued vehicles in the past .

[bobafatass]

Depending on your Insurance policy it should say 'in evet of an uneconomical repair a financial remburcment of vehicle market value at time of loss will be made' or words similar . When Insuring a vehicle the value asked is irrelevent as market value at time of loss is used (most of the time) . I never give the value I pay for any of my vehicles I have owned or just make a figure up which is a bit higher then I paid. The cost of the policy is not based on the value you pay for the vehicle .You need to check the policy statements to verify this , most people do not .


When I deal with a total loss , I check to see how much the Insured has put as value and see if I can work to that figure . I settle most claims that way . You do get the silly ones which want 5 times the vehicle value , but I deal with them a different way .
If you had won the vehicle or been left it in a will they must give you market value .

In law you should not gain or loose by the claim . Sometimes it just means you have to see what happens in the event of a claim and vehilce is lost (not usually when vehicle is just purchased ) . Any mods or servicing to maintain vehicle do not always add value .
Mods can , and have, devalued vehicles in the past .

Thanks Rick,

I feel a little more at ease now.
I don't think I'll be devalueing it much, well that's untill I go offroad with Danno again

Andy.