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Market Values

Posted 29th March 2010

How does this affect your Insurance?

Quite simply if you are unlucky enough to suffer a total loss through a car accident or theft the insurance company may only offer a settlement based on the market value. This could mean that what you think the vehicle is worth could be totally different to what the insurance company valuation is.

The market value of a vehicle becomes a real issue if the vehicle is new or has covered high mileage. For instance many car supermarkets only sell ex company or lease cars with lots of miles on the clock. Therefore, determining the market value is very difficult because of depreciation. Some UK car insurance policies will replace a new vehicle that is less than 12 months old with a like for like replacement, however, for those motorists who a purchased a car with above average mileage on car finance, there is a real danger, that the vehicle is valued by your insurer a lot lower than you think. .

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