New Car Insurance

The1nonly1 · 7 Jun 2016 at 13:22

I have just purchased a brand new Ford Fiesta 1.0 Ecoboost and the total price was £12,700.

When getting insurance quotes, should I value the car a that price or lower? :confused:

iaind · 7 Jun 2016 at 13:25

Its one of those things that doesnt make the slightest bit of difference to the quote (IME) and absolutely wont affect what they pay out in the event of a claim. So just put the figure you paid, not worth overthinking

Akagi · 7 Jun 2016 at 13:25

I'm not sure it will make much difference to the quote, try running a quote with the value at 10,000 and another at 13,000, I'd be surprised if there was much difference.

That figure doesn't have any impact on the payout you'd receive IIRC. They always go on current market value.

The1nonly1 · 7 Jun 2016 at 13:30

Thanks for the quick reply. Valued it at £12,700 and got a decent price.

Jacksonn · 7 Jun 2016 at 14:54

I've always been told try and push it up a little actually, I don't know why.. But its worked for me when doing quotes.

Kuros · 7 Jun 2016 at 15:10

It depends on if you are going with GAP insurance.
(I have, given it's £3 a month for me).

If you do, you have to declare the full purchase costs otherwise you won't be covered (or well, I had to when I got my new car)

Glanza · 7 Jun 2016 at 15:11

Value usually only matters if the vehicle is over 25k with insurers I've dealt with.