Insurance Cheat ?

[Adam Evans]

I have just learnt that setting the value of my car at £5000 rather than £1000 brings my over all premium down from £1250 to £800

Taken from confused.com

"We've estimated the market value of your car, based on a few
assumptions. If you agree with the value displayed, please continue with
the quote. If you believe this value is incorrect please type in the
correct amount before continuing. Your car will generally be valued at
market rate in the event at the point of a claim where your vehicle is
stolen or written off."

So basically what this means is no matter what you value your car at in the event of it being written off we will make up a figure !!!

So I have wrote that in my opinion my car is worth £5000 to me !!!

I think it is to do with over all value to excess ratio and obviously the higher the value the less of a percentage the excess is.

I hope this isn't classed as fraud as I genuinely believe that my car is worth £5000 (well it is to me........ honest !!!)

[Parrot of Doom]

I think it's hilarious how some insurers still weight insurance on these old cars. "They cost £50,000 and are therefore expensive to insure" is a sentence that's long been inapplicable to the LS400.

Interestingly, the insurance on my 2005 RX400h SE-l is over £300 less than it was on my 1998 LS400. Go figure.

[Bluesman]

Insurance companies base quotes on how much parts cost and as we all know parts aren't cheap for our beloved choice mind you the fact that they would write off most of our cars even for a small dent leaves them with no argument as to why premiums are so high for alot of people. Insurance companies are making fortunes because they know that the chance of them paying out what they should is almost nil.

I have always said that if something like insurance is a requirement by law then the government should supply it the same way MOTs and Road Tax are. Mike