Obtaining a current Insurance valuation ? (1 Viewer)

[ianp]

What, where or how is the best place to obtain a current valuation of a MH for insurance purposes please?

 

[The Wino]

What, where or how is the best place to obtain a current valuation of a MH for insurance purposes please?

I think just look at autotrader and see what's being asked.

 

[the1andonly]

I asked my broker to give me the current value in Glasses guide and we had a discusssion based on that. Using Auto trader is fine if more than 24 of your model existed (12PA).

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[nicholsong]

The value at inception/renewal of an insurance policy is irrelevant, unless it is for an 'agreed value' which is very expensive.

The only value that is relevant when there is a claim is the market value at that time, because that is what insurers will pay.

 

[Grianan]

The value at inception/renewal of an insurance policy is irrelevant, unless it is for an 'agreed value' which is very expensive.

The only value that is relevant when there is a claim is the market value at that time, because that is what insurers will pay.

Is that right? With the increase in motor home prices over last few years many used MHs are worth more than purchase price. I imagine the insurance company would pay out the lesser of current market value or what you have insured it for.

 

[rosalan]

Recently searching for better Insurance quotes, one of the compare type sites included the currentr value of my car from dealer or from a private sale. Sadly I cannot recal which comparative site gave this helpful information but figures were better than I expected.

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[The Wino]

Is that right? With the increase in motor home prices over last few years many used MHs are worth more than purchase price. I imagine the insurance company would pay out the lesser of current market value or what you have insured it for.

I think that's correct but that what nicholsong means is don't think if you come up with an estimated market value that is what they will necessarily pay out unless you ask for an agreed valuation at the start of the policy which is expensive

 

[the1andonly]

I think that's correct but that what nicholsong means is don't think if you come up with an estimated market value that is what they will necessarily pay out unless you ask for an agreed valuation at the start of the policy which is expensive

I think the problem is they wont pay out the market value if youve undervalued it. Its the same as milage limmits, if you only use half of what you pay for they dont add the excess to next year. They win win allways.

 

[the1andonly]

Is that right? With the increase in motor home prices over last few years many used MHs are worth more than purchase price. I imagine the insurance company would pay out the lesser of current market value or what you have insured it for.

That is precisely what i was told on renewal.

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[Otter Spotter]

The value at inception/renewal of an insurance policy is irrelevant, unless it is for an 'agreed value' which is very expensive.

The only value that is relevant when there is a claim is the market value at that time, because that is what insurers will pay.

You say that but you need a price to give the Insurance company so they can calculate a premium, otherwise you could end up completely undervalued and a claim would be proportionately reduced. At claim surely the Insurance company then goes off Assessor’s valuation and knocks what they feel they can get away with off that figure. You then refuse and negotiate a higher amount if it’s a right off

 

[gus-lopez]

What, where or how is the best place to obtain a current valuation of a MH for insurance purposes please?

If the OP actually lives in Spain then the price will be, & remain, far higherthan the UK

Is that right? With the increase in motor home prices over last few years many used MHs are worth more than purchase price. I imagine the insurance company would pay out the lesser of current market value or what you have insured it for.

My mate bought a new xjs years ago .wrote it off 4 months later .they paid him out 4k more than he had paid as they had all gone up.
It always used to be that what you 'paid' was not taken in to account as what the value was was determined at the point of claim.
I've never offered a value on anything especially when I bought new cars as I was buying at a price 10's of thousands under rrp so if they knew that then in the event of a claim they would only wish to offer the amount I had paid whereas I could not buy another within a proscribed period at the far greater discount.
if you are insuring & want all the extras you have added completely covered then I would expect that to be 'agreed value' which is what all the VW aficianados used to use. & at not much more money.
If you under value then they will reduce any payout by the "under valuation" same as they do on house insurance.
scammmers all of them

 

[The Wino]

If the OP actually lives in Spain then the price will be, & remain, far higherthan the UK

My mate bought a new xjs years ago .wrote it off 4 months later .they paid him out 4k more than he had paid as they had all gone up.
It always used to be that what you 'paid' was not taken in to account as what the value was was determined at the point of claim.
I've never offered a value on anything especially when I bought new cars as I was buying at a price 10's of thousands under rrp so if they knew that then in the event of a claim they would only wish to offer the amount I had paid whereas I could not buy another within a proscribed period at the far greater discount.
if you are insuring & want all the extras you have added completely covered then I would expect that to be 'agreed value' which is what all the VW aficianados used to use. & at not much more money.
If you under value then they will reduce any payout by the "under valuation" same as they do on house insurance.
scammmers all of them

I think a lot of insurer's do replacement value for cars less than a certain age which would account for your friends xjs. I don't think they will pay more than the amount you state it's worth when insuring a motorhome that's not new otherwise everyone would understate the value to get cheaper insurance and they're not used to used values going up. It's different with classic cars as you can get an sgreed price but they are an area with very few claims.

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[nicholsong]

If the OP actually lives in Spain then the price will be, & remain, far higherthan the UK

'Mr. Insurer,

You wrote off my MH after an accident in Spain after one month of my 3 month tour in Spain. I wish to continue that tour with a replacement MH at Spanish market value'

 

[Silver-Fox]

The only value that is relevant when there is a claim is the market value at that time, because that is what insurers will pay.

Unless it’s under valued then that’s what you get.