2nd hand prices and insurance valuations

[Bustup15]

Just seen a similar spec and year model to ours advertised in main dealer @ £130k with 3000 miles.

That must be more than new cost or at least close unless they have jumped in cost.

Confused now as to what my insurance value figure should be?

 

[Cheshirecat57]

Irrelevant what your insurance “figure” is
If you haven't got new for old the insurer will decide what the replacement cost is at that time

 

[Mr porky]

I wonder though if the insurance cost to replace was more then you paid wether you would get that.

 

[Bustup15]

Irrelevant what your insurance “figure” is
If you haven't got new for old the insurer will decide what the replacement cost is at that time

My point was, if a total write off and the replacement equivalent is.more.than.the insured value you presumably end up with a shortfall?

 

[P Jones]

My point was, if a total write off and the replacement equivalent is.more.than.the insured value you presumably end up with a shortfall?

yes i agree with you keep safe, keep looking okpj.

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[gus-lopez]

My point was, if a total write off and the replacement equivalent is.more.than.the insured value you presumably end up with a shortfall?

Unless you have "agreed value" then if you paid 100k for it & now 2 years later they are selling for 130k then it is the insurers problem to put you back in the position you were in prior to the claim.

 

[Cheshirecat57]

My point was, if a total write off and the replacement equivalent is.more.than.the insured value you presumably end up with a shortfall?

Yes
Thats why RTI Gap insurance should be a consideration for all new motorhome purchasers, especially those taking finance

 

[Cheshirecat57]

I wonder though if the insurance cost to replace was more then you paid wether you would get that.

Probably not

 

[busbuddy]

My van is now worth 5 grand more than I paid for it 5 years ago, got the insurance to agree to it
I'm used to this ...coming from the rare vehicle world... but not mainstream 18 year old normal motorhome

 

[pampam]

I took out gap insurance,but i always am very “cautious” lol (had finance with black horse)

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[Minxy]

I wonder though if the insurance cost to replace was more then you paid wether you would get that.

If you have a policy which states a new vehicle within the first 2 years then it should be just that, don't forget that the insurance companies will be able to do 'deals' for a replacement that a private individual cannot.

 

[Lenny HB]

I insured ours for 75k a few grand more than I paid for it (I didn't want to have to fit a tracker) but if I'd bought in the UK it would have been over 90k also I've spent 10k on it in bits. I took the view if I get back roughly what I paid I'm happy.

 

[Lenny HB]

If you have a policy which states a new vehicle within the first 2 years then it should be just that, don't forget that the insurance companies will be able to do 'deals' for a replacement that a private individual cannot.

Often they also put in a mileage clause with Comfort it's 15k which is a bit low. Some friends wrote off a Carthago in it's second year they were well over the 15k but Comfort were very fair and gave them a good payout.

 

[Minxy]

I insured ours for 75k a few grand more than I paid for it (I didn't want to have to fit a tracker) but if I'd bought in the UK it would have been over 90k also I've spent 10k on it in bits. I took the view if I get back roughly what I paid I'm happy.

Same here, I insured ours for £95k which is more than we paid for it even with the stuff we added ourselves, but that's what we would have had to pay if we'd bought it new with the bits added. If it came to the crunch (literally!) and had to be replaced I'd be taking off stuff that was still usable (solar panels, gas bottles etc) if this was possible before it was taken away by the insurers after settlement.

 

[wolfie2]

If your policy states a sum insured that is the maximum liability of the insurers...with the possible exception of some new for old policies or specific polcy endorsements to the contrary
If you believe the value has increased beyond the sum insured get the increase agreed with the insurer. You may have to pay an additional premium. (20+yrs in the industry)

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