Insurance renewal

Discussion in 'Motorhome Insurance General Discussion' started by Tezza, Jul 4, 2018.

  1. Tezza

    Tezza Funster

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    Good evening

    What would anyone say is a realistic % drop in the value of a motorhome that's 3 years old, owned from new.

    No point in over stating the value and paying more for the insurance,just had my new quote in and not happy with it.
     
  2. TerryL

    TerryL Funster Life Member

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    I'd be hesitant to put any kind of figure on what you ask, simply because there are so many variables, starting with the original price, then whatever the mileage is, how often you use it etc.etc. You'll find some depreciate faster than others and even one or two highly desirables actually appreciate.

    The best you can do is have a look around for similar vans to yours and see what they're selling at (note selling, not screen price).

    Last year I seriously considered changing our van and before we got round to the negotiation stage I was offered £25k - 9 years ago I paid £36k so work it out for yourself.

    As for insurance quotations, you'll have surely seen the numerous threads about insurance quotes on the forum. I'll just repeat the main message, go get a few more quotes, making sure you are comparing like-for-like and getting the insurance cover you need.
     
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  3. Zains Pops

    Zains Pops Funster

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    If you undervalue to obtain cheaper insurance then the insurers will reduce any claim by the at least the same % as the valuation was below market rates.
    My experience is that all insurers are sh!ts and will do all they can to reduce any payout try not to give them any excuse.
     
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  4. Jagtazman

    Jagtazman Funster

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    Worth asking your insurer I know comfort have bands. If I remember correctly (Could be wrong) but I was told if I reduced mine by 5 to 10k would not make a difference to the price. So sometimes worth leaving it high. Better too high than too low. In the event of a claim if too low you maybe screwed. Ie if you insure for 25k and worth 30k you may not get the full settlement as under insured..
    If insure for 40k and worth 30k how can they reduce?
    Just an example but you get my point.
    Also remember price of MH may also go up or down depending on season and availability.
     
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  5. pappajohn

    pappajohn Funster Life Member

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    Doesn't matter if you value it a bit high, they only pay out current market value anyway unless you insure it at an agreed value like the classic/vintage car owners do.
     
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  6. Speve

    Speve Funster

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    The first thing to deduct would be the VAT you paid that’s lost as soon as you drive it away(y)
     
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  7. The Wino

    The Wino Funster

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    Often quoted but not really true the vat the dealers pay is only on their mark up they reclaim the rest but they often use it as an excuse to undervalue trade ins. The true value is either what someone will pay you for it or what it will cost you to buy another . I would ask what difference the value makes to the premium it might not be as much as you think. Also bear in mind the increase in the cost of new m/h the past few years.
     
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  8. Tezza

    Tezza Funster

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    Thanks everyone, I had a trawl around last night and it my quote is quite good compared to others, so will stick with it, bit of a knee jerk reaction to opening my quote compared to last year.
     
  9. TerryL

    TerryL Funster Life Member

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    @Tezza out of interest how much of an increase was it and with who? I, and a number of other Funsters, only had a minimal increase in premium on last renewal.
     
  10. Tezza

    Tezza Funster

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    Well I have just checked and now, highly embarrassed and feeling like a right knob, I discovered last year was £432, this year is £437, an increase of a whole £5, I was convinced it was £360ish last year.


    Oh well, sorry to all who answered me for wasting your time.

    I'll just slip away quietly now.
     
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  11. Lenny HB

    Lenny HB Funster

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    That is salesman BS, doesn't affect the s/h value.
    I only lost 7% over 3 years on my last van and that was trading it.
     
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  12. Lenny HB

    Lenny HB Funster

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    As said dropping the value insured probably won't make any odd to the premium as they work in bands. Best to insure for the max, less get out for them in the event of a claim.
     
  13. Tezza

    Tezza Funster

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    Forgot to say I’m with Campton
     

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