What Value to put on Motorhome? (1 Viewer)

[Tangent 15017]

Hi,

I'm about to take delivery of a new motorhome and I'm wondering what valuation to put on it for insurance purposes.

I negotiated what I think was a good deal with lots of optional extras added, not all of which are manufacturer sourced, but the majority of them are. I've paid £65K for the vehicle. If I go onto the manufacturers site and configure my MH with the options it comes in at roughly £81K. Looking around at other dealers I can see the same MH but with slightly poorer specifications at £70-75K.

Obviously I can put any valuation I like on my MH for insurance if shoudl the worse scenario arise teh only supporting documentation I have is my sales invoice which will show £65K.

What would you advise?

 

[Scout]

Hi,

I'm about to take delivery of a new motorhome and I'm wondering what valuation to put on it for insurance purposes.
What would you advise?

spent £10 and join fun,

re the insurance its up to you take the risk and pay the premium accordingly, I think you need to insure for market value at least but that just my 2p's worth

 

[Zigisla]

If you have new for old policy, you will need to make sure you can get the exact same vehicle with all of your new bells and whistles. If you under insure, you will only get that value and maybe out of pocket if you need all those extras as well but this time without the great deal you got originally.

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[El-Nido]

I agree with @Zigisla. Insurance companies will try anything to reduce any payout. This includes a pro-rata settlement if you have an estimated annual mileage condition and you've already exceeded that when claiming.

 

[pappajohn]

Unless you have an 'agreed value' policy they will still only pay out the market value regardless of how much more its worth in your view.

 

[Kevan]

My Rapido 7065ff design cost £67k out of the show room 3 years ago, we then added the bits, sat sys, tow bar, air suspension, bike rack, gaslow, awning, etc,
which then pushed up to £78k, which we had it insured for, on our last re newel they phoned us to ask us how much we required insurance for?,
so we ask, what it was now worth after 3 years, the reply was we don't know, it's not in glasse's guide, so how will it be valued if we decide to part ex?
this years model is £78K without the extra's.

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[irnbru]

spent £10 and join fun,

Your behind with the times . It's £15now but still well worth it.

 

[Jim]

A difficult one because in the event they might ask for your invoice. And that is the value. I would discount extras when valuing because you can bet that they will, As John says, try and get an agreed value, some do that, most don't.

 

[Spidey]

I was told by my insurance what ever value I insure it for that is value that will be paid out. The more it cost the more the insurance cost.

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[bigtree]

I was asked what extras it had beyond standard spec, i.e. Awning,sat dish,tv,etc etc. Oh yeah and cough up your subs.

 

[Derbyshire wanderer]

At those values a few thousand either way will make no difference to the premium however if you insure for a figure below its replacement value there is no way you will get a settlement above what you tell them it's value is.
Of course they may pay less than the insured value for various reasons

 

[Abacist]

Most insurance policies are subject to what is known in the trade as "Average" if you under insure your asset.

Suppose your item is really worth £100k but you only insure it for £50k then you are only 50% insured so you will get a payout of £25k.

This can be a very costly mistake, especially with houses that might have a replacement cost in excess of its insured value.

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[nicholsong]

I once asked an insurance company what was the market value of my secondhand car. The reply was that they could not tell me. My response was that their Claims Dept. would soon tell me if I had a claim. But they refused info, so I went elsewhere.

 

[Jagtazman]

Insurer it for what you paid for it plus all the extras, keep all the receipts. Most insurers negotiate in the event of claims as majority (not all) will offer you less than they are willing to pay. It become negotiation. No point insuring for too much and certainly don't under value it.

 

[Tangent 15017]

Thanks for the advice everyone. I think I'll try for 81K and discuss it with the insurer.

Talking of which any company's you can recommend?

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[Jagtazman]

Thanks for the advice everyone. I think I'll try for 81K and discuss it with the insurer.

Talking of which any company's you can recommend?

I went with comfort but got good quotes from safeguard and caravan guard. These would be my first choices

 

[laird of Dunstan]

its a tough one,if i had bought my moho at UK prices it would have been just short of 128K but i bought it in Belgium and after all the extras it cost £104k ,i have no idea what the value is for insurance purposes,so ill probably tell the insurers that its value is 110k