Valuation for Insurance

[Tom_5086015]

Recently had my 'van written off (storm damaged sides and roof) and was dissapointed in the insurance company pay out.

I had heard scare stories that in these situations, if you insured for less than the 'van's value, you didn't get a full payout.

I insured it for the price it would cost to buy a similar one from a dealer, the payout was £2000 less.

How do you arrive at a proper valuation to satisfy the insurance company without paying too much in premiums because you've valued it too high?

Also, when i asked if i could have the salvage (I'd pay for it), I was told to submit an offer in a sealed envelope - seemed to me that it was to be disposed of to a favoured dealer.

Any comments?

 

[RayS]

I guess it depends on the insurer. When recently renewing my insurance with CC I gave them my estimate of the current value and the lady must have looked it up somewhere as she said "that's about

 

[Tony A.]

Unless you`r insured new for old, I would say that the insurance company will pay dealer price, that is not the price you would pay for the van, but the price the dealer would have given you for it, THats how it appears to work with cars.

TONY A.