When insuring a vehicle, the value that you declare to your insurer (and which will also be stated on your insurance policy documents) will often be the amount you initially paid for the vehicle.
However, if you make a claim on your car insurance policy (and particularly if your car has been written off) your insurer will usually only pay to you the current market value of the vehicle.
The current market value is the value of the vehicle on the open market if you were to sell it that day. This will not necessarily be the same amount as the value or price of the vehicle when you initially bought it, or the value that is stated on your insurance policy documents. This is because the value of a car will usually depreciate over time.
However, if you think that your insurers’ current market valuation is too low, you do have the right to challenge the valuation and make a counter offer to the insurer of the value that you think is correct. To help you to get an idea of the current market value of your vehicle, you can visit used car dealerships or websites, such as Auto Trader. This will help you to get an idea of the price that other vehicles of the same year, make and condition are being sold at in the current market.