How do I calculate the value of my car?

How do I calculate the value of my car?

To help you to get an idea of how much money your vehicle is currently on the market for, you can visit used car dealerships or websites, such as Auto Trader. You can even do a simple Google search for free car valuation sites and enter your registration number to get an estimate. This will help you get an idea of the price that other vehicles of the same year, make and condition are being sold for right now.

Why do I need to provide the current value of my car for insurance?

When insuring a vehicle, you’ll need to provide a value for how much it’s worth. This is to make sure you have the right level of cover and that you’re always protected.

If I need to claim, which value will my insurer take into consideration? 

Sometimes, the value that you declare to your insurer will be the amount you initially paid for the vehicle (this will be stated on your insurance policy documents). 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 consider the current market value of the vehicle.


What does “current market value” mean?

The current market value is the value of the vehicle on the open market if you were to sell it on 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.


What do I do if I think my insurer’s valuation of my vehicle isn’t right?

If you think that your insurer’s current market valuation is too low, you do have the right to challenge the valuation. You can tell your insurer what you think it’s worth.




Car insurance with Endsleigh

If you’re here, you may be on the hunt for a new car, or new car insurance. Why not take a few minutes to get a quote with Endsleigh? Or, if you’re not quite ready for a quote, find out more about our car insurance here.