Valuation supports accurate cover
A realistic current market value provides a more reliable basis for discussing the sum insured and related premium.
Underinsurance can create problems
If a vehicle value is set too low, the selected cover may not respond as expected. The exact effect depends on the insurer’s terms and the circumstances of a claim.
Overstated values may not help
A higher declared value does not necessarily mean a higher settlement. Insurers may assess market value and apply policy conditions when considering a claim.
When valuation may be required
A valuation may be requested for a new policy, renewal, high-value or older vehicle, or where an insurer’s underwriting rules require it.
This guide is for general information only and does not replace insurer policy wording, underwriting terms or professional advice based on your specific situation.