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Subject Topic: Market value? Post Reply Post New Topic
Personowens3116
06/5/2014 at 10:33am
 Location: South Yorkshire
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Hi all

Im just looking at insurance for our new caravan. As were newbies its a bit confusing. Its asking for market value, we bought privately so is this what we paid?


Personjeff juke
06/5/2014 at 10:36am
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No its what its worth on the open market

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Animals have feelings..

JEFF................


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PersonRob and Tina
06/5/2014 at 10:37am
 Location: Royal Forest of Dean
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If you are a Caravan Club member their insurance people will look up the market value for you but I expect they will only pay out for their market value if you paid more than that.

Rob


PersonJTQU
06/5/2014 at 10:41am
 Location: Hampshire
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However, that is of no relevance re insurance, unless you can get an "agreed value". I have failed in my attempts with the CC ever to get an agreed value, only their "market value". The price they believe the van is worth to the trade.
I have a bespoke built van with a ludicrously low market value; the value to the trade, that bears zero correlation with what it would cost to build one like it even factoring in wear and tear, aging etc.


PersonOnewheelonmywagon
06/5/2014 at 12:52pm
 Location: W Midlands
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I thought "market value" was what it would cost to replace with the same model of the same age and condition, not what the "trade-in" value was.


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PersonLightFantastic
06/5/2014 at 1:56pm
 Location: East Sussex
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Quote: Originally posted by Onewheelonmywagon on 06/5/2014
I thought "market value" was what it would cost to replace with the same model of the same age and condition, not what the "trade-in" value was.

Exactly.

Quote: Originally posted by JTQU on 06/5/2014
I have failed in my attempts with the CC ever to get an agreed value, only their "market value". The price they believe the van is worth to the trade.

Sounds like you need to give the CC insurance the heave-ho! If all they're covering is what it's worth to the trade then that's ridiculous, unless they're meaning what trade would sell it for, as opposed to buy it for.
As said above, the market value is what it would cost to go and find the same model and spec of the same age as the one that was being claimed for.

We got our FC for a particularly good price, but the market value is a good bit higher so that's what we insured it for. If it was trade value there'd hardly be any point in paying out for insurance.


Personglittering-prize
06/5/2014 at 10:47pm
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to me,market value is what it would sell for by a dealer.So stick with that value or your premium will be sky high and wont pay anymore.


PersonColin21
06/5/2014 at 11:32pm
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In my view, market value should be what you would need to pay to get a replacement of a similar age, size, and condition. However, having once had my Mazda Bongo stolen, and after a great deal of arguing, the insurance company only paid me about half the cost of a similar replacement. Consequently, I couldn't afford to replace it.

-------------
Best Regards,
Colin


Persontango55
06/5/2014 at 11:55pm
 Location: Lichfield
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When I insured my caravan with 'Caravan Guard' I asked them on the phone what the current value was. They immediately looked it up and confirmed it instantly and asked if I wanted to insure my caravan for that amount which I did. What you have to remember is that under any claim you make with any insurance they will offset the cost against the current value of your unit so if it is deemed that any repair is not financially viable they will refuse to arrange a repair and pay out the book price which is listed in the Glasy's guide which all caravan insurances and dealers use as their guide. So basically for example, if you bought a touring caravan from a relative at say a £1,000 less than the current market value you should insure it for that and not what you actually paid in total for it. If the caravan is less than 5 years old they will insure new for old but 5 years and older you need to insure by the market value.


PersonJTQU
07/5/2014 at 7:03am
 Location: Hampshire
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Quote: Originally posted by Onewheelonmywagon on 06/5/2014I thought "market value" was what it would cost to replace with the same model of the same age and condition, not what the "trade-in" value was.

Which is what I did very carefully say :
"I have failed in my attempts with the CC ever to get an agreed value, only their "market value". The price they believe the van is worth to the trade."

Not what they would pay for it but what they feel it is "worth", ie what the market will pay for it,in other words the selling price.


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Personthe3stewarts
08/5/2014 at 10:41am
 Location: W Sussex Hants border
 Outfit: Avondale Rialto 513 5 berth caravan View the3stewarts's Profile View Profile   Reply to the3stewarts Reply   Quote the3stewarts Quote  
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can anyone please help me with how to find out what the market value actually is as we bought privately and I'm trying to insure it but struggling to know what to put!! Thank you


PersonJTQU
08/5/2014 at 11:37am
 Location: Hampshire
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Quote: Originally posted by the3stewarts on 08/5/2014
can anyone please help me with how to find out what the market value actually is as we bought privately and I'm trying to insure it but struggling to know what to put!! Thank you


Will the insurer not tell you, they have the trade guides?
The Caravan Club insurers open discuss their market valuation of our van with me.


Persontango55
08/5/2014 at 11:42am
 Location: Lichfield
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Quote: Originally posted by the3stewarts on 08/5/2014can anyone please help me with how to find out what the market value actually is as we bought privately and I'm trying to insure it but struggling to know what to put!! Thank you


If you read my first post it explains how to find out the value. Any caravan insurance company should be able to tell you if you ask for a quote even if you don't intend insuring your unit.


PersonColin21
08/5/2014 at 12:45pm
 Location: East Herts
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I would think this problem should be easier for owners of newish caravans, but more difficult for owners of older caravans like mine. There is no "book value" to go on, and what it is worth is simply what someone else is prepared to pay for it.

I would imagine that the trade would consider my 1988 Elddis Tornado to be technically a write-off, but to me it would seem to have several years useful life left in it, particularly to someone with a few DIY skills.

Many insurers simply won't insure caravans over 25 years old, as I have found out, but I still wouldn't want to be without some form of insurance.

-------------
Best Regards,
Colin


Personthe3stewarts
08/5/2014 at 12:54pm
 Location: W Sussex Hants border
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Thanks all of you - I was trying to get quotes online, hence needing the figure, but have now spoken to the CC insurance guys by phone and they've helped me come up with a figure so all sorted



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