Value for insurance - does it matter?

[Gruffalo]

Edit: just realised there's an insurance section. Admins please feel free to move this to there. Ta.

My mother has a '18 S1 Comp from new with 8k miles on it and fash.
This year when renewing her insurance they asked her the current value (which by the way I think is ridiculous, they can't expect everyone to know that information and should have their own figures ..but anyway I digress ...) so for some reason she took a guess and told them 10k to 12k and her policy was significantly lower than last year... obviously.
Now, when she told me I said it was worth considerably more than 12k and probably closer to 22k or even more with such low mileage and being basically like a new car.
The question is should she contact the insurer to correct the value (and presumably pay them some extra money) or in the event of it being written off or stolen does it even matter what value she told them?

Cheers

 

[NHN]

What's ridiculous is they ask you the current value but when they pay out they used the market value to pay you, it's stupid & just another way to con you, I've tried this before just to check quoting.

Ask them, why do you ask the value whe you know the market value.

 

[Frizzley]

Edit: just realised there's an insurance section. Admins please feel free to move this to there. Ta.

My mother has a '18 S1 Comp from new with 8k miles on it and fash.
This year when renewing her insurance they asked her the current value (which by the way I think is ridiculous, they can't expect everyone to know that information and should have their own figures ..but anyway I digress ...) so for some reason she took a guess and told them 10k to 12k and her policy was significantly lower than last year... obviously.
Now, when she told me I said it was worth considerably more than 12k and probably closer to 22k or even more with such low mileage and being basically like a new car.
The question is should she contact the insurer to correct the value (and presumably pay them some extra money) or in the event of it being written off or stolen does it even matter what value she told them?

Cheers

It will matter to you if she needs to make a claim and they only are willing to pay the declared value of the car.

Whilst many insurance companies look to use any excuse for not paying a claim, and she has made a genuine mistake undervaluing the car has resulted in the incorrect premium being charged and it would be difficult to argue why they should provide 80% more cover than you’ve bought

 

[DAN@ADRIAN FLUX]

Hi.
I would recommend she contact her insurer to update the vehicle value.
Regards,
Dan.