can i just ask, do insurance companies only pay out (minus excess) a car's current list price for a total loss, regardless of how much you tell them it was valued at when you bought it, or the value you declared?
I told my insurance company my car was gonna cost me £2500, in a quote i got before i bought the car, and even tho i managed to get it for less than £2k, I didnt tell them that, and on my cover note the vehicle value still stated £2500. Am I to assume that should the worst happen, I'd probably get nothing like that back?
They generally only offer trade value plus a little bit, you usually have to negotiate the value up if you don't have an agreed value. The value you give them is probably irrelevant but I suppose it means that they may partly base the premium on your value of the car even though they won't pay it. If you under value it, their quids in on a payout.