Whats the current market value on a CSL ?

[Marv968]

Originally Posted by Mike R

Marv,
Basically you are under-insured. You would have to fight them for any value above the £32k. Although your policy is supposed to indemnify you (which means to put you in the position you were before the accident), the fact that they consider you paid a premium that was for a value below market value would mean they would take the stance that you were under-insured (which means you were not paying the correct premium for the value of the car), so they could get away with paying you no more than the value on the policy.

Personally, I would advise them that the values have gone through the roof and ask them to adjust the policy accordingly (you will probably have to have a small increase in premium to cover this). My renewal came through last week with the value also still at £32,500 (which is what I told them it was worth at the start of the policy last year (up from £30k from the year before)). This time I told them the value needed to be £45k (to cover me for any potential increase between now and next year). The premium was then adjusted from £661 to just over £700 for the additional value.

Cheers Mike, I'll speak to classic line then!