In the process of settling any motor claims, the insurer uses the term ‘market value of the vehicle’. That is not the only situation you will encounter. It is therefore worth knowing what the market value of a vehicle is, on what basis it is calculated and what can be done to significantly increase it.
When is it necessary to establish the market value of a vehicle?
The first and most frequent situation, when the market value of the vehicle is falling, is to take out a motor insurance policy. Each insurer determines the value of the car in order to be able to calculate the amount of premium for the owner on this basis.
A similar situation exists when the owner decides to take out voluntary insurance. In this case, the insurer must also know the market value of the car (this may involve a declaration by the owner or the amount stated on the invoice/purchase contract).
The market value of the vehicle will also be faced by the owners, who will have the unpleasant opportunity to participate in the liquidation of traffic damage. If, for example, your car is damaged in cullet caused by another driver, the insurer will take into account the market value of the vehicle when calculating the amount of compensation.
On what basis is the market value determined?
Insurers use the two most popular sources of information. These are:
Info-Eksperert
Eurotax
Of course, data contained in these databases are not always precise. They do not take into account individual cases, e.g. where a car has been substantially modernised and retrofitted. Despite this, Info-Eksperert and Eurotax are the starting points for insurance companies to establish the value of a car.
When (in your opinion) the value has been underestimated
We must remember one very important point: the value of a vehicle and its selling price are two very different things. So if, in your opinion, the insurer has underestimated the price of the vehicle, you are fully entitled to demand that the cost estimate be made realistic. To do this, however, you must prove that the actual value of the vehicle is different from that of Eurotax or Info-Expert.
What can you do? First of all, it will be necessary to provide all the evidence showing that the car is more valuable. For example, invoices for repairs and improvements can be used. This could be a bill for the purchase of aluminium wheels, new tyres, a car-audio system or painting services.
The market value of the vehicle as such and why it is worth knowing
