I have just learnt that setting the value of my car at £5000 rather than £1000 brings my over all premium down from £1250 to £800
Taken from confused.com
"We've estimated the market value of your car, based on a few assumptions. If you agree with the value displayed, please continue with the quote. If you believe this value is incorrect please type in the correct amount before continuing. Your car will generally be valued at market rate in the event at the point of a claim where your vehicle is stolen or written off."
So basically what this means is no matter what you value your car at in the event of it being written off we will make up a figure !!!
So I have wrote that in my opinion my car is worth £5000 to me !!!
I think it is to do with over all value to excess ratio and obviously the higher the value the less of a percentage the excess is.
I hope this isn't classed as fraud as I genuinely believe that my car is worth £5000 (well it is to me........ honest !!!)