So, it's that time of year when my insurance goes up. I'm with Outsurance, and currently my car is insured for Retail value. Should I consider reducing that to market value? It's a just-over-3-years-old Picanto, with fairly low mileage.
And (I've forgotten what I had to tell them when I took out the insurance) do I have to actually specify a retail or market value, or do they figure that out based on the make and model? If I have to specify a value, how do I figure out what value to give them?
I don't want to be underinsured, but I don't want to be paying a lot only to find out that they won't actually pay out what my car's worth if it becomes necessary to claim.
And (I've forgotten what I had to tell them when I took out the insurance) do I have to actually specify a retail or market value, or do they figure that out based on the make and model? If I have to specify a value, how do I figure out what value to give them?
I don't want to be underinsured, but I don't want to be paying a lot only to find out that they won't actually pay out what my car's worth if it becomes necessary to claim.