Your vehicle’s insurance value should be supported by its type, age, condition and relevant market evidence. For own-damage cover, an appropriate value helps the insurer assess the risk and helps you understand the protection you are buying.

Purchase price is a starting point

What you paid can be useful evidence, but value may change over time. Mileage, condition, modifications and the local market can affect it. Keep purchase records and ask whether the insurer requires a particular valuation method or an approved appraiser.

Review the figure at renewal

Do not carry an old figure forward without checking it. Tell the insurer about significant modifications, accessories or changes in condition. Ask whether those additions are included or need to be separately declared.

Sum insured and settlement

The amount listed in the schedule is important, but the actual payout depends on the settlement basis, valuation evidence, limits and applicable deductions. Do not assume that insuring above a vehicle’s supported value guarantees a larger total-loss payment.

Questions for your representative

Ask who may provide the valuation, how recently it must have been done and how disputes are handled. Confirm whether the policy uses market value, an agreed value or another stated basis. Keep a copy of any valuation accepted by the insurer.

Frequently asked questions

Does my loan balance determine the car’s value?

No. The outstanding loan and the vehicle’s insurance valuation are separate amounts.

Should I include accessories?

Disclose them and confirm how they are treated under the policy.

Discuss your motor insurance options

Discounted Premium Ltd can help you understand the available options and request a quotation for your circumstances. Have your vehicle details, intended use and driver information ready. Visit us at 42 Cork Street, Roseau, Dominica, or call 235-8294 or 818-7736. Message us on WhatsApp.

Related reading

Preparing a motor insurance quotation · Types of motor insurance

Earlier in this series

Does Third-Party Insurance Pay to Repair Your Own Vehicle? · Can Someone Else Drive Your Insured Vehicle? · How Much Does Car Insurance Cost in Dominica? – 2026 Guide

This article provides general information. Cover, eligibility and claims depend on the insurer’s accepted terms, policy conditions, exclusions, limits and deductibles. Illustrative figures are not quotations or promises of settlement.