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What does the vehicle purchase value scheme involve?

When you buy a used car, it is wise to look at the so-called purchase price insurance when you take out your car insurance. With the purchase price regulation, the insurer will refund you the purchase price if your car is declared a total loss. There are a number of conditions to be able to make use of this purchase price regulation.

The first condition for being able to make use of the purchase price regulation is that the used car must be insured with limited casco or all-risk insurance. The purchase price regulation always has a maximum validity. However, this differs per insurer. Often it is one, two or three years. This means that a one-year purchase price regulation expires after that year. In addition, you must be able to show the purchase receipt and you must have bought the car from a recognised garage.

The difference between the purchase value and the new value

For new cars, many car insurance companies have a new value scheme. This scheme makes it possible to buy a new car when you total your car. For second-hand cars, this scheme does not apply. When buying a used car, you can choose for the purchase value arrangement. This means that you do not receive the new value, but rather the purchase value of the car, should you drive it into a total loss within the maximum period of validity.

Car insurance conditions including purchase value of car

More and more insurers are including the purchase price regulation in their policy conditions. The arrangement can differ a lot from one insurer to another. Below, we list the most important conditions that differ for most insurers:

  • Validity of purchase price regulation
  • Maximum purchase value
  • Age of the car
  • Place of purchase

A brief explanation of each condition is given below, based on the above conditions.

Validity of purchase price regulation

As mentioned before, the purchase price regulation always has a maximum validity. This is the maximum period in which you can make use of this scheme. Often it is a maximum of one, two or three years. After that time, the Vehicle Purchase Valuation Scheme lapses.

Maximum purchase value

It may be that an insurer applies a maximum purchase value for the car. Some insurers will not use a maximum amount and others may use a maximum amount of, for example, €35,000. This means that the amount you pay for the car may not be higher. If the amount exceeds the maximum purchase price set by the insurer, you cannot make use of the purchase value arrangement with that insurer.

Age of the car

The maximum age of the car may also differ between insurers. One insurer may stipulate that the car should not be older than 5 years, while another insurer does not apply a maximum age.

Place of purchase

In some cases, you can only make use of the purchase price regulation if you have purchased the car from a car dealer or from a BOVAG recognised company.

Compare insurers on purchase value arrangement

Through you can easily compare different car insurance companies. When comparing car insurers, pay attention to the terms and conditions mentioned above under the purchase value policy. Do you have a question? Then take a look at our frequently asked questions. Here you will find the most frequently asked questions per product.

Can't work it out? Then please contact us. We will be happy to help you. You can reach us from Monday to Friday from 08:00 to 18:00 on telephone number 088-6883700.

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