Value of insured car

[Pride07]

When the insurance quote form asks for the car's value do i need to put the amount i purchased it for and will this value depreciate over time? so if I have an accident 11 months down the line will the insurance pay 70% of the car's value?

Can I also insure the car for a greater amount than I paid for it?

 

[SC03OTT]

A rough value of what it's worth now. I wouldn't worry that much about it though.

 

[Pride07]

http://www.bbc.co.uk/news/business-16653221

So the insurance decides how much to pay based on the condition of the car at the time its written off. So over insuring it would probably just increase the premium