Entry 2 senses · 2 variants Webster, 1913 Overrate /ōvˌ-ẽrr-āt'/ · O·ver·rate · IPA /ˌəʊvəˈɹeɪt/ v. t. n. 01 v. t. To rate or value too highly; to overestimate. imp. & p. p. Overrated; p. pr. & vb. n. Overrating 1. To rate or value too highly; to overestimate. 02 n. An excessive rate. 1. An excessive rate.[R.]