Excess insurance.

koooowweeee

koooowweeee

koooowweeee

Soldato
Joined
13 Jan 2010
Posts
6,354
Location
Manchester
Hey

It's renewal time for my van and I've got a good price but the excess is very high. On other policies I've been able to add it on as a extra bit with this one is can't.

So, can I get it elsewhere? Any recommendations ?

Btw if you haven't tried this before I would give it a go. On my car I put the excess up to £600 and the cover went down £200. The excess insurance was £30 for the year
 
That's what I'm looking for but it's expensive. Or it is in comparison to what I've had through insurers.

Every time I Google the insurance all I find is excess insurance for hire cars :-/
 
If I got this right..

Your paying for another insurance to cover your insurance :D

Insurance company's are going be loving this
So they know if they put a very high Excess some people will then pay out for yet another insurance to cover that...

I really don't see the point in paying £30+ per year on the off chance that you may have a accident and will need to pay £600 excess
 
Last edited:
makes sense to me.

if a 250excess is increased to 600 and saves you 200 on insurance, then spending 30 of that 200 saving to effectively have no excess seems a good deal to me..
 
chaparral said:
If I got this right..

Your paying for another insurance to cover your insurance :D

Insurance company's are going be loving this
So they know if they put a very high Excess some people will then pay out for yet another insurance to cover that...

I really don't see the point in paying £30+ per year on the off chance that you may have a accident and will need to pay £600 excess
Click to expand...

no you missed the point there :)

say you get a quote for 1000 with 100 excess - total to pay 1k + 100 if you have an accident
say yo uget a quote for 800 with 150 excess + pay 30 to protect it total to pay = 830
 
Teknobry said:
makes sense to me.

if a 250excess is increased to 600 and saves you 200 on insurance, then spending 30 of that 200 saving to effectively have no excess seems a good deal to me..
Click to expand...

Yeah it's not a bad deal really. It's just that the new insurance company don't offer it. The company I got it with is sheilas wheels of all company's :D
 
Freefaller said:
I personally always remove voluntary excess and keep compulsory excess to a minimum.
Click to expand...

Why? The excess is an historical legacy from the days of simpler insurance designed to prevent frivolous claims for minor things. These days the other penalties for claiming are so high that most people will go out of their way to avoid claiming anyway so a low excess is of no use.

Personally there are only 2 scenarios where I could see myself claiming on insurance:

1) I've damaged someone elses property and they are claiming against me. 3rd party claims are not subject to the excess so it makes no odds to me if the excess is high.

2) I've suffered a total loss due to either fire/theft or 'proper' accident caused by myself (as opposed to a parking scrape). In this case the excess will only serve to reduce the size of the payout by a nominal percentage. I'm prepared to take that hit in exchange for a reduced premium. So far in my driving career I've never had to claim in these circumstances and I've benefitted from a reduced premium every year. I'm pretty sure I'm up on the deal.
 
Because if I do have to claim. I don't want to pay an excessive amount. And it makes little difference on my premium.

I've never been in a shunt other than on my bike. But if it doesn't cost much more might as well minimise any liabilities.

However when you put it like that maybe it is a false economy?
 
Freefaller said:
Because if I do have to claim. I don't want to pay an excessive amount. And it makes little difference on my premium.

I've never been in a shunt other than on my bike. But if it doesn't cost much more might as well minimise any liabilities.

However when you put it like that maybe it is a false economy?
Click to expand...

I think it depends what the difference is. £30 insurance and a high excess to drop the price £200 is worth while. But if it's a small amount then there's not much point.

Personally I would rather not pay anything out or lose any more money if I had a fault crash/claim
 
You must log in or register to reply here.
Back
Top Bottom