Insurance query

Jacob (: · 3 Feb 2010 at 23:32

I've been playing around with some insurance queries looking at an mx5 as my next car.

Now the price is a little too high to get it covered fully comp so id probably have to go tpft, although im not sure yet.

I was looking on bell and if i make a fully comp policy with 1000 excess (1250 once they have added their bit) The policy is actually cheaper than tpft?

Now from what i can tell the third party excess would still stay the same.. so what would be the problem with going for such a quote?

I know that id have to pay the first 1250 of the claim.. but if i was third party id have to pay for the whole value of the car if i wanted to replace it (probably ~3k)?

So altough extreme do i have it right that it would be better to go for a fully comp with massive excess for cheaper than the tpft? Is there an element that makes the fully comp a negative that im missing?

Thanks

Gribs · 3 Feb 2010 at 23:51

Nope, it's just most people seem to think that the excess applies to third party claims as well as accidental damage claims so are put off big excesses. It'd be rare that it applied to fire or theft claims but it's best to check first. Tpft normally lacks windscreen cover as well.

Morba · 3 Feb 2010 at 23:54

Someone on here didi something similar... Then crashed. Excess was more than £1k!

Have an excess that you are willing to pay

Jez · 3 Feb 2010 at 23:54

You are correct on all counts, i do the same on my policies

Jacob (: · 3 Feb 2010 at 23:57

Gribs said:
Nope, it's just most people seem to think that the excess applies to third party claims as well as accidental damage claims so are put off big excesses. It'd be rare that it applied to fire or theft claims but it's best to check first. Tpft normally lacks windscreen cover as well.

Ahh brilliant! I checked and tpft would be £150 so that would be fine!

Windscreen excess isnt something id considered either!

Morba said:
Someone on here didi something similar... Then crashed. Excess was more than £1k!

Have an excess that you are willing to pay

Id rather have a huge excess that i have the choice to pay than not have the option at all and have to spend 3k replacing the car? Especially when its cheaper than not having that option at all!

I probably wont go with the maximum excess but the ability to scale it and get the price into a more affordable position and know that i was fully comp seems like a good idea to me

stoofa · 4 Feb 2010 at 10:02

A friend of mine has just passed his test.
He's the "older driver" at 36 - he has been riding bikes since he was a youngster.
He has been getting quotes for various cars to be his first - he can't actually get TPFT for less than FC.
Crazy though it seems the best he managed was on a quote for a Focus where TPFT was a whole £10 less than FC.

Settleddown · 4 Feb 2010 at 11:37

stoofa said:
A friend of mine has just passed his test.
He's the "older driver" at 36 - he has been riding bikes since he was a youngster.
He has been getting quotes for various cars to be his first - he can't actually get TPFT for less than FC.
Crazy though it seems the best he managed was on a quote for a Focus where TPFT was a whole £10 less than FC.

Same with me, TPFT is more expensive to insure most of the time, fully comp works out cheaper for me.

Peerzy · 4 Feb 2010 at 11:57

Morba said:
Someone on here didi something similar... Then crashed. Excess was more than £1k!

Have an excess that you are willing to pay

That would be me. My excess was £1400, ended up getting the work done for £1400 + VAT (Total £1645) so I got it done privately.

I have no problem paying the excess and have always gone for the highest I can afford (which has always been the highest a company will offer).

I've saved well over £1800 in my first 3 years of driving going for £1k excesses (plus they usually add £250-£500 for me being under 21) over an excess of £250 (plus the £250-£500 under 21 bonus) so I feel it's worth it.

Even if my excess was £700 I still recon I would have got it done privately as being young I don't want to lose my NCB and it to stop me being able to get a quicker car this year.

All depends if you are the type of person has has run out of money at the end of every month, pay for insurance monthly and generally won't have £1k sitting about for a just-in-case fund then go for a smaller excess and pay more per month. For me though I'd rather have the smaller yearly outgoing and keep a few grand aside for a just-in-case car moment. Obviously a lot of people can't do this hence why not many go for a studpidly high excess.