One day insurance - but with a catch

Adz · 18 Jul 2006 at 13:37

Serj said:
My insurers just told me they wouldn't extend my cover to cover me on my mum's car for a day, and that's a bloody Passat

No but her insurers would have in my experience.

[TW]Fox · 18 Jul 2006 at 13:37

The_Dark_Side said:
you do realise if he insures it at trade value, and he bends it, he will only receive trade value back from the settlement?

Of course I realise that.

Beepcake · 18 Jul 2006 at 15:28

Personally I wouldn't do it on his insurance. Much rather have my no claims on the line than someone elses. I'm sure you woudln't, but god knows how much his insurance would go up if you stacked it on his policy :eek:

I'd either extend my policy or say thanks but no thanks.

The_Dark_Side · 18 Jul 2006 at 22:22

[TW]Fox said:
Of course I realise that.

then why advise him to get insurance at all?
if he stacks it with either trade value insurance or none at all he's going to be massively out of pocket.granted, one scenario would leave the OP having to find more cash than the other but even the price difference between punter and trade prices on a 355 spider will be sizeable.

Violent-J · 18 Jul 2006 at 22:22

But he probably isn't going to stack it and it's worth taking the risk...

The_Dark_Side · 18 Jul 2006 at 22:24

Violent-J said:
But he probably isn't going to stack it and it's worth taking the risk...

no he probably won't you're right.
then again he probably won't be stopped by the police so by the same line of thought do you think he shouldn't get insurance at all?

6thElement · 18 Jul 2006 at 22:33

I'm free Sunday afternoon at the end of the month and shall be passing your neck of the woods several times that weekend

Violent-J · 19 Jul 2006 at 00:10

The_Dark_Side said:
no he probably won't you're right.
then again he probably won't be stopped by the police so by the same line of thought do you think he shouldn't get insurance at all?

No because that would be illegal :confused:

Fail to see your logic there m8.

[TW]Fox · 19 Jul 2006 at 00:11

The_Dark_Side said:
no he probably won't you're right.
then again he probably won't be stopped by the police so by the same line of thought do you think he shouldn't get insurance at all?

No, becuase thats illegal.

Taking a calculated risk that he may have to cough up £7k if he crashes, however, is not illegal. It's entirely his choice.

Violent-J · 19 Jul 2006 at 00:13

[TW]Fox said:
No, becuase thats illegal.

Taking a calculated risk that he may have to cough up £7k if he crashes, however, is not illegal. It's entirely his choice.

And I know what I'd choose

mattpc · 19 Jul 2006 at 00:35

May have already been suggested but wouldn't it be easier to be added to the owners existing policy for a few days. Sometimes insurers will do this for free/nominal charge.

The_Dark_Side · 19 Jul 2006 at 10:11

Violent-J said:
No because that would be illegal

Fail to see your logic there m8.

you said he probably won't bend it so insuring it at an undervalued level is worth taking the risk.
the risk being he'd have to shell out the best part of 10 thousand pounds of his own money to supplement the trade value payout if he did bend the thing.

i added that if that's the case thenbending it is probably as likely as him being stopped by the police so you may as well be saying why bother taking insurance in the first place?
being stopped and subsequently "done" for no insurance would set the driver back a significantly less some of money than the difference between the trade and punter value of a spider.

fairly straightforward logic to me.

[TW]Fox said:
No, becuase thats illegal.

i may be wrong here but i'm reasonably sure that knowingly under-insuring something is illegal too.
it vaguely rings a bell in the darkest corner of my brain anyway, maybe someone connected with the insurance industry could clarify this please?

merlin · 19 Jul 2006 at 10:15

The_Dark_Side said:
i may be wrong here but i'm reasonably sure that knowingly under-insuring something is illegal too.

No, it's fine on motor insurance.

What you're thinking about it property insurance - where if the sum insured is inadequate - average condition applies where you only receive pro rata settlement.

merlin · 19 Jul 2006 at 10:17

TDS - Are you in the motor trade by any chance?

The_Dark_Side · 19 Jul 2006 at 10:18

merlin said:
No, it's fine on motor insurance.

What you're thinking about it property insurance - where if the sum insured is inadequate - average condition applies where you only receive pro rata settlement.

i was actually thinking of you when i mentioned "insurance peeps"...obviously in a manly type way......<looks sheepish and tries to come up with a way to divert attention>

so on motor insurance, what you're saying is if you undervalue the car the only effect it has is to cap the maximum payout possible at a lower level?

merlin · 19 Jul 2006 at 10:20

The_Dark_Side said:
so on motor insurance, what you're saying is if you undervalue the car the only effect it has is to cap the maximum payout possible at a lower level?

Yes, exactly.

But there's an exception (motor trade internal risks cover).

The_Dark_Side · 19 Jul 2006 at 10:20

merlin said:
TDS - Are you in the motor trade by any chance?

not professionally no.
i still have a traders insurance policy but i only "dabble" now and then as my spare time is extremely limited.

merlin · 19 Jul 2006 at 10:21

The_Dark_Side said:
not professionally no.
i still have a traders insurance policy but i only "dabble" now and then as my spare time is extremely limited.

Thought so. Hope it's not with Tradex btw. Worst Motor Insurer in the UK.

The_Dark_Side · 19 Jul 2006 at 10:21

merlin said:
Yes, exactly.

But there's an exception (motor trade internal risks cover).

can you explain the "internal" part of the above please?

The_Dark_Side · 19 Jul 2006 at 10:22

merlin said:
Thought so. Hope it's not with Tradex btw. Worst Motor Insurer in the UK.

no but to be honest with you when i first took out a traders policy everyone i know with one told me to call them.
they were too expensive as it happens or i'd have signed on the line.
what's wrong with them?
bad rep in the industry?