TPFT on higher value cars

[TW]Fox

[TW]Fox

[TW]Fox

Man of Honour
Joined
17 Oct 2002
Posts
160,336
Guys,

Mate of mine desperately wants a performance car for circa £5-6k. He cannot get insurance for it anywhere unless he goes TPFT - nobody will cover him comprehensive at a price he can afford. He really wants an interesting car, and I kinda feel a bit harsh constantly telling him to get a reality check.

I've suggest he'd be far better off with something like a Mazda MX5 or a 318iS or something for £500-£2000 than Third party insuring a tidy £5-6k performance car.

Am I being harsh, or is he being an idiot? It'll be his first car with more than 70bhp.
 
How old is he? What performance car is it?

Will he be likely to claim on insurance if he hits it anyway? 5-6k is not THAT much.

Doubt a 6k performance car is going to get nicked, and if there is fear of that then put a decent immob/alarm in it.

The only real consideration is whether he is going to write it off or not.
 
As long as he fully appreciates and accepts the risk he is taking then I can't see a problem with it. Unless he's getting a loan/finance for the car. If I wrote off a 5k car with no way of getting my money back i'd be annoyed but the annoyance would soon pass. If I still had to keep making loan payments on it for the next couple of years I'd be really ****** off every time I saw my bank statement.
 
[TW]Fox;15325921 said:
Guys,

Mate of mine desperately wants a performance car for circa £5-6k. He cannot get insurance for it anywhere unless he goes TPFT - nobody will cover him comprehensive at a price he can afford. He really wants an interesting car, and I kinda feel a bit harsh constantly telling him to get a reality check.

I've suggest he'd be far better off with something like a Mazda MX5 or a 318iS or something for £500-£2000 than Third party insuring a tidy £5-6k performance car.

Am I being harsh, or is he being an idiot? It'll be his first car with more than 70bhp.
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I'd say he is trying to live outside his means. He doesn't need a performance car just wants one so remind him that.

If he is buying something really quick for £6k chances are it'll need some money spent on it so if can't afford £2k to insure it and will instead get a £1k TPF&T policy then what happens when it needs new 18" tyres all round or something goes wrong?

Why not go for something reasonably quick? A hot Clio, old BMW or maybe even a Type R if they are in budget and then decide what type of insurance to get depending on how much he spends on the car.
 
If 5-6k is a lot of money to him he should not be buying a performance car and skimping on insurance.

I would agree, get a MX-5 or similar.

At 20 I was sorely tempted by a Pulsar GTiR, at 21 an AC Schnitzer tuned/bored E30 M3 and I am glad I did not go with either. The insurance was going to sting like hell and should have anything of gone wrong (chocolate gearbox on a Pulsar, list as long as your arm on an E30) it would have left be completely skint.

I'm 23 now, waited the (relativity) few years and can run an S2000 and insure it for sensible amounts. I understand the MUST GET perofrmance/unique/different car feeling that washes over you from time to time but he perhaps needs to put the pipe dream on hold till his circumstances allow it.
 
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[TW]Fox;15325921 said:
I kinda feel a bit harsh constantly telling him to get a reality check.
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Why? Its your normal attitude on here....


[TW]Fox;15325921 said:
Am I being harsh, or is he being an idiot? It'll be his first car with more than 70bhp.
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Your being yourself and yes, he's being something of an idiot. :)
 
If he is buying it with his own cash, I don't see why not, he knows the risks etc.

If it was with borrowed money/on finance etc. I'd strongly advise against it, assuming it resulted in a total loss, the pain of having to continue paying for that each month would be devastating, imo.

Sin_Chase said:
If 5-6k is a lot of money to him he should not be buying a performance car and skimping on insurance.
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£5-6k is a lot of money for most people, surely?
 
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It all depends how important the money is, and whether it is an issue to simply write off the cost of the car or not.
 
MikeHiow said:
£5-6k is a lot of money for most people, surely?
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In raw cash, sure. In car money? Dunno, seems middle of the road for me really. I guess it depends on your interpretation of performance car.

Plenty of very very quick vehicles out there for 5-6k, but when I think 5-6k fast/performance car I instantly think "Might need half that for if something goes wrong"

If 5-6k is A LOT then you don't have 50% of that again for that fund.
 
I can't help but feel we might end up with another JollyGreen Elise situation going on ere.

Can he get insurance on something like a Teg 3rd party?
 
Fox if he wants a £5-£6K car go fully comp but if he can only get TPFT then advise your mate to get a cheaper car maybe £1-£2k to build up his NCB.
 
How much more is FC? I've always found TPFT only a bit cheaper than FC and sometimes FC is actually cheaper!
 
If he can't afford to insure a 5 grand car FC then surely he can't afford to lose 5 grand.

Get a cheaper car, and insure it TPFT or find the extra for fully comp.

Not knowing what N/A Jap mobile he's looking at I can't suggest anything....
 
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