Voluntary excess advice

Jimbo Mahoney · 10 Apr 2014 at 18:38

I'm about to buy a car that is much more than I normally spend (6k instead of 1k), so for the first time I actually care about getting my money back if it's damaged or stolen.

If I go with zero voluntary excess, insurance will be £500. If I go with £500, it's £400 a year.

I'm leaning towards zero, but want to check the following scenarios are covered:

1) car stolen. I'd hope I get market value for the car. I expect I'll need to pay vol + compulsory excess. Hopefully no cost to me but I doubt it.

2) car damaged / written off by someone crashing into me. Hopefully no cost to me. Should be paid for by 3rd party insurance?

3) I crash into a hedge or something stupid that's totally my fault - is this covered under fully comp insurance?

Can't think of any other likely scenarios.

Any advice appreciated, including 'it's only £100 a year difference - just go for zero'

vanandjuanunited · 10 Apr 2014 at 18:47

Zero for me
What's the compulsory excess

Jimbo Mahoney · 10 Apr 2014 at 18:51

Comp is £250 typically I think.

Minstadave · 10 Apr 2014 at 18:52

I don't mind having a voluntary excess. You're essentially betting on you causing an accident by not having a voluntary excess and paying the £100 extra.

Jimbo Mahoney · 10 Apr 2014 at 19:46

Minstadave said:
I don't mind having a voluntary excess. You're essentially betting on you causing an accident by not having a voluntary excess and paying the £100 extra.

So scenarios #1 and #2 I would only have to pay compulsory no matter what I choose as voluntary?

Liquidfox · 10 Apr 2014 at 19:55

1. You'd have to pay both excesses however they are typically lower under fire and theft claims.
2. If the other party is found to be liable, no excess to be paid.
3. You'd have to pay both excesses, but it is covered under fully comp.

[TW]Fox · 10 Apr 2014 at 19:58

You only pay the excess if there is no third party who the cost can be recovered against.

So..

Nicked? Pay excess.
Your fault? Pay excess.
Somebody elses fault? No excess
Somebody elses fault and they clear off? Pay excess.

Tute · 10 Apr 2014 at 20:04

Out of interest, in a 50/50 would you pay the full excess or part of it (say, 50%)?

rodenal · 10 Apr 2014 at 20:14

In a 50 50 you will typically already have paid the excess and will get 50% back.

Unfortunately it looks like that's exactly the situation I'm about to be in. I'm ****ed off enough at having to pay £200 ( or a portion of it whatever the % split ends up being) god knows how it feels if you've bumped the overall excess up to 500/1k like some do to reduce the premium

Jimbo Mahoney · 10 Apr 2014 at 20:17

Thanks.

Looks like I'll be going zero excess then - I think the car being knicked or me spinning it into a hedge are the most likely...

[TW]Fox · 10 Apr 2014 at 21:04

Can't see the point in zero excess. Unless you crash all the time it's money in the bin.

rodenal · 10 Apr 2014 at 21:35

Think he means zero voluntary, so maybe 200-250 total

[TW]Fox · 10 Apr 2014 at 21:46

I know what he means

bainbridge · 10 Apr 2014 at 23:01

looking at either a nil xs or £500 xs seems a bit extreme.

Agreeing to make a contribution to the cost of a claim usually brings the price down, normally I go for a total xs of £250, so if the compulsory is £150 I add £100 vol.

In the event of a theft claim the fire and theft xs will apply rather than the vol or compulsory xs.

Destination · 11 Apr 2014 at 07:14

Jimbo Mahoney said:
Thanks.

Looks like I'll be going zero excess then - I think the car being knicked or me spinning it into a hedge are the most likely...

Someone keying your car or kicking your door causing hundreds of pounds of damage, or a carpark bump where they clear off, is another possibility.
Having comp and vol in that case makes claiming worthless, with just comp it might be an option to claim.