£5000 Voluntary Insurance Excess - A Bad Idea?
Discussion
Just putting insurance quotes through Confused.com and Admiral has thrown up the option of a £5k voluntary excess. This saves £115 over a £750 voluntary excess. The compulsory excess on top of both of these is £250. The car is worth £25k and I won't be doing many miles. On one hand I want to save the money, but on the other I think it might be a bit stupid!
Thoughts?
Thoughts?
David87 said:
Just putting insurance quotes through Confused.com and Admiral has thrown up the option of a £5k voluntary excess. This saves £115 over a £750 voluntary excess. The compulsory excess on top of both of these is £250. The car is worth £25k and I won't be doing many miles. On one hand I want to save the money, but on the other I think it might be a bit stupid!
Thoughts?
What car is it? An R8?Thoughts?
No, not an R8. 
A Mk2 Focus RS. £5k excess upfront would obviously be a terrible idea, but as I understand it the insurance company would just pay you £5000 less than market value for the car. Thinking about it, using my savings to pay for anything less than £5k doesn't sound good, though. But because it'll spend most of its life not moving (I walk to work), it might not be as dodgy as it first seems!
A Mk2 Focus RS. £5k excess upfront would obviously be a terrible idea, but as I understand it the insurance company would just pay you £5000 less than market value for the car. Thinking about it, using my savings to pay for anything less than £5k doesn't sound good, though. But because it'll spend most of its life not moving (I walk to work), it might not be as dodgy as it first seems!Edited by David87 on Monday 5th March 14:14
David87 said:
No, not an R8. A Mk2 Focus RS. £5k excess upfront would obviously be a terrible idea, but as I understand it the insurance company would just pay you £5000 less than market value for the car. For me, because it'll spend most of its life not moving (I walk to work), it might not be as dodgy as it first seems!
It works out at just £10 per month to go for the £750 excess rather than the £5K. Why not save that £10 per month somewhere else - one less pint on a Friday night, stop playing the lottery, cancel your membership of that dirty website etc... A Mk2 Focus RS. £5k excess upfront would obviously be a terrible idea, but as I understand it the insurance company would just pay you £5000 less than market value for the car. For me, because it'll spend most of its life not moving (I walk to work), it might not be as dodgy as it first seems!
tedavepoth said:
If you run into the back of someone at traffic lights, the claim could easily be £5k with whiplash compo. It would take you 37 years to make that saving back based on it costing £115 less. Not worth it IMO.
The excess will only apply to damage to his own vehicle (Usually).Still, the numbers don't add up. unless it's only applicable to the Fire and Theft aspect of the cover?
davepoth said:
If you run into the back of someone at traffic lights, the claim could easily be £5k with whiplash compo. It would take you 37 years to make that saving back based on it costing £115 less. Not worth it IMO.
Not remotely relevant, the excess is only paid towards repair of the policyholders own vehicle, not a contribution to the claim itself. ie: If he ran someone over, no other vehicle involved, no damage to his car, even if the claim was for hundreds of thousands to the third party for injuries he wouldn't pay a penny.
So its allabout how much would he want to contribute to the repair of his own car, in my mind the £115 saving isnt worth it. So agree with you there
SWoll said:
OP, please tell us you're kidding right?
Please....
A good way to highlight this £5k thing, though. I'm sure I wasn't offered this last year! I must admit it did cross my mind briefly, but it's a bit of a big bloody risk! Anyone man enough to admit to having it? The thought of it being vandalised and me paying out of my own pocket is what swung it.
Gassing Station | General Gassing | Top of Page | What's New | My Stuff