Insurance = half value of the car, any trick?

[bcadou]

Hi guys

looking to buy a shed, ~1k. Anyways, tried some quotes for random make/models, end up with ~400gbp (at best!) per year, usually ~500gbp, thrid party etc.

I understand I live in an expensive post code insurance wise (w2) and that I onyl have a 2 years NCB. But still, it doesn't make any sense to pay a collateral of half the value of an asset (very unlikely to be stolen btw, but that is not even the point here), what ever its price. You pay it back wholy after 2 years, and the chances you make an expensive claim during that time is extremely low.

Is there any way to pay a relevant price for a =< 1k car in London?

Thank you

[DannyVTS]

There is a chance you will crash into an £80k Merc...

/thread

[anonymous-user]

Insurance isnt just for your potential losses. Its to cover the damage you could do to others aswell, which can run into huge figures.

[sday12]

Voluntary excess of £1K?

[Helicopter123]

hombrepaulo said:

Insurance isnt just for your potential losses. Its to cover the damage you could do to others aswell, which can run into huge figures.

Others property and to individuals.

I guess any claim must cost £1000's these days to resolve...

[R11ysf]

The relation of the asset cost to the insurance is irrelevant. In fact it could be argued that it is inverse. You have a £500 car, therefore you are less likely to give a toss about it and so may be more likely to drive it in a carefree manor. If you had a £25k car it may be seen that you are going to look after it better, park it in safer areas to avoid theft, leave a safer distance when driving behind people etc etc.

I know when you modify a car with wheels/exhaust your insurance often goes up, when you replace the engine with twice the power, upgrade the brakes, suspension, exhaust and wheels your insurance goes down. sounds crazy but does make sense.

[Team 17]

R11ysf said:

The relation of the asset cost to the insurance is irrelevant. In fact it could be argued that it is inverse. You have a £500 car, therefore you are less likely to give a toss about it and so may be more likely to drive it in a carefree manor. If you had a £25k car it may be seen that you are going to look after it better, park it in safer areas to avoid theft, leave a safer distance when driving behind people etc etc.

I know when you modify a car with wheels/exhaust your insurance often goes up, when you replace the engine with twice the power, upgrade the brakes, suspension, exhaust and wheels your insurance goes down. sounds crazy but does make sense.

Carefree manor eh? Poor old sods, wouldn't know what hit them...

http://www.carefreemanor.ca/

[mrmr96]

DannyVTS said:

There is a chance you will crash into an £80k Merc...

/thread

Exactly. The OP should have figured this out when the quotes were still c£500 when it was THIRD PARTY ONLY. There's a clue there that this policy price IS NOT related to the VALUE OF YOUR CAR because your car isn't even covered.

[Jw Vw]

mrmr96 said:

DannyVTS said:

There is a chance you will crash into an £80k Merc...

/thread

Exactly. The OP should have figured this out when the quotes were still c£500 when it was THIRD PARTY ONLY. There's a clue there that this policy price IS NOT related to the VALUE OF YOUR CAR because your car isn't even covered.

+1

End of thread.

[Raize]

IMO Insurance is a silly thing in the first place. People should drive what they can afford to lose and to hell with the whole stupid system.

[kambites]

Raize said:

IMO Insurance is a silly thing in the first place. People should drive what they can afford to lose and to hell with the whole stupid system.

So you'd be happy to have no come-back if someone drove a big SUV into your house and knocked it down?

[Liquid Knight]

Don't worry about it my insurance is seven times what I paid for the car!

Edited to add EIGHT TIMES AS MUCH! If I include the excess!

Edited by Liquid Knight on Thursday 21st July 12:51

[Nick3point2]

So when did the search function stop working?

[Raize]

kambites said:

So you'd be happy to have no come-back if someone drove a big SUV into your house and knocked it down?

Yeah that's the other thing I don't get about insurers, why do you have to pay for the other person's damage? Surely if they're dumb enough not to have insurance they deserve to lose everything?

[Nick3point2]

Oh it's OK, I just tried it and the search function works.

[scorcher]

Increase your excess to lower your quote and then get excess insurance to pay the excess when you crash.

[samdale]

Ensure fully comp, mine is a good few hundred quid cheaper than it would be third party.
Large voluntary excess.

Oh and think more outside the box with your choice of car. My Volvo is one of the cheapest quotes I've ever had but by no means the least powerful, smallest engine etc

[andyjo1982]

Raize said:

kambites said:

So you'd be happy to have no come-back if someone drove a big SUV into your house and knocked it down?

Yeah that's the other thing I don't get about insurers, why do you have to pay for the other person's damage? Surely if they're dumb enough not to have insurance they deserve to lose everything?

You personally dont pay anything if you hit another car. If you're involved in an accident with another car, they claim through their own insurers, they pay their xs, then their insurers claim the money back off of yours and then pay the xs back when all losses have been recovered. You only pay your own xs when you claim for your own car...

[Jw Vw]

kambites said:

Raize said:

IMO Insurance is a silly thing in the first place. People should drive what they can afford to lose and to hell with the whole stupid system.

So you'd be happy to have no come-back if someone drove a big SUV into your house and knocked it down?

Exactly.

[oldcynic]

My first car cost me £175. The insurance policy cost £500 with fronting, would have been £750-£1000 without.

My £175 car (Triumph 2000) was perfectly capable of wreaking massive destruction on innocent bystanders and their property, hence the premium price.