Insure your excess

[997gt3]

I'm thinking of insuring my excess on my imminent GT3 insurance through an online company called Insure4excess.com. I can insure my excess of £1000 for £60 with them.

Has anyone else used this company?

I was looking at £1225 insurance premium with £750 excess (uninsured).

Now i'm looking at £1160 insurance premium + £60 excess insurance premium with £950 excess (insured).

Is this a win win situation?

[911wise]

You only save if you make a claim. How readily do they payout? You dont want to have had a repair, pick the car up pay the excess then wait god knows how long to be reimbursed. Do they pay if its an own fault accident?

[997gt3]

911wise said:

You only save if you make a claim. How readily do they payout? You dont want to have had a repair, pick the car up pay the excess then wait god knows how long to be reimbursed. Do they pay if its an own fault accident?

Yes i'm aware that it's under under a claim situation that my excess would in effect be nil. They wait until your insurance company has paid out your claim and then you claim for your excess. You can make two claims per year.
With regards to own fault accidents - they require you to maintain a comprehensive or TPF&T policy, but i'm not sure if this answers your point.
They also require you to be over 25yrs old.

[supermono]

Surely it's only fault accidents where you have to pay your excess anyhow? I know the scum will often make you pay an excess before making you walk over hot coals and sleep on a bed of nails for six months trying to get it back for non-fault accidents, but that's exactly the reason people like the Accident Exchange exist -- to take the strain of this pantomime the payout-shy insurance companies have created.

To me it sounds like an excellent idea.

However. The reason we have excesses is to make us less likely to make smallish claims and instead paying for minor repairs ourselves. And that's why the insurance company are giving such a discount. Won't the insco want to know that you've got your excess covered since it means they're likely to get just as many claims as if you had a small excess in the first place?

SM

[guyvert1]

£1000 excess Are you 18 living in Moss side

[ROBBO7]

No ,but he is buying a high value car which means the insurance company require approx 1% of the cars value as excess.
997gt3 i also am getting my gt3 in mid march and have been quoted very similar figures to yours.Royal and sun alliance seem to be one of the few companies that will quote.probably gonna do it through either A-Plan or Porsche insurance as both about same price

[supermono]

I always go for a large excess because it improves the premium so much. After all if you have a claim much less than a couple of grand it's not worth claiming since they'll rape it back off you within the next two years anyhow.

SM

[997gt3]

supermono said:

Surely it's only fault accidents where you have to pay your excess anyhow?

Yes, you're absolutely right!

supermono said:

Won't the insco want to know that you've got your excess covered since it means they're likely to get just as many claims as if you had a small excess in the first place?
SM

I actually obtained a quote for excess insurance from the insco providing the car insurance but they weren't competitive enough. They're acutely aware of this new(ish) concept. I wouldn't increase the number of claims just because i had excess insur as this could potentially lose me no claims discount.

[997gt3]

ROBBO7 said:

No ,but he is buying a high value car which means the insurance company require approx 1% of the cars value as excess.
997gt3 i also am getting my gt3 in mid march and have been quoted very similar figures to yours.Royal and sun alliance seem to be one of the few companies that will quote.probably gonna do it through either A-Plan or Porsche insurance as both about same price

Guyvert - i could have an excess of only £450 on this car but the premium would be £1325 (as opposed to £1160 premium with £950 excess).
Robb07 - you may wish to call Michael Ward Associates (01707 266303) with whom i'll be getting my insurance with. Their policy is an agreed value policy of £90k, with no NCB needed.

Edited by 997gt3 on Friday 2nd March 19:27

[baz1985]

I've been getting a few quotes. 22, 5yrs ncd, £3.5k on a 996tt with £1k excess. Pretty good value at my age imo. Not that I can afford one sadly.