Question For Info On Car Insurance

[bobbie22]

I have an old car, not worth much a bit like me. I would like advice about having an accident. Would the insurance company pay out less because of the value of the car.? The insurance is actually quite expensive. Would it be better for me to take out third party insurance instead of fully comp? Thanks

[drmorgans]

Why not ask your insurance co. for different quotes, 3rd party, full comp, higher excess? If you have a bump they may decide the car is beyond economic repair and scrap it.

[barry1010]

Check the price of third party insurance, these days it can cost as much as comprehensive. Worth checking out though.

If you had an accident and your car was written off the insurance would pay you the market value of your car if you have fully comp cover - which could be more than you expect because of the current shortage of new cars.
If the accident is your fault and you cause third party damage to other vehicles, property or injure people the pay out to them will be the same regardless of your type of cover.

I suggest you look at 'webuyanycar.com' for an instant valuation of your car (be brutally honest about the mileage and condition) and add 20% on to the value they give you to get a rough idea of how much the insurance would pay out if your car were written off today.

Use this site for third party insurance quotes https://www.comparethemarket.com/car-insurance/third-party/

When you have all that information you will be in a better position to make a decision.

[barry1010]

For car valuation https://www.webuyanycar.com/

I suggest you use a spare email address for this company as they will keep contacting you

[bhg481]

Just be aware that 3rd party insurance often doesn't cover windscreen damage, which is probably the most likely reason for you to make a claim. With the difference in cost between fully comp and 3rd party it's not really worth taking the risk.

[Hymie]

As others have said, you need to get quotes for fully comp & third party and compare – but as has been said, sometimes fully comp can be cheaper – the insurers think you are a more responsible driver (taking out fully comp) and offer a cheaper price.

If going for fully comp, you can reduce the premium by increasing your excess (the amount you pay in the event of a claim), and don’t forget your annual mileage will affect the quote.

If the difference between the price of fully comp and third party is close to the value of the car, then you might as well get third party cover. Also if your chosen excess is close to the value of the car, then it will effectively nullify the fully comp cover, as you won’t get anything/much in the event that you claim for damage to your car.

[bobbie22]

Thanks all for your info and answers. My car means a lot to me as I will be stuck if I don’t have one. Like I said it’s not worth much but it is taxed insured and MOT d. Difficult choice. I will read all from Barry. Thanks again.

[bobbie22]

And hymie.

[bobbinwales]

As others may of said the value of the car is not as big a factor as you might think. Insurers are more worried about the risk of injuring someone as claims involving injury can run into hundreds of thousands or millions for lifelong care so the actual value of the car is insignificant in comparisan. Thurd party insure;s tend to be people with cheap old bangers who dont care as much if there cars written off in a accident, whereas drivers of fully comp are more likeley to be careful drivers who have a more valuable car they want keep undamaged

[Hymie]

One other thing, if you are married/have a partner – adding them to the policy, will for some strange reason, often reduce the price of the insurance.

[bobbie22]

Your point was good bobbinwales. It’s less worry to have fully comp. even though the cost is more. My car is 19 years old but in really good condition. 40K miles on the clock and 17 years no claims. By the way I am in the AA. And I don’t really go anywhere. Overcautious maybe

[Hymie]

Unless the car is a Porsche (or some other classic), even in excellent condition with 40k on the clock, it will be worth virtually nothing (except to you). So almost any prang will result in the insurance company writing off the car, you’d probably be lucky to be offered £500.

On the plus side, your annual depreciation will be zero – if I were you, I’d be looking for the cheapest insurance cover I could find (be it fully comp or third party) and accept that whatever happens you will get nothing for the car. It would be worth checking out fully comp prices with say £300+ excess, which may be cheaper than third party – and as bhg481 says, it will normally include windscreen cover.

[Peter Pedant]

well if it a POS as you say
they will scrap in the event of an accident
BUT
of course you need cover for the other side.

see what the premium for third party fire and theft is

I agree you may be "over insured" and they dont pay out more they just pocket the premiums

[Peter Pedant]

good advice from the Hyme

[ladybirder]

Hymie is right Bobbie about adding another driver. I always put my daughter on mine and a friend as well and down goes the final figure;-)

[Hymie]

Given your personal details and vehicle – if you are paying more than £200 for your car insurance, you are paying too much (unless you happen to live in central London).

[bobbie22]

Hymie. I paid 360 last year. Crazy or what ?

[bobbie22]

Live in Devon not London

[bobbie22]

I have had some really good advice on here. Thanks everyone.

[jno]

hm, I just removed my OH from the insurance and the premium went down by almost half. Do check the comparative prices.

[Hymie]

To be honest, if you shop around I’d expect you to get insurance for around £150 (or less).