Sunday Express Skeleton 24Th November...
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Outrageous insurance premium
15 Answers
The suggested insurance premium for my scooter (value �400 according to the insurer) is �252 with a �150 excess. In other words, if I have a writeoff the insurance will have cost me more than I would get back as the value of the bike! Madness! Question. Should I get 3rd party fire & theft (�146). Any more insurance horror stories?
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It sounds outrageous. You are obviously better off with 3rd/p/f&t. You would have nothing to lose. You sound like a young driver,which would explain some of the cost. I have just insured a new Audi A4 with MoreThan Ins.,fully comp; �290. Then again I am over a "certain age". I spent hours getting on-line quotes, one was as much as �780. Only advice is to shop around but I am sure you have done that.
Please bear in mind that your insurance premium isn't just to cover the cost of replacing your scooter, it is to cover the cost of any potential damage your scooter can make to other road users. Younger people are in a high-risk category as they tend to cause more accidents than say, over 25's, so their premium is usually much higher than over 25's. To be in the lowest category (apparently) you need to be a single female over 30 living in a middle-class area not within 100 miles of a motorway, with no previous convictions/claims, so a sex change may save you a few quid..... In answer to your question 3rd Party F&T is good if a) you're a safe driver (and not likely to be liable/the guilty party for any accident) or b) willing to write off the bike if you are liable? (or pay to have it replaced/fixed)
btw if you add it up after writing off the bike (assuming it was your fault):
fully comp: you pay 252 + 150 = �402 for a new bike
3rd party: you pay 146 + 400 = �546 for a new bike. so you save �144 by going fully comp
If it wasn't your fault
FC you pay 252, 3rd party you pay 146 so you save �106 by going 3rd party.
by this logic it is actually better value to go fully comp. the choice is yours.........
fully comp: you pay 252 + 150 = �402 for a new bike
3rd party: you pay 146 + 400 = �546 for a new bike. so you save �144 by going fully comp
If it wasn't your fault
FC you pay 252, 3rd party you pay 146 so you save �106 by going 3rd party.
by this logic it is actually better value to go fully comp. the choice is yours.........
Your logic works fine darth but only if you crash, having said that I used a similar principle to convince myself I didnt need fully comp and then promptly destroyed my bike in a crash, I now have no bike and no way of selling whats left to pay the rest of my loan. Ooops. I once paid �1800 for 3rd party insurance.
Thank you for all the answers so far. I feel like sending this page to the insurance company!
No one has accused me of being young for a very long time. I do live in central London which will add to the premium but this is with 4 years no claims bonus!
Darth your maths seems to help make up my mind but like you I am not completely convinced. I'm still confused.
Figures can be used to come up with several permitations. Nobody expects to have an accident even though it could ALWAYS happen. That is what Ins.Co's depend on, the insecurity of the customer. Two years fully comp.insurance would cost you �504, the cost of the bike plus change. I know it is always a risk, but do you think it is worth that premium to cover a �400 bike?In four years time I know what you will say if no claim has been made. It is your choice but I would go with 3rd/p/f&t, and as time passes, you gain. It may even encourage you to be extra carefull ! (only joking)
Not all insurance companies will want to be competitive with price. Periodically they consider all the types of insurance they are involved with and adjust their rates having considered a variety of things. It may well be that your insurer will only consider scooter insurance at high rates. You always have a choice. Shop around or go to an independent broker and tell him to find you the cheapest available.
I'm going to throw in another variable. If you go for Third Party Fire and Theft, take out the usually quite cheap legal assistance insurance.
Of course, you are a safe driver, and any accident will be certainly someone else's fault. The other person's insurance will cover the repairs or replacement, but your excess and any other out of pocket expenses will have to be fought over separately. The Legal stuff helps recover you "unisured" losses.
Of course, you are a safe driver, and any accident will be certainly someone else's fault. The other person's insurance will cover the repairs or replacement, but your excess and any other out of pocket expenses will have to be fought over separately. The Legal stuff helps recover you "unisured" losses.
Darth - your logic is fair, but remember there will almost certainly be an excess on a 3rd party policy as well, so in the first example (assuming the accident involves another party) the 3rd part cost would be more. Also it depends on the scooter being a write off. If it could be repaired then the sums change quite significantly.
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