Insurance more than value of car - advice please?

dora37

I am going round and round in circles looking at both comparison sites and independent companies!!

Basically DS had just passed his test and we have seen a W (00) 1.0 Club Corsa for £1400, however the cheapest insurance for this that I can find is £1900 - I have put us parents as named drivers and tried 3rd party f & t, but doesn't make much difference.

Is it financially worth it paying more insurance than the car is worth - soembody please explain!!!

Thanks

BillScarab

Well insurance is a legal requirement so if that's the cost of insurance he'll either have to pay it, not drive or drive illegally. while the value of the car is a factor in the cost of insurance theh risk of the driver making a claim and the risk of third parties claiming are what bump the cost up. Unfortunately young lads are the biggest risk group so the insurance is correspondingly high.

You could try getting a different type of car as Corsas are popular with boy racers something less fashionable may be cheaper. Look at something like a Micra maybe.

markelock

try a micra quote?

have you used confused and the other comparison sites?

hewhoisnotintheknow

its the risk of damaging other stuff + your own car

you could buy a brand new car and you could still crash into a ferrari, the same as you could in a car that cost £25

cornerstone13

Our sons were in the same situation - they both started out with Metros which cost about half the insurance cost. As far as I remember, the cars cost around £600 each and the insurance around £1200/£1300. One went with Churchill and the other with Direct Line - I think you do really have to do a lot of research and use the tips on this site to get the quote down eg the number of miles done in a year, where the car is kept overnight, etc

A friend's son had a policy which was cheaper as he wasn't insured to drive the car after 10pm at night - apparently that's when most accidents involving youngsters happen. Depends how disciplined your son is.

And don't forget that although the initial cost is high, with a good driving record it does come down quite quickly - one son is now 20 with a brand new Corsa; he pays about £500 pa for insurance and is expecting it to reduce further when he's 21.

We also resisted the temptation to use our own insurance; another friend did this, her daughter had an accident and they're still paying inflated premiums 4 years later, plus the daughter isn't gaining any no claims in her own name.

Good luck

plane_boy2000

you may find that you can get a new car with 12 months insurance thrown in for similar money. all the benefits like warranty etc plus if he dosent crash he would have a years no claims at the end of 12 months so insurance would come down.

dora37

Thanks guys - I did think it was what you have said - just needed it reiterating, as I thought I was missing something quite fundemental!

I have looked at soooooo many different variations, I don't think I could see the wood for the trees.

anewman

I don't understand why people see insurance cost being more than the car as peculiar. Insurance is a requirement and has to be paid. Better to buy a cheaper car, than to buy a more expensive car to make sure it costs more than the insurance - surely?!

You could get a car free of charge if someone gave you it, doesn't mean anyone has to give you free insurance.

As mentioned above, probably the easiest way to bring the cost down is to change the car - always best to check insurance cost before buying a car.

dora37

anewman wrote: »

always best to check insurance cost before buying a car.

That is exactly what I am doing and its driving me mad!!!!

anewman

If you use something like confused.com you can keep the same quote and look through autotrader at possible cars and go back and modify the quote to change just the car. Rather tedious but worthwhile. As mentioned above I'd try avoid all the young people's favourites like Corsa, Saxo etc.

payless

Our local paper lists local court cases..... last week driving without insurance/ MOT fined £85 inc costs !!!! absolute madness