Car insurance premium more than value of car

catflea

Problem with classic policies being that they dont earn NCB of course.... Not that its an issue if its not your main car :cool:

Badger_Lady

I used to work with a specialist car insurance company - they once paid a third-party claim for £5 million!

(Accident in Germany, much more letigious about this type of thing).

anewman

If you really want the insurance to cost less than the value of the car, buy a more expensive car.

pitkin2020

my first years insurance was £1800 the car cost me £200. The value of the car only makes up a small porportion of the insurance quote.

If insurance was based on (for arguments sake) half of the cars value wouldn't everyone who were high risk insurance wise be driving around in £50 bangers!!!

dacouch

Badger_Lady wrote: »

I used to work with a specialist car insurance company - they once paid a third-party claim for £5 million!

(Accident in Germany, much more letigious about this type of thing).

Fortis paid out over £40m when Gary Hart fell asleep at the wheel in his landrover and came off the M62 onto a mainline and derailed an express train. Mainly as a result of this most Insurers started limiting the maximums they are liable to for property damage to £5m although some still give unlimited or £20m. (There are no limits with any company for injuries as the RTA does not permit this).

gaz_jones

leitmotif wrote: »

Hi all,

I have a 15-year-old Volkswagen which is still in extremely good condition (passed its MOT outright this year) and only 80,000 miles on the clock.

According to various expert sources its open market value is £300. Running through all the comparison sites (as well as following Moneysavingexpert's article) the best quotes I can get are all above £260. And the cheapest of these have excesses, some of which exceed £400.

This has nothing to do with a history of motoring convictions or anything (data entered included 0 motoring convictions, 8 years no-claim, travelling for social purposes only, 8000 miles a year, full clean licence, professional occupation, car kept on road outside house in an 'average' area, etc. - i.e. nothing that would say high risk).

As car insurance is compulsory I have no choice but to take out a policy. However, it seems grossly unfair that I could be paying an annual premium that is worth as much as or more than the car! Any suggestions?

Your car may be owrth £400, but that Ferrari you may potentially crash into is worth a fair chunk more.

I think the quotes you've given are very cheap.

choc_mouse

anewman wrote: »

If you really want the insurance to cost less than the value of the car, buy a more expensive car.

Genuis.

Two hundred odd pounds for car insurance is pretty cheap; it's part of motoring in the UK (same as road tax) so accept it or don't drive!

anewman

A few full tanks of fuel is also worth more than the car

Inactive

choc_mouse wrote: »

Genuis.

:rotfl: Pure Genius.

leitmotif

Fair points. That said, I won't be crashing into Ferraris as I only use it for ramraiding.