Does anyone have Motor Excess Protection

katies_mum

I`ve just had my renewal through and the excess is higher than I would like, have been getting other quotes but not having a lot of luck. I have read about a Motor Excess Protection policy which reimburses the excess should you be unlucky enough to have to claim. Just wondered if anyone had any thoughts.

vikingaero

It might be worth it if you have a large voluntary and compulsory excess.

But even if the policy pays out you'll still lose your no-claims discount and face a larger premium at renewal.

katies_mum

Thank you for replying, I`ve got the protected no claims bonus that lasts as long as I stay with this company. The excess isn`t massive £100 plus £100 voluntary - when I have been used to £100 maximum.

wealdroam

katies_mum wrote: »

Thank you for replying, I`ve got the protected no claims bonus that lasts as long as I stay with this company. The excess isn`t massive £100 plus £100 voluntary - when I have been used to £100 maximum.

So how much do you think it is worth paying to protect that £200?

That's really the point... what is it worth to you?

jd82

Unless the premiums for this excess insurance is like £1 a month you would be much better off paying the extra money into a savings account.

Another point is if you really can't afford the £200 then can you afford to run a car? There is always unexpected things which need to be paid for such as a puncutred tyre.

It might be worth taking out but the premiums need to be very cheap to make it worth bothering with.

I pay £10 a month for my phone insurance and to me it has been worth every penny. Like any none compulsery insurance policies it is a gamble.

JQ.

I really don't think £200 is a high excess and is not worth insuring against. Why not self insure - put £17 per month into a savings account and after 12 months you'll have enough to cover your excess for the future.

katies_mum

Its £35 for the year, yes I can afford the £200 excess - its just the most I have ever had on a policy and having to pay that if the unfortunate happens is a lot to me. £35 to cover this the more I think about it seems a good option.

jd82

Then you need to look into what the exclusions are and what the chance of you having a crash is. I took out GAP insurance on my Panda, it cost me £150 but if I have an accident it would be worth around £2000 if the car is written off so for £150 is a very good buy that is also over the four years. That is £37.50 a year for upto £2000 worth of cover in my case. So £35 seems like a hell of a lot when it will only pay out a maximum of £200. However I pay £120 a year for phone insurance which when you think about is also very poor value but its already paid out once meaning I am up on it.

With my phone I know there is a high risk of me dropping it down the toilet or dropping it in a puddle, but with excesss insurance the risk just seems too small for too little amount.