Motor Excess Protection Insurance

sanctusyvo

Hi Folks,

I need some advice.

Unfortunately, I have been very prone to car accidents lately:

2008 - someone pulled out infront of me from a side road as I was driving down a main road (claim still disputed)
2008 - SP30 - speeding / 3 points in Licence
2010 - I aquaplaned on the motorway and wrote off my car (own fault, claim settled)
2011 - a removals lorry reversed into my parked car, as I watched in disbelief from the garden. (other party admitted fault, claim settled)

Naturally, when I have gone to look for new car insurance the premiums are coming back rediculously high. As high as £4000.00 (I also realise my postcode, (I live in the NW), doesnt help - as the quote came back as £800.00 when I put down an Aberdeen postcode!!!).

I therefore had no option but to purchase a fully comp insurance policy for £1500.00 with a COMPULSORY EXCESS of £3000.00 (yes I know its beyond belief , but I tried everything - ALL the tips on here and brokers etc etc).

I have been looking into Excess Protection Insurance, to be covered in the event of me having to pay out £3000 in excess however I have only come across companies that insure upto £1000 of excess(for £77 per year).

I am wondering if it would be okay for me to take out 3 different Excess Protection policies (3 x £1000) to cover my excess on my main insurance policy? This would only cost me £231 more, bringing my car insurance to £1731 and still less than half of the rediculous quotes of £4000+ with reasonable excess.

Can anyone advise?

Thanks.

GoonerGregg

Hi,

I have had 1 small claim in 2 years of driving, and the cheapest I can get is £2,000+ a year! I am being forced off the road as a result, I was previously paying £113 a month, @ just over £1000 a year. Can you tell me the company you are paying £1500 a year to? That sounds much better than what I've been being quoted. Thanks. Sorry I don't advise anything other than my own plight! Oops

InsideInsurance

You need to read the terms of the policies, normally it is limited to (1) where your excess is actually paid and (2) would be the excess in full.

The issue with point one is if you have an accident causing £2950 of damage (so £50 below your excess) you would be unable to claim off the excess insurance because you have not actually paid your excess.

sanctusyvo

Thank you for your response InsideInsurance.

The principle insurance policy, because its Comprehensive, carries out all works in the event of an accident and only claims back the excess after this has been done. Surely when they are demanding their excess I could apply to the Excess Protection Insurace policy to pay out the maximum ive insured: an amount of £1000.00 per excess policy?