Car Insurance, fully comp or 3rd party fire n theft

Oscarboy40

I'm just trying to decide which is best for me,
I have a 7 year old car nearly 8 . Valued and insured for £1500
I have 12 years no claims
There is a big difference in the renewal of my insurance , jumped up by £40 per month
Obviously I've been shopping around
And can't decide if because of the age and value I'd be better on third party , fire n theft or stick with fully comp

What's anyone else's opinion ?
Any advice appreciated x

GwylimT

Assuming third party is significantly cheaper, can you afford to replace your car with a few days notice if it is written off in a fault accident?

PinkGladioli

Out of curiosity, if you choose to pay the lump sum instead of monthly is there still a big difference? Personally for a car that's still worth over £1000 I'd want fully comp cover.

Oscarboy40

The annual difference is £250

exiled_red

For me it would depend on a couple of factors, firstly if you could afford to replace the car if it was written off and you had no money from the insurance, I would factor in the excess if you were to go fully comp. If you are paying an excess that is close to the value it is insured for it's probably not worth it, but if your excess is much less that the value of the car it's more likely to be benficial.

martinthebandit

Paying monthly usually adds a huge chunk to the price of your insurance, it would be much cheaper to borrow the money from a bank and pay it of in 12 months if you need to.

Quentin

TPFT is usually more expensive than comprehensive cover.


You could see what difference it makes taking a big excess (£1000+) thereby having a comp policy that you wouldn't claim against for damage you cause to your own car which may be a cheaper option than going third party (but you would still have glass cover)

exiled_red

Quentin wrote: »

TPFT is usually more expensive than comprehensive cover.

The other way around surely

GwylimT

exiled_red wrote: »

The other way around surely

Now it does tend to be more expensive than fully comp.

Quentin

exiled_red wrote: »

The other way around surely

No.

(Do dummy quotes online if you remain in doubt and see for yourself)

exiled_red

Fair enough, that just doesn't make sense to me.