12 yr old car, is it worth comprehansive insurance?

hardpressed

My car is now 12 yrs old, had it from new, is in good condition, low mileage, now the delema. I've always had fully comprehensive insurance with protected no claims. When does it become uneconomic to insure conprehensive. If I had a claim with the age of the car would the insurance company write it off and give me minimal compensation? The car is obviously worth more to me that the book price Do I take a chance on third party, fire and theft? I'm quite happy to pay for conprehensive but don't want to, possibly, be in the situation where if I did make a claim I'd get back less than I'd payed.

espresso

Perhaps you are paying too much if you are worried about getting back less than you are paying for your insurance. Have you shopped around for your cover? What about insurance for your next car i.e. protected NCB.

BestAdviceUk

Dear hardpressed

I generally think that, should the car be worth in excess of £1,000, then it would be worth insuring fully comprehensive.

Less than £1,000 then obviously third party cover would be the way to go.

One should never take chances on insurance - always make sure you're adequately covered for any eventuality. Hope this helps.

Kind regards.

raskazz

The main factors to consider are:

1) Under comprehensive cover, how the accidental damage excess and the vehicle's value compare; and

2) The difference in premium between TPFT and comprehensive cover.

espresso

BestAdviceUk wrote: »

Dear hardpressed

I generally think that, should the car be worth in excess of £1,000, then it would be worth insuring fully comprehensive.

Less than £1,000 then obviously third party cover would be the way to go.

Where did you pluck that figure from then? You don't know the value of the car or the premiums for TPFT or comprehensive cover.

:rolleyes:

EmberJDIns

Dear Hardpressed

When I've been in the same borderline situation before, I've asked myself do I have the financies to go and replace the car, if I go for TPF&T and my car is written off with no prospect of a recovery from a third party.

Spending a few extra quid on insurance is one thing, finding a grand or two to buy a replacement car is quite another.

ahappywife

I have almost always owned and driven older cars. What I tend to do is just get the Third Party and then set the amount aside to replace the vehicle if needed. That way, I am not in danger of overpaying my insurance. I'd rather have the money in my own savings with the prospect of being able to use it myself one day rather than handing it over with the very likely probability that I won't get any return.

You, of course, have to have the money and discipline to do this. That can be a bit challenging at times.

N9eav

I think you will find there is not much difference in price anyway for someone who is at the top whack no claims bonus. With fully comp you can protect that no claims bonus and that is worth more than you think.

Shop around.. My OH has fully comp on her £50 fiesta and it's about £100, TPFT was £93...

hardpressed

N9eav wrote: »

I think you will find there is not much difference in price anyway for someone who is at the top whack no claims bonus. With fully comp you can protect that no claims bonus and that is worth more than you think.

Shop around.. My OH has fully comp on her £50 fiesta and it's about £100, TPFT was £93...

That's a good price, do you mind me asking what year the car is and which insurance company you use?

mattymoo

hardpressed wrote: »

That's a good price, do you mind me asking what year the car is and which insurance company you use?

The clue is in the location. Cornwall. Generally much lower premiums than other places.

shelly

N9eav wrote: »

I think you will find there is not much difference in price anyway for someone who is at the top whack no claims bonus. With fully comp you can protect that no claims bonus and that is worth more than you think.

Thats a good point made by N9eav. If you go anything less than fully comp you can't protect your NCB. One accident and you will lose most of it then have to build it up again.