Car Insurance Excess help please

lorraine

right just getting a little confused, I have my car insured, fully comp with an excess of £1020 :eek:

Now I only brought my car for £1100 so for that amount of money I could buy a new car.

What I'm confused about is, when do I pay the excess.

Q. Do I need to pay my £1020 excess if I crash (touch wood it never happens ) into another car, BUT I don't want my car repaired!

mattymoo

No, the excess only applies to repairs to your own vehicle or if the car is written off. Given that the car is going to depreciate, it is likely you would not receive anything as the car is probably already worth less than the excess.

The excess is not payable for third party claims against you.

Trojan1965

lorraine,

£1020 excess seems pretty high and an unusual figure which of course may be down to your age and/or other circumstances and inview of this, suspect you are paying a high premium.

My question is, if the excess is correct and your vehicle is only worth £1100, why are you insuring the vehicle comprehensively ? In the event your car was written off in an accident (fault) or stolen then the maximum you would get is £80 and that is if the pre-crash valuation was £1100. It seems to me that you are paying for comp insurance when Third Party Only would be quite sufficient.
If you explain, I may be able to suggest / help further.

astonsmummy

Blimey £1k excess :eek:
I'm 23 ben driving 4 years and got 2 years NCD, have a 1997 pug 106, (insured for £900) fully comp with business use and legal cover and my excess is £300.
I recently had a crash and was offered £650 for my car, minus the excess, luckily there wasnt much damage and i managed to get the car back for free and fix it for £230.
How much is your actual insurance?

jazzt1

Are you sure that is the correct figure for your excess? You haven't added the excesses for accidental damage, fire & theft etc all together? Either that or you're very young and have one hell of a sporty car - work in an insurance broker and I've never heard of anyone with a higher excess than around £450.

derrick

jazzt1 wrote: »

Are you sure that is the correct figure for your excess? You haven't added the excesses for accidental damage, fire & theft etc all together? Either that or you're very young and have one hell of a sporty car - work in an insurance broker and I've never heard of anyone with a higher excess than around £450.

I have my excess at £950 for accidental damage fully comp, as the car is barely worth that, but TPFT was going to cost more(slightly), but by taking the higher excess and having fully comp I still keep the windscreen/glass cover which is not available on TPFT.

If I used TPFT the premium was about £5 higher using a £350 excess, I have over 10 years NCD and paid £105. for the fully comp.

lorraine

Sorry for the slow reply, I wanted the insurance for as cheap as possible, I have an 2002 hyundai accent and it is worth about 2k, we paid £1100 for it so if I happened to crash :eek: I would be happy just to buy a cheap run around.

My excess is so high so I can keep the premium down, I pay £313.78 for a 9 month plan, I have 21 months NCB (with norwich union, which is equivalent to 2 years) and I have only held a full UK license for just over 13 months.

I was going to go TPFT but the premium was higher when I shopped around.

I'm 24 so I think that plays a small part of it as I'm still classed as young

custardy

oh dear.be very careful with those NCD totals.
whilst NU may say they are worth 2 years theres nothing to say other insurers will.

lorraine

Thanks Custardy, I know other insurers will only use them as full years, so with others I only have 1 NCD

what do you all think with the car not being worth alot I should do, is it worth paying more each month to get a lower excess, or sticking with what I have??

Zebedee69

astonsmummy wrote: »

Blimey £1k excess :eek:
I'm 23 ben driving 4 years and got 2 years NCD, have a 1997 pug 106, (insured for £900) fully comp with business use and legal cover and my excess is £300.
I recently had a crash and was offered £650 for my car, minus the excess, luckily there wasnt much damage and i managed to get the car back for free and fix it for £230.
How much is your actual insurance?

Im 24 and my insurance aint even close to that?...

Have you switched insurance companies? One you have had a prang they tend to load the premium so you move elsewhere... I know Elephant, Diamond, Admiral and Bell do that because years ago I worked for them...

astonsmummy

Zebedee69 wrote: »

Im 24 and my insurance aint even close to that?...

Have you switched insurance companies? One you have had a prang they tend to load the premium so you move elsewhere... I know Elephant, Diamond, Admiral and Bell do that because years ago I worked for them...

I shop around, i think i got this years quote from confused.com. I'm with AA at the moment.
I know my premium will go up this year, i've had 2 claims and lost what would of been 3 years NCD :eek: