Fully comp vs third party - advice please

Zoetoes

Hi

My son, 24, had been in a collision with another car. He has fully comp insurance.

Insurance have said his car is a write off.

Yearly premium is about £2800.

Car market value about £3000.

Excess £950.

He's only made 2 insurance payments (monthly installments).


Insurance have said the pay out is the 3k minus the excess, minus a young drivers excess (?), and then the rest of the year's insurance so he gets nothing.

So what is the difference between fully comp and third party? He's no better off or am I missing something?

Thanks

Johno100

So what is the difference between fully comp and third party?

Very little in your case based on those figures. However nowadays there is usually very little difference in the costs of Fully Comp and TPfT so it wouldn't make much of a difference anyway.

AndyMc.....

Zoetoes wrote: »

Hi

My son, 24, had been in a collision with another car. He has fully comp insurance.

Insurance have said his car is a write off.

Yearly premium is about £2800.

Car market value about £3000.

Excess £950.

He's only made 2 insurance payments (monthly installments).


Insurance have said the pay out is the 3k minus the excess, minus a young drivers excess (?), and then the rest of the year's insurance so he gets nothing.

So what is the difference between fully comp and third party? He's no better off or am I missing something?

Thanks

So in short they pay out £3000 minus his £950 excess so £2050.

He took out a years policy and he's claimed so he owes them the cost of that policy so £2800 minus what he's already paid.

If he were third party he'd be getting nothing back but would still owe the cost of a years policy.

Zoetoes

AndyMc..... wrote: »

So in short they pay out £3000 minus his £950 excess so £2050.

He took out a years policy and he's claimed so he owes them the cost of that policy so £2800 minus what he's already paid.

If he were third party he'd be getting nothing back but would still owe the cost of a years policy.

Thank you.

So he still has a policy with them for a year, so may aswell get a cheap car and just do change of car details?

AndyMc.....

Zoetoes wrote: »

Thank you.

So he still has a policy with them for a year, so may aswell get a cheap car and just do change of car details?

You'll have to ready the policy document.

I bet they'll want more money for the new car due to the "greater risk" and "poor driving history".

debtdebt

The young drivers extra excess will also have been detailed on the policy schedule.

elsien

Zoetoes wrote: »

Thank you.

So he still has a policy with them for a year, so may aswell get a cheap car and just do change of car details?

He might want to check with them whether they'll continue the policy for a new car and if there's any difference in premium, depending on what it is.
Edited to add - I take it the accident is down as being his fault? He can't claim from the other driver?