Car Insurance Article Discussion

luci

sharkster wrote: »

my wife set up a car insurance policy to start tomorrow at about 10-30 this morning but for some reason we have to cancel it (long story) rang the insurers up and they said they will charge us £50 cancellation fee & a £15 admin fee, is this correct as we only started it a few hours ago and it doesnt actually start till tomorrow, can they do that????

I thought you had a 14 day cooling off period with insurance? You need to check the T&C's on the website.

keep_calm_and_carry_on

Does anyone know which companies are happy to try and match or beat quotes if you phone them up? I've just tried to get Norwich Union and Tesco to beat my renewal price and they both told me to go away. I'm sure my renewal price can't be the best quote - an insurance company, offering an existing customer a good price?!?!?!:eek:
I'm feeling cheated out of money-saving opportunities!

dacouch

Shop around as a new customer then and see whats out there

steve4536

Anybody know what the best place for insurance is for an 18 year old male who has only just passed his test?

I'm only ideally looking for third party (or whatever is the cheapest), as i'm on a pretty tight budget as i'm still a student doing an nvq course. I've checked all the price comparison websites online, with the cheapest option so far being Endsleigh. I rang them up and spoke to a chap who has said he can give me a years fully comp for around £1.9k which to be honest with you is by far the best quote i've recieved so far(everywhere else varying between the ridiculous of 4k down to 2.5k). I also managed to get him to help me by dropping the deposit price,eventually I got it to £200 from almost £350, with 11 monthly payments of around £179, this of course all depends if I complete my pass plus (which I shall) before the next 28 days(first months payment). Without pass plus this would accumulate to around 3k!

I'm pretty new to all this and have no experience at all of phoning insurance companies up (as you can no doubt tell), but thought it would be better experience for me to do so rather than getting a parent to. So I am basically wondering if any other young drivers such as myself have recieved better deals with other companies, or wether this deal sounds worth it or not??

Steve_xx

steve4536 wrote: »

Anybody know what the best place for insurance is for an 18 year old male who has only just passed his test?

I'm only ideally looking for third party (or whatever is the cheapest), as i'm on a pretty tight budget as i'm still a student doing an nvq course. I've checked all the price comparison websites online, with the cheapest option so far being Endsleigh. I rang them up and spoke to a chap who has said he can give me a years fully comp for around £1.9k which to be honest with you is by far the best quote i've recieved so far(everywhere else varying between the ridiculous of 4k down to 2.5k). I also managed to get him to help me by dropping the deposit price,eventually I got it to £200 from almost £350, with 11 monthly payments of around £179, this of course all depends if I complete my pass plus (which I shall) before the next 28 days(first months payment). Without pass plus this would accumulate to around 3k!

I'm pretty new to all this and have no experience at all of phoning insurance companies up (as you can no doubt tell), but thought it would be better experience for me to do so rather than getting a parent to. So I am basically wondering if any other young drivers such as myself have recieved better deals with other companies, or wether this deal sounds worth it or not??

Sometimes I've heard of dealers who sell cars with the first year insurance inclusive. This, when it's available is a good option for young people because that way you actually get part of a decent car for what you would have had to pay anyway in insurance, if you see what I mean. Then of course, in the second year, and providing you havent had any caims, your premium would be a bit lower because you would be a year older and you will have accrued some no claims discount

dacouch

It sometimes reduces the premium if you put either your parents or a girlfiend on so its worth trying that.

Is the car kept at uni the majority of the time, if so it might be cheaper based on your uni address.

rbquk

The misses just got her new quote for car insurance which she has never changed since 2002 when she got the car.
They state they find her the cheapest deal possible yet I have been on 3 comparison sites and got it at least £150.00 cheaper deal with less excess and more bonuses.

The question is:
Do you think when you stay with the same people that they actually adjust the value of your car when looking for the best quote as her car was £10,000 then and is now worth £2,000 if that?

Just a thought and if they dont adjust the value can you not claim back from them as they have basically been conning you.

remember who brought the subject up lol

Steve_xx

The answer to your question is:

1. They certainly do adjust the value of your car. If you had an accident and wrote it off you would not get the £10k you originally insured it for if the book value of the model is now £2k.

2. If you stay with the same insurer they tend to think that you are complacent and they will ratchet their premiums up yearly, hoping that you wont notice it. And apparently, a lot of people don't notice it.

dacouch

The value of your car does not normally affect the premium you pay (Unless your car is very high value typically over £45000, this amount will be considerably lower for TPF&T policies)

Insurers as the value when you take out a policy as a guider to ensure you vehicle is not over the value they will a) either not provide cover for or b) its value is over say £45000 and they charge extra to cover it.

Instead of rating on the value Insurers normally give a discount which increases the older your car is on the basis that the older the car is the cheaper it will be for the Insurers to replace it.

I hope this explains it for you.

P.S Steve_xx is basically right, the people who renew their existing policies in effect subsidise the discounts Insurers give for "New Customers"

carbonmonoxide

Hi - I've never had to buy car insurance before but have just passed my test and am now looking at some used cars with small engines that are cheap to insure. My question is - is it worth paying the extra to go fully comp? I don't really want to pay more than £1,500 for the car so once I have paid the extra premium and any probably a hundred odd in excess is worth doing? Thanks