Third party fire and theft

nursebill57

After giving up my car recently due to the extortionate insurance costs I was being asked to pay,a friend who had worked with cars and motorbikes suggested I find an old "banger"and run it into the ground under 3rd party.Is third party still a thing and what are the costs and downfalls to my doing this?

GrumpyDil

It is but most of the risk cost for a banger relates to third party liability which means there may not be a lot of difference in the price anyway.

Best option would be to run TPFT and fully comp quotes to see what the actual difference in price is.

QrizB

Is third party still a thing and what are the costs and downfalls to my doing this?

If you're a relatively low-risk driver, 3rd-party-fire-and-theft or 3rd-party-only insurance can often work out more expensive than fully comp.

After giving up my car recently due to the extortionate insurance costs

What car were you driving before? How expensive was your insurance?

nursebill57

I've driven Honda Jazz cars for years both as a community nurse under a lease hire arrangement with my health authority,and as a private citizen since retiring.My insurance company refused to cover me after I had four accidents/incidents with my car,three done by other people.One of whom owned up and repaired my car under his own insurance,one was a courtesy car damaged by unknown other driver,and the last in a hospital car park by person unknown.I paid for the repair to the courtesy car,and for the first incident which was down to me(via my then insurance company).So,of the four incidents,it was only the last one which I reprted as a claim to the company along with the first one.As the car was under a two year finance agreement with Honda finance,they repossessed it and sent it to auction.So I am just living via bus pass and friends giving me lifts.Financially better off but would still prefer having a car to not having one.

nursebill57

At the time of my insurance renewal,I was paying just over £400 annually.My company would not renew me,so I tried my house insurance company and two brokers in my town,which quoted £1500,£2300 and finally £3600.Whicj'h is when I had to decide to pay up or stop driving altogether,so I stopped and my car was repossessed.

soolin

Can you clarify if you have sorted out your license issue mentioned in a previous thread? In that you suggested the high quotes were due to the insurance company not believing you had a valid license?

Getting car insurance problems — MoneySavingExpert Forum

born_again

https://forums.moneysavingexpert.com/discussion/comment/82002951#Comment_82002951

I had four accidents/incidents with my car,three done by other people.One of whom owned up and repaired my car under his own insurance,one was a courtesy car damaged by unknown other driver,and the last in a hospital car park by person unknown.I paid for the repair to the courtesy car,and for the first incident which was down to me(via my then insurance company).So,of the four incidents,it was only the last one which I reprted as a claim to the company along with the first one.As the car was under a two year finance agreement with Honda finance,they repossessed it and sent it to auction.

So how many of these incidents were reported to insurance as claims & paid by your ins co?

A repossession is not going to help with ins costs. But why was it repossessed?

soolin

https://forums.moneysavingexpert.com/discussion/comment/82003043#Comment_82003043

There's also potentially the license issue where the insurance quotes might be because insurers may or may not have been told or believed that OP didn't hold a license.

QrizB

But why was it repossessed?

From reading the previous thread, the car was returned to the lease company because the OP couldn't obtain insurance.

It's not clear to me exactly what happened; OP refers to it as repossession but it could have been a voluntary termination?

Exactly why the OP couldn't obtain affordable insurance also isn't clear, although it seems the OP was under the misapprehension that having to renew their licence at age 73 meant they no longer had a licence until the new card was in their possession.

The questions for the OP are:

• Did the DVLA renew your licence without any trouble?
• Can you obtain an affordable insurance quote for an example car through one of the online brokers (Compare the Market, Go Compare, Money Supermarket etc)?

OP used to drive a Honda Jazz, so they could look at an example on Autotrader then use the reg. no. to obtain an insurance quote.

nursebill57

soolin it was said my the two brokers in town that after 70,a driver loses their licence and has to reapply every 3 years.Normally the driver can continue to drive,but an insurance quote can not be given to someone without a valid driving licence,which was the position I found myself in.

nursebill57

born again - they were all reported to the company as incidents that had happened.The first,done by me,was first seen by a nearby garage who advised making a claim,as I was needing a new door.The second was made in the car park of a body repair shop,that owner paid through his own insurance company.The third was damage done to a courtesy car when under my care by persons unknown.I paid over £200 to the company supplying the car for me to use.The fourth was reported as a claim,again for substantial damage done by persons unknown,and I was unsure of how much it would cost to repair.Therefore two claims reported but all four incidents were reported as incidents not claims.Repossession may be the wrong word for my deciding to give the car up as I had no funds to insure it and it was still under a two year finance deal from Honda finance.