What do u think?? (insurance q)

mosman69 · 24-10-2006, 02:47 PM

Alright here is the deal, need to get my car insured...
A few options but i though i would draw on the previous experience of forum members.
I can get third part for $219, fire and theft for $300
Comprehensive for $847. but i can do whats called a flexi premium where i can increase my excess in order to lower my premium.
My current premium is $900, if i increase it to $2400 i can drop my premium on comprehensive to $420

I drive an ED fairmont and while i love my car i think its only worth about $4000 but its $4000 i dont have if needed to replace it in case of an accident. my train of thought is im not likely to have an accident every three years and even with the massive excess it works out cheaper if i have only one accident every 4 years.

The other point to consider is should i just go for third party or something??
I can always cry poor to the olds and he will prob pay up to half of the comprehensive, its an option but i don't think that he should have to pay for my insurance (ie the risk of ME having an accident)

Opinions????

msman · 24-10-2006, 08:30 PM

can you afford $2400 tommorow when you go through a ferrari dealership at 100kph?
not goning to happen you think, this is what you get insurance for.

you might only plan on having an accident every 4 years, but if you can't rely on it when its needed what the point of goin full comp.

if you are considering going full comp with 2400 excess i would go third fire and theft instead and if you write your car off the 2400 that would have been spent on excess plus a few hundred from wrecking the ed your self should get you a decent runaround .

thats my opinion anyway

MITCHAY · 24-10-2006, 08:34 PM

I wish I was offered a discount on premium for a hike in excess. That's the road I would take.

Currently forking out $3+k for something I'm very unlikely to claim for. But knowing my luck, if I didn't have insurance I would have an accident.

Yaw · 24-10-2006, 08:44 PM

If you can scrape the $847 together would be the best option.
It will give you the best protection. But keep in mind your car is not worth all that much. Comprehensive does have a lot of benifits that you would not think of, for instance towing charges and if the other person is unisured they will fight on your behalf if they are at fault.

I personally think usually if a car is under $5000 its only worth third party fire and theft. But in your case the premium is not tooooooo outrageous for the benifits it will provide. In your situation though I suggest you steer away from the flexi premium, because if you are at fault and you have your excess at $900 its gunna be a lot easier to come up with so you can get the other person back on the road. Either way 3rd party or comprehnsive will wait until excess is paid if your at fault to pay out any claim. If you have it at $2400 you have paid another $423 or so to give you a total bill of $2800, Now best possible payout you could hope for is $1200 if you look at it that way.

mosman69 · 24-10-2006, 09:25 PM

Quote:

Originally Posted by Yaw

If you have it at $2400 you have paid another $423 or so to give you a total bill of $2800, Now best possible payout you could hope for is $1200 if you look at it that way.

Hmm never looked at that aspect of it...
I think u guys are right a crash is gunna be expensive regardless. im probably better off with the third party.
Thanks Guys

MITCHAY · 24-10-2006, 09:45 PM

Yeah as long as you put away that extra money you would be paying for full cover into a good savings account you could end up with more money to upgrade.

I scored nearly $700 interest last year just by having my money sitting in an account and that was not even adding to the account regularly. If I kept adding to the account I would of been up to $40k fairly quickly but I bought a car lol.