Insurance New Vehicle [2021 Megathread]

[Dadawinsk]

Direct Line £485 with 3 years no claims. Based on 18k miles per year. Was much cheaper than my renewal offer of £800 with Aviva. The quote may have been discounted as I also insured another car and the house with them all on the same day.

 

[Jason71]

Moderator comment - Vehicle insurance (not Gap insurance) posts moved from 2021 Q1 M3 New Owners Help Group!



What price did you get? I'm getting insurance for £800 from direct line - heavy when I was paying £350 for my BMW 3 series.

Was that insurance group 50?

 

[Billbrown1982]

Can't believe how much we are getting shafted down here. I paid nearly £485 for my Rav4! I'd LOVE to be getting quotes like that for my Tesla.

 

[DGK-M3LR]

Direct Line £883 for 10k miles, 0 claims, but 5 years named driver on a direct line policy. Was originally coming up with 1,300 before I clocked the name driver section.


More pricey than I expected what can you do! Other insurers either refuse to lend (churchill, by the miles) while LV and a couple other all quoted £2k!

 

[Jagdipa]

Was that insurance group 50?

I think it was yes.

 

[browellm]

£336 with Direct Line. 6k miles/a.
Includes protected no claims and class 1 business insurance for me+wife. Excess is a bit gnarly but I can put up with it.

Nice. Very Nice

 

[BigBoy]

Churchill seems to be the cheapest for me - £508 with no voluntary excess (could raise the excess this but compulsory is already high enough). Protects no claims, and includes legal protection.

LR Model 3

 

[btc1k]

High excess seems to be a feature of insuring a Tesla!

 

[Medved_77]

High excess seems to be a feature of insuring a Tesla!

Also looking at insurance at the moment, Privilege have a £500 excess, Novo have a £1000 excess.

Novo offer (on top of their insurance via their preferred broker) a Motor Policy Excess Protect Cover. Seems to be £49 to insure against having to pay the £1000 excess.

Brief search online returns quite a few companies that offer car insurance excess insurance.

 

[Sixer]

Buy motor excess protection (basically £40 for covering £900 excess). If you have to claim following an accident that’s your fault then you can claim your full excess back via the £40 policy.

 

[btc1k]

Buy motor excess protection (basically £40 for covering £900 excess). If you have to claim following an accident that’s your fault then you can claim your full excess back via the £40 policy.

Hadn't considered that before. Not a bad idea if a competitive price can be sought for the additional protection...

 

[HenryT]

To be honest I'd never heard of it before either. Good shout Sixer.

Quick Google search confirms £1,000 cover for £44 - https://www.protectyourthings.co.uk/excess-protection

 

[Irata]

Isn't it interesting... seems it may in some cases work out cheaper to take out both insurance and excess insurance, rather than lower the excess (if it can be).

In some ways it kinda shows how silly insurance can be.

 

[HenryT]

Isn't it interesting... seems it may in some cases work out cheaper to take out both insurance and excess insurance, rather than lower the excess (if it can be).

In some ways it kinda shows how silly insurance can be.

It does.

Makes you wonder why the original insurer doesn’t just offer you a £44 higher premium with zero excess. Presumably they prefer you to have ‘some skin in the game’?

 

[kriscii]

Isn't it interesting... seems it may in some cases work out cheaper to take out both insurance and excess insurance, rather than lower the excess (if it can be).

If I'm reading the excess protection correctly for Protectyourthings it only pays out where your claim is greater than the excess, not sure of that is true for all excess cover policies. So if you have £1000 excess and it is a £999.99 repair bill neither the insurance will pay you but if it is £1000.01 then the insurance company pays £0.01 and the excess cover pays £1000.

 

[rotor2k]

Must admit I have never understood excess insurance. Insurance companies are *massively* profitable for a reason (the odds are stacked heavily in their favour). So for things that would ruin you (a car getting written off, the liability from injuring or killing someone) then insurance makes perfect sense. But paying £44 a year to not have to pay £1000 (with a bunch of caveats)? I mean why not pay excess insurance insurance (pay a fiver so you don't have to pay the £44)? It's insurance all the way down!

The excess is there to protect the insurance company against frivolous claims (effectively a cost-saving measure that costs them nothing as everyone in the industry does it).

 

[browellm]

Must admit I have never understood excess insurance. Insurance companies are *massively* profitable for a reason (the odds are stacked heavily in their favour). So for things that would ruin you (a car getting written off, the liability from injuring or killing someone) then insurance makes perfect sense. But paying £44 a year to not have to pay £1000 (with a bunch of caveats)? I mean why not pay excess insurance insurance (pay a fiver so you don't have to pay the £44)? It's insurance all the way down!

The excess is there to protect the insurance company against frivolous claims (effectively a cost-saving measure that costs them nothing as everyone in the industry does it).

Perhaps it helps to look at it like this. Say you have a joint liability or full liability accident causing £1200 of damage.

Now in my world, £1200 is not insignificant and I certainly wouldn't describe the sum as frivolous. However if I have a £1000 excess, I am stuck between a rock and a hard place: is it worth me claiming for £200 with the potential added implications for my premium? Probably not.

Therefore I'm on the hook for 1200 quid, despite being insured. So the question is, do you want to hedge for £44/y. Only you can answer of course, but that's the question with insurance of any kind.

 

[kriscii]

is it worth me claiming for £200 with the potential added implications for my premium?

You'd need to report it to your insurer whatever, which could impact your premium anyway. However if you don't have protected no-claims that could be a lot.

 

[rotor2k]

Perhaps it helps to look at it like this. Say you have a joint liability or full liability accident causing £1200 of damage.

Now in my world, £1200 is not insignificant and I certainly wouldn't describe the sum as frivolous. However if I have a £1000 excess, I am stuck between a rock and a hard place: is it worth me claiming for £200 with the potential added implications for my premium? Probably not.

Therefore I'm on the hook for 1200 quid, despite being insured. So the question is, do you want to hedge for £44/y. Only you can answer of course, but that's the question with insurance of any kind.

It's not just the £44, though... it's also the increase in premiums for years to come. Which is why I would probably never claim for that £1200 case.

 

[Billbrown1982]

Argh. Managed to get a quote for £770 from Admiral which is actually pretty good compared to the rest.

BUT they won't let me lock it in without a reg plate...and I just know its going to go up over the next couple weeks because insurance always does closer to the start date.