|
||
|
22nd June 2024, 18:52 | #21 | |
Doesn't do things by halves
Rover 75 2.5 Connoisseur Auto (1999) Dealer launch model. Join Date: Mar 2007
Location: Former Middlesex
Posts: 20,651
Thanks: 1,587
Thanked 3,749 Times in 3,181 Posts
|
Quote:
In this context "residual value" and "market value" mean trade-in value not retail selling price or what the owner thinks it is worth. Paying for fully comprehensive cover is the key to having it written off as the slightest damage will exceed the trade-in value. As wraymond implies, TP cover protects you if the damage is the other driver's fault. If you are the guilty party, at least you retain ownership and total control over the necessary repairs. Simon
__________________
"Whatever is rightly done, however humble, is noble." Sir Henry Royce. |
|
22nd June 2024, 19:57 | #22 | |
This is my second home
2005 Connoisseur SE 1.8 Turbo,2004 45 1.8 Connoisseur and my beloved 1998 VVC Coupe. Join Date: Nov 2009
Location: Derby.
Posts: 8,851
Thanks: 2,022
Thanked 1,016 Times in 739 Posts
|
Quote:
Just remembered that I believe most classic policies require agreed limited mileage so probably not suitable for those used as a daily unless it's very low.
__________________
Last edited by VVC-Geeza; 22nd June 2024 at 20:06.. Reason: Afterthought. |
|
23rd June 2024, 09:49 | #23 |
This is my second home
75 Auto 2.5 SE Join Date: Feb 2010
Location: Westcliff on Sea
Posts: 5,248
Thanks: 423
Thanked 1,680 Times in 1,014 Posts
|
And...further. Just a bit.
‘Our cars’ are more precious to us than mere cars/modes of transport. We spend lots on maintenance and service, care and even ‘identity’. We take great care and expense to maintain them, greater than the average non-committed car owner. On the other hand, the rest of the world takes a lesser view. Why on Earth should we kid ourselves that pride of ownership takes precedence over value? The cold hard world does not share our values, hence the reluctance by the insurance business to accept a reasonable replacement cost. Consequentially, with insurance being such a major cost these days, and with associated downsides as above, the only relevance in truth is the legality requirement. 3Party only. Having been in the insurance industry, selling it and everything else including claim management, the term ‘comprehensive’ is misleading to say the least. Convenient, that.
__________________
member no. 235 |
23rd June 2024, 10:16 | #24 | |
This is my second home
None Join Date: Jul 2010
Location: Bristol and Africa
Posts: 20,187
Thanks: 8,286
Thanked 7,017 Times in 4,160 Posts
|
Quote:
Thank you for your insights and vast experience. |
|
23rd June 2024, 10:49 | #25 |
This is my second home
75 Auto 2.5 SE Join Date: Feb 2010
Location: Westcliff on Sea
Posts: 5,248
Thanks: 423
Thanked 1,680 Times in 1,014 Posts
|
Thanks Phil. Yes, I remember that car! I would not have taken the money either, some things are beyond banality. Although of course, with a finance hat on, some things are beyond price and cost. Unfortunately, insurers are not on the same page as the rest of us. But then, at least in my view, the likelihood of someone damaging my car is remote to say the least.
That is until last week. Bumper scratches down one side while parked in the hospital car park. If I had caught him, the location would have been critically needed. I'll have it done privately without claiming. At least my maximum NCD will be safe. That's more than the associated insurance renewal hike next year. Keep well!
__________________
member no. 235 |
24th June 2024, 07:53 | #26 |
Loves to post
Rover 75 Saloon Join Date: Jun 2017
Location: suffolk
Posts: 289
Thanks: 46
Thanked 25 Times in 23 Posts
|
When the kids were young the cars they used were my property and they were on my insurance; lot less cost that their own insurance.
Has the time come for us to transfer our cars to the kids and get us as additional drivers on their Insurance??? |
24th June 2024, 09:08 | #27 |
This is my second home
75 Auto 2.5 SE Join Date: Feb 2010
Location: Westcliff on Sea
Posts: 5,248
Thanks: 423
Thanked 1,680 Times in 1,014 Posts
|
Good idea! Sadly, they are wise to it! It was rumbled some time ago (almost pre-online) when a minion smelled a rat wrapped up in a promise.
A trade-wide realisation dawned and internal surveys showed percentages were somewhat distorted. These days, or at least from about 15/20 years ago, an unaccounted-for blip caused raised eyebrows and, lo, underwriters got bigger bonuses. Not that I'm prejudiced though. In the industry, volumes dictate. The millions of cars easily make up for any change or limitation of benefits. A bandwagon of usurers. The problems come from a widespread misunderstanding of the legal meanings of prospective policy conditions. Briefly, Comprehensive isn't, it is only partial and then with a double entendre in the term. The rest is if/buts/maybes.
__________________
member no. 235 |
24th June 2024, 10:13 | #28 | |
This is my second home
Rover 75CDT, Jaguar XF-S 3.0V6, Astra Techline Estate and Corsa 1.2 SXI Join Date: Dec 2007
Location: Suffolk
Posts: 7,141
Thanks: 283
Thanked 624 Times in 440 Posts
|
Quote:
Then, at the time of a claim you would discover that your car did not have insurance. This is because the policy holder has to declare who will be the main driver and the insurance premium is based on the main driver's risk profile. If you take out a policy in a youngster's name withought declaring that an 89 year young is the main driver, the concept is known as fraud which voids the policy.
__________________
Member of the Peasant Underdog Class, Grade 1 |
|
25th June 2024, 09:44 | #29 | |
This is my second home
75 Auto 2.5 SE Join Date: Feb 2010
Location: Westcliff on Sea
Posts: 5,248
Thanks: 423
Thanked 1,680 Times in 1,014 Posts
|
Quote:
Has the time come for us to transfer our cars to the kids and get us as additional drivers on their Insurance??? To take, as written, there is nothing wrong with the proposal if the younger completed the proposal, named any additional driver with details of age/experience and signed their own name. At inception there is neither expectation nor statement concerning guarantee or expectation of ‘main driver’ status (generally). In YHT’s post there is no indication of anything approaching fraud. I would expect, supposedly with the same insurer, that all details would be checkable anyway. Good idea YHT, why not do us all a favour and try it. Just a quote would serve the purpose. Make sure you give your current details, and ask the same insurer, in full. If a fraud were discovered or suspected, your own, and the third party’s, damage would be an invalid claim. In this case, prosecution might well not be a consequence.
__________________
member no. 235 |
|
25th June 2024, 10:18 | #30 | ||||
This is my second home
Rover 75CDT, Jaguar XF-S 3.0V6, Astra Techline Estate and Corsa 1.2 SXI Join Date: Dec 2007
Location: Suffolk
Posts: 7,141
Thanks: 283
Thanked 624 Times in 440 Posts
|
Quote:
Quote:
Quote:
Quote:
I hope you will not mind me saying this, but I get the feeling that most of your statements in relation to motor insurance are based on experience from the pre-computer age where brokers used paper based "premium manuals" to provide a quote. I remember those processes from when I was a slip of a lad getting my first motorcycle insurance quotes by visiting the brokers' offices.
__________________
Member of the Peasant Underdog Class, Grade 1 Last edited by MSS; 25th June 2024 at 21:53.. |
||||
|
|