Insurance - Value

Malc. · 3rd February 2017, 16:20

Hi,
The insurance is due next week, on my wife's Corsa, which we have had for almost 4 years. The 'value' states £3700, (which is what we paid for it.)
The quote is £185, Comprehensive, My wife and myself as named drivers.
I know that we wouldn't get that amount in the event of an accident, however when I've mentioned it to the insurance broker, they say that reducing the figure wouldn't result in a lower premium.
I, of course am not totally convinced....

The same situation arises with the 75, which is ( on paper), still valued at £3000. I've had it for 5 years. (Insurance due in September.)
As a matter of interest, we do less than 3000 miles per year in the Rover and under 2000 miles per year in the Corsa.

Your opinions please.

Regards, Malc.

SD1too · 3rd February 2017, 16:40

Malc,

The 'value' given by you, the insured, is of no consequence whatsoever. When you make a claim the insurer will only consider the trade-in value of the car. If the repair cost is higher (and it's virtually certain that it will be on older cars) they will write off your car.

This can be avoided with a TPF&T policy or with some classic car policies which allow you to buy back the salvage for a nominal amount.

Have you tried the comparison sites and adjusted the other variables to seek a lower premium?

How old is your Corsa?

Simon

steve-45 · 3rd February 2017, 19:03

Every time I've looked at TPF&T its worked out more expensive than fully comprehensive.

Malc. · 3rd February 2017, 21:05

Thanks for your replies, I forgot to mention that the Corsa is an '05' plate and the Rover is a '53' plate.
Obviously the values stated on the insurance documents are way out - however I've always considered that the insurance quote would be partially based on its assessed 'value'.
We could be asking ourselves if we really need two vehicles when our total usage is so little....But that's another story....
I may just ask about the T.P.F&T option, but as has been mentioned, that may be more expensive.
Ideally, we would like a reasonably priced policy that takes into consideration the fact that it's not used a great deal (and only locally.)
Regards, Malc.

SD1too · 4th February 2017, 07:49

Quote:

Originally Posted by Malc.

I may just ask about the T.P.F&T option, but as has been mentioned, that may be more expensive.

I found the premium to be cheaper when using the MoneySupermarket website. But those cheaper comprehensive policies will instantly cost you a lot of money when your ten year old Corsa is written off due to fairly minor damage which you could easily repair yourself. Think of the wider picture not just the annual premium.

Quote:

Ideally, we would like a reasonably priced policy that takes into consideration the fact that it's not used a great deal (and only locally.)

Restrict the policy to your actual low annual mileage, choose TPF&T, select a high excess, decline personal accident insurance and legal cover (it's related only to recovering uninsured losses. As you don't need a hire car paid for by your insurer you won't have any).
Do all this on-line so that you can tinker with the various elements and see what effect they have on the premium.

Good luck.

Simon

Malc. · 6th February 2017, 14:56

Just a quick update on this subject...
I've renewed the insurance on the Corsa at the quoted premium of £185...
I asked about reducing the mileage from 3000 to 2000 per year, I inquired about increasing the 'excess',(currently £100.) however it was suggested that the Company, (Ageas) may have a minimum charge for insurance and it couldn't be reduced. I don't have any 'frills' that I could remove...
Many thanks for your opinions - I have learned from this experience...

Regards, Malc.

3rd February 2017, 16:20	#1
Malc. Loves to post Rover 75 CDTi Connoisseur SE Royal Blue. Join Date: Mar 2012 Location: Pembroke Posts: 295 Thanks: 7 Thanked 21 Times in 12 Posts	Insurance - Value Hi, The insurance is due next week, on my wife's Corsa, which we have had for almost 4 years. The 'value' states £3700, (which is what we paid for it.) The quote is £185, Comprehensive, My wife and myself as named drivers. I know that we wouldn't get that amount in the event of an accident, however when I've mentioned it to the insurance broker, they say that reducing the figure wouldn't result in a lower premium. I, of course am not totally convinced.... The same situation arises with the 75, which is ( on paper), still valued at £3000. I've had it for 5 years. (Insurance due in September.) As a matter of interest, we do less than 3000 miles per year in the Rover and under 2000 miles per year in the Corsa. Your opinions please. Regards, Malc. Last edited by Malc.; 3rd February 2017 at 16:23..

3rd February 2017, 16:40	#2
SD1too Doesn't do things by halves Rover 75 2.5 Connoisseur Auto (1999) Dealer launch model. Join Date: Mar 2007 Location: Former Middlesex Posts: 20,382 Thanks: 1,587 Thanked 3,749 Times in 3,181 Posts	Malc, The 'value' given by you, the insured, is of no consequence whatsoever. When you make a claim the insurer will only consider the trade-in value of the car. If the repair cost is higher (and it's virtually certain that it will be on older cars) they will write off your car. This can be avoided with a TPF&T policy or with some classic car policies which allow you to buy back the salvage for a nominal amount. Have you tried the comparison sites and adjusted the other variables to seek a lower premium? How old is your Corsa? Simon __________________ "Whatever is rightly done, however humble, is noble." Sir Henry Royce.

3rd February 2017, 19:03	#3
steve-45 This is my second home Rover 75 Saloon CDTi Join Date: Oct 2015 Location: Belvedere Posts: 4,076 Thanks: 108 Thanked 1,089 Times in 774 Posts	Every time I've looked at TPF&T its worked out more expensive than fully comprehensive.

3rd February 2017, 21:05	#4
Malc. Loves to post Rover 75 CDTi Connoisseur SE Royal Blue. Join Date: Mar 2012 Location: Pembroke Posts: 295 Thanks: 7 Thanked 21 Times in 12 Posts	Thanks for your replies, I forgot to mention that the Corsa is an '05' plate and the Rover is a '53' plate. Obviously the values stated on the insurance documents are way out - however I've always considered that the insurance quote would be partially based on its assessed 'value'. We could be asking ourselves if we really need two vehicles when our total usage is so little....But that's another story.... I may just ask about the T.P.F&T option, but as has been mentioned, that may be more expensive. Ideally, we would like a reasonably priced policy that takes into consideration the fact that it's not used a great deal (and only locally.) Regards, Malc.

6th February 2017, 14:56	#6
Malc. Loves to post Rover 75 CDTi Connoisseur SE Royal Blue. Join Date: Mar 2012 Location: Pembroke Posts: 295 Thanks: 7 Thanked 21 Times in 12 Posts	Just a quick update on this subject... I've renewed the insurance on the Corsa at the quoted premium of £185... I asked about reducing the mileage from 3000 to 2000 per year, I inquired about increasing the 'excess',(currently £100.) however it was suggested that the Company, (Ageas) may have a minimum charge for insurance and it couldn't be reduced. I don't have any 'frills' that I could remove... Many thanks for your opinions - I have learned from this experience... Regards, Malc.