Well, you got me thinking I might be missing a trick so I just nipped out to see if my local broker round the corner could better the renewal quote I've just got from Aviva (see other post), having just added my second teenager :-(.
Aviva's quote was 1,194 GBP (this is fully comp, full NCD - yes, protected(!) - for a 3-yr-old Nissan Note; guess what the broker's best quote was?)
A little north of 17,000 GBP... think I'll stick with Aviva!
David
Phil's argument seems to be that the new company will quote you the same as if you had not had all that NCB (if it hadn't been protected) they will just pretend that they are discounting the premium by the relevant amount for the full amount of NCB.
It doesn't seem to hold true though (for a sample of 1, )
I've just renewed, and went back to one of the saved quotes I hadn't used.
The initial quote was £265, with 9 years NCB (75% reduction), no claims in the last 5 years.
Inserting a claim for £800 for hitting an immobile object increased the premium to £299 (about 13%, not unreasonable I guess) , reducing the NCB to 4 years increased the premium to £351. So Phils's theory didn't seem to hold here
didn't for me recently.
I couldn't retrieve the saved quote I'd got a few weeks ago, so just redid the quote a couple of days before renewal, it was the same premium (well differed by a few pence for some reason)
I've just sent off a post re this before I read all the new posts. My quick experiment indicated that yes the premium goes up after a claim with full protected NCD (expected) but it went up more with a reduced NCD as you would have after claim with no protected NCD.
Now whether it is worth paying the extra is another point altogether, depending on how much it costs you to protect it and how likely you are to claim/how much the claims would be etc.
Depends, IIRC the early years of a NCD are worth more in terms of a discount
I expect they know how unreliable they are so it'll spend most of the time in your garage ;>)))
Jim K
I should find a competent broker if I were you!......
£1,194. Are you serious?
Parents adding teenagers are being hammered this year particularly because it had been abused by parents in the past decade, bluntly tiny additional premium charged and "Civic VTR wrapped around a tree" =A319,000 bill together with other costs shoving it to nearer =A335,000. Insurers now virtually assume it is the teenager doing the bulk of the driving and hence premiums can rocket when you add them to a policy.
The solution is to go for a black box recorder insurance (I think one is charged per mileage driven) and that also builds up NCB in the name of the child which is actually very beneficial. To be honest, insurance is virtually unaffordable to many below about 25yrs old.
The UK has very poor injury cover, USA car insurance premiums are about twice ours but typically has =3D=3D=A3200,000 cover (300,000$US). Frankly they should increase that to 500,000$US because 300,000$US does not go far if seriously injured.
A reminder to anyone with a new car, if your finance is more than 50% of the car and the car gets written off by a truck when you collect it, you need a bridging insurance policy because your car insurance will not cover the finance owed. Most people do not borrow that far, although a few do if the interest rate is low enough and cash rates are either similar or higher (not likely after Gordon Brown 2008), but if they do it can leave them with a huge uninsured gap.
is that universally true?
our last new un (59 reg) came with a dealer arranged "1week "free"" insurance - in exchange for receiving a no obligation quotation....
Jim K
Oh yes - by *far* the best quote I could find. With no kids the premium would be about £250; last year, with just the 19 yr-old on a full licence, it was about £600; now I'm adding in the 17-yr-old with a
1-day-old provisional licence :-(Might look into that metered black-box insurance though..
Dropping it to TPFT makes very little difference although TBH I haven't got a quote this time - it's certainly not enough difference to make it cost-effective - the insurance co's seem to actively discourage you from taking out TPFT these days - in fact I've had online quotes before where simply changing the quote criteria from comp to TPFT actually increases the premium with the same company!
David
Bet the drivers age wasn't that much...
Gap insurance is now available so you can insure the "gap" between what you think your car is worth and the insurance company's idea;!...
LOL!
(sorry, Huge)
But buy it online, NEVER via the dealer...
S'okay - you have to be wrong about *something*!!!
Missing the point...
The car loses value (quite a lot) as soon as you drive it off the garage forecourt. If you have a high % finance on it, and it's written off, you may not get enough on its 'value' to cover the finance owed.
Actually, in that situation you probably would...but it's a different matter a few months down the line. Some policies will give you a new car for the first 12 months if there's a write-off, but not all.
You can buy a single premium "Return to Invoice" policy that will pay out on the gap between the insurance payout and the cost of a new car, say for three years. Typically two or three hundred pounds, one off.
For example:
Many insurers now only offer NCD on Fully Comp. The big losses on claims are third party injuries, so if you don't value your car enough to insure it, you may be a more reckless driver and put others at more risk.
Call your insurer and ask them for "their best price before you look elsewhere". It worked with my home insurance, which got me a £100 reduction. I then took it off monthly payments which saved another 10%.
The new addition is 17 years and 3 days :-(
Get your government to install a no-fault accident scheme like that in NZ. Then there are no legal fees. Everybody gets medical treatment, even the tourists, no matter who was to blame.
No, every policy I have had replace cars less than 1 year old with a new one.
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