Fully comp?

As we all know most insurance companies write A2's off for the smallest bump ...….so is it worth paying for fully comp insurance or do we go back to the days of our youth and just have third party cover...…yes I know there will be a payout for the loss of the car BUT....it won't be much and would it cover the additional premiums paid for a few years cover fully comp......…
I can't see many other benefits unless you count a loan car after an accident a must........wouldn't it be easier just to buy a replacement and get on with life......…
Anyone got reasons to go fully comp that I've overlooked...........or am I missing something important?
 

mrbroons

Well-Known Member
You will get thumped for the accident regardless of claiming for yourself or someone claiming against you. It's personal preference and would largely I think hinge on the cost difference between the cover, which for me certainly is the square root of hee haw :)
 

Robthebank

Member
I remember an episode of the money saving expert when he quoted some other anomalies, ie if you get a quote a month before renewal it will be cheaper then the day before, it’s all about risk profiles, those who go cheap/last minute/aren’t married/young/have no job, are all statistical more likely to make a claim.
 

Jeetesh

Member
As we all know most insurance companies write A2's off for the smallest bump ...….so is it worth paying for fully comp insurance or do we go back to the days of our youth and just have third party cover...…yes I know there will be a payout for the loss of the car BUT....it won't be much and would it cover the additional premiums paid for a few years cover fully comp......…
I can't see many other benefits unless you count a loan car after an accident a must........wouldn't it be easier just to buy a replacement and get on with life......…
Anyone got reasons to go fully comp that I've overlooked...........or am I missing something important?
Makes sense and something I seriously considered when I sorted mine out a few weeks ago. One thing however that I found when getting quotes is that the the price difference of comprehensive compared the 3rd party, fire and theft was literally about £10. I also stated what I paid for the car and had it insured for that sum rather than market value which they didn’t argue based on the fact I’d bought it a few weeks previous. Not sure whether this will hold up when I come to renew but we’ll see.
 

EamonnDH

Member
I'm in my late twenties, and can confirm 99.99% of the time fully comp has been cheaper since day one. Don't know why either
 
Fully comp is most likely the cheaper option as they offer a curtesy car which they try hard to get you to take which most do and this is where the insurance companies are on to a scam! They are in with the hire companies and between them make huge sums of money many thousands and thousands more than the insured value of your car. A pal of mine over a year ago now had his 2002 BMW 330i sport hit up the back. He had spent a lot on the car giving it new suspension parts bushes etc so it drove like a new car. They only paid out £1800 for the car which was close to mint but high mileage yet the curtesy car charges were £27,000. Yep £27K They gave him a big plush 4x4 which he had for 6 months, they were in no hurry to take it back despite him asking on several occasions they replying were waiting on settlement from the lorry drivers insurance company. 🤫 But don't tell anyone........

In fact we should all shout it out to our Mps about this scam, ultimately we are all paying higher premiums for this.
 

Jeetesh

Member
I'm in my late twenties, and can confirm 99.99% of the time fully comp has been cheaper since day one. Don't know why either
Ive had an insight in to the insurance market though work connections and there are loads of factors that impact insurance (which everyone knows). They all have actuaries who who are intrinsic to setting parameters based on a particular insurers target market, claims history etc so always useful to compare and also try ones not on comparisons sites (Aviva/Admiral/Direct line/Saga (I think)). You’ll also find that comparison sites compare against generic questions so if you compare via a comparison site then check with that insurer directly you might get a better price going direct (by virtue of asking more specific questions).

Third party fire and theft vs comp - a lot of insurers consider a fully comp insured drive a better risk on the basis that the insurers were processing more claims for TP and TPFT drivers (vs premiums charged) and as such the actuaries have then changed the metrics to take this into account and therefore the result was premiums that were higher in more cases than fully comp. The flip of this is that a young driver will more likely find comprehensive cheaper and a driver with decades of experience would potentially find that comprehensive may be more expensive, this differs from one insurer to the next and are again actuarial adjustments and information which nobody outside the company will have access to.

One thing that you can do is increase your excess (if you think you are a good driver and unlikely to claim) as this does reduce the premiums, everything else you are subject to the insurers metrics, if you outside their sweet spot then you just won’t get good priced insurance from them.
 
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PlasticMac

Member
I have fully comp on my A2 and Mk1 TT, with LV. One in my name, with Elaine as named driver, the other in Elaine's name, me as named driver. Fancied "agreed value" on both, so just called them, and they don't do "agreed value" only classics, over 20 years old. They suggested using a broker. Any broker suggestions please?
Mac.
 

Jeetesh

Member
I have fully comp on my A2 and Mk1 TT, with LV. One in my name, with Elaine as named driver, the other in Elaine's name, me as named driver. Fancied "agreed value" on both, so just called them, and they don't do "agreed value" only classics, over 20 years old. They suggested using a broker. Any broker suggestions please?
Mac.
This bit is a real grey area as you could value your A2 at say £3k however market value may be £1k, you could therefore argue that you are over insured. What you don’t know is what the insurer is actually insuring the car for irrespective of what you are quoting it’s value to be.

The problem for the insurer is that if you overvalue you car, smash it, then make a claim and expect a payout at the value you’ve quoted then there are issues as to whether overvaluing was deliberate. To avoid this issue insurers therefore use market value which to you, me and most other A2 owners not be what we think it would be to replace it.

You’ll have to accept there will always be a gap and in the case of new cars, dealers et al will try to flog ‘Gap insurance’ which essentially is an extra insurance should you smash the car (usually within the first 2-3 years) which will pay out the difference between what the insurer will give for ‘market value’ and the cost to go buy it new again. Gap insurance is however a bit of a nonsense in my opinion as firstly new car owners don’t go out of their way to smash their cars and if the worst happened and it’s written off the insurer will usually replace the car with like for like or new resulting in the claims against gap insurance being near non-existent or minuscule. Dealers flog it as they make large commissions in doing so.

Back to your question, you can’t really do a lot about it however the discussion that needs to take place if the worst happened is that you’d not actually want the ‘market value’ in cash, you’d want yourself/insurer to find an equivalent replacement. Since that’s unlikely at ‘market value’ that’s when you start negotiating ensuring that you insured it for what you thought it was worth in the first place or direct replacement value.

Hopefully that makes sense.
 

Jeetesh

Member
Adrian Flux is the obvious one:
I tried Adrian Flux however it was 4 times the price I’m actually paying, you would however get the price you thought it was worth however as I mentioned on my other note it’s like them adding the equivalent to Gap insurance to the premium.
 

steve_c

A2OC Donor
I tried Adrian Flux however it was 4 times the price I’m actually paying, you would however get the price you thought it was worth however as I mentioned on my other note it’s like them adding the equivalent to Gap insurance to the premium.
Adrian Flux will quote on just about anything, but for realistic 'agreed value' insurance, you have to provide evidence of the current condition of your car, and then agree a realistic value with them. The truth is that A2's aren't yet worth enough for 'agreed value' to be particularly useful. Where Adrian Flux excel is with mildly modified cars which other insurers tend to be wary of.
 

Jeetesh

Member
Adrian Flux will quote on just about anything, but for realistic 'agreed value' insurance, you have to provide evidence of the current condition of your car, and then agree a realistic value with them. The truth is that A2's aren't yet worth enough for 'agreed value' to be particularly useful. Where Adrian Flux excel is with mildly modified cars which other insurers tend to be wary of.
The premium scared me off and when someone called to discuss it, irrespective of the insured value it was too high for me so went elsewhere. I fully understand why people would use them and I would if I say had an e-type Jaguar. I think I’ll have to wait till my A2 is at least 25 years old before that will be relevant to me, until then I’m safe in the knowledge that my insurance savings will make up the shortfall if the worst happened.
 

Pinkythelabrat

A2OC Donor
Adrian flux was cheapest for my mildly modified car. £30 for agreed value and they agreed a £3,500 replacement value last year on a 220,000mile TDi. I think my quote was around £300.

I need to do the agreed value thing again and I need to get this body kit on first...




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Pinkythelabrat

A2OC Donor
I think 21 days prior to renewal is the new optimum rime to reinsure. Then check again at renewal and take the cheaper.


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Jeetesh

Member
Adrian flux was cheapest for my mildly modified car. £30 for agreed value and they agreed a £3,500 replacement value last year on a 220,000mile TDi. I think my quote was around £300.

I need to do the agreed value thing again and I need to get this body kit on first...




Sent from my iPhone using Tapatalk
Clearly I’m not their target market as they wanted £1400 from me. This however is probably as I have only got 1 year no claims on my A2 (second car) as all my no claims bonus is on my merc where I actually need it. I look forward to the day that I have 65-70% off rather than 10% off a £400 insurance policy.
 
It seems that insurance is such a variable that one wonders if they use more than risk to come up with a premium...………...do they check credit ratings etc ….and if they feel you're a good bet hike the figure to maximise their profits......…….if they all do it how would we know?
 
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