Ford Forums banner

1 - 14 of 14 Posts

·
Registered
Joined
·
46 Posts
Discussion Starter #1
Well, I've flicked through the yellow pages and called about 20 places. I got laughed at, hung-up on, one lady even told me her screen said "Not old enough for vehicle".

But that's what's expected trying to get insurance for a V8 when you're 18, I suppose.

Only 2 companies would insure me "full comprehensive".

Just Cars, with a Rating 6, $2300 PA, with an "At fault" excess of $1250, unlimited modifications, $2m Third Party coverage, and $3000 for the car.

And,

Allianz, Rating 5, $3200 PA, "At fault" excess of $1000, limited mods, $500k Third Party coverage, and $3000 for the car.

So considering I only paid $3500 for the car, I'd basically be paying for the car again, every year, until I'm 25 (assuming I keep the car that long, which I'm not).

So my question is, is it really worth getting "full comprehensive" for a car worth $3000, or should I just get $500,000 worth of Third Party insurance for about $500 PA?
And if I used this sort of coverage, would there be any circumstances where I would be held responsible for the costs for other parties, other then myself?
I don't want to get shafted through a loophole.

I did search for topics related to insurance, which is where I got the list of companies to try, but couldn't find anything regarding this.

Cheers.
 

·
Registered
Joined
·
3,023 Posts
Dra said:
So my question is, is it really worth getting "full comprehensive" for a car worth $3000, or should I just get $500,000 worth of Third Party insurance for about $500 PA?
And if I used this sort of coverage, would there be any circumstances where I would be held responsible for the costs for other parties, other then myself?
I don't want to get shafted through a loophole.

I did search for topics related to insurance, which is where I got the list of companies to try, but couldn't find anything regarding this.

Cheers.
No, its not worth it for full comprehensive on a car worth $3k
The only circumstances where you wouldnt be covered under the third party insurance, would be if you car is unroadworthy, or you were doing something illegal (drunk, running from the cops etc) Make sure you ask them regarding this and read the pamphlet thoroughly.

$500,000 coverage isnt really alot though, I heard of someone crashing into a massive electrical junction box, which was worth millions or dollars ($10million maybe from memory?) But he was drunk at the time so insurance didnt cover it, so he's paying that off for the next millenium.
 

·
Registered
Joined
·
774 Posts
I was faced with similar issues once, $3,200 to comprehensively insure an EA with market value of $3,500 plus a $950 excess if I make a claim ($600 plus $350 for being under 25. Had never had insurance and also have a clean driving/criminal record. Needless to say this quote was un required. Go with third party + fire and theft and try your hardest to save the difference. Then spend it on yourself or save for better things.
 

·
Registered
Joined
·
7,505 Posts
deffinately 3rd party, as u can see with those prices, you'd only have to be accident free for about 1.5 years to already have enough money to buy another $3000 car :)
 

·
Registered
Joined
·
46 Posts
Discussion Starter #6
Thanks fellas, I probably would've gone the Third Party route anyway, because I'm cheap, and broke. I just thought I'd get another opinion.

I think I'll get $2m coverage, I could probably find a good price if I ring around again. And if I can do more then $2m damage in one accident, and live, I will be SO proud of myself. Though I will try and avoid substations.

Yeah, I tried Vigil and BudgetDirect (the Laser is with Budget), but I got a "No" with both companies, I'll ring them again tomorrow to see about 3rd Party.
 

·
RIP Sox.....
Joined
·
2,580 Posts
It has always been my view that any car under around 5k is not worth insuring fully if the premiums are over 1k.

3rd party is fine.

Rick.
 

·
Registered
Joined
·
3,133 Posts
Martin said:
No, its not worth it for full comprehensive on a car worth $3k
The only circumstances where you wouldnt be covered under the third party insurance, would be if you car is unroadworthy, or you were doing something illegal (drunk, running from the cops etc) Make sure you ask them regarding this and read the pamphlet thoroughly.

$500,000 coverage isnt really alot though, I heard of someone crashing into a massive electrical junction box, which was worth millions or dollars ($10million maybe from memory?) But he was drunk at the time so insurance didnt cover it, so he's paying that off for the next millenium.
Just started workin in the insurance industry:) He'll actually get up to 10 million for liability so hes covered in case he does run into anythin rich:)
 

·
YES its a 5 Speed!!
Joined
·
2,242 Posts
i cover my XR6 with racv... third party, fire and theft up to 5k... it was about 300 bucks, other companys wouldnt listen too me unless i had over a grand for third party alone!
 

·
More horsepower required
Joined
·
612 Posts
As long as you drive sensibly , 3rd party ,fire & theft is adequate , and you boost your rating in the meantime. Use your dollars you saved for a better car later on , then go full comp.
 

·
Registered
Joined
·
62 Posts
Supa R00 said:
i cover my XR6 with racv... third party, fire and theft up to 5k... it was about 300 bucks, other companys wouldnt listen too me unless i had over a grand for third party alone!
Over a grand for third party?!?! Geez, that's a bit harsh. How old are you? I insure my EF XR6 (full comprehensive) for about $1400 a yr, and I'm 20 (was 19 when I first insured it)
 

·
Registered
Joined
·
177 Posts
If you own the car (i.e. haven't taken a loan or anything to buy it), I'd suggest taking third party insurance and driving VERY VERY carefully for a couple of years! RACV are pretty good once you've had a couple of year's driving under your belt!

pm me if you need any more info on some of the above mentioned insurance agencies, I've had a bit to do with them as an end-customer recently :S
 

·
MK2 Escort 1300GT
Joined
·
618 Posts
If you aint gonna keep the car for long then it aint worth gettin full comp.
 
1 - 14 of 14 Posts
Top