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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 05:23 - 23 Nov 2007    Post subject: Insurance questions Reply with quote
Basically i have 3 years NCB and live in a high risk area ( Bolton)

Now my cbr is probably worth £1700 nowadays.

However do i go for the cheap as chips option

TPFT £275

or

Comp £398 with breakdown, etc

Now My mum says go fully comp everytime, but im not sure.

Both the above qoutes are with NIG insurance using Lexham and H&R

Any suggestions. Both i can afford but just wanna see peoples thoughts.
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chris-red
Have you considered a TDM?



Joined: 21 Sep 2005
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PostPosted: 05:54 - 23 Nov 2007    Post subject: Reply with quote
Fully comp, it's worth it purely for the lack of hassle.

i.e. On TPFT you get into a smidsy you will be waiting months for the claim to be sorted and get your bike/a payout.

Fully comp and you you will get everything sorted ASAP.

From personal experiance, £123 is well worth it for that difference alone.
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iooi
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Joined: 14 Jan 2007
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PostPosted: 06:20 - 23 Nov 2007    Post subject: Reply with quote
If YOU can afford to replace the bike then TPFT if not FC.

Persinally FC as 1700 is a lot of money to risk losing if you bin it.... For the sake of saving 120 ish.
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Richard_Schmid
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Joined: 01 Nov 2007
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PostPosted: 12:48 - 23 Nov 2007    Post subject: Reply with quote
Fully comp. No doubt. Thumbs Up
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G
The Voice of Reason



Joined: 02 Feb 2002
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PostPosted: 12:59 - 23 Nov 2007    Post subject: Reply with quote
iooi wrote:
If YOU can afford to replace the bike then TPFT if not FC.

If YOU can afford to pay higher premiums for the next five years, then go FC, though similar if you're going to

FC is all well and good in a SMIDSY, until they fight it and you lose your NCB.

What FC /is/ good for is if you have an at-fault claim.
At this point there is already a claim registered against you, so you can claim for your own bike without being any worse off, which you may be after claiming on FC etc.

To many people claim on TPFT and FC, then end up having less money a year down the line that if they hadn't claimed at all.
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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 17:17 - 23 Nov 2007    Post subject: Reply with quote
Done dusted fully comp it is Thumbs Up
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G
The Voice of Reason



Joined: 02 Feb 2002
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PostPosted: 17:22 - 23 Nov 2007    Post subject: Reply with quote
bwfc4eva86 wrote:
Done dusted fully comp it is Thumbs Up

Just remember if you do have to claim to work out if you'll actually end up with less in your pocket.
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Kickstart
The Oracle



Joined: 04 Feb 2002
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PostPosted: 17:31 - 23 Nov 2007    Post subject: Reply with quote
G wrote:
FC is all well and good in a SMIDSY, until they fight it and you lose your NCB.


In which case they would almost certainly be claiming from you so you would loose you ncb anyway.

All the best

Keith
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iooi
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Joined: 14 Jan 2007
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PostPosted: 21:41 - 23 Nov 2007    Post subject: Reply with quote
G wrote:
bwfc4eva86 wrote:
Done dusted fully comp it is Thumbs Up

Just remember if you do have to claim to work out if you'll actually end up with less in your pocket.


So he bins it in the next couple of months over the winter....

Which would you rather lose
£1700 or £120 ish.....

Not a hard choice.

Same on the SMIDSY.......
So you might lose a bit of your ncb, but that is less than the £1700.

5 years of paying a bit extra is preferable to losing £1700......

You seem to have a big downer on FC.
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Kickstart
The Oracle



Joined: 04 Feb 2002
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PostPosted: 22:06 - 23 Nov 2007    Post subject: Reply with quote
iooi wrote:
5 years of paying a bit extra is preferable to losing £1700......


Quote possibly more expensive.

For example insurance companies often cancel the policy when you claim. So that is £400 of policy potentially gone. Renewal will no doubt land up with a loading as well as the loss of no claims.

Say loss of 50% reduction the first eyar, 40% the second, etc.

Over 5 years based on a £400 policy that could be £400 (policy cancelled), £100 (loading), £400 extra the first year (loss of no claims), £260 the 2nd year, £170 the third, £100 the 4th & £45 the 5th. That is £1475 potentially in extra payments.

All the best

Keith
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Itchy
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Joined: 07 Apr 2005
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PostPosted: 22:14 - 23 Nov 2007    Post subject: Reply with quote
iooi wrote:
[..

Which would you rather lose
£1700 or £120 ish.....

Not a hard choice.
.


the question isn't that its what do you want to lose £1700 or £1700,
you crash the bike you lose £1700ish

you crash the bike you claim on insurance you get £1700 compo (if you are lucky since they will try to get you to settle for less), and for the next 5 years they will load your premium super heavily to get the £1700 back.

There is a gentlemans agreement that means that insurance companies recipricate this so that changing insurance companies won't work.

This silly silly girlie who sold me a CBR fairing claimed on her full comp ins to replace her broken bits , (£299 per fairing panel! new from the big H) , she'll be shocked come renewal time.
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