Excess Protection - Insurance

[Nick 50]

So today I managed to sort out some insurance for my wee 125.

I was quoted a figure but the excess was £550 . I asked if there was a higher quote with less excess. The man said there is a thing called "Excess Protection" which would add £50 on to my quote but would cover £500 excess so would make my excess equivalent to £50. Never having bought insurance before I was a bit on the spot so blurted out "Yep stick that on".

Was that a naive error on my part??

Am I right in thinking that if I made a claim I have to pay the £550 excess up front and then claim £500 back??

The bike is only worth £950 so was quite gazumped with the excessive excess amount on the quote.

[The Artist]

Why go fully comp if bike is only worth £950?

[Nick 50]

[The Artist]

You do know the excess is only if you want to claim money for yourself.

e.g. if you crash and it is your fault, the insurance company will pay everything to the other party.

if you crash and it is the other persons fault, you will get money off the other people insurance company.

The only way excess comes into play is if your bike gets burnt or stolen. Then it is the amount removed from what they pay you.

e.g. bike worth £950, gets stolen, excess 550, you get £400.

So my advice would be ignore it, be careful with your bike, lock it up etc and avoid claiming on insurance. TBH I wouldn't claim even if I had no excess for a bike worth under 1.5k because of the repercussions on your next years insurance premium.

[banditjohn]

I've been on the internet and phone all day trying to sort the house insurance out, I've asked every one of the thieving b######s for that and not one had it on household policy's. If they do that then it's got to be worth it surely

[Nick 50]

Thanks for the reply The Artist.

No I didn't know that, in response to your first line.

You have cleared the whole "excess" thing for me, so thank you

Unfortunately I live within a city and theft is a real possibility unfortunately. So was trying to cover as much of the price I have paid for the bike if stolen. I know it's only £950 but at current time that is quite a wedge for my circumstances.

Security wise I have opted for the best I can currently afford. Unfortunately due to the house I am in the bike has to be stored in the back garden. I'm hoping in the next few months I can get a metal shed which will at least keep it out of view from prying eyes.

I have never bought a vehicle insurance policy before so was a bit green round the ears on some elements.

Have just reviewed the policy and the price for Excess Protection is £39.99. So not too much of a costly mess up I hope.

[The Artist]

It is not always about short term with insurance. If you make a claim, you could be paying well over the odds for years to come because that is how the scum bags work.

Daylight robbery.

[Rogerborg]

It's actually not too bad an idea if you're genuinely worried about theft. A workmate used excess cover to make out like a bandit on a fully comp policy on his much-dropped, uh, Bandit.

Personally I wouldn't bother with F&T insurance on a £950 bike, since you'll get raped so hard for being a victim of any crime that it's better to spend the money on security. But with a covered excess it makes a bit more sense, and you might even get more back than the premium loading you'll get stitched up with for next 3+ years.
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Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[Nick 50]

Security wise, the garden kind of dictated what I could and could not get. Had to hurriedly amend the fence to allow access for the bike and sort out a decent surface to store the bike on.
It was just a lawn but a pretty steep one which makes sticking a shed in very hard without quite a bit of alterations to the garden.

Like I said, in time, a metal shed will be purchased. So far i've spent around half the value of the bike on security devices for both bike and access to the garden.