Insurance question - fully comp or TFPT?

[Kamikaze Bob]

I'm getting my licence over the next few months, after having a start-stop attempt a couple of years ago due to lack of funds. We're going to be re-financing a loan we have to get an extra couple of grand so I can buy a decent commuter that will also do for some weekend fun.

I've came across this - CBR600 - which is not far from me and I've always liked them. I reckon I could get a little off the current price (assuming it's still there in a few months, long shot I know) leaving enough to cover the first year's insurance.

I put my details into MCN Compare, just to see what kind of damage I was looking at, and the difference between fully comp and TPFT was astounding. Looking at over £400 against £170, wondering which option I should go for, once the time comes? I could use the spare cash to get some security sorted for at home I figured, or am I better with fully comp?

Any ideas guys?
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2001 Honda VFR800fi

[bamt]

What is the excess like on the fully comp? I've seen some pretty poor ones - e.g. £750 excess. Adding this to the extra £230+ on top of the premium to take you from TPFT to FC means that assuming you write it off in an at-fault accident, and that the insurance company accept that the bike is worth £1700 (which could be a challenge in itself), then you'll end up effectively with a payout of £720 in your pocket compared to what you'd have had if you'd gone TPFT and saved the extra premium.

So, in this example you'd be spending £230 against a potential payout of £720 in this case, which doesn't seem great value to me unless you ride like a loon and are likely to need to claim - if everything stayed static then you'd have to do a claim every three years for it pay you to have FC. However, that £720 could mean you could be back on the road when otherwise there is no way you could afford to find that kind of money again.

Look at the figures in that way (e.g. your excess may be significantly lower - or even higher!), and what you can afford to lose if you do write it off, to make the call as to whether it is worth it for your circumstances.

[Polarbear]

I go fully comp on all my vehicles because I'm an old fart and FC isn't much more expensive than TPFT.

If I was young, I would go FC on new bikes and bikes I had finance on soley so I wouldn't be left with x years of finance and no bike if I stacked it.

For £1695 I'd never claim unless it was someone elses fault. After excess you will probably have half the value you paid for the bike and you will pay that back in raised insurance premiums for the next 5 years.
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Triumph Trophy Launch Edition

[Kamikaze Bob]

Best quote fully comp had a £500 voluntary and £500 compulsory excess.

I wasn't expecting quite so much with my first bike, may have to rethink what I buy.
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2001 Honda VFR800fi

[Kickstart]

Hi

Fully comp will cover the damage to your own bike should you crash. This might be most useful if someone knocks you off and you can claim the damage from your policy , with your insurer then claiming from the other driver.

However it is not common for bike fully comp policies to cover your own injuries.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[Rogerborg]

Months? Fantasy shopping. Get your license, get your budget together in cash, go and buy a bike privately.

[-Matt-]

For a bike or that value with that difference in quotes id definately go TPFT. Ive risked it TPFT the last 3 years for a 3-4k bike as was also £100s more. My insurance has come down enough for me to go FC when i reinsure in the coming months 220 vs 160 Fc/Tpft.

As people on here pointed out when i asked similar though - you dont really end up better off after making a FC claim (if its even worth it after excesses etc), as they will rake back the money you claimed in raised premiums the following years. But if for example youre banks empty and you smash the bike up it would be very helpful to get it repaired/a new bike then.

[G]

I wouldn't go fully comp at this price point.

Another benefit fully comp has is that if you have an at-fault crash, then you might as well claim for your bike.
With a CBR600FX/FY if I had a crash where no other parties were involved I wouldn't want to be claiming as it's likely the loss of NCB and cross against you for up to five years would have more of a negative hit than the money you got back after excess and so on.

[Wonko The Sane]

I paid £1200 for my ZZR600 and insurance prices were similar to what you're seeing.

I've gone 3rd party only as fully comp would have hardly paid out for it (think I'd have got £2-400 after excess)

So what I've done is 3rd party cover + decent lock and then paid as much as I could spare each month into the bank until I've got enough to buy another bike,

This way if I do damage it I have some money set aside to repair / replace it. 3rd party cover will pay for any damage I cause to someone else and is the legal minimum.

Bikes at this price / age can be written off just for breaking one single piece of fairing.
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[exuptoy]

My BIL bought a brand new R6 in 99 and for personal reasons stopped riding within 3 years. He has just recommissioned the bike last year and started riding again. First quote form Bennetts TPFT was £650!!!! I went online and got a quote from MCE of £135. Just done a renewal quote and this year TPFT will be £118 and FC will be £137! It's a no brainer.

I binned my K3 Gixer 1000 last September and lost £550 due to the excess, but I had bought it cheap so in reality I was only £300 down and the shite helmet and leathers claim bumped it up another £250 so I am glad I was FC as I couldn't justify finding another £3k to buy another.
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Chaos, panic, destruction....my work here is done

[woo]

just so you know, if you go FC and someone hits you and drives off leaving you with no details and a smashed up bike YOU will NOT be able to claim off the MIB as they will tell you as you have a FC policy, claim off that.

but if you are TPFT they will most likey pay you out.

my mate is going thorugh this headache right now, he had a hit and run on his bike and the MIB said no he has to claim off his own policy as he is FC, and that they will not pay him out.

i am TPFT and will stay that way, if i bin the bike then thats my fault and ill dip in my own pocket for it kinda makes me more careful not to bin the bike.

FC is only good if you ever intend to claim on your own policy otherwise its a waste of time and money
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Elen sila lummen omentielvo!

[Ste]

[Kickstart]