Youngsters' car insurance is unfathomable !!!

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Back in my day - a little later than a Model-T - car insurance was simple enough

1 - Third Party - minimum legal requirement - cheapest

2 - Third Party Fire & Theft - as above, but paid out in the exceptionally unlikely event of a fire or the more likely event of it being nicked - more expensive

3 - Comprehensive - as above, but also bought you a new car if you totaled it all by yourself - most expensive, often by a long way


Roll forwards to 2018 and my 20 yr old son, these quotes are from the same company for the same car - a 10yr old SEAT Ibiza

1 - Third Party - £2,000

2 - didn't bother looking

3 - Comprehensive - £1,350

WTF ???

I know its all about risk, but how is taking on more risk of paying out and then charging less for it sensible? :thinking::thinking::thinking:

Any insurance types able to enlighten? Ta

Dave
 
I think it is because a lot of companies do not do 3rd party any more so your options might be limited.
 
Fully comp is generally cheaper as stats show those on Third party only seem to have more claims. It's the same for any age not just young people. I remember a time when it was the other way around too. My first car was TPFT only.
 
srichards said:
My first car was TPFT only.
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As were my first two - Comprehensive was aspirational lol - I finally felt that I had a descent car when I had Comp cover :D

So if those who want 3rd party only cause more crashes - presumably mostly morons in almost scrap cars - then that does make sense the cost is high, but they can't be that daft they don't buy the better cover and cheaper insurance instead surely; in which case Comp should still cost more

Just seems weird to me

Dave
 
The excess on third party should be non existent as you are unable to claim on your own insurance. I bet the excess on the comprehensive insurance was £500 or more and suddenly the price difference would not be so great if you were to claim for the repair or replacement of your own vehicle.
 
nilagin said:
The excess on third party should be non existent as you are unable to claim on your own insurance. I bet the excess on the comprehensive insurance was £500 or more and suddenly the price difference would not be so great if you were to claim for the repair or replacement of your own vehicle.
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Exactly that, 3rd parties arent subject to the excesss (the insured youngsters doesnt have to pay this back to the insurance Company either) so the excess only applies to repairs/replacement of the insured vehicle. So if you total an insured vehicle with a big excess it gets written off, insurance Company get paid something from whoever buys the car off them, so the actual cost of writing off a youngsters car is minimal to the insurance Company, plus it's them that decides if its a write-off or not, if you only have 3rd party insurance then you decide if it's a write-off. Oh and usually if the Company pays out a total loss (write off) they also cancel the insurance (without refund too) as part of the T&C's of the policy, so if you still have 6/9 months of insurance left they win again as you've paid for 12 but only got maybe 3 months cover from the policy.
It's a much better idea to carry a huge excess on a cheap car
 
Excess doesn't make a difference to me, Looking at insuring my dad's car whilst mine is being fixed, only a £30 price difference between £500 excess and None at all.
 
According to the news earlier today ,don’t put your name in as Mohammed as it doubles your quote
 
Insurance is weird when I renewed by z750 with Bennetts I put on I had an aftermarket exhaust system and my policy quote went down a £10 apparently that is because the cost of replacing it in a bump would be lower than an OEM exhaust from the dealer.
 
Looks like cost of insurance has actually gone down compare to when I passed my test in 2004, pretty sure I was paying more than those prices. A few years later my brother was playing close to £4k on a KA!
 
at the end of the day I guess they don't make much from that end of the business.
most young people I seem to know crash more cars like Harrison ford crashes his plane
 
When my lad's car went in for repairs a few years ago we tried to get him insured on my wife's 1.2 Corsa, they wouldnt insure him, but they were fine putting him on my 1.8 Astra Sport, odd.
 
MatBin said:
When my lad's car went in for repairs a few years ago we tried to get him insured on my wife's 1.2 Corsa, they wouldnt insure him, but they were fine putting him on my 1.8 Astra Sport, odd.
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Corsa's were popular with young drivers for a while, which made them a bad risk for young drivers, as with VW Golfs a few years back.
Insurance companies are a law unto themselves at times.
 
I get the concept of risk in terms of how they are meant to calculate prices but it does seem largely inconsistent.

The last two years I have gone onto the website of my existing insurer and got a cheaper quote as a new customer!

In the same process each year for me.
The renewal comes in at 30% more than last year.
I get quotes elsewhere for the same price I paid last year.
I then call my existing insurer and they match it.

I do remember paying £1800 for my first insurance on a 1.4 Vauxhall Nova about 13 years ago, £120 seemed worth it when you were 17 :)

Fortunately I pay 20% of that amount now on a much higher group car.
 
noneforit said:
The renewal comes in at 30% more than last year.
I get quotes elsewhere for the same price I paid last year.
I then call my existing insurer and they match it.
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I dont give them that option, if the greedy bu**ers quote me a 30% increase and I can get it for less elsewhere for same or better cover I dont waste my time calling them, their loss.
 
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