Insurance Excess - what do you go for?

[scottie1979]

So my insurance is due.

Best quote is £660 with a £500 excess or..... £583 with a £1000 excess.

However there is an option to go for a £5k excess which gets me down to £499!

What excess do you all go for? Never had to claim so not too sure of for and against?

In addition it is cheaper to insure my car in a residential car park than it is to keep in a garage!??

 

[Wondermike]

£5k excess to save £160

Personally I'd keep it at £500, hardly worth going to £1000 to save £80 is it? You never know when you might have to claim.

 

[Breaker]

I guess it depends on your age as to how much your willing to go for! £5k is a bit steep! Think of what you'd have to buy if you had a smash with that access!!

 

[FirstKnight]

I went for a £500 excess - my insurance is also £660! It would've been a lot less but my wife is on the policy and whereas I have 10 yrs no claims and a clean license, she has never protected her no claims, had 2 accidents in the last 2 years and 3 points; sent my insurance up! Needless to say, when she drives it I worry about it...lol
I also went for the full bells and whistles insurance cover; guaranteed no claims, extended hire car etc.

 

[senwar]

£5k excess to save £160

Personally I'd keep it at £500, hardly worth going to £1000 to save £80 is it? You never know when you might have to claim.

I'm with Mike.

A 5k excess would be mental!

Think mine is £600 and that goes through me.

 

[sp3ctre]

Crikey, it's less than £5k for track day excess!

 

[Jas667]

Wow, 5k excess is just temting fate a little too much!! Well I usually go for around the £500 mark, no higher because BMs I know can be a hell of expensive to fix! And all of you with insurance for 5/600, you make me so jealous! Mine is way more than that :x

 

[gannet]

As always insurance is so subjective... mines about £700 for 2 cars, excess on the z4 I think about 150-200...

Definately with wondermike though, 5k is huge for little saving IMO.

 

[Wondermike]

Yep for definite, risk vs reward then £160 to take on a potential £5k risk is just nonsense. Insurance companies :roll:

If it was me I doubt I could have kept a straight face whilst telling a customer £5k excess

 

[scottie1979]

If it was me I doubt I could have kept a straight face whilst telling a customer £5k excess

Hence the exclamation mark after the text in the 1st post

£500 excess is about right in my opinion.

Funny thing is though it is cheaper to insure if car is parked in a "residents car park" than it is if it is garaged with Elephant. I have both so im glad i checked!

 

[pvr]

My insurance dropped to 430 this year for the M, but they removed the automatic green card cover. So overall, as I take the car abroad at least twice in a year, and each green card cover is about £15 or so, I am no better off.

Got £500 excess I think.

Remember excess is only applicable to your own claim, not if someone is claiming from your insurance in case of an accident that is your fault.

 

[Wondermike]

£500 excess is about right in my opinion.

Yeah I think mine works out about that, maybe £450, which isn't too bad after all.