Insurance - Fully comp or not? - SV650.org

20-03-05, 10:31 PM

Sorry if this has been covered before. I'm trying to insure my first big bike (at 23) and i'm getting some silly quotes.

I put the value of the bike at £2000 and my annual milage at 4k - fully comp insurance is coming back at around £900 with a £900 excess (just checked bennetts and confused.com) with third party fire and theft at £450 with £250 excess.

While i don't plan on dropping the bike.. i'm not stupid and i know there's a good chance i will, but with the policy and the excess equalling the write off value of the bike i can't see the point in fully comp.

Any thoughts / good insurance places for my kind of situation?

20-03-05, 10:34 PM

you could try express, they're part of cofield. I got an ok deal with them.
I'm 23 and pay £800 FC, £350 xs but with unlimited mileage, class 1 business use and can ride other bikes. Some european cover was also included, though I can't remember how much or how good.

20-03-05, 11:11 PM

At a value of £2000 (and a £250 excess) I'd personally not bother with FC and go for TPFT on the premise that virtually anything can be fixed for £500.

.

20-03-05, 11:13 PM

Quote:

Originally Posted by jonboy

At a value of £2000 (and a £250 excess) I'd personally not bother with FC and go for TPFT on the premise that virtually anything can be fixed for £500..

This is also a good point.
I had to take FC as part of my finance agreement, but if I was buying a secondhand SV I would almost certainly only get tpft.

20-03-05, 11:20 PM

also , what you have to take in consideration is how much it will affect your premium next year if you do claim.

i was in your dilema, and i thought id go for TPFT (and hope i didnt do anything silly)

21-03-05, 12:56 AM

I went for TPFT last year since I was new back to biking, and took things very easy. This year I'm getting fully comp quotes for less than last years TPFT [even with 2x SP30]. Under 400 quid cos I'm an old, but inexperienced, fart. I was still wondering myself whether to go for fully comp or not but the saving to TPFT for me isn't that much so I probably will this year.

northwind · 21-03-05, 03:15 AM

I reluctantly went FC this year owing to the value of mods on the bike as much as anythign else...

You basically have to do the maths on it... FC costs you 4 ways-

Premiums are higher
Excesses tend to be higher
and to make it worth having, you'll claim for things that you'd just fix normally, which loses you your no claims while also adding on a weighting (since you have to declare any crash on your next application- which naturalyl we all do, oh yes- but you can't avoid it if you'd made a claim.

Since last year FC would have cost me £400 more with £100 more excess, plus any claim would have lost me my 1 year's no claims, and the increase that any claim would have caused, and I'd have had to work incredibly hard to do enough damage to mak it worth it- basically wreck the engine or frame, or roll it and smash everything up...

This year, I can do £600 worth of damage by dropping it on its side, so I'm going FC

21-03-05, 07:09 AM

northy you're pre-planning your crashing for this year? Love the optimism

timwilky · 21-03-05, 08:40 AM

As my SVS is £162 fully comp with £250 X/S, I think TPFT would be for me a false economy.

It is all down to the maths. If they were asking >£800 then it would not be justifiable.

But at the end of the day how much you pay is down to the risk you are assessed to be. I only have one years NCD, but do have a few more years on the clock. I doubt that it makes me any better a rider, but perhaps curbs any youthful exuberance for the riskier manouvre

21-03-05, 09:14 AM

There are advantages to being an old fogey

For my first ever year's biking on a year old Hairnet (Gp12 Insurance) I paid £403 FC with £250 xs. TPFT would have been about £100 cheaper but as I'd just paid £4k for the bike it made no sense to do anything other than FC.

This year I've paid £372 FC with £300 xs, but I've added Class 1 business use over last year. Would have been £342 FC otherwise.

But to answer the question............. I think, as others have said, you need to take the value of the bike, the difference in cost between FC and TPFT and the xs into account. Don't forget to assess all the extras that you might get with FC, though.

View Poll Results: Full comp or third party?
Fully comp	27	50.94%
Third party fire and theft	26	49.06%
Voters: 53. You may not vote on this poll

20-03-05, 10:31 PM	#1
jon Guest Posts: n/a	Insurance - Fully comp or not? Sorry if this has been covered before. I'm trying to insure my first big bike (at 23) and i'm getting some silly quotes. I put the value of the bike at £2000 and my annual milage at 4k - fully comp insurance is coming back at around £900 with a £900 excess (just checked bennetts and confused.com) with third party fire and theft at £450 with £250 excess. While i don't plan on dropping the bike.. i'm not stupid and i know there's a good chance i will, but with the policy and the excess equalling the write off value of the bike i can't see the point in fully comp. Any thoughts / good insurance places for my kind of situation?

21-03-05, 03:15 AM	#7
northwind Moderator Mega Poster Join Date: Jan 2004 Location: In the garage where I belong Posts: 17,083	I reluctantly went FC this year owing to the value of mods on the bike as much as anythign else... You basically have to do the maths on it... FC costs you 4 ways- Premiums are higher Excesses tend to be higher and to make it worth having, you'll claim for things that you'd just fix normally, which loses you your no claims while also adding on a weighting (since you have to declare any crash on your next application- which naturalyl we all do, oh yes- but you can't avoid it if you'd made a claim. Since last year FC would have cost me £400 more with £100 more excess, plus any claim would have lost me my 1 year's no claims, and the increase that any claim would have caused, and I'd have had to work incredibly hard to do enough damage to mak it worth it- basically wreck the engine or frame, or roll it and smash everything up... This year, I can do £600 worth of damage by dropping it on its side, so I'm going FC __________________ "We are the angry mob, we read the papers every day We like what we like, we hate what we hate But we're oh so easily swayed"

21-03-05, 08:40 AM	#9
timwilky Member Mega Poster Join Date: Mar 2004 Location: Not in Yorkshire. (Thank God) Posts: 4,116	As my SVS is £162 fully comp with £250 X/S, I think TPFT would be for me a false economy. It is all down to the maths. If they were asking >£800 then it would not be justifiable. But at the end of the day how much you pay is down to the risk you are assessed to be. I only have one years NCD, but do have a few more years on the clock. I doubt that it makes me any better a rider, but perhaps curbs any youthful exuberance for the riskier manouvre __________________ Not Grumpy, opinionated.

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20-03-05, 10:34 PM	#2
Carsick Guest Posts: n/a	you could try express, they're part of cofield. I got an ok deal with them. I'm 23 and pay £800 FC, £350 xs but with unlimited mileage, class 1 business use and can ride other bikes. Some european cover was also included, though I can't remember how much or how good.

20-03-05, 11:11 PM	#3
jonboy Guest Posts: n/a	At a value of £2000 (and a £250 excess) I'd personally not bother with FC and go for TPFT on the premise that virtually anything can be fixed for £500. .

20-03-05, 11:20 PM	#5
Warren Guest Posts: n/a	also , what you have to take in consideration is how much it will affect your premium next year if you do claim. i was in your dilema, and i thought id go for TPFT (and hope i didnt do anything silly)

21-03-05, 12:56 AM	#6
Smiffy Guest Posts: n/a	I went for TPFT last year since I was new back to biking, and took things very easy. This year I'm getting fully comp quotes for less than last years TPFT [even with 2x SP30]. Under 400 quid cos I'm an old, but inexperienced, fart. I was still wondering myself whether to go for fully comp or not but the saving to TPFT for me isn't that much so I probably will this year.

21-03-05, 07:09 AM	#8
Flamin_Squirrel Guest Posts: n/a	northy you're pre-planning your crashing for this year? Love the optimism

21-03-05, 09:14 AM	#10
Jabba Guest Posts: n/a	There are advantages to being an old fogey For my first ever year's biking on a year old Hairnet (Gp12 Insurance) I paid £403 FC with £250 xs. TPFT would have been about £100 cheaper but as I'd just paid £4k for the bike it made no sense to do anything other than FC. This year I've paid £372 FC with £300 xs, but I've added Class 1 business use over last year. Would have been £342 FC otherwise. But to answer the question............. I think, as others have said, you need to take the value of the bike, the difference in cost between FC and TPFT and the xs into account. Don't forget to assess all the extras that you might get with FC, though.