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Vountary excess and value of car relating to insurance

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  • 01-07-2007 10:00pm
    #1
    workaccount
    Closed Accounts Posts: 2,460 ✭✭✭


    What is voluntary excess and does the value of your car make much of a difference to the quote?


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    #2
    Seth Brundle
    Moderators, Politics Moderators Posts: 38,914 Mod ✭✭✭✭Seth Brundle


    An excess is the amount of money you will pay towards a claim before the insurance company will pay. The excess is usually 100, 200, 400 or 500 Euros but one company has an excess of IIRC €4000.
    If you have an excess of €200 and you make a claim for €201 then you pay the €200 and the balance is paid by the company.
    The value of the car can and will affect the quote as will the type of car, age of car, use of the car (private or work), driver, location, etc.


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    #3
    Victor
    Registered Users Posts: 78,266 ✭✭✭✭Victor


    workaccount wrote:
    does the value of your car make much of a difference to the quote?
    Yes, but it is a relatively minor factor.

    If you have an accident and put someone in a wheelchair, the 500,000 that they get makes it irrelevant whether your car cost 15,000 or 20,000.


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    #4
    workaccount
    Closed Accounts Posts: 2,460 ✭✭✭workaccount


    I just heard somewhere before that if your car is older and therefore of less value it will make a difference. I'm 22 with full licence and 1 year no claims. My insurance has come down by 700 this year which I was surprised by but is great but any extra saving of even e50 would make a difference to me.


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    #5
    Seth Brundle
    Moderators, Politics Moderators Posts: 38,914 Mod ✭✭✭✭Seth Brundle


    With some companys, if the car is worth under 10K then the actual value of the car is largely irrelevant. However, you won't really know if it makes a difference to your premium.


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    #6
    Del2005
    Registered Users Posts: 18,883 ✭✭✭✭Del2005


    workaccount wrote:
    does the value of your car make much of a difference to the quote?

    One thing to be aware of. If you have a low value car never put the value down for less then E3000. For some reason your insurance is loaded if you place a lower value on the car, and it makes no odds that you have over insured as they only pay the current value of the car when you make a claim.


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    #7
    Stark
    Registered Users Posts: 20,895 ✭✭✭✭Stark


    If the car has a low value (less than about 4k), it can actually make your insurane go up as the insurance company will consider it more of a risk. Found out I had a €300 loading my first year insured as my car was under that value.

    Edit: I see Del2005 beat me to it.


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    #8
    workaccount
    Closed Accounts Posts: 2,460 ✭✭✭workaccount


    Jesus, I just got a huge lump off my insurance there after saying the car was worth 3k as opposed to 1k. Is it ok to do this really?


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    #9
    Del2005
    Registered Users Posts: 18,883 ✭✭✭✭Del2005


    workaccount wrote:
    Jesus, I just got a huge lump off my insurance there after saying the car was worth 3k as opposed to 1k. Is it ok to do this really?

    Yes, there is no law against being over insured and they will only pay out the market value of the car if anything happens. I only discovered this last year after renewing my insurance. P!ssed me off as I could have saved a couple of Euro.


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    #10
    workaccount
    Closed Accounts Posts: 2,460 ✭✭✭workaccount


    Yeah, I'm abit pissed off aswell that I didn't know about this last year.

    It's like the guy winning the lottery though and being pissed off that he bought two tickets that week.

    Great now that I know this. I will save about e260 this year. Wahey!

    It's a pity do not do that voluntary excess thing. I would be willing to put in alot as that if it meant getting my quote down by by another e100 or so. If I ever had an accident with someone I would just get out a personal loan or pull from my savings. The only time I would need to claim would be if I caused over 10k worth of damage. Even if I did go over this it would probably be still worth getting a loan.


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