Was car insurance worth for you?

CiniO

Inspired by few recent thread asking about necessity of car insurance I decided to make a poll.
Was your insurance you paid over all years since you started driving worth it? In other words - did insurers paid out more for you or on your behalf to third parties, than you ever paid to them in premiums?

I calculated mine, and it looks like it was worth for me - so in other words, I paid less by having insurance, than if I had to pay cash for all the claims I had.

Some details.

1. Driving in Poland 2001 to 2008 - 7 years full comprehensive insurance at approx 150euro per year equals to 1050euro in premium.
What was ever claimed from them was about 150euro for car stereo which was stolen, and about 700 euro for damage to my car I caused myself during car rally (I was actually surprised they covered it) Total 850euro, so I was 200 euro down.
I also had to claim twice for damage to my car caused by third parties, but that doesn't count as it was covered from their insurance, so if I didn't have mine, it wouldn't change a thing.

2. Driving in Ireland 2007 to 2012 - 5 years of full comprehensive insurance with total premium paid in this period of about 2900euro.
During this period, I claimed 3 times for broken windscreen (total of about 1000euro) + once for written off car which my wife crashed (2500), so 3500 together. Here I'm up by 600euro.

So in total, it looks like, I got 400 euro more from insurance companies than I ever paid to them. No one ever had to make any third party claim against me. So for me having insurance was definitely worth it, however difference is not big.

How does it look like in your case?

-Corkie-

I am driving since 1997 and never had a claim either against me or claimed of anyone. My current insurance is 350 PA but started at over 3K...

galwayjohn89

I've paid 5,000 for three years insurance and so far no claims. Had to claim from third party for damaging my car though but still think insurance is worth it although wish it was cheaper for me!

Thing is you never know when you'll need it. Been paying for travel insurance for years without using it, then last trip it saved me 35,000

alias no.9

Most people will have to vote less because of the nature of insurance. I've had a windscreen and two breakdown calls in 12 years and somewhere in the region of €10k. That said, I could have said the same about health insurance up until last year when I suddenly rebalanced things and will probably work out close to quits this year too.

Nissan doctor

As above, in 13 years on the road I've never made a claim other then for a windscreen so that's maybe €200 worth back from all my premiums(first of which was almost 4k)

pred racer

Driving for 25 years now, total insurance payout €1400
Wouldnt be without it tho!

msg11

CiniO wrote: »

I calculated mine, and it looks like it wasn't worth for me - so in other words, I paid more by having insurance, than if I had to pay cash for all the claims I had.

---

So in total, it looks like, I got 400 euro more from insurance companies than I ever paid to them. No one ever had to make any third party claim against me. So for me having insurance was definitely worth it, however difference is not big.

But it did work out for you in the end then ?

CiniO

msg11 wrote: »

But it did work out for you in the end then ?

Sorry my mistake.
I wrote the first part after I actually calculated it, and result was different that I thought.
Thanks for mentioning it.

rocky

Vuzuggu wrote: »

I've paid 5,000 for three years insurance and so far no claims. Had to claim from third party for damaging my car though but still think insurance is worth it although wish it was cheaper for me!

Thing is you never know when you'll need it. Been paying for travel insurance for years without using it, then last trip it saved me 35,000

35k :eek:

3 years NCB, no claims, down about 2300

galwayjohn89

rocky wrote: »

35k :eek:0

Yup, quick tip for you, don't get sick in America without insurance!

CiniO

Vuzuggu wrote: »

Yup, quick tip for you, don't get sick in America with insurance!

I think you meant "without" :rolleyes:
Anyway - thanks for clarifying, as I was wondering what could cost 35k.
I've never in my life purchased travel insurance, but on the other hand I've never been outside Europe.

Guy:Incognito

-Corkie- wrote: »

I am driving since 1997 and never had a claim either against me or claimed of anyone. My current insurance is 350 PA but started at over 3K...

I'd be similar to this but had 1 windscreen claim and started in 99.

I'd rather not be driving around with the risk of a potential bill for €100,000 every day so I'm happy to have it.

THall04

Best guess ,I'd say I've paid about €13,000 on insurance.
Driving over 20 years , I've never had a claim made against me and the only claim I made was for Autoglass to fix a chipped windscreen.....that was €110.

ofcork

Driving since 1998 and paid 2475 pounds the first year and have only claimed for one windscreen since so they have made a fair whack out of me.

Henry Ford III

Insurance serves to pool risk, pay claims, and generate a profit for the insurers all going well.

It's not a savings policy, so to view aggregate premiums paid versus claims made is simply folly.

antodeco

Last 7 years driving I've paid premiums of around €10k. Two breakdowns and crash free (touch wood)

Cookie_Monster

totally not worth it. Have never claimed anything, paid out over 5k in 5 years.
Living in NZ now, insurance is only the equiv of 235e so feel much better about that, and if didn't want it basic insurance is included in the rego and so would cost nothing. Rego is only about 280e a year.

savagecabbages

Personally I'd sooner have the insurance than not, even though the money is only flowing one way for me! I could be involved in a €100k claim tomorrow...

rocky

Looks like we've all been subsidizing CiniO's driving

Bohrio

Interesting thread...

Lets see. I am not proud of my younger years, I was too aggressive during that period of my life, guess I wanted to prove something back then. So, I have been driving for 21 years. I lived in Spain, my first insurance was 3rd party so I was only paying around 600 per year (x 4 years = 2400 euro). Then I got into more serious cars and went for comprehensive insurance, paying around 1800 euro per year (still in Spain), that went on for around 7 years ~12.6K plus 2400 = 15K.

During that period I had quite a few accidents. First few years I drove like a lunatic, and I had a bunch (2 or 3) of small accidents, nothing important, in all of them I bumped into someones rear, and all of them due to excessive speed and not expecting the unexpected (cars stop after a curve etc), costing the insurance company probably around 3K in total. Then we moved into more serious matters, hit a rock in the middle of a curve, broke the steering and fell off the edge of a cliff down 100 m, car was a write off costing the company around 50K plus recovery. A couple of years later my car was stolen costing the company around 35K. After that and before I came to Ireland I crash my Fiat Uno Turbo into the back of a Van at 200 KM/h (probably slowing down to 120 before the crash), legally it was my fault (again excessive speed) although in my defense the van did change lanes without signalling nor looking for incoming cars (have to say that it would have been hard to see me anyway).

Until 2003

Total paid 15000 euro
I cost them,...lets see, being conservative at least 100K

Since I moved to Ireland I have changed my driving style, I am much less aggressive now, more cautious and more respectful to other drivers, since 2003 I have had no claims and paid a total of 600 x 2 (1200) plus 1x2100, plus 1x770 euro (cars total = 4070 euro) plus the motorbike (around 500 per year x 6 = 3500).

Since 2003

Total paid 7570 euro
Cost my insurance company 0 euro!

Still a long way to go to make out for my younger years...

doolox

and spent about €350 per year for insurance and had no claims in all that time.

I was involved in a few fender benders which I sorted out by cash either receiving or doing the repairs myself. Mostly stopping fast to avoid some one on the road and getting hit from behind so technically the guy behind would be at fault but much rather that than hitting someone.

My current insurance is about €250 for open driving and I wouldn't be without it. Things could change in a flash out there.

CiniO

rocky wrote: »

Looks like we've all been subsidizing CiniO's driving

To be precise I wouldn't say "driving" but "motoring" as none of my claims had to do really anything with my driving.

Beside this 400 euro on my side is very little anyway.

Henry Ford III

CiniO wrote: »

To be precise I wouldn't say "driving" but "motoring" as none of my claims had to do really anything with my driving.

Beside this 400 euro on my side is very little anyway.

Motor insurance isn't supposed to be profitable for policyholders CiniO.

Tallon

I seriously don't even want to sit down and add up what I've spent on Insurance over the last 9 years

I'd cry...

CiniO

Henry Ford III wrote: »

Motor insurance isn't supposed to be profitable for policyholders CiniO.

Did you mean that it's not supposed to be profitable for policyholder, as it's meant to cover for loss, so policyholder shouldn't end up with anything more than he had - that's right. I agree.

But insurance as contract between insurer and insured must be profitable for one or the other side.
In my case, it was profitable for me.
I paid premiums to them. They paid for my claims. And it came up they paid slightly bit more than me. So it was profitable for me.

dgt

First year insurance was €2283. Since then over the years roughly 5.5k spent on insurance. 0 paid out, no claims.

Currently about €850 on a car worth half that at most! If it doesn't come down much this time I'll be ringing around

jamescd

In the same boat as nearly everyone here. Driving for 6 years, and not one claim yet.