1989 BMW 3 series touring, cost of car £500

1 Driver, 23, male, no NCB, owns another car, garraged, nice(ish) area.

3rd party £1300
TPFT £870
Fully comp £380

I feel some bangernomics coming allong!

Why is full comp cheapest?!

That makes no sense!

I've an old 535i and fully comp was only £12 dearer than third party.

And I get free windscreen/chip cover on comp.

My theory,

Every young driver goes TPO/TPFT, so theres a lot of evidence that that group crashes, less young drivers go fully comp, therefore cheeper.

Also, no big companies would do it, so all those are smaller brokers, the fuly comp one was with lancaster so it could possibly be classic insurance?

cause off all the scallies, they insure TPFT then set fire to the vehicle …. where-as the honest ppl would insure fully comp and not make false claims..

Learnt this long time ago and would always get TFPT and fully-comp quotes before insuring anything.

Sounds like a limited mileage classic policy with Lancaster to me.

hmmm,

Sounds like a limited mileage classic policy with Lancaster to me.

Just tested that with some different numbers, those numbers were based on 5000miles which is about right for me, I don't commute, so 300mile round trip to the parents once a month and a few other trips is all I need.

Buy car for £500, run till recesion over or it blows up, plumeting £ means rising scrap prices, sell at profit 🙂

That's a classic policy if it's Lancaster. Be aware that it won't accrue NCB, so when you decide to get another car, you'll get shagged over still.

I thought NCB accured on classic insurance, but you couldn't use it on classic insurance?

i.e. at the end of the summer I will have one years no claims, but no discount.

I thought NCB accured on classic insurance, but you couldn't use it on classic insurance?

Does a no claims discount ever make a difference to anyone? It always seems stupid to me that even though you have a protected ncd, you premium will go up after a claim because you're perceived to be a higher risk.

protected NCB is essentialy a box that should say

"tick here if your not actualy that great a driver and think its likely you will crash in the next year"

all it does is push up your premium slightly to compensate for the fact you just admitied theres a chance you may crash in the next 12 months.

"tick here if your not actualy that great a driver and think its likely you will crash in the next year"

all it does is push up your premium slightly to compensate for the fact you just admitied theres a chance you may crash in the next 12 months.

True, but why have fully comp insurance at all if you that confident that you're not going to have an accident where you are to blame?

Hmm. As a new driver of 2 days i was looking at Fiestas and such like because of insurance costs. Looks like i might have to look at getting an old 3l Capri going on the OP's figures

I feel some bangernomics coming allong!

A £500 21 year old 3 series isn't a banger?

Can you/they drive? Pass the IAM Advanced Test (£139) and go to these people:

http://www.iamsurety.com/

Jamie – congrats, welcome to the world of freedom and spiralling debt! Get prices for fully comp as it could work out cheaper…also see if you can afford the one-off payment rather than monthly instalments (a difficult thing to do but does give even more savings)…

The main risk is damage you may cause to someone else which will be covered up to 20m, your cars value has no influence on that.

Fully Comp is often cheaper than tpft because you will have an excess, probably over £500 which effectivly means your car has no cover.

Still seems a big difference though and the £380 looks like a bargain, buy it if your confident it correct.

I've never owned a car and whenever the costs of running one come up I wonder why so many people do. Easy for me to say as a singleton working near where I live though I guess.

Jamie, classic insurance is only available if your over 21 and some companies specify having a licence for a few years first.

Insuring my midget through normal companies is hideously expensive (in my 20's, male, sports car), its only <£400 if I do it as a classic.

and….

your premium will increase if you have an accident, shouldnt it or should someone who doesnt claim pay? If you loose ncd it will just increase more.

TBH your premium will probably rise anyway, they have been artificially low for some time because insurance companies have been making money from investing money not flogging insurance.

The Lancaster classic Policy accrues no NCB, I've had one for the last two years. Good job it was cheap.

do you mean they wont count towards a no claims on any policy (news to me) or they dont count towards a no claims on classic policies (I knew this).

May plan was to stik with classics untill I was 25, by then normal cars wouldn't seem so extortionate.

Premiums are set to rise by about 20% because of personal injury claims – mostly whiplash "I can make some money for nothing" injuries.

I have/had wiplash, not a nothig injury at all, been 18months now and I still wake up at 4am in agony some mornings.

I have/had wiplash, not a nothig injury at all, been 18months now and I still wake up at 4am in agony some mornings.

not all of them, no. But there is an increasing large number of people who are being coached by no-win / no-fee lawyers and dubious doctors where they know the amounts that are involved means insurance companies will settle out of court.

I had an accident, and was approached (un-solicited) by about 3 companies asking 'wink-wink' if I'd suffered any injuries. I didn’t pursue it, cos there was nothing wrong with me.

protected NCB is essentialy a box that should say

"tick here if your not actualy that great a driver and think its likely you will crash in the next year"……………………

…….or an uninsured driver hits you, car damaged while unattended, car gets nicked, it goes on fire etc. etc. Very little to do with driving ability. My premium went from £220 to over a grand after I lost my NCB through no fault of my own. 👿

thisisnotaspoon:

Jamie, classic insurance is only available if your over 21….

I am 30 mate 😉

and some companies specify having a licence for a few years first..

Bugger!