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Car Insurance #204453
5th Feb 2008 8:06pm
5th Feb 2008 8:06pm
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Petei123 Offline OP
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i'm thinking of getting a car on finance because im p***ed off of buyin cars that just go boom on me.

basically i got banned from driving when i was 17, so now i'm only really able to get insured TPFT without insurance way too high.
so ive been looking into a few cars from dealerships but when i phone the insurance to enquire about prices etc they say i can only be insured at FC because the car is over X amount, but they are able to insure TPFT is the car i own is below X amount.

Now if i went about doing this (insuring the car lower than its value) is it illegal? or is it just stupid incase i have a crash etc and they won't pay the full amount of the car if i crash?

thanks

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Re: Car Insurance [Re: Petei123] #204492
5th Feb 2008 9:18pm
5th Feb 2008 9:18pm
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BMW Joe Offline
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It wouldn't be illegal, but I dunno if it would invalidate your insurance, not certain, but I think they just wouldn't pay the full amount if you claim.

I've put a lower value for what my old car was worth and an independant inspector came to evaluate the value of the car and the cost of damage and declared it worth more than what I claimed it was worth.


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Re: Car Insurance [Re: BMW Joe] #204499
5th Feb 2008 9:25pm
5th Feb 2008 9:25pm
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Yer insurance companies will find anything to avoid paying out on nowadays... you have a crash, and you have told them the car was at a lower value than what you paid for it, and err errrrr you lose the car and it render's your insurance invalid.

The problem that it will actually be classed is summit like using deception to fraudualently obtain motor insurance... in other word's you won't have a leg to stand on, even moreso, because you bought the car on finance, so cannot disprove how much you paid for the car...

You can however get finance insurance, which means the finance will be paid in the event of an accident, but you would still end up with no car, and there is nothing to say that using deception to obtain motor insurance will not affect this either!!

smile

Re: Car Insurance [Re: MattLFC] #204647
6th Feb 2008 8:37am
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so i would be able to insure it at a lower value, but if i have an accident i'm basically buggered? looks like i'm guna have to save and buy a car right-out then.

Re: Car Insurance [Re: Petei123] #204654
6th Feb 2008 9:35am
6th Feb 2008 9:35am
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CustomIce Offline
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Fully comp will pay out to fix your car if you crash it

third party (FT) will pay nothing to fix your car anyway, only the things you hit. They will pay out if it burns or gets nicked.

Your choice on the risk v's affordability.

Re: Car Insurance [Re: CustomIce] #204673
6th Feb 2008 11:37am
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so basically its not illegal to under value the car, but if i crash and its my fault i'm basically buggered, but could still be ok if its not my fault?

Re: Car Insurance [Re: Petei123] #204674
6th Feb 2008 12:18pm
6th Feb 2008 12:18pm
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Originally Posted by Pete_306TD
so basically its not illegal to under value the car, but if i crash and its my fault i'm basically buggered, but could still be ok if its not my fault?


nope its not illegal to under value your car...but not at all a good idea..esp if you have finance on it as you would still be liable for the difference.
...so all in all NOT advisable!
have you looked through a specialist insurance broker that deals with people with past convictions etc.... might be worth a try


Mustang
Re: Car Insurance [Re: Beemertastic] #204686
6th Feb 2008 12:55pm
6th Feb 2008 12:55pm
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Prenton
MrPhil Offline
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here's a story for you pete...

Lad i work with had a Saxo 1.1 on finance, he paid 8 for the car in 1999, he drove the car for a couple of years all fine and dandy, he then went out and caused a crash (not sayin you will but you get the jist) he was only 3pf&t. his finance people said to take Fully comp but he did not. 9 years down the line he still owes 8k.

For the extra say 20quid a month for instance (what 8 pints?) you can be rest assured that even if their was a crash it will be covered.

How old are you pete? if you are under 21 don't some Dealers do a Free years insurance with their cars? Vauxhall, Citreon?


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Re: Car Insurance [Re: MrPhil] #204690
6th Feb 2008 1:05pm
6th Feb 2008 1:05pm
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Brocks Offline
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Pete,

Buying a car on finance won't cover you if it goes "boom" as you say.

I had an L-reg 306 XTDT that I bought on finance. It was 2 years old when I got it. In the first year it totalled up around 8-10k in warranty claims through the dealer. When I decided enough was enough, I looked at the resale value vs the Finance. I had to keep the car for another year before I could get rid and pay the finance off.


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Re: Car Insurance [Re: Brocks] #204705
6th Feb 2008 1:56pm
6th Feb 2008 1:56pm
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Petei123 Offline OP
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i'm 20 at the moment and 2 insure a car with a 1.2 engine i'm looking at 1300 TPFT. fully comp is in the region off 2800-3500. and thats with specialist insurers that deal with convicted drivers.

say for instance tho i took out finance and paid fully comp 4 the 1st year, but when its up 4 renewal the next year, the car will depreciate and you may change companies so would have 2 give all your details again you would then be able 2 re-value the car would'nt you?


Re: Car Insurance [Re: Petei123] #204708
6th Feb 2008 2:06pm
6th Feb 2008 2:06pm
Joined: Apr 2006
Posts: 2,367
Prenton
MrPhil Offline
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you will have another 1 years no claims then pete so maybe your insurance will be cheaper?


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Re: Car Insurance [Re: MrPhil] #204716
6th Feb 2008 3:00pm
6th Feb 2008 3:00pm
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Petei123 Offline OP
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just gave citroen a ring then. they do an offer of 1 years free insurance on the c2 vts models.

unfornuatley tho its not available until i'm 25 and i'm not allowed to have had any convictions/accidents within the previous 5 years.

so i think a trip to carcraft may be in order!!

Re: Car Insurance [Re: Petei123] #204717
6th Feb 2008 3:08pm
6th Feb 2008 3:08pm
Joined: Apr 2006
Posts: 2,367
Prenton
MrPhil Offline
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don't do car craft pete they will have you off big time.

thought about a loan from the bank instead? cheaper intrest rates, also you will get a better deal with them when you pay with cash.

thought about the Fiesta Zetec S Mk6?


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Re: Car Insurance [Re: MrPhil] #204718
6th Feb 2008 3:11pm
6th Feb 2008 3:11pm
Joined: Nov 2003
Posts: 12,002
Wirralshire
StuyMac Offline
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Why does everyone want to wizz round in the fastest car possible - if they can afford it or not ... whistle

If your struggling to insure a car, get something with a smaller engine for a year or so, save your money and get something better at a later date.

Somewhere like car craft will still pull your pants down, and IIRC you have to insure the car still.

There are plenty of low ins group, nippy car out there...


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Re: Car Insurance [Re: StuyMac] #204719
6th Feb 2008 3:15pm
6th Feb 2008 3:15pm
Joined: Apr 2006
Posts: 2,367
Prenton
MrPhil Offline
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fiesta mk6 zetec s is a group 8insurance as far as i know so hardly a record setter.

personally i would look at a cheap corsa 1.4, mk4 fiesta etc, plenty quick enough for your age.


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