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Ted_v2
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Insurance question.

Postby Ted_v2 » July 3rd, 2019, 9:34 pm

I need some advice in a situation, im getting both 3rd party and fully comp for my vehicle.

Currently its fully comp and i just broke my windscreen and getting a replacement done, this is the first time i actually using anything insurance related. Never got in a accident, never even gotten stopped. But the quote i got is 1200$.

currently paying a bit over $4000 for the fully comp currently. I didnt get a exact quote but im estimating around 2200 3rd party.

What you all recommend?

i currently have roadside assistance, but i can access that on the 3rd party coverage. Rarely Do much driving with it, prob like 5,000KM in 3 months or so.
I am under 25 years old.

should i pay for the fully comp or do the 3rd party?

im a bit unsure about how these things actually work, I know fully comp is like if i hit someone, i pay my excess and they fix me and the other vehicle, 3rd party is i need to fix everything out of pocket, if the person has insurance thats is fully comp, they get their fix from them and i owe the company?

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ProtonPowder
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Re: Insurance question.

Postby ProtonPowder » July 3rd, 2019, 10:04 pm

Prefacing by saying that no one plans to write off a car, it just happens to you.

The idea is that by saving the difference between 3rd party and fully comp, if you are at fault, that savings can be used to fix your own damage.

I am in your situation, under 25 and had the option of 3rd party or fully comp. I went with fully comp for just about 5500/yr even though i didnt need to. I am of the opinion that what i pay for should itself be insured.

How would you feel about homeowner's insurance that only covers fire damage if it jumps eaves to your neighbour's house?

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Strugglerzinc
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Re: Insurance question.

Postby Strugglerzinc » July 3rd, 2019, 10:28 pm

3rd party fixes the other vehicle if you at fault. You responsible for your excess and your damages.
Comprehensive fixes both. You responsible for your excess.

This is very basic and only in theory. I would say your choice depends on the car and your level of comfort paying for major damages.

I insured my 2003 BJ 323 comprehensive until this year when they said it too old.

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ADONI
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Re: Insurance question.

Postby ADONI » July 4th, 2019, 1:20 pm

Strugglerzinc wrote:I insured my 2003 BJ 323 comprehensive until this year when they said it too old.

Endorsed!

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moving
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Re: Insurance question.

Postby moving » July 4th, 2019, 2:17 pm

go full comp and use a broker (not an agent). Example. Agostini, M & M, etc
your premium will more than likely drop and they will also act on your behalf.

Please ensure that your full comp includes flood.
Flood insurance is an add on and most people do not have this in their full comp policy.
Please request it.

Kenjo
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Re: Insurance question.

Postby Kenjo » July 4th, 2019, 4:53 pm

Just note fully comprehensive they going to hit you a depreciation value of parts so you pay way more than just your excess. Insurance is just a necessary rip off

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Ted_v2
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Re: Insurance question.

Postby Ted_v2 » July 4th, 2019, 7:40 pm

Yep im dealing with a broker.

i submitted my pictures this morning for my windscreen claim and i got the purchase order this evening, very prompt.

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JMC
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Re: Insurance question.

Postby JMC » October 18th, 2021, 9:12 am

Guys, can one file for VAT return (from invoices of parts or labour or both??) after receiving a settlement and getting your vehicle repaired?

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Dave
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Re: Insurance question.

Postby Dave » October 18th, 2021, 9:34 am

Hence the vat letter so the insurance company will know how to pay.
If you didn't incur vat then there is nothing to be claimed.

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