Insurance -Fully Comp or 3rd Party Fire & Theft?

Question

My car is valued at less than my fully comprehensive insurance premium. Would I lose my NCB if insure 3rd Party Fire and Theft only?

Answer 1

no, not at all, not on any policy I ever heard of anyway

Answer 2

No ncb is not affected.

Answer 3

No, sir. You would retain your No Claims Bonus but, of course, you have to pay for any future damage to your car if you caused it yourself, or if someone damaged it when you were away from the car and then 'drove off', or if in an accident when you were judged to be at fault.

You would still be insured for damage to other cars, or injury to other parties in an accident on the roads.

One thing - check how many years you have of 'protected' NCB by your company. If your policy has such a clause, make sure that it also applies if you switch to Third Party, Fire and Theft. If you have four or five years of NCB, I don't see that there should be any difference on that point. The important thing is that you read the new policy carefully and see if it accords with all of the things you have told your insurance company.

Any excess that you might have should be the same for Third Party, Fire and Theft. You have to balance the value of the car to you as well as its actual value. I have an old Mondeo which I switched to Third Party for the same reason as you. It is in A1 condition but still of little re-sale value - but it is worth a lot to me, rather than having to pay a fortune for a newer car.

If you are in this sort of category, you should be fine - but, again, as a matter of 'balance', could you afford to replace a car which could so easily be 'wrttien off' with relatively small damage? Note that the traffic police now have instant access to the DVLA, Insurance Companies and MoT records. It's no use telling them that everything is O.K., (If it is not) if they stop you, as they will already have made this instant check on your car before they pull you over.

Bearing all of this in mind, happy and safe (if expensive) motoring.