Insurance - third party ,fire and theft only
- Thread starter rovert57
- Start date
I did exactly that last year as I knew I wouldn’t be using one of my bikes. Having said that it was only because the renewal date fell around November. Whether there’s anything to be gained by changing a policy from fully comp to tpf&f mid term you’d have to ask. If there’s admin fees to pay it may not be worth it.
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you might find it is dearer than full comp
"How much does third-party, fire and theft car insurance cost?
Third-party, fire and theft policies are usually the mid-way option both in terms of cost and cover. They’ll be cheaper on average than third-party only policies but pricier than fully comprehensive."
https://www.moneysupermarket.com/car-insurance/third-party-fire-theft/
TP(FT) are scrotes more likely to crash and result in a big TP payout to a victim. Them's the stats apparently.
"How much does third-party, fire and theft car insurance cost?
Third-party, fire and theft policies are usually the mid-way option both in terms of cost and cover. They’ll be cheaper on average than third-party only policies but pricier than fully comprehensive."
https://www.moneysupermarket.com/car-insurance/third-party-fire-theft/
TP(FT) are scrotes more likely to crash and result in a big TP payout to a victim. Them's the stats apparently.
I have it on my GS/DRZ multipolicy I think.
As @wessie has stated up above, TPFT is more expensive than fully comp. I have certainly found it to be the case for the last two years .
Yep. Here it is.
Last year, after BeMoto told me they wouldn't offer me a renewal, because I live in a "High Risk Area" I ended up splitting the 3 bikes on two policies.
GS and DRZ got a brand new policy (hence the NCB) together and, for the first time in my life, it was cheaper to get third party and fire and theft.
HP2 now is insured on its own under my old policy and 15+ NCB.
Insured value is ridiculously low (because the bikes are old and have a million miles on them). DRZ is 1.5k, I think the GS is 3 or 4k.
It's Hastings.
I had difficulties, for years, to get the HP2 Sport insured and that led to some of the most retarded conversations I've ever had with a human being while trying to ask to have the bike insured for third party only.
Last year, after BeMoto told me they wouldn't offer me a renewal, because I live in a "High Risk Area" I ended up splitting the 3 bikes on two policies.
GS and DRZ got a brand new policy (hence the NCB) together and, for the first time in my life, it was cheaper to get third party and fire and theft.
HP2 now is insured on its own under my old policy and 15+ NCB.
Insured value is ridiculously low (because the bikes are old and have a million miles on them). DRZ is 1.5k, I think the GS is 3 or 4k.
It's Hastings.
I had difficulties, for years, to get the HP2 Sport insured and that led to some of the most retarded conversations I've ever had with a human being while trying to ask to have the bike insured for third party only.
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From what I have been told, claims from 3rd parties and from theft cost underwriters more than accidental damage.
The ABI’s figures for 2023 are…
- In total insurers paid out £9.9 bn in motor insurance claims – theft, repairs, replacement vehicles and personal injury. This was the highest annual figure since we started collecting this data back in 2013. This equated to £1.13 million paid every hour. This was up 18% on the £8.4 billion paid in 2022. The overall number of claims settled, at 2.3 million, also rose 10% on 2022.
- The cost of vehicle repairs at £6.1bn, jumped by 31% from the £4.7bn paid in 2022. This reflected continued rising costs, with some insurers reporting further increases of 16% for materials, and 15% for labour. Some garages faced a 300% rise in their energy costs during 2023.
- Payouts for vehicle theft (of and from a vehicle), and the average theft claim were both at record levels. The £669 million paid out rose by 23% on the £543 million paid in 2022. This, and the average theft of a vehicle claim of £12,600, were both the highest on record.
- The cost of providing temporary replacement vehicles, at £597 million, leapt 35% on the £444 million paid in 2022. This represented another annual record since this data has been collected.
- As part of the overall payout figure, insurers paid out £2.4 billion in personal injury claims, down 8% on the previous year’s figure of £2.6 billion.
do they provide a split between third party repair costs and those for self inflicted damage?
I would imagine the former must be higher than the latter for TP insurance to cost so much in relation to full comp.
Maybe they do, I don’t know.
I would imagine that you are correct.
Either way, the total numbers are not small.
In this statement, claims from 3rd parties would include damage to their vehicle.
I think this was meant to indicate that claims by a policy holder for own vehicle damage are thought to cost underwriters less than all other claims combined, hence the relatively little difference in cost between comprehensive and TPF&T . It would be interesting to see how the vehicle repair stats above breakdown to compare own damage claims to third party damage claims.
