The great big insurance rip off

[Joe Boatman]

Harrumph!
When I got to 70, I decided to count down.
Now I'm 60!!

 

[Les burrows]

I have recently been weighing up a Tesla model Y a steal at the moment at £299pm with 4 grand down payment but the insurance and the current value of my MG5 Trophy has made me think again. I ran a few quotes for insurance which where in the 16.5-17 hundred pounds ball park and around an 18 grand loss on the 5 in 20 months with 12000 miles is frightening.
My son has a model Y performance paid 62 grand for it best offer he could get was 37 if he was to sell now and get another new one Tesla even offered him even less.
The other thing is £400 road tax from next year
It’s not a good time to buy well not new which I think we all know.
Never done a lease thing but I will from now on.
Les

 

[maskull]

Unfortunately your age will count against you. 75 is the threshold used by insurers I believe. I've got quite a few years to get to that point.

Being 75 , I think you've hit the nail on the head or should I say revealed the con . From my personal experience I've made far more claims before I was 50 than after 50 ( 0 )

 

[tsedge]

Yes there's unofficial age discrimination above 75, particularly 80+. You'll also find fewer and fewer people will offer cover for insurance of many types (travel insurance is one of the worst).

It seems they don't take account of individual histories but instead blindly assume everyone older is a liability. It is one area where compulsory re-testing drivers would be helpful, to prove competence.

 

[Archev]

Yes there's unofficial age discrimination above 75, particularly 80+. You'll also find fewer and fewer people will offer cover for insurance of many types (travel insurance is one of the worst).

It seems they don't take account of individual histories but instead blindly assume everyone older is a liability. It is one area where compulsory re-testing drivers would be helpful, to prove competence.

I absolutely agree. My travel insurance for my six weeks in San Diego California was a horrendous cost well exceeding the flight cost.
So I’ve insured for the whole year. This allows multiple trips worldwide of up to nearly 50 days each. So I’ve warned my San Deagan family that like Schwarzenneger. - “I’ll be back” the other advantage is it covers booked holidays anywhere else as well - even in the UK.

 

[Gomev]

I have recently been weighing up a Tesla model Y a steal at the moment at £299pm with 4 grand down payment but the insurance and the current value of my MG5 Trophy has made me think again. I ran a few quotes for insurance which where in the 16.5-17 hundred pounds ball park and around an 18 grand loss on the 5 in 20 months with 12000 miles is frightening.
My son has a model Y performance paid 62 grand for it best offer he could get was 37 if he was to sell now and get another new one Tesla even offered him even less.
The other thing is £400 road tax from next year
It’s not a good time to buy well not new which I think we all know.
Never done a lease thing but I will from now on.
Les

Les, it's only £400 road tax if the car is first registered from next April. That 'expensive car' tax is not being back dated / retro applied like the VED.

 

[Les burrows]

Les, it's only £400 road tax if the car is first registered from next April. That 'expensive car' tax is not being back dated / retro applied like the VED.

I stand corrected you are correct thanks,
I did the re registration thing a few months back for my 5 so it is ok until march 2026 I think if that hack works of course.
Les

 

[FrancisM]

I'm in the process of buying a new MG4 SE LR. I've insured comp with Churchill for £380 including national recovery breakdown assistance. But it doesn't have new for old replacement, so I'm risking depreciation when I drive off the forecourt. And it excludes business use.

 

[Les burrows]

I'm in the process of buying a new MG4 SE LR. I've insured comp with Churchill for £380 including national recovery breakdown assistance. But it doesn't have new for old replacement, so I'm risking depreciation when I drive off the forecourt. And it excludes business use.

I don’t think many policy do include new for old but the right level of GAP insurance can but beware of buying from your dealer they can be expensive that way so have a look on line there are many far cheaper than a dealer would be able to offer you.
Les

 

[Ruislip Resident]

I'm in the process of buying a new MG4 SE LR. I've insured comp with Churchill for £380 including national recovery breakdown assistance. But it doesn't have new for old replacement, so I'm risking depreciation when I drive off the forecourt. And it excludes business use.

I got open market GAP insurance. You should do so. For 3 years cover it would probably only cost about £200 to £300.

 

[tsedge]

Yes, GAP insurance doesn't/shouldn't cost a lot. Like any insurance, you'll probably never use it but if you need to you'll regret not having it. You pay your money and take your choice.

 

[Gomev]

I'm in the process of buying a new MG4 SE LR. I've insured comp with Churchill for £380 including national recovery breakdown assistance. But it doesn't have new for old replacement, so I'm risking depreciation when I drive off the forecourt. And it excludes business use.

Your car will come with AA national recovery breakdown, home start etc etc. cover compliments of MG, so if not too late maybe you could reduce your premium even more by removing that element?

 

[Ruislip Resident]

Yes, GAP insurance doesn't/shouldn't cost a lot. Like any insurance, you'll probably never use it but if you need to you'll regret not having it. You pay your money and take your choice.

When used ( claimed on ) its one of the highest paying out insurances, something like 95% of cases.

 

[tsedge]

When used ( claimed on ) its one of the highest paying out insurances, something like 95% of cases.

That makes sense, it is really cut and dried whether or not you have a gap when claiming.

 

[Les burrows]

Your car will come with AA national recovery breakdown, home start etc etc. cover compliments of MG, so if not too late maybe you could reduce your premium even more by removing that element?

A very valid point
Les

 

[siteguru]

Yes, GAP insurance doesn't/shouldn't cost a lot. Like any insurance, you'll probably never use it but if you need to you'll regret not having it. You pay your money and take your choice chance.

That's how I've always known that expression.

 

[tsedge]

That's how I've always known that expression.

Technically it is "you pays your money and takes your choice"... but I dislike the plurals. "chance" is a fine alternative. ?

 

[Rolfe]

Never heard that. Always "you pays your money and you takes your chance."

 

[tsedge]

Never heard that. Always "you pays your money and you takes your chance."

The history is pretty well documented, I'll let whoever is interested look it up.

 

[siteguru]

Cambridge dictionary accepts both as valid:

you pays your money and you takes your choice/chance

1. You are responsible for your decisions and cannot blame anyone else when…

dictionary.cambridge.org

Several other resources showing both ... some with slightly different meanings between them, such as:

You pays your money and you takes your chance

Definition of You pays your money and you takes your chance in the Idioms Dictionary by The Free Dictionary

idioms.thefreedictionary.com

you pays your money and you takes your choice

Definition of you pays your money and you takes your choice in the Idioms Dictionary by The Free Dictionary

idioms.thefreedictionary.com