Cars & Motorbikes Who self insures their car? (~20k worth)

Sorry was referring to 3rd Party Property Damage, ie I crash into a power pole or a Maserati they are fixed under the policy but not my car.

I did look at 3rd Party Fire & Theft however the limit is $10,000, if the car is worth say $15-20k you are seriously underinsured and the insurer will either not pay out or pro-rata the payout (car worth $20k, insurer will only pay out 50% of loss up to $5k).

 

I take up 3rd Party + Property Damage on older vehicles that only I drive.
It's not the risk not to be covered in case i smash into @Ace in the Hole or @chylld 's cars

@Ace in the Hole - I also fully insure any newer cars that aren't solely driven by me. My father in law has reversed into other people while driving car. Kind of glad I had insurance in that situation.

 

If someone who can't afford 3rd party property rear-ends either of these, they're gonna have a bad time

 

I agree. I understand the argument, 'but I am a good driver, I am a safe driver'. I am too. I have been driving for 30 years (ouch!) and never been in an accident. However, I always have 3rd party property insurance. It's a very basic risk assessment:

Risk: low (I am a safe driver)
Consequences: severe (If I accidentally crash an expensive car)
Risk mitigation: spend a few hundred a year on 3rd party property insurance.

Also SANF.

 

Driving is super risky.

Someone once told me that one in 10 drivers are an idiot and every now and agan we're that idiot....It's part of being human...

 

The older I get, the better I was.

 

The other option is to reduce the premium substantially for comprehensive insurance by increasing the excess. Might need to shop around.

 

I look at it this way, if it is comprehensively insured (even if it is expensive & the payout is not massive if the car is written off), then the little that the insurance pays will go someway towards getting a replacement car. It will never compensate or replace the car which you have lost but will ease the pain in the hip pocket (slightly).

 

Also there's the point that even if you are the worlds best drive, there can be actual accidents (as opposed to driver negligence) eg a component in your car fails, you have a medical issue, etc

The other point being that if you are involved in a situation where you are not at fault, but you are liable (eg car rear ends you, pushes you into car in front - while you will be paid by the car behind, the car in front will be making a claim on you) having a insurer to deal with that admin makes things significantly easier.

Cheers,
Inertia.

 

What's the excess for the full comp, have you considered and bigger excess to reduce the premium? What vehicle do you have, sounds far more expensive than I have ever paid though I don't drive an import.