Insurance excesses when you have an accident?

[Pep]

I'm trying to get my bike insurance sorted and have a quick question. I'll be insuring it TPFT, and car get it £50 cheaper for having a £1k excess over a £500 excess. doesn't really seem worth it. However I thought that your excess only applies to fixing your own vehicle in the event of an accident, i.e a fault claim because I crashed into the side of someone else. But because I'll be TPFT I can;t claim for my own vehicle for something I've done wrong.

So my main question is, if my bike gets stolen, or torched, would I have to pay my excess? If not then I may as well have a £1m excess and pay nothing for insurance?!

(My current insurance is closed so can't ring them, and thought it might be a clearcut yes/no answer rather than company dependant).

@Neil@greenlight ??!

 

[105e]

As I understand it an excess is an excess, what ever you claim for.

 

[Pep]

As I understand it an excess is an excess, what ever you claim for.

When I got crashed into when I was 17, complete non fault, I had to pay my excess to the garage who repaired my car for it to be released, then I claimed this back from my insurance when the claim went through completely. I'm sure I've heard/read somewhere it only needs paying to contribute to repairs on your own vehicle...

 

[McGherkin]

If you claim for damage to your own vehicle (in this case limited to fire and theft), then you have to pay the excess/the excess will be taken off any payout.

If someone claims off your insurance, you pay 0.

 

[Paul172sport]

You'll have to pay the excess only if it's stolen or fire damaged, that's if you claim. So weigh up the value of the bike against having to pay £500 Or £1k

If you crash into someone you don't pay your excess at all.

 

[Gally]

You kinda answered your own question. You will pay your excess of your car is stolen or torched.

If you damage someone else's car you do not pay anything. That is why there can be such a small difference in fully comp and TP.

 

[Neil@greenlight]

As stated above if you claim under your own policy then any excess applicable will be due. If its a fully comp policy and you have a non fault claim where a third party is to blame you may have to temporarily pay your excess and then recover it from the other personons insurance. (usually if the third party admits liability you can avoid having to pay your excess at all)

 

[Pep]

Thanks guys, will go for the lower excess then.