New-for-old coverage is one of those things that sounds great until you see the price tag. I went for it once on a leased van with a fancy nav system, thinking it’d be peace of mind. Ended up never needing it, but the premium bump was noticeable. If your fleet’s got a lot of high-end tech, maybe it’s worth it, but for me, I felt like I was paying extra just in case lightning struck twice. Hard to say if it’s really worth it unless you’ve had a major electronics failure before.
Honestly, I get where you’re coming from, but I lean the other way. Had a mate lose a nearly new van to a fire last year—insurance only paid out market value and he was seriously out of pocket. I’d rather pay a bit more for that peace of mind, even if it stings at renewal time. For me, the risk just isn’t worth it.
I’d rather pay a bit more for that peace of mind, even if it stings at renewal time.
I get that, but honestly, I just can’t justify the extra cost right now. My van’s not new, and with how much premiums have jumped, it’s getting tough to keep up. Had a minor scrape last year—ended up paying most of it out of pocket anyway because of the excess. Sometimes feels like you’re paying more and getting less...
It really does feel like the value just isn’t there anymore, especially if your vehicle’s a bit older. I’ve run the numbers a few times and, honestly, sometimes it seems like you’re just paying for paperwork and not much else. Last year, we had a cracked mirror—nothing major—and after the excess, it barely made sense to claim. Ended up sorting it ourselves.
I get why some folks stick with higher coverage for peace of mind, but when the premiums keep climbing and the actual payout feels minimal, it’s hard not to question it. It’s a tough spot, especially if you’re trying to keep costs down for the family or business. Maybe things will level out, but right now, it’s definitely a squeeze.
sometimes it seems like you’re just paying for paperwork and not much else
That really hits home. We’ve got a couple of vans that are getting on in years, and every renewal feels like a gut punch. Last time I tried to claim for a minor dent, the excess was almost as much as the repair itself. Ended up just paying out of pocket and wondering why I bother with comprehensive at all.
I do see the point of higher coverage for newer vehicles or if you’re running a bigger operation, but for older fleet cars, it’s tough to justify. The peace of mind is nice, but when you’re watching every penny, it starts to feel like a luxury. Maybe I’m just getting cynical, but unless something changes, I might drop down to third party next year. It’s a balancing act—risk versus cost—and lately, the scales are tipping the wrong way.
