mart360

I was having a discussion at work today with some of the team, and it got round to insurance, (car type)

one of the students was saying how his TPFT insurance was so expensive, and another was always saying he would never take anything other than fully comp.

I mentioned that i had heard that there was an insurance called

"road traffic act" or similar? , that basically gave you insurance in the eyes of the law, but in reality offered sod all if you were unfortunate enough to have an accident.

I think it was for multiple times convicted, drink drivers or similar.

anyone else heard of this? did it ever exist, or has it been dropped,

or have i misinterpreted/ read something else


Mart

Suresh

Is that 3rd party only then?

Third Party Car Insurance

pslewis

YEP, 3rd Party Only ...... sometimes called Act Only

corradoboy

If your car is worth less than the price of the insurance, or you can stand to lose the difference if it's a minor amount then go 3rd party. A kid I taught to drive wrote his car off 1 hour after buying it and being 3rd party he still has his full no claims as he was the only person involved. He cancelled the policy and got 11 months refunded, less admin, and cried about the £800 the car cost him. 3 weeks later he had a £500 car on the road and his insurance was about the same price. As long as you run cheap cars it's quite a good idea, but often the price differential between TPFT and FC is negligible, so you may as well be fully covered.

A very clever mate of mine passed his test at 17 and insured a crushed car which he stored behind his garden shed. It hadn't been logged as a write off, but he couldn't afford to run a car at the time so he insured this Gp.1 car 3rd party only (no fire or theft) for a very small premium by having a massive excess. At 21 he bought a sports car having not driven (much) since passing his test and had 3 year NCD

mart360

No Its not TP,

its was more like a verbal type policy,

ie you have insurance to satisfy the requirements of the law, but should you have an accident, then the policy isnt worth the paper its printed on.

does that ring any bells


Mart

pslewis

ACT ONLY POLICY

Snazy

I thought such policies required you to prove you have assets to a certain value.

pslewis

Nope ....

Leslie

Third party only insurance has always been available. From what I have seen, the premiums are not so much lower than comprehensive as it used to be.

Les

warrenm2

I think you mean "Act only". Bit dodgy as it leaves you open to third party claims, say you crashed into a wall which collapsed and crippled 3 people - you would have to pay the 3 million quid (or whatever) damages. Don't think many companies offer it nowadays TBH

Moley

iTrader: (9)

I was told something about this on a course once.

Basically you have to leave a deposit of £100,000 with a bank (or a certain financial institution), and you're then allowed to drive legally without having to buy insurance.

This was several years ago, so i don't remember exactly how it works, but it's something like that, although now the FSA rules us all it might have changed.

mart360

Update,

been digging

basically act only is the cover for third partys only. The car itself is not insured Also the car is only covered when you are in it once you leave the car, it is not insured, against anything.

its hard to obtain act only cover, but may be offered to persons with a very high risk profile (multiple DD convictions)


Mart

Suresh

Sometimes the old guys really do know best!

mart360

Really, then i,m fine then

if you read the post from the top, I was aware of another level of cover, i just couldnt pin down what it was called, or whether it was still valid.

Glad to see that the SN massive came through though,

Cheers mart

GC8

RTA used to only be available to ****-heads, but I dont think that anything less than third party is legal/acceptable now.

Simon