"My own philosophy for insurance has always to buy only the cover I need so I tend to go for a large excess if I can get a worthwhile discount"
I couldn't agree more. My philosophy is that insurance is only for a catastrophe such as a write off involving tens of thousands of pounds or a film star claiming I'd driven over his toe and cost him the making of a movie. A few hundred quid's worth of claim just isn't worth it when taking into account excess, arguing over value and so on, followed by losing NCB.
I take the same view at home and don't want accidental damage cover for house contents. If I crack the washbasin, stain the carpet or pour a gin and tonic down the back of the telly then it's down to me and my stupidity.
I usually take the biggest excess available but of course subject to the actual policy premium cost against value.
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