S3 Insurance

[samo26]

Unfortunatley i was involved in an accident last night in which i am now going to lose all of my no claims bonus. I also had an accident a couple of years ago but this one couldn't have come at a worse time due to the build on my S3 been about to commence.

Looks like i will be having to cancel my order (absolutely gutted) unless i can find an insurer who won't financially cripple me.

Any thoughts or ideas would be much appreciated!

 

[S32B]

First off hope everyone is OK.

How much no claims did you have?
Was the accident your fault? If so could it not be sorted without including the insurance?

Try AXA, I just renewed with them and got it slightly cheaper than last year, BUT they were a lot less than anyone else even when I did a new online quote directly with them. 10% extra off if you have a dash cam as well.

 

[samo26]

First off hope everyone is OK.

How much no claims did you have?
Was the accident your fault? If so could it not be sorted without including the insurance?

Try AXA, I just renewed with them and got it slightly cheaper than last year, BUT they were a lot less than anyone else even when I did a new online quote directly with them. 10% extra off if you have a dash cam as well.

Everyone ok luckily.

I had two years but now 0. Damage is pretty bad on my car would cost me a small fortune to repair.

Couldn't of come at a worse time Iv been wanting a S3 for a number of years and decided to go for it as Iv just turned 25.

Will look into Axa thanks for that!

 

[James Clatworthy]

Hi mate gutted to hear you've had a knock I work in insurance so thought I'd share a bit of knowledge with you! Not all hope is lost! Depending on how big the incident you have the option to indemnify the insurer and you won't lose you NCB... one way to see if this is viable is your insurer and ask for a quote to see what the cost of losing the NCB is e.g a quote with 0 years against a quote with 2, another option you have if the claim is a big one, is what's called a Bonus accelerator policy, it means you pay for 10 months but get 1 years NCB, Admiral offer this so may worth checking out, if that still works out expensive try a 10 month with a plug and drive system (it's only for 3 months of the term so would have to sensible) finally, if you're thinking of paying monthly, try credit card instead, interest rates are lower than what insurers offer you! If you've got any more Q's let me know!

 

[AudiNutta]

I know you said it will cost a small fortune, but what you have to remember is that you have to declare your accident for the next 5 years.

Would the repair cost be more than the inflation over 5 years on any car?

 

[James Clatworthy]

Depends where you insure, it's down to each company how long the rate on the claim, and also to what degree

 

[AJB Audi]

Depends where you insure, it's down to each company how long the rate on the claim, and also to what degree

When you renew your insurance each year one of the routine questions is along the lines of 'have you had any accidents or claims in the last x years'. The key word here being or and the inference that, even if you had paid for repairs yourself (to avoid telling the insurance company),strictly speaking you had still had an accident in the last x years and so answering 'no' to the routine question was actually incorrect and runs the risk of invalidating your insurance? Of course whether or not the insurance company would ever find out about an undeclared accident is another matter but does it remain a risk?

As someone who works in insurance is that right?

 

[James Clatworthy]

That is correct, and the insurance know about it now anyway so it's on the MID so there's no way of hiding it. But due to the rating factors behind a claim being fault / non fault are drastic, a non fault claim can also be looked at as anything an insurer doesn't lose out financially on, so if for example you hit a tree and pay for the repair, this becomes and "incident" not a claim, therefore you keep your NCB and it's also rated on less highly than that of a claim, again this comes down to what ever causes the least financial loss, I know in some cases people have paid a huge sum of money not to lose there 20 years of NCB because they drive an RS6 for example.. and the price of 0 years NCB... well it's insane.

 

[AJB Audi]

That is correct, and the insurance know about it now anyway so it's on the MID so there's no way of hiding it. But due to the rating factors behind a claim being fault / non fault are drastic, a non fault claim can also be looked at as anything an insurer doesn't lose out financially on, so if for example you hit a tree and pay for the repair, this becomes and "incident" not a claim, therefore you keep your NCB and it's also rated on less highly than that of a claim, again this comes down to what ever causes the least financial loss, I know in some cases people have paid a huge sum of money not to lose there 20 years of NCB because they drive an RS6 for example.. and the price of 0 years NCB... well it's insane.

Thanks for the reply.

Using your example of hitting a tree, if you take your car to a local bodyshop and have the bumper replaced/resprayed and you pay him yourself, I'm confused how this ends up on the MID. Are all bodyshops required to register all work they carry out?

 

[Marky-s3]

1st year would be the worst till you get a discount again so might be worth trying to afford it or selling something to help fund it if it's something you feel strong enough about
I've been in ur place a few times I wrote off my trade in clio 1.2 and was getting a new 182 at the time and my insurance void me I had to pay 6 k myself to finance and cancel the 182 broke my heart

 

[James Clatworthy]

No they don't update the MID so you can get away with that, and basically everyone does, however I was on aging the current case, where the insurer has been notified, once that's the case, regardless of the outcome it's noted

 

[RichardT]

That is correct, and the insurance know about it now anyway so it's on the MID so there's no way of hiding it. But due to the rating factors behind a claim being fault / non fault are drastic, a non fault claim can also be looked at as anything an insurer doesn't lose out financially on, so if for example you hit a tree and pay for the repair, this becomes and "incident" not a claim, therefore you keep your NCB and it's also rated on less highly than that of a claim, again this comes down to what ever causes the least financial loss, I know in some cases people have paid a huge sum of money not to lose there 20 years of NCB because they drive an RS6 for example.. and the price of 0 years NCB... well it's insane.

Surely if you have over a certain NCB (maybe 5 years) you would have it protected anyway.

Unfortunately for the OP, if loosing the NCB is such a big deal the new car would be too much of a risk anyway. Maybe a lucky escape?

 

[Tom.H]

Sure it's only protected if you choose to protect it which is usually a few quid extra.

Stick with it mate if it's not going to cripple you, just shop around, even if you have to have a telematics device fitted - just watch the loud pedal for a while!