Small accident, pay private or go through insurance?

[allanmb]

I had a small bump a while back and the cost of repairs totalled approximately £375 for both cars - mainly just paintwork. I have notified the insurance company and I have protected NCD. My question is, if I claim through the insurance will this £375 be bloated with fees and therefore I will end up paying my excess of £500? Basically I want to know if it is worth paying the bill privately?

 

[RS03_SEN]

I had a small bump a while back and the cost of repairs totalled approximately £375 for both cars - mainly just paintwork. I have notified the insurance company and I have protected NCD. My question is, if I claim through the insurance will this £375 be bloated with fees and therefore I will end up paying my excess of £500? Basically I want to know if it is worth paying the bill privately?

Will you have to notify future insurance companies of this claim even if your NCB does stay intact?
I wouldn't want an at fault claim on my record.

Sent from my GM1913 using Tapatalk

 

[allanmb]

Yes it will have to be declared to all inusrance companies for the next 3-5 years depending on their policy

 

[RichardT]

Are you understanding your excess correctly. If you claim for a £375 bill you will pay it all and anything else upto £500.
You have correctly notified the insurance company, but you would be mad to claim as long as the estimate for repairs is correct.

 

[RS03_SEN]

Yes it will have to be declared to all inusrance companies for the next 3-5 years depending on their policy

I'd try to avoid that then. Surely they'll adjust your next premium accordingly even if your NCB is still at 10 years or whatever.

Sent from my GM1913 using Tapatalk

 

[allanmb]

I'd try to avoid that then. Surely they'll adjust your next premium accordingly even if your NCB is still at 10 years or whatever.

Sent from my GM1913 using Tapatalk

I have already notified the insurance company so that is not an option now

 

[allanmb]

Are you understanding your excess correctly. If you claim for a £375 bill you will pay it all and anything else upto £500.
You have correctly notified the insurance company, but you would be mad to claim as long as the estimate for repairs is correct.

Do you know this for sure? Or just a hunch? If that were to happen then I would obviously just pay privately

 

[TYb]

You did the right thing notifying them, get your confirmed quotes then decide if the cost is worth claiming for, you may find once bumpers etc are moved there is further damage underneath.

Either way this is an opportunity for your insures to tweak next years premium but you have the opportunity to look around at renewal.

 

[HertS3]

You're a decent fellow notifying them, I say this as a person who works in insurance lol

My missus had a non-fault bump with a young guy a while ago, we sorted out privately (other side covered our costs) as below excess and insurance companies not involved.

The £500 excess means that you are responsible for the first £500 of any claim, so you can't actually claim if the costs you advised in total for both sides is less than that.

 

[RichardT]

I'd try to avoid that then. Surely they'll adjust your next premium accordingly even if your NCB is still at 10 years or whatever.

Sent from my GM1913 using Tapatalk

It is a legal requirement, so yes you have to notify them.

 

[HertS3]

Of course it is, but the proportion of people who actually do that must be very small indeed

 

[RichardT]

Of course it is, but the proportion of people who actually do that must be very small indeed

For claims as small as this you are probably correct. But it’s likely that the other party notified their insurance company - so there would be a trail that could bite back later if there is a serious claim.

 

[TYb]

For claims as small as this you are probably correct. But it’s likely that the other party notified their insurance company - so there would be a trail that could bite back later if there is a serious claim.

Exactly and if the other party then get tempted by compensation then not declaring could end up with insurance being made void etc, not worth the risk for saving a couple of quid.

 

[HertS3]

True - I made sure that the other side in our case weren't doing that (wouldn't make sense for them to as the kids was 18/19 so insurance would cost a fortune even without a claim)

 

[Audi Ashley]

I thought the whole point of going privately was not to go through the insurace? Not even telling them as this still effect the premuim regardless of NCD. Maybe I have missed something.

 

[HertS3]

That would be my understanding too...No point settling privately if you told insurer about the claim, unless it's below the excess as mentioned above. However, as mentioned above, if the other side notify their insurer (and give your details) but you don't notify your insurer then you could be in trouble. Have to be certain that neither party contacts their insurer!

 

[pburv]

I thought the whole point of going privately was not to go through the insurace? Not even telling them as this still effect the premuim regardless of NCD. Maybe I have missed something.

My thoughts also.. As mentioned though you need to be sure either party don't mention anything to insurance companies.

 

[eribaMotters]

It's a catch 22 situation. You are legally obliged to inform your insurance company of an acident you are involved in, whether it is an at fault or not.
In the event you do not make a claim, or the other parties insurance cover the costs then your premium could still go up.
It's a case of heads you win, tails the insurance company wins. ie, your stuffed.

Colin

 

[TYb]

I thought the whole point of going privately was not to go through the insurace? Not even telling them as this still effect the premuim regardless of NCD. Maybe I have missed something.

You have to tell your insurer of any accident/incident otherwise your policy can be voided.

You will get less of an increase if then chose to settle privately as the insurers wouldn’t have incurred any cost.

 

[RichardT]

There’s two elements to consider. If you don’t make a claim, then it will not affect your no claims bonus. But an accident can still affect you basic premium.
Although, for a minimal claim like this I wouldn’t expect a reputable insurance company to hike the premium. But unfortunately they are a law unto themselves.
On the positive side, a couple of years ago I drove over a cast iron bollard. It did about £3,500 worth of damage. But my insurance company did not increase the premium next time. And because I had protected NCD, that wasn’t affected either. Happy days

 

[HertS3]

Insurance is good when it works (keeps me afloat anyways!)