Caught out by insurer - help?

Caught out by insurer - help?

Author
Discussion

trowelhead

Original Poster:

1,867 posts

121 months

Friday 6th February 2015
quotequote all
Hi all,

A few months ago, during torrential rain conditions, i aquaplaned on the motorway and hit the central reserve.

No other vehicles involved. No injuries at all.

The car was recovered, i got a quote privately to fix up the car - but the cost to repair would have made the car a write off / not economical.

I made the decision to sell the car for scrap and take the loss - as i did not want my insurance to go up by a huge amount over the next 5 years.

Today however, my insurance have emailed stating that they have been "advised by a third party" that i was involved in an incident (stating the road and the date which are correct)

and asking why i did not inform them.

So now what do i do? :s

If i come clean - and say as there was no involvement of other drivers i didn't want to claim - will they cancel the insurance? Or massively rise the price.

Advice would be hugely appreciated. Moral of the story - i should have informed them either way....

Cheers!








shed driver

2,163 posts

160 months

Friday 6th February 2015
quotequote all
Did you damage the barriers? If so, you should have reported it.

SD.

LoonR1

26,988 posts

177 months

Friday 6th February 2015
quotequote all
You are legally responsible for the repairs to the central reservation barrier. Your insurance will be paying this.

trowelhead

Original Poster:

1,867 posts

121 months

Friday 6th February 2015
quotequote all
Sounds daft but i was so shocked at the time i really don't recall any damage - but that is the most likely reason...

Crap - i guess my only option is to hold my hands up and brace myself for a full shafting?

Thanks for the replies.

TooMany2cvs

29,008 posts

126 months

Friday 6th February 2015
quotequote all
trowelhead said:
If i come clean - and say as there was no involvement of other drivers i didn't want to claim
Did you expect the armco pixies would rock up in the middle of the night and magically mend (for free, of course) the barrier you trashed?

covboy

2,576 posts

174 months

Friday 6th February 2015
quotequote all
trowelhead said:
Sounds daft but i was so shocked at the time i really don't recall any damage - but that is the most likely reason...

Crap - i guess my only option is to hold my hands up and brace myself for a full shafting?

Thanks for the replies.
How did you think the damage to your car happened ?

anonymous-user

54 months

Friday 6th February 2015
quotequote all
trowelhead said:
Sounds daft but i was so shocked at the time i really don't recall any damage - but that is the most likely reason...

Crap - i guess my only option is to hold my hands up and brace myself for a full shafting?

Thanks for the replies.
Or you could settle the claim yourself. Just do the maths.

I am all for giving insurers a bit of prod and the occasional kicking, but it's hardly a "full shafting" if they pay a claim and then reduce your NCD.

LoonR1

26,988 posts

177 months

Friday 6th February 2015
quotequote all
And the Highways Agency are known for their reasonable charging structure wink

TankRizzo

7,269 posts

193 months

Friday 6th February 2015
quotequote all
What's the rough cost for repairing a bit of Armco? Is it comparable to what the Nurburgring charges?

andyc11

326 posts

132 months

Friday 6th February 2015
quotequote all
It's no biggy, just advise them that as you didn't claim you weren't aware of the need to declare it, but now understand that it's ANY accident or claim you've been involved in that you need to declare. Chances are will see about a 10% hike in premium regardless of whether you protected your bonus or not.

Not claiming on a policy after an accident does not mean you've not had the accident - this is what the insurers want to know.

Soov535

35,829 posts

271 months

Friday 6th February 2015
quotequote all
LoonR1 said:
You are legally responsible for the repairs to the central reservation barrier. Your insurance will be paying this.
Very much this.

You should have told them. They will be paying but don't expect them to welcome you with open arms any more !

Mopar440

410 posts

112 months

Friday 6th February 2015
quotequote all
trowelhead said:
I made the decision to sell the car for scrap and take the loss
trowelhead said:
will they cancel the insurance?
Presumably you cancelled the insurance when you sold the car? Or was this just a couple of days ago and you haven't had a chance to cancel the insurance yet?


LoonR1

26,988 posts

177 months

Friday 6th February 2015
quotequote all
andyc11 said:
It's no biggy, just advise them that as you didn't claim you weren't aware of the need to declare it, but now understand that it's ANY accident or claim you've been involved in that you need to declare. Chances are will see about a 10% hike in premium regardless of whether you protected your bonus or not.

Not claiming on a policy after an accident does not mean you've not had the accident - this is what the insurers want to know.
Where's this magical 10% figure come from? Are you the industry underwriter?

Durzel

12,266 posts

168 months

Friday 6th February 2015
quotequote all
Armco repair costs won't be cheap. It's not just the metalwork, it's all the ancillary costs like labour, the cost of lane closures, signage, Health & Safety stuff, etc.

Soov535

35,829 posts

271 months

Friday 6th February 2015
quotequote all
You could be in a tricky position.

How long ago was the accident?

TankRizzo

7,269 posts

193 months

Friday 6th February 2015
quotequote all
Mopar440 said:
Presumably you cancelled the insurance when you sold the car? Or was this just a couple of days ago and you haven't had a chance to cancel the insurance yet?
I read it as that it was the insurer of his current vehicle.

ging84

8,897 posts

146 months

Friday 6th February 2015
quotequote all
I would own up, say you were not aware of any 3rd party damage so did not report it.

You could of course deny it, as although hato might have checked video and identified your car, that doesn't mean you were driving.
I could have been someone else legally driving your car with their own insurance, or even you driving on business covered by an employers policy.
The problem with this is if you were to push that angle, you might find yourself looking at a hit and run charge.

andyc11

326 posts

132 months

Friday 6th February 2015
quotequote all
LoonR1 said:
Where's this magical 10% figure come from? Are you the industry underwriter?
Not the industry no, just the underwriting manager for a well known insurer.

anonymous-user

54 months

Friday 6th February 2015
quotequote all
andyc11 said:
LoonR1 said:
Where's this magical 10% figure come from? Are you the industry underwriter?
Not the industry no, just the underwriting manager for a well known insurer.
Can you let me know which insurer please.
Any that only knocks off 10% NCD per incident is getting some business.

andyc11

326 posts

132 months

Friday 6th February 2015
quotequote all
desolate said:
Can you let me know which insurer please.
Any that only knocks off 10% NCD per incident is getting some business.
The average cost on a premium is around 10% for one claim. If you have protected NCD, you won't lose any NCD but will be hit with the 10%.

If you don't have protected NCD, you'll lose the NCD based on whatever scale your insurer uses, as well as the 10% increase for the claim itself. That's when it gets pricey.