Caught out by insurer - help?
Discussion
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!
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!
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 ?Crap - i guess my only option is to hold my hands up and brace myself for a full shafting?
Thanks for the replies.
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.Crap - i guess my only option is to hold my hands up and brace myself for a full shafting?
Thanks for the replies.
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.
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.
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.
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?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?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.
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.
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 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. Any that only knocks off 10% NCD per incident is getting some business.
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%. Any that only knocks off 10% NCD per incident is getting some business.
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.
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