Unusual vehicle theft - MK1 Mx5 taken from home.

[NorthernSky]

syl said:

NorthernSky said:

I'm looking at a few years of double premiums on a Z4MC, S2000 and motorbike

Your insurance premium on all policies will probably be loaded for the claim (which will be for theft). I doubt it will be anywhere near double.

Your NCB on the car that was stolen will be reduced by a few years, but not gone altogether (unless you only had 1/2 years). Together with the loading, that might mean this particular policy doubles. It might not. It might be more than double.

You won’t lose any NCB on your other policies at all. Next year you will have an additional year’s NCB on them as you haven’t claimed on those policies. These should be much less than double.

EDIT - loading, not losing (changed).

Edited by syl on Friday 20th July 22:11

Syl, this is really important insight, thanks for the reply.

I am using my 8/9 years NCB on the Z4M policy. If, for example, I contact my other insurers who cover the 'stolen' mx5, and take the agreed value payment, are you *certain* I will still be able to claim my full NCB accumulating on the Z4M into next year?

I was under the impression that if I do make the claim on the mx5, and if any third parties contact my insurer for any damage to their cars, it will raise a flag under my name and state that a claim was made. I thought that if this happens I am law bound to declare the claim (despite it being 'no fault') on any future policies I take out?

Would you mind explaining your understanding to me a bit further? Thanks.

[NorthernSky]

Google [bot] said:

NorthernSky said:

I just want to hold a large wad of cash in my hand from the friend!

Rightio. I think you had a better attitude before the influence on here.

Some of the influence on this thread has been extremely helpful, fortunately. Maybe that was a bad choice of words from me - I meant fair compensation for the unknown costs & grief this is causing!

[Sheepshanks]

NorthernSky said:

I was under the impression that if I do make the claim on the mx5, and if any third parties contact my insurer for any damage to their cars, it will raise a flag under my name and state that a claim was made. I thought that if this happens I am law bound to declare the claim (despite it being 'no fault') on any future policies I take out?

You have to declare it at renewal (don't rely on insurers contacting each other or you could end up with policies being cancelled if they find out) so it may well affect the base premium, but it doesn't affect your NCB.

The unknown thing is what the effect will be on base premium. It's very random - it may be negligible or it could be horrendous. If they dig into the circumstances - drunken flat-mate etc etc - then I'd be thinking more at the horrendous end of the scale.

[NorthernSky]

Sheepshanks said:

NorthernSky said:

I was under the impression that if I do make the claim on the mx5, and if any third parties contact my insurer for any damage to their cars, it will raise a flag under my name and state that a claim was made. I thought that if this happens I am law bound to declare the claim (despite it being 'no fault') on any future policies I take out?

You have to declare it at renewal (don't rely on insurers contacting each other or you could end up with policies being cancelled if they find out) so it may well affect the base premium, but it doesn't affect your NCB.

The unknown thing is what the effect will be on base premium. It's very random - it may be negligible or it could be horrendous. If they dig into the circumstances - drunken flat-mate etc etc - then I'd be thinking more at the horrendous end of the scale.

Interesting, thanks. I will contact the other insurers and check where I stand. I wonder if anyone here has had a vehicle theft flagged on their insurance and if it did end up hiking the base price of insurance policies in the years to come..?

[Gavia]

NorthernSky said:

Interesting, thanks. I will contact the other insurers and check where I stand. I wonder if anyone here has had a vehicle theft flagged on their insurance and if it did end up hiking the base price of insurance policies in the years to come..?

My M4 was stolen in Jan this year. Since then all of my policies have come due on 3 bikes and a van as well as the car. The car nearly trebled in cost. Bikes nearly doubled and I’ve had to run big excesses on them to even get quotes (insured the excesses elsewhere for safety). Van was on a specialist motorbike race van scheme and they basically refused to quote, now on a standard van policy and not much difference price wise, although the benefits of the policy are much reduced from what I had before.

[Toltec]

NorthernSky said:

Interesting, thanks. I will contact the other insurers and check where I stand. I wonder if anyone here has had a vehicle theft flagged on their insurance and if it did end up hiking the base price of insurance policies in the years to come..?

As above, I had a car stolen a couple of years ago and I replaced it with a slightly younger, but identical model and the insurance went up about £30. Stolen off the drive without the keys.

[vsonix]

Sheepshanks said:

NorthernSky said:

vsonix said:

Does the OP's friend have his own insurance policy on his own car?
If so then presumably regardless of the TWOC thing would he possibly have been covered for third party damage on his own policy?

Unfortunately not. I take up nearly all the parking spaces in our flat anyway so he wouldn't have room for one!

DOC cover doesn't apply to cars that are nicked! Needs the owners permission.

Yah but I'm guessing that if he did have DOC the owner mightn't be so quick to make an issue of the TWOC if it meant the other person's insurance would cover the damages.

[PorkInsider]

vsonix said:

Yah but I'm guessing that if he did have DOC the owner mightn't be so quick to make an issue of the TWOC if it meant the other person's insurance would cover the damages.

Not sure you can get DOC that covers anything but 3rd party liability?

[Gavia]

PorkInsider said:

Not sure you can get DOC that covers anything but 3rd party liability?

Apparently Flux sell a bolt on product that ups it to Fully Comp but has a load of restrictions.

This is all moot anyway as the OP has confirmed there is no DOC in place

EDIT: I missed a fairly critical “no” out of the sentence.

Edited by Gavia on Tuesday 24th July 13:42

[NorthernSky]

Gavia said:

NorthernSky said:

Interesting, thanks. I will contact the other insurers and check where I stand. I wonder if anyone here has had a vehicle theft flagged on their insurance and if it did end up hiking the base price of insurance policies in the years to come..?

My M4 was stolen in Jan this year. Since then all of my policies have come due on 3 bikes and a van as well as the car. The car nearly trebled in cost. Bikes nearly doubled and I’ve had to run big excesses on them to even get quotes (insured the excesses elsewhere for safety). Van was on a specialist motorbike race van scheme and they basically refused to quote, now on a standard van policy and not much difference price wise, although the benefits of the policy are much reduced from what I had before.

Thanks for this, that sounds like an entirely unfair penalty on you, given it was some tool thieving off you. I suppose I should expect similar price hikes, just more cars than bikes.

I guess I'll be waiting 3 more years to get insured on a KTM SuperAdventure S...


(._.)