Insurance question what would you do ?

[Ilovejapcrap]

So I was involved in a accident in company van,

I was pulling out of a drive, young girl came round corner and bang.

Bit gutted as not a lot I could do about it but as I was pulling out ill props get blame?

Drive in a crap location pulling out onto a 60 mph road but hey ho.

Anyway as its in a company van some people say I should not tell my insurance but I feel I should after all it says did you have an accident not did you have an accident on your policy. I just don't see the point in risking not being insured.

But speaking with people who drive company vans for many organisations it would seem a fair few never declair it.

Surely the insurance company would find out ?

[vikingaero]

CUE Accident Database

http://www.insurancedatabases.co.uk/

[TwigtheWonderkid]

You need to declare it, but not until your next renewal.

[Ilovejapcrap]

vikingaero said:

CUE Accident Database

http://www.insurancedatabases.co.uk/

Did not know of this, interesting.

so I take it insurance company check this when claims are made to see if someone has done the scenario. I made above ?

[Ilovejapcrap]

TwigtheWonderkid said:

You need to declare it, but not until your next renewal.

You sure not straight away ?

[TheBroker]

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

[Ilovejapcrap]

TheBroker said:

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

Informative thanks

[TwigtheWonderkid]

TheBroker said:

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

Under ABI rules, there is no obligation for a policyholder to inform his/her own insurers of a mid term accident covered on another policy until the next renewal. That is a fact and no insurer expects otherwise.

[Ilovejapcrap]

I rang insurance company and they said did not need to know until renew date

[CanAm]

TheBroker said:

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

Close - it's Uberrimae fidei

[TwigtheWonderkid]

CanAm said:

TheBroker said:

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

Close - it's Uberrimae fidei

Not in Cuba it isn't.

[TwigtheWonderkid]

Ilovejapcrap said:

I rang insurance company and they said did not need to know until renew date

Now I'm not one to say I told you so.......

[Ilovejapcrap]

TwigtheWonderkid said:

Ilovejapcrap said:

I rang insurance company and they said did not need to know until renew date

Now I'm not one to say I told you so.......

It did surprise me, you'd think they would want to know instantly

[2 sMoKiN bArReLs]

Ilovejapcrap said:

TwigtheWonderkid said:

Ilovejapcrap said:

I rang insurance company and they said did not need to know until renew date

Now I'm not one to say I told you so.......

It did surprise me, you'd think they would want to know instantly

Some will, which is why you need to tell them straight away to find out

[medieval]

TheBroker said:

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

Uberima Fides but yes ongoing duty to declare during the life of the contract

[TwigtheWonderkid]

medieval said:

TheBroker said:

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

Uberima Fides but yes ongoing duty to declare during the life of the contract

In many cases but not for accidents in another vehicle, which the industry governing body has said do not need to be disclosed until renewal.

[McSam]

TwigtheWonderkid said:

Not in Cuba it isn't.

Underrated post

[Twin1]

TheBroker said:

Vehicle Insurance operates under contracts of uberimae fidel (utmost good faith).

Failure to declare immediately is in breach of this and your insure can (and most prob would) refuse payout to you if you have a prang and technically your insurance is invalidated.

You should declare it immediately, your policy will state this too!

I know its a pain and will up your premium but thats just the way the cookie crumbles, but its better to pay more than not be insured.

Very wrong. For consumer insurance contracts (i.e. just about all car insurance) the law changed in 2012: as a consumer you just have to take reasonable care not to make a misrepresentation when you're arranging your insurance or renewal. The ongoing duty of disclosure no longer exists. For more information, see Consumer Insurance (Disclosure and Representation) Act 2012.

That said, if you deliberately misrepresent, your insurance is still void; if you are careless they will only pay out a proportionate amount; if you take reasonable care, you're safe. This probably falls into the careless category.

On the utmost good faith: Insurance Act 2015 received Royal Assent this month and is coming into force in 18 months, abolishing the duty of utmost good faith for all insurance.

Edited by Twin1 on Sunday 1st March 15:45