Insurance Company Stitch Up!
Discussion
I've just bought a new car and have got quotes for it.
Unfortunately I was hit whilst stationary at traffic lights in my current car. The other driver took the blame, her insurance covered all the costs.
Filling in the form on compare the market and it gives the option of have you had an accident etc. I ticked all the appropriate boxes and the quotes I got were significantly higher than I expected. and from a limited number of insurance companies. 17 in fact.
I got another quote identical apart from the fact that i said i hadn't had an accident and i got more quotes and significantly cheaper.
How can that be right or fair? I'm an unlucky victim yet the insurance companies appear to be penalising me despite me clearly ticking the boxes saying not my fault and no claim made. It almost seems illegal.
I am planning on calling the insurance company of the cheapest quote and telling them about the accident before the car arrives today. Do we think that means they will just change their quote or refuse to isure me?
thanks.
Unfortunately I was hit whilst stationary at traffic lights in my current car. The other driver took the blame, her insurance covered all the costs.
Filling in the form on compare the market and it gives the option of have you had an accident etc. I ticked all the appropriate boxes and the quotes I got were significantly higher than I expected. and from a limited number of insurance companies. 17 in fact.
I got another quote identical apart from the fact that i said i hadn't had an accident and i got more quotes and significantly cheaper.
How can that be right or fair? I'm an unlucky victim yet the insurance companies appear to be penalising me despite me clearly ticking the boxes saying not my fault and no claim made. It almost seems illegal.
I am planning on calling the insurance company of the cheapest quote and telling them about the accident before the car arrives today. Do we think that means they will just change their quote or refuse to isure me?
thanks.
S5man said:
Ive just rerun the quotes and randomly it has come back significantly lower. All details the same including mentioning the accident
As soon as you actually take out or renew this insurance now you've also just signed yourself up to 5yrs of cold calling about "your accident", trust me they sell in this record each and every year. Wife got thumped in back 5 yrs ago this Christmas while stationary, and for a month after renewal I get called about my accident as she's a named driver on my policy.
S5man said:
No claim was settled months ago. Unbelievable. I'm sure you are right but that is scandalous.
Any thoughts on if i don't mention the accident and take out the insurance? I assume i'm asking for a lot of trouble if i then have an accident?
Well, you'll be insured in name only. You'd show as insured on ANPR but that's about all the value your policy would have.Any thoughts on if i don't mention the accident and take out the insurance? I assume i'm asking for a lot of trouble if i then have an accident?
I'd imagine if it came to light, in the event of a claim, the insurance company would either void the policy from inception (meaning you were never insured, with the fallout that would bring) or they would demand the difference in premium to that if you had declared the accident, cover the claim, and then cancel your policy. Both would have a significant impact on future quotes (you think it's expensive now..)
There is also the very real chance that the various insurance companies will have evidence of your deception (quotes with and without declaring accident) through the quote data already provided to you.
Basically, proceed with caution.
Apply for your insurance 2 weeks in advance and it is cheaper than if you apply for the next day. If you think they won't find out about your accident think again, these companies all share a database.
However I sympathise, I was hit by a postie while stationary at the side of the road. It took two years and a court appearance to settle the claim as he claimed it wasn't his fault. Interestingly the judge called him deceitful and I was able to claim back the cost of my increased premiums. Once settled my insurance went down again.
However I sympathise, I was hit by a postie while stationary at the side of the road. It took two years and a court appearance to settle the claim as he claimed it wasn't his fault. Interestingly the judge called him deceitful and I was able to claim back the cost of my increased premiums. Once settled my insurance went down again.
Edited by LarsG on Friday 21st June 07:51
It isn’t a stitch up, but it is grossly unfair. To say someone who was stopped at a red light and then gets hit is more likely to be involved in another accident just doesn’t make any sense whatsoever. Just had the same when renewing our insurance with my wife having had the same thing last year.
S5man said:
No claim was settled months ago. Unbelievable. I'm sure you are right but that is scandalous.
Any thoughts on if i don't mention the accident and take out the insurance? I assume i'm asking for a lot of trouble if i then have an accident?
You won’t even get that far, it’ll get picked up on CUE when a search is run at inception. Highly likely the price will jump higher than the quotes where you did disclose it.Any thoughts on if i don't mention the accident and take out the insurance? I assume i'm asking for a lot of trouble if i then have an accident?
Non disclosure rarely results in a win.
ThunderSpook said:
It isn’t a stitch up, but it is grossly unfair. To say someone who was stopped at a red light and then gets hit is more likely to be involved in another accident just doesn’t make any sense whatsoever. Just had the same when renewing our insurance with my wife having had the same thing last year.
Statistically they are. Individuals will fall either side of the curve but volume insurance is about the mean. Insurance that looks at the individual might take things differently but the act of assessing the risk would cost way more than it might save in 99.99 percent of cases. Non fault accidente still often increase insurance companies workload and costs.
The statistics are blindingly obvious really. Take all people insured. Exclude the ones with fault accidents. Take the remaining population and split it in two. Those with no accidents and those with non-fault accidents. Which of those two groups is statistically more likely to have further accidents?
Bert
Bert
I've often pondered this.
If the insurance companies have accurate stats that show an increased probability of another accident for the next 5 years then surely there is a big problem.
If you've not had an accident in the preceding 4 years, then in year 5 an accident must be a dead cert and you'd be uninsurable?
In month 59 post accident you'd best stay off the roads.
If the insurance companies have accurate stats that show an increased probability of another accident for the next 5 years then surely there is a big problem.
If you've not had an accident in the preceding 4 years, then in year 5 an accident must be a dead cert and you'd be uninsurable?
In month 59 post accident you'd best stay off the roads.
55palfers said:
I've often pondered this.
If the insurance companies have accurate stats that show an increased probability of another accident for the next 5 years then surely there is a big problem.
If you've not had an accident in the preceding 4 years, then in year 5 an accident must be a dead cert and you'd be uninsurable?
In month 59 post accident you'd best stay off the roads.
I'd suggest that, if you really have often pondered this, then a short course in probability theory would be an excellent use of your time.If the insurance companies have accurate stats that show an increased probability of another accident for the next 5 years then surely there is a big problem.
If you've not had an accident in the preceding 4 years, then in year 5 an accident must be a dead cert and you'd be uninsurable?
In month 59 post accident you'd best stay off the roads.
200Plus Club said:
As soon as you actually take out or renew this insurance now you've also just signed yourself up to 5yrs of cold calling about "your accident", trust me they sell in this record each and every year.
Wife got thumped in back 5 yrs ago this Christmas while stationary, and for a month after renewal I get called about my accident as she's a named driver on my policy.
Section 56 of LASPO which became law over 6 years ago made this illegal. Wife got thumped in back 5 yrs ago this Christmas while stationary, and for a month after renewal I get called about my accident as she's a named driver on my policy.
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff