Car Insurance Help!!

cattyd

Hi,
This is my first post and I hope someone can help me with some advice!
My house got burgled in October 2009, and (among a lot of other things!) they took my car keys and stole my car. The car was recovered, but I had to get the locks changed (through my insurance company, therefore losing my no claims) since they had my keys.
I am now at renewal stage (due feb 4th), and the quote from my current company (HSBC) has gone up from £650 to £1850! (My car is a beetle, and probably only worth about £3500.
I have looked around every site comparison I can think of, and checked out those insurance companies I know aren't on comparison sites (Direct Line, Aviva etc) but can't get anything less than £950 (or £1100 if I pay monthly, which I'll have to do for such a large amount of money).
I have been driving for 13 years, never had an accident or made a claim before, and this clearly wasn't my fault. Does anyone know anything else I can do, or do I really have to accept paying over a thousand pounds for some idiot deciding they fancied a joyride (or getaway!) in my car??

Astaroth

Unfortunately insurance isnt based on the moral principle of "fault" but on a much more financial calculations. It is almost certain that the insurer did not recover their money from the thief and therefore you have a claim against your policy. At the moment you are being hit by the double issue of a reduced NCD and a registered claim.

How much was the cost of the claim? Given your paying an extra £500 this year and will continue to pay more for the next 3-5 years is the claim actually worth making? May it be better to buy back the claim therefore at least preserving your NCD and moving the claim back into a "non-fault" perspective

cattyd

Buy back the claim?? Sorry - I think i must be more clueless than I originally thought! How does that work?

Astaroth

"Fault" as far as an insurer is concerned is if they have paid out anything at the end of all monies coming in and out. In a non-fault claim they typically pay out to the garage, hire car company etc but then receive the money back from the third party's insurance company or possibly from the third party themselves if they do not want to lose their NCD.

Many insurer's really dont care where the money comes from and so if a policyholder makes a claim they will allow them to reinburse the money and therefore make it a non0fault claim if economically it is more sensible for the policyholder. Of cause they dont advertise the facts nor will they go about telling policyholders that they would actually be better off doing it etc.

cattyd

OK- I'll give that a go! Not sure it'll help me since I have a feeling the claim was over what I'll be paying in extra insurance (it was paid directly to the garage, and I never knew exactly how much it was for), but like you say, it might work if its going to continue to be so high for the next few years.