Reducing car insurance - car valuation & licence issues

robfromdublin

Quentin wrote: »

No - you don't pay your excess for third party claims against you.

(If you get a chip repaired via your insurance, it is a claim and has to be declared to other insurers when filling out applications.)

That's interesting. Even if it doesn't affect your no claims bonus?

Actually I just ran it through a comparison site and it didn't change my premium at all.

Quentin

robfromdublin wrote: »

That's interesting. Even if it doesn't affect your no claims bonus?

Yes, you have to declare all claims/incidents irrespective of what happens to the NCD over the incident.

Someone here didn't and is getting grief over it from his insurer:

https://forums.moneysavingexpert.com/discussion/comment/35093763#Comment_35093763

lisyloo

Actually I just ran it through a comparison site and it didn't change my premium at all.

My own person experience from having run quotes is that one claim makes little difference (although it might depend on the nature of the claim and other factors like age).
But if you have 2 or more claims then you start being penalised.

I have one claim (2 years old so will drop off next year, so I have to be very careful about claiming again.

I had damage from a pot hole recently of £700 and it wasn't worth me claiming because the excess plus increased premiums x 6 (2 policies for 3 years) simply exceeded £700.

darich

lisyloo wrote: »

I have one claim (2 years old so will drop off next year, so I have to be very careful about claiming again.

Some companies ask if any claims or losses in the last 5 years. I know this because some idiot tried to enter my lane in September 2006 and clipped my wing. I needed a new wing, bumper resprayed etc. Third party's fault and my company recovered all costs.......but I still had to declare that incident when my current policy started in April.

darich

lisyloo wrote: »

I had damage from a pot hole recently of £700 and it wasn't worth me claiming because the excess plus increased premiums x 6 (2 policies for 3 years) simply exceeded £700.

you will of course inform your insurance company of your loss though evn if you don't claim???

lisyloo

you will of course inform your insurance company of your loss though evn if you don't claim???

To be honest I hadn't and the genuine reason why is that I had the wheel straightened for about £80 and considered this general maintenance.
So this raises a question that has been asked before.
What do they need to be informed about?

I had a nail in my tyre and it cost £40 to plug the tyre.
Hit the wing mirror and spend £6 on a new one.
Scratch the bumper. Might not get it fixed but loss in value.
Scratch the paintwork.
Stone chip.
The paintwork in some places on my bike get damaged very slightly every time I ride it. Are gradual causes included?

Serious question where do you draw the line?

lisyloo

Some companies ask if any claims or losses in the last 5 years.

Thank you.
I am aware of that.
I will probably try to avoid those if I can as I think it's the minority and the majority are 3 years.
I'm not so much worried about a tiny uplift in premium but more the second accident which gets you into more serious uplift category.

Not that I planning serial accidents, but cars get be driven into at the supermarket etc.

darich

lisyloo wrote: »

To be honest I hadn't and the genuine reason why is that I had the wheel straightened for about £80 and considered this general maintenance.
So this raises a question that has been asked before.
What do they need to be informed about?

I had a nail in my tyre and it cost £40 to plug the tyre.
Hit the wing mirror and spend £6 on a new one.
Scratch the bumper. Might not get it fixed but loss in value.
Scratch the paintwork.
Stone chip.
The paintwork in some places on my bike get damaged very slightly every time I ride it. Are gradual causes included?

Serious question where do you draw the line?

The line can be where ever you want.
Any "loss" (other than theft) could be accepted as a "loss in value" to get round telling insurance but that's not what the insurance company means when it asks the question.
You said £700 of damage in your post so a wheel repair for £80 is only a fraction of the total repair necessary. Personally I wouldn't tell my insurance if I had an £80 bill.....but £700 is a different matter.

As many posters on here will say - if in doubt tell the insurance company.

Was it a motorbike that you had the incident on? Reason I ask is because £40 for a tyre repair is robbery if it's a car.

robfromdublin

lisyloo wrote: »

I had damage from a pot hole recently of £700 and it wasn't worth me claiming because the excess plus increased premiums x 6 (2 policies for 3 years) simply exceeded £700.

If I may ask, how did you do this calculation? Trying to do this myself but the 'increased premiums' bit is the great unknown. Want to try to figure out if I'm ever going to claim even if my car is written off (it's not a very valuable car)

Quentin

You can get an idea by doing virtual quotes on line and editing your history to include a claim (altering the year of claim/level of NCD if unprotected to see what difference this makes).