Advice on slight bump

joanne_d_3

All sorted now

Quentin

You can just tell your insurer about the incident "for information only", and stress to them you don't want to make a claim.

Your premium could get a loading.

It will show up, and will need to be declared to other insurers.

It could be useful to inform your insurer once the matter is resolved, thus confirming to them that no claim is likely to come from the third party against you.

Is the third party prepared to pay all your costs (eg you may need to hire a car whilst yours is being repaired), and what appears "minimal" can sometimes end up expensive!

mikey72

joanne_d wrote: »

Hi Quentin.

Is it a legal obligation that i must tell my insurer ?( I think it is , i remember reading it on here before).

You say i should tell my insurer when it has all been sorted....would that remove it from my insurance file or would i STILL have to declare it to all future insurers ?

The damage really is minimal , i have had a quote and the other party is happy with the sum . In saying that though , i have to admit that i was shocked at the cost for such little visable damage !

I wont need to hire a car whilst mine is being repaired . We have a second car so i can use that , plus i am on my dads insurance.

You will have to declare it for the next 5 years (or whatever period the insurers ask for). If you are a named driver on your dad's insurance they will ask it under his other drivers questions as well.
They will probably load your policies for it.
I remember the good old days when you just shook hands and the money exchanged hands as well, much easier and done and dusted on the spot.

Quentin

joanne_d wrote: »

Is it a legal obligation that i must tell my insurer ?( I think it is , i remember reading it on here before).

You say i should tell my insurer when it has all been sorted....would that remove it from my insurance file or would i STILL have to declare it to all future insurers ?

It will be a condition of your policy that you inform your insurer about losses/incidents.

Insurers worry that although you tell them the matter is "sorted", things might change, the third party change their story and a claim turn up from them, thus if you confirm to them the matter has been concluded and your car repaired and paid for they will be able to mark the matter closed, but the incident will remain on your history, and should still be declared to future insurers for the time span they ask about.

mikey72

It would be polite to inform the other party you are telling your insurance company, he may decide that as they are involved, his insurance may be contacted by them, so it may as well go through as a claim.

mikey72

joanne_d wrote: »

There is no way on earth the other party is going to want this to go through his insurance....he was driving a company vehicle !

He doesnt want his employer to find out .

That was my point. If he ofered to pay to avoid going through insurance, and you take the money and then tell your insurance anyway.
Your insurance may contact his insurers to notify them of the accident, and his employer will find out anyway. So it may as well go through as a claim in that case.
So if you are going to notify your insurers, it would be nice to let him know before taking his money.

Quentin

joanne_d wrote: »

What would be the case if i simply paid for the damage out of my OWN pocket ?

There would be no chance of a third party putting a claim in against my insurance company and so i would imagine that it would not need to be told to my company?

If you read your policy you will see whether or not you need to inform your insurer - failing to do so would be a breach of your policy.

Don't forget you are the innocent party who has been driven into by a careless bus driver - loyalty is one thing, but it could have been more serious, so don't let your loyalty get too misplaced and end up putting your insurance in jeopardy too.

Going by the book is the best policy (no pun intended), esp. when you are the innocent party!

Quentin

The only way round it is to risk the consequences of breaching yours (and your other named drivers') policies.

But if you have 10 years experience it may have no effect on your premiums. Do some dummy quotes online and see what difference it makes.