Car insurance - disclosure

Bazza73

Hi all, Recently had a neighbours car roll back into the side of mine. No people involved, the handbrake failed! Their business insurance is meeting the full costs of the body work (replacement rear panel). Got the car back as good as new - great paint job on it. 3 questions: 1. As it has been fully & professionally repaired - no visible marks - do I need to legally disclose the incident to any future buyers (if I ever sell it)? 2. As the business insurance has covered all costs directly, do I need to inform my future insurance companies about it. It was a non fault incident and I have not had to report it to get it fixed? 3. If I legally have to disclose it (either 1 or 2 above) can I claim any lose of value / insurance increases from the other business insurance now? I.e. ask them for say £500 now to cover future lose of value? Thanks again, B.

Horseunderwater

Yes you should disclose it as a no fault claim that has been fully resolved. The other party will already have it on their insurance, so I should think that MIB will already be aware and if you do not mention it, you may get any future insurance cancelled or voided, which in turn will affect any future insurance and so on. It should not affect your premium per say as it has been settled and fully resolved by other party. Keep all receipts or bills in the doc wallet in the car, so that they are handy if and when you do sell it on.

Quentin

1. No

2. You need to inform your existing insurer as well as future ones. (You are bound by your policy conditions to do so)

3. You need to shop around for the best deal as usual. Premium increases aren't a loss you get awarded.

McKneff

I can only endorse what Horseunderwater says, but with the exception of some insurance companies will load your premium, some will not.
Not fair I know but it fact.

Ask when you get the quote or do some ghost quotes with and without the disclosure.

Ive been through 2 no faults in 18 months and know that the Coop and Aegis didnt load mine.

vaio

Bazza73 wrote: »

1. As it has been fully & professionally repaired - no visible marks - do I need to legally disclose the incident to any future buyers (if I ever sell it)?......

no obligation on you to disclose anything although if asked a direct question then you need to answer it honestly

2. As the business insurance has covered all costs directly, do I need to inform my future insurance companies about it. It was a non fault incident and I have not had to report it to get it fixed?....

again, if a future insurer asks a question about previous claims or incidents then you need to disclose it

3. If I legally have to disclose it (either 1 or 2 above) can I claim any lose of value / insurance increases from the other business insurance now? I.e. ask them for say £500 now to cover future lose of value?........

Don't know about loss of value but I have recovered no fault premium loadings from the at fault party. However, in the interest of balance, I must mention that some people hold the view that these loadings aren't recoverable but seem unable to state any legal or even logical reasons why

System

There are already lots of threads on this forum about no-fault incidents. No point repeating the same stuff again, search the forum and read what is already available :)