stolen motorbike & insurance premiums

skater_kat

I have a small motorbike which was only worth £500. I had it insured at third party only as it was a cheap runaround.

Last night it got stolen. I phoned the police today who say they have found it burnt out near my home.

I am worried that the theft of the bike will impact my future insurance premiums. I might buy a new scooter, but i also have a van which already costs me £850 per year to insure.

Do I *have* to report the theft to the insurance company? Can i let the insurance just run out and then not renew it? I'm really annoyed that someone has taken my bike but also that it will cost me by my insurance costing more in the future. Would like to know the best course of action.

What do i need to tell the DVLA?

thanks

McKneff

I can understand what you are saying but not sure whether, because the police have been involved, that it may just pop up again if you have a claim for another vehicle (hopefully never but..) and your insurance might get a flag from their database. Hence it will void your insurance.

Apart from anything else, its in your contract with your ins. company that you tell them. You are breaking yor contract with them if you don't. if it flags up you will be in the doo doo.

Tough one, someone may be able to clarify

Chopper_Read

What does your policy say about reporting it?

McKneff

All insurance policies say that yu have to report any incidences

sarahg1969

McKneff wrote: »

All insurance policies say that yu have to report any incidences

How many people report a damaged wheel from a pothole, or a burst tyre, or a scrape from another car door in a supermarket car park, or scraping a wing mirror on a hedge in a narrow country road, though?

As far as I know, there is no database that provides information to insurers about incidents such as the OP's.

thenudeone

sarahg1969 wrote: »

As far as I know, there is no database that provides information to insurers about incidents such as the OP's.

The police will probably have reported to DVLA that the vehicle is a write-off. This process was put in place to stop people using the identites of written off vehicles on stolen ones.

The insurance company may have an automatic feed from DVLA, so they may already know or be due to find out very shortly.

It is never a good idea to withhold material information. It is a specific criminal offence and will almost certainly lead to the policy being voided, i.e. never existed. If your insurers have to pay to a third party, they will come after you to repay them. You may also end up with a marker against you which may prevent you getting insurance again easily. You'll join the queue behind drunk drivers etc.


Look at the cases here to confirm this:http://www.financial-ombudsman.org.uk/publications/ombudsman-news/27/27-ins-nondisclosure.htm

UsernameAlreadyExists

thenudeone wrote: »

The police will probably have reported to DVLA that the vehicle is a write-off.

thenudeone wrote: »

The insurance company may have an automatic feed from DVLA, so they may already know or be due to find out very shortly.

So not confident then?

thenudeone wrote: »

It is never a good idea to withhold material information. It is a specific criminal offence and will almost certainly lead to the policy being voided, i.e. never existed.

So that's a good result ... no?

thenudeone wrote: »

If your insurers have to pay to a third party, they will come after you to repay them.

For what? The policy never existed ... right?

thenudeone wrote: »

You may also end up with a marker against you which may prevent you getting insurance again easily. You'll join the queue behind drunk drivers etc.

Why?

thenudeone wrote: »

Look at the cases here to confirm this:http://www.financial-ombudsman.org.uk/publications/ombudsman-news/27/27-ins-nondisclosure.htm

To confirm what? I can't even be bothered to click the link. your post says nothing ... so how can it be confirmed?

missile

You are obligated to inform your insurer and declare theft/vandalism on future insurance renewals. It will affect your risk rating and future premiums.

Have the police asked you to recover the vehicle? Take the remains to scrap yard and inform DVLA vehicle has been scrapped as per section #9 on your V5C.

My sympathies for your loss.

sharpy2010

I can say one thing for sure, if I wasn't going to make a claim for the vehicle with my insurance company then I damn wouldn't be telling them about it.

Its bad enough to lose your no claims discount by having to make a claim, I wouldn't want to lose it by not even making a claim!!!!!!

Chopper_Read

sharpy2010 wrote: »

I can say one thing for sure, if I wasn't going to make a claim for the vehicle with my insurance company then I damn wouldn't be telling them about it.

Its bad enough to lose your no claims discount by having to make a claim, I wouldn't want to lose it by not even making a claim!!!!!!

You wouldn't lose you no claims for not making a claim. The clue is in the name.

McKneff

sarahg1969 wrote: »

How many people report a damaged wheel from a pothole, or a burst tyre, or a scrape from another car door in a supermarket car park, or scraping a wing mirror on a hedge in a narrow country road, though?

As far as I know, there is no database that provides information to insurers about incidents such as the OP's.

I agree with you up to a point but this thread is about the write off of a motorbike.

And their is the involvement of the police, different kettle of fish altogether.