Anyone know about car insurance please?

jlouise1234

I have been with my insurance company for 6 months and pay in monthly installments. I had an accident 3 months ago, I just dented the back of someones car, nothing major, was hardly noticeable.
Anyway the other party claimed on my insurance and now my insurance company have said they are going to requote me so my monthly payments will change to a higher amount. Can they do this? I'm waiting for them to ring me back with a new quote now, any help would be greatly received.

InsideInsurance

Generally not, a Motor policy is almost always an annual policy and so their only opportunity to re-evaluate the premium is at renewal. Paying monthly is basically taking a loan for the premiums but it is still an annual policy.

The only exception to this is (a) if you change something mid term, making a claim isnt a mid term change or (b) if you werent truthful at the beginning of the policy and they subsequently find out they can adjust back to the beginning of the policy

Who is the insurer/ broker in question?

arcon5

No they can't. They've already agreed a price and entered in to a contract to take on your risk for a period of one year.

Unless you mean your insuring a different car following the accident and now the risk can be recalculated based on the change to the agreed contract

Joe_Horner

One slight caveat to what the last two posters have said is that a few policies now are on a monthly recurring basis - effectively one month at a time but (assuming no changes) they keep the same (monthly) premium for a year. If the OP has one of thse then yes, they can re-quote.

Not many companies do these but they are out there!

forgotmyname

As above whilst talking to someone about young persons insurance they said their son was with the Co-op and had a black box.

His insurance actually went down during the 1st year as the data from the black box showed that he wasnt a nutter behind the wheel.

I presumed that if it could go down then it could also go up mid term.

InsideInsurance

forgotmyname wrote: »

As above whilst talking to someone about young persons insurance they said their son was with the Co-op and had a black box.

His insurance actually went down during the 1st year as the data from the black box showed that he wasnt a nutter behind the wheel.

I presumed that if it could go down then it could also go up mid term.

Generally they charge you the worst case and refund you if you do better than that. If they did a middle value and moved up or down then they are running a credit risk and you can bet a lot of people will complain/ cancel DDs etc to prevent paying the uplift.

Syman

what does it say in your policy documents?