At fault bump

kevin63

I reversed into a car on my street. Instead of driving away and ignoring, I actually told my neighbor it was me and we're both now looking at repair costs for scuff marks to paint.

Question is, if he decides to go the insurance route and claims against me, do I have to pay my excess cost? Or do I only pay my excess if I also claim?

I'm fully comp, but would like to deal with it outside of insurance to proctect my no claims but if he claims against me and I have to pay my excess, I might as well go through the insurance as well. Instead of paying excess for him and repair costs for me.

Hopefully this makes sense and hopefully he doesn't want to go insurance route.

Thanks.

Quentin

You will only pay your excess if you claim for your own repairs.

kevin63

Thanks Quentin.

If he claims, I still loose my no claims though right?

It's a no win situation for me it looks like... basically a case if my excess beats my repair costs I guess?

Quentin

Right

If it's cost effective you can reimburse your insurer their oulay and thereby get your lost ncd reinstated

kevin63

I'd still have to declare the bump though won't I for future claims because it happened.

Best case scenario insurers don't get involved then. Will speak to neighbor again tonight.

Quentin

kevin63 wrote: »

I'd still have to declare the bump though won't I for future claims because it happened.

Best case scenario insurers don't get involved then. Will speak to neighbor again tonight.

You would have the incident to disclose (though if you get your ncd back it would be a loss/incident rather than a "claim")

Your policy conditions do mean that if you don't notify your insurer now you breach the agreed policy conditions. But that's your call.

Bear in mind that when liable you are responsible for all the third party's costs not just the repairs (eg car hire etc)

facade

Both of you are required to notify your insurers of this incident.
Both of you will have an increased policy cost next year, and for the next 5 years until you no longer have to declare the incident. (Nothing to do with no claims, you are both seen as a bigger risk having been involved in an incident)
If one of you notifies "for information only" or to claim, then they will face increased premiums, but it is possible that a bit of joined up thinking from the insurance companies can land the other in a lot of trouble: cancelled policy = massive price hikes for years.

So either
both notify, as required = the correct and costly method
neither notify = bad if the insurance companies find out, but could be much cheaper if it works out.

kevin63

facade wrote: »

Both of you are required to notify your insurers of this incident.
Both of you will have an increased policy cost next year, and for the next 5 years until you no longer have to declare the incident. (Nothing to do with no claims, you are both seen as a bigger risk having been involved in an incident)
If one of you notifies "for information only" or to claim, then they will face increased premiums, but it is possible that a bit of joined up thinking from the insurance companies can land the other in a lot of trouble: cancelled policy = massive price hikes for years.

So either
both notify, as required = the correct and costly method
neither notify = bad if the insurance companies find out, but could be much cheaper if it works out.

Thanks, perfectly explained. Hopefully we can both agree on the latter "neither notify".