Going through insurance or not?

Margaret_Skinner

I stupidly pranged my car on a bollard in Asda's car park and did a fair bit of damage to the bodywork. I've had 3 quotes for the work and the cheapest (around £400) is a local garage nearest to me which came well recommended. However I've no idea if it's better to go through my insurance or not. My 8 years No Claims Bonus isn't protected so that's going to hit me hard in future premiums and I'd also have to pay £250 of excess.

Is it always better to go through insurance just to be on the safe side?

custardy

you would be mad to claim for £150

ChumLee

custardy wrote: »

you would be mad to claim for £150

Could be more if asda put in a claim.

facade

You are aware that the terms of your insurance policy require you to inform your insurer of any accident/ loss that you suffer?

This is so they will be able to increase the base price of your policy for the next 5 years, to reflect the increased risk that you pose. (Remember, they are betting that you won't have an accident, now the odds are different)

If you don't inform them, and they find out, they are able to cancel your policy, or make additional charges.

If you actually claim money off them, then your no-claims discount takes a hit as well, so it will cost you a great deal more than the £150 you will get back in the long term.

Certainly don't claim, and you should notify them (then face increased policy prices for the next 5 years, as you will have to declare this on any proposals), but we can't force you to.

Quentin

You will still have 3 years NCD if Asda claim for any damage you did to their bollard.


If there is a claim against you and it's cost effective you can get any lost NCD back by reimbursing your insurer their outlay.


But it's your call on whether you want to comply with or breach your policy ts + cs by reporting the incident as you are bound to do by the policy agreement .

Minrich

But how many people actually tell their insurance companies if they are not claiming though ? 1% ?

Hoof_Hearted

facade wrote: »

You are aware that the terms of your insurance policy require you to inform your insurer of any accident/ loss that you suffer?

There is always somebody who pipes up with this one. They are, of course, technically correct but use your judgement. If the bollard is undamaged and Asda are not going to raise a claim, I would get it repaired and keep it to myself. I see very little risk in doing this.

robbies_gal

i hita bollard in myearly days twice-didnt tell insurance ther was no damage to the bollard

i really cant see a problem in sorting it out yourself

arcon5

People bump these bollards day in day out - and i've never seen an instance where the bollard has been damaged, the car always seems to take the brunt.
It's highly unlikely op infact stuck a note on the bollard giving them their details anyway, and the bollards are pretty reliable when it comes to keeping secrets.

Don't bother telling your insurer, get it repaired and move on

burlington6

facade wrote: »

You are aware that the terms of your insurance policy require you to inform your insurer of any accident/ loss that you suffer?

This is so they will be able to increase the base price of your policy for the next 5 years, to reflect the increased risk that you pose. (Remember, they are betting that you won't have an accident, now the odds are different)

If you don't inform them, and they find out, they are able to cancel your policy, or make additional charges.

If you actually claim money off them, then your no-claims discount takes a hit as well, so it will cost you a great deal more than the £150 you will get back in the long term.

Certainly don't claim, and you should notify them (then face increased policy prices for the next 5 years, as you will have to declare this on any proposals), but we can't force you to.

Bet you're fun on a night out :beer:

Vermillion

I had a situation last November when a lorry had a piece of metal come off it and hit my car. The firm (well known high street company) admitted that it came off their vehicle and offered to pay for the damage at main dealer. I had to sign a form to say that I would accept this but bring no other claim against them - i.e injury (which was not going to happen because I was not in the car at the time!

I rang my insurers More Than and asked them for advice! My life have I had issues with it ever since. The company paid for the damage I signed their form. That was that - or so i thought!

Then when it came time to renew More Than have been toads. They have listed down that I had an accident. I am battling with them to get it removed because it was not an accident. They are now saying they will put it down as Non Fault, but it has to stay! Even though I only rang and asked advice about the signing of this damn form! Hopping mad I am. And they still left it as an open claim on their systems until July untilo i pointedly asked them "so did I claim then"? Err no you didn't came the reply!

So the word of cuation is this - unless they have to know I would not tell them.