insurance problems...please help

Radu.gosu

in July 2016 i started my second year of my bike insurance (piaggio fly 125) with no claim made on previous year.
however in October 2016 my bike was stolen, I reported to the insurer, they started a claim, but because the bike didn`t had a big value @£500 i decided to cancel my claim thinking that if I will do this, the claim would not follow me for 5 years and i will be able to get discounted premium for the years to come.
I bought a new bike, bought the insurance from the previous insurer and now they are chasing me because he says that i haven`t reported the theft on my new insurance. I`ve explained to them that there is no claim as i cancel it. Their response was that the theft happen, this puts me at a higher risk therefore the will increase the premium that I already paid (aprox £230) to a £450 premium.
Now can i get some advice of what to do?
*should i reopen my theft claim (would this affect my future premiums? including my car premiums? on car insurance I have 10 years of NCD protected. How would this affect my future?
*should i cancel my insurance and try another insurer without reopening the claim?
Whats my best option?
help help help!
thanks

DCFC79

Dont go making it worse by trying another insurer.

forgotmyname

No claim but you suffered a loss or incident even if no claim was made. Your terms and conditions will have been worded like that.

Incidents even if not claim was made.

If you can reopen the claim then you will lose your no claims and the premium will probably increase further.

Have you declared this incident to your car insurance? I would certainly be asking the question if they didnt ask me.

Imagine having a crash and your car insurer bringing up this claim and voiding your policy.

If you cancel you still need to declare the incident and pay the cancellation costs at the increased rate.

If there is a risk of you opening the claim then they may deduct the no claims if you go elesewhere.

At least they didnt cancel it and stamp you down as a fraudster.

paddyandstumpy

Check your statement of fact very carefully. How is the claim statement made?
If it's just "any claims" then you have a case to have no reason to disclose your previous loss.
If the question is "accidents, claims or losses" then you should have disclosed the theft.

I agree having the previous theft makes you statistically more likely to have another claim. Firstly it shows you're willing to claim for £500 and secondly I presume now you have a new bike you'll park it in the same places your old one was, so the risk is the still the same but you've shown the insurer you're a higher risk than someone who hasn't suffered a loss or claimed.

Quentin

Radu.gosu wrote: »

......Now can i get some advice of what to do?
*should i reopen my theft claim (would this affect my future premiums? including my car premiums? on car insurance I have 10 years of NCD protected. How would this affect my future?
*should i cancel my insurance and try another insurer without reopening the claim?

You can get a good idea what difference actually claiming will make to your premium by doing dummy quotes online with the theft and then with a claim in your history.

You will also see whether cancelling and going elsewhere will be cost effective now you know that you need to disclose the theft