Insurance, renew before previous claim settled

boatman

Recently renewed a policy but had to put down that I was to blame for an accident as it has not been settled. Once it is settled(clear cut case, i was not responsible) is there a way to then reclaim the extra premium paid, or is it just a case of renewing the policy in the hope that it will save more than the cost of cancelling the old policy?
I believe I had to pay an additional £180 because of the unsettled claim.

AdrianC

You said that the claim was still open, or that you were to blame? Big difference.

khcomp

Your policy was priced on the information you gave at the time of taking it out. The only way you can work out the finances are to get a new quote now, and ask your insurer if you would be entitled to any refund if you were to cancel your current policy.

Strider590

boatman wrote: »

Recently renewed a policy but had to put down that I was to blame for an accident as it has not been settled. Once it is settled(clear cut case, i was not responsible) is there a way to then reclaim the extra premium paid, or is it just a case of renewing the policy in the hope that it will save more than the cost of cancelling the old policy?
I believe I had to pay an additional £180 because of the unsettled claim.

Basically, unless you take 3rd party to small claims court, then no.

Insurance companies like to drag out claims until past insurance renewal as it makes for a nice extra slice of cake.

Crabman

Why does an open claim cause an increase vs a closed claim when quoting from prospective insurers? They won't be liable for the claim.

boatman

AdrianC wrote: »

You said that the claim was still open, or that you were to blame? Big difference.

Not to blame, not yet settled.

boatman

khcomp wrote: »

Your policy was priced on the information you gave at the time of taking it out. The only way you can work out the finances are to get a new quote now, and ask your insurer if you would be entitled to any refund if you were to cancel your current policy.

That's pretty much what I thought..

boatman

Crabman wrote: »

Why does an open claim cause an increase vs a closed claim when quoting from prospective insurers? They won't be liable for the claim.

I had to put down 'at fault' because in the eyes of the new insurer it could go either way until its settled, there's no other option. I can't put down 'non fault' because it has not been settled, even though I know I will not be blamed. Because I may be found at fault the new insurer will see me as a higher risk and charge more.
Luck of the draw as to when my renewal was due, just annoying.