Insurance - worth claiming?

michaels

Fully comp. Protected 10 year NCD

Car worth at most 1500, 2 doors and front and back wing damaged so definitely a write off. 400 xs

Sold as spares or repair worth 200-400.

Claiming will not lose protected NCD but will obviously result in higher premiums on this car policy and also second car policy.

Is it worth claiming?

Edit: It appears our dodgy insurer, Admiral, will cancel the policy if there is a total loss claim rather than allowing it to be transferred to the replacement vehicel so we also lose 10 months worth of cover say 200 quid.....

jk0

Depends if anyone could claim against you. (Whiplash, loss of wages, etc.) How was the damage sustained?

AndyMc.....

michaels wrote: »

Fully comp. Protected 10 year NCD

Car worth at most 1500, 2 doors and front and back wing damaged so definitely a write off. 400 xs

Sold as spares or repair worth 200-400.

Claiming will not lose protected NCD but will obviously result in higher premiums on this car policy and also second car policy.

Is it worth claiming?

Edit: It appears our dodgy insurer, Admiral, will cancel the policy if there is a total loss claim rather than allowing it to be transferred to the replacement vehicel so we also lose 10 months worth of cover say 200 quid.....

What’s dodgy about that? You were happy with that condition two months ago.

michaels

AndyMc..... wrote: »

What’s dodgy about that? You were happy with that condition two months ago.

Seems odd/arbitary: value of damage £1 less than write off = keep policy, £1 more, lose policy. Crash day 1 lose 364 days of cover, same crash day 365 lose 1 day.

Googling suggests this is not that common t&c.

Any suggestions for best finding best estimate of write-off valuation?

EdGasketTheSecond

michaels wrote: »

Edit: It appears our dodgy insurer, Admiral, will cancel the policy if there is a total loss claim rather than allowing it to be transferred to the replacement vehicel so we also lose 10 months worth of cover say 200 quid.....

The law has changed and they aren't allowed to cancel the remaining months. You have the right to transfer the remaining insurance to another car; and rightly so.

michaels

EdGasketTheSecond wrote: »

The law has changed and they aren't allowed to cancel the remaining months. You have the right to transfer the remaining insurance to another car; and rightly so.

Thanks - you don't happen to have a reference to this do you?

EdGasketTheSecond

No but if you google you might find it:

"!!!8220; The Ombudsman says the following.

"17. outstanding premium instalments or premium refunds

Most motor insurance policies are yearly contracts !!!8211; so the full premium is payable even if the vehicle is written off during the year. If the consumer paid the yearly premium upfront, they will not receive any refund. Or if the consumer was paying the yearly premium by monthly instalments, they must still pay the outstanding instalments after the vehicle is written off.

When an insurer declares a vehicle a write-off, we expect it to offer a consumer the option of bringing a replacement vehicle onto the insurance policy so that the remainder of the policy term can be used. Depending on the make and model of the replacement vehicle, an additional premium may be required by the insurer. This should be calculated on a pro rata basis for the remainder of the policy term."

The above was from:
http://forums.moneysavingexpert.com/showthread.php?t=5215586#topofpage

Nobbie1967

If it was just you involved in the accident, it looks like financially it would be borderline on whether it worth claiming. Add in the hassle factor of claiming and I probably wouldn't bother.

£1500 Claim - £400XS, -£300 current value of car, = £800

In return for this £800 you have to offset the increased cost of insurance on two cars for the next 5 years.

Of course to comply with the conditions of your policy you should report the incident anyway....

missile

If you think car is worth £1500, insurers will think it less.

If you fail to disclose and get found out, you do run the risk of a severe penalty.

michaels

Nobbie1967 wrote: »

If it was just you involved in the accident, it looks like financially it would be borderline on whether it worth claiming. Add in the hassle factor of claiming and I probably wouldn't bother.

£1500 Claim - £400XS, -£300 current value of car, = £800

In return for this £800 you have to offset the increased cost of insurance on two cars for the next 5 years.

Of course to comply with the conditions of your policy you should report the incident anyway....

So xs is 500, there is possibly the loss of 10 months premium 200, we have been offered 700 for damaged car, tried quotes for our other car which is up for renewal soon and £70 more pa with fault accident.

HPI private sale value for car is 1700-2000 (undamaged!) and it looks like it would cost at least 2k for an equivalent replacement which is hat we paid 2 years ago - I guess we got an ok price then.