Cancelling a claim with a 3rd party insurer

paddyandstumpy

dacouch wrote: »

The OP will have a non fault claim registered against them once they or their Insurer recover their outlay from the third party

Genuine question, if the TP insurer only offered £900, why would they then agree to repay the OP's insurer a figure more than treble that, for the same car and claim?

Whilst I appreciate the initial £900 was a lowball offer, even if they doubled it they still are well under where the OP's insurer were.

chrisw

Tarambor wrote: »

If you use your own insurer and claim for the loss from your own policy you lose your NCB, you have a declarable insurance claim for £2000 which will hit your premiums when you insure your car for the next few years. An extra £1000 in your pocket now could cost you more in the long run due to higher premiums.

The NCB loss would only be temporary as the OPs insurers would reclaim the payout from the 3rd party and the NCB would then be reinstated.

It's already a declarable incident as the insurance cos are all fully aware of it so there's no escaping any effect that might have on future premiums. It can usually be offset, at least to some extent, by shopping around.

dacouch

paddyandstumpy wrote: »

Genuine question, if the TP insurer only offered £900, why would they then agree to repay the OP's insurer a figure more than treble that, for the same car and claim?

Whilst I appreciate the initial £900 was a lowball offer, even if they doubled it they still are well under where the OP's insurer were.

A good question.

The general protocol is to value the car using the guides as per the FOS guidance. This (Normally) ensures the valuation given is about correct and not worth the third party Insurer arguing over a (Relatively) small amount of money.

QMH aka Aviva sometimes do strange things to streamline their processes. If they do not properly value the OP's car and the third party (Quite rightly) refuse to pay the incorrect valuation for the car. Then in theory the claim will remain outstanding eg a fault claim as QMH will not have recovered their full outlay.

However this would clearly be unfair on the OP as QMH's processes resulting in them paying over the top for the vehicle (and thus leaving the OP out of pocket premium wise) would be deemed unfair on the OP by the FOS (Ombudsman).

The act of the OP recovering their excess from the third party Insurer should be enough to prompt QMH to log the claim as being non fault and reinstating any reduced no claims bonus. Although being QMH (Who are incredibly difficult to speak to on the phone) may take some prompting to correct this if they go down this route.

It makes financial sense for the OP to accept the QMH valuation assuming they do not suddenly revalue the vehicle down

Marvel1

Tarambor wrote: »

One thing to consider.....

If you take the third party settlement you retain your full NCB, you have a no fault claim.

If you use your own insurer and claim for the loss from your own policy you lose your NCB, you have a declarable insurance claim for £2000 which will hit your premiums when you insure your car for the next few years. An extra £1000 in your pocket now could cost you more in the long run due to higher premiums.

Wrong - I claimed on my own, full cost recovered from third party insurer and maintained my full NCB.

arcon5

Look on auto trader for comparable cars.... see what the value comes up as. If they think only 900 quid and your insurer pays you £2k then highly likely the 3rd party insurer will dispute the claim causing delays and temporary loss of ncb.

If you can prove a higher value then negotiate with the third party insurer.

System

chrisw wrote: »

The NCB loss would only be temporary as the OPs insurers would reclaim the payout from the 3rd party and the NCB would then be reinstated.

Why would the third party insurer agree to the £2000 the OP's insurance company is offering them?