Third party insurance written off my car,advice pls

silviu85

Good day!
I own a mercdes s class witch i am the second owner and was always keeped in top condition,so despite the fact that it is 13 year old it looks like new inside and out.
While parked in my work place a lady with a jeep has backed up into it so damaged my rear light,scuffed the boot lid and the bumper.
She admitted the fault and called her insurance witch offered me a hire car and took my car for repairs in a prestige garage.
Today i got a call stating that they will write the car off as the repairs will cost more than what is the car worth so they have offered me the option of keeping the car and cashing a £3k cheque witch seems fair as i can get the car repaired for under £600.
The question is,should i let my insurer know about the fact that the car is written off and that it had this accident or should i leave it as it is?
I am just scared that my premium will go up for nothing so i am not sure what is the best way to go
Thank you for your help

AndyMc.....

silviu85 wrote: »

Good day!
I own a mercdes s class witch i am the second owner and was always keeped in top condition,so despite the fact that it is 13 year old it looks like new inside and out.
While parked in my work place a lady with a jeep has backed up into it so damaged my rear light,scuffed the boot lid and the bumper.
She admitted the fault and called her insurance witch offered me a hire car and took my car for repairs in a prestige garage.
Today i got a call stating that they will write the car off as the repairs will cost more than what is the car worth so they have offered me the option of keeping the car and cashing a £3k cheque witch seems fair as i can get the car repaired for under £600.
The question is,should i let my insurer know about the fact that the car is written off and that it had this accident or should i leave it as it is?
I am just scared that my premium will go up for nothing so i am not sure what is the best way to go
Thank you for your help

You will need to declare the incident to them.

Quentin

You can get a good idea what effect this incident will have on future premiums by doing dummy quotes online with and without this claim in your history. Though whatever difference you see is irrelevant as you cannot avoid it by not disclosing this in line with your policy conditions

As advised you must inform your insurer about this and any future Insurers you approach for quotes (and any Insurers you are being covered by as a named driver)

Failure to do so leaves you open to having your policy cancelled when they find out from the shared database

chrisw

Because the other party's insurance company has been involved, the accident will be recorded somewhere within the insurance world.

You need to declare it as there is every likelihood your insurance company will find out about it should you ever need to claim in the future.

agrinnall

How much will they give you if you don't keep the car? I know you know ths car is a good one but perhaps you culd find a similar one with the insurance money that wouldn't give you the hassle of being a write off.

EdGasketTheSecond

As the car is now a 'write-off' it will affect your insurance premium and some insurers won't cover write-offs at all so you have no choice but to inform them if you want to stay insured.

HWG

I feel like we're focussing on the negatives here. If you're right about the repair, then you're £2,400 better off here. Should be more than enough to cover any increases in your premium.

If you can (and want) to keep the car, then do so. You know it's well-kept and a solid runner, so it seems unwise to trade it for an unknown new car.

Suggest you do a few price comparisons to verify that it makes financial sense, and then get yourself something nice with the leftover cash!