Premium loading for the claim that never was.

borderlord

Hi Guys, need some advice.
My current car insurance is too expensive, so MSE found one much cheaper, but there are a couple of issues.
First, the quote given includes introductory discount. Ok, I'm all in favour of discounts, but they won't tell me how much that is, so I don't know how much my premium will rise next renewal.
Don't really want to be changing companies every year, but I can't tell how much my basic premium would be without this discount.
Who knows, might be the same, or even more, than my current one.
May be wrong, but I thought companies had a legal obligation to disclose all details of a financial transaction.
Secondly, had an accident early this year. No biggy, car pulled out of a drive without looking, clipped the rear of my car before disappearing without stopping.
As is required I informed my insurance company, but after they explained how much it would cost me, and the damage to my car was minimal, I decided not to pursue a claim.
My new insurer, as is their right, consulted insurance claims database who showed this incident as a claim, although no fault and no cost.
I called my old insurer, explained that there was no claim, and they checked that the details were actually marked 'information only'.
They agreed to contact the database and get this claim removed, but haven't done so yet.
They even went as far as to send me a letter confirming their error that I could send to the new insurers.
Armed with this, called the new insurer who insisted that it was a claim, so couldn't remove the loading.
So, claim that was never a claim, is possibly going to cost me money.
Surely that can't be right.
Your thoughts?
Jeff

forgotmyname

Its not a claim, its an incident which still needs to be declared for upto 5 years. You had an incident and statistics say your likely to have more in the next 3 years.

They are giving you the financial details, your premium is... £££

Dont want to switch every year, just keep paying whatever they ask then. Been with my current company for a while, club scheme.

Premium without the discount, whatever came up online?

borderlord

Hi forgotmyname.

Thanks for the quick reply, but I have to disagree with you on all points.
First of all, financial details are exactly that. I not only want the final premium, but how that figure was arrived at.
For instance, I asked for the cost to pay by monthly installments. For that I got the initial premium, rate of interest that would be applied, total cost of credit, and final total premium.
That's what I would expect, but if they also added the percentage of the introductory discount, we wouldn't be having this conversation.
Second, you may be right about being required to report an 'incident'
but not sure the insurance company should be sending that to the claims database, even though no claim was involved.
Say you were in the supermarket car park, and the car next to you opened his door a bit vigorously and bumped you.
Well, that's an incident, and by the letter you should be required to inform the insurance company.
Wonder if anybody has? Forget that, silly question.
Thing is although I did report it to my insurance company, they should not have reported it as a claim, however worded.
Given that, and that my old insurance company have confirmed the same, and offered to get that claim removed, the new insurance company should take account of that.
BTW, I retired last year, but before that spent 40 or so years as a commercial driver.
I have 9 years no claims bonus, and since retiring my mileage has been cut drastically.
How that one claim, which was not a claim, for an incident that was clearly not my fault, could possibly reflect on my likelihood of having another, next three years or no, is beyond me.
'Premium without the discount, whatever came up online?'.
What if what came up on line already included the discount?
Finally 'just keep paying whatever they ask'. If everyone did that a lot of people at MSE would be out of a job.
FYI, I was with my old insurer for a number of years, until their premium rose to over twice what I would pay for the same cover with another company.
Nice try, but clean miss on all points

Jeff

csgohan4

borderlord wrote: »

Hi forgotmyname.

Thanks for the quick reply, but I have to disagree with you on all points.
First of all, financial details are exactly that. I not only want the final premium, but how that figure was arrived at.
For instance, I asked for the cost to pay by monthly installments. For that I got the initial premium, rate of interest that would be applied, total cost of credit, and final total premium.
That's what I would expect, but if they also added the percentage of the introductory discount, we wouldn't be having this conversation.
Second, you may be right about being required to report an 'incident'
but not sure the insurance company should be sending that to the claims database, even though no claim was involved.
Say you were in the supermarket car park, and the car next to you opened his door a bit vigorously and bumped you.
Well, that's an incident, and by the letter you should be required to inform the insurance company.
Wonder if anybody has? Forget that, silly question.
Thing is although I did report it to my insurance company, they should not have reported it as a claim, however worded.
Given that, and that my old insurance company have confirmed the same, and offered to get that claim removed, the new insurance company should take account of that.
BTW, I retired last year, but before that spent 40 or so years as a commercial driver.
I have 9 years no claims bonus, and since retiring my mileage has been cut drastically.
How that one claim, which was not a claim, for an incident that was clearly not my fault, could possibly reflect on my likelihood of having another, next three years or no, is beyond me.
'Premium without the discount, whatever came up online?'.
What if what came up on line already included the discount?
Finally 'just keep paying whatever they ask'. If everyone did that a lot of people at MSE would be out of a job.
FYI, I was with my old insurer for a number of years, until their premium rose to over twice what I would pay for the same cover with another company.
Nice try, but clean miss on all points

Jeff

If you don't like your current quote you can always choose someone else, online quotes are just that, no manual checks and to reduce overheads they don't go into detail regarding how much discount.

You reported an incident whether you claimed or not, you are now higher risk than someone who no incident history, that is insurance risk.

Staying with the same insurer is usually not money saving as they jack up the premiums as the introductory discount try to get new business and hope just renew without haggling

forgotmyname

You can disagree with anything you like, doesnt make you right though.

The CUE is not just claims, but also incidents even where no claim was made or required.
Blame statistics for showing that people that make claims or have incidents are likely to have more within the next 3 years.

if the online quote already had a discount then you need to speak to them for a bigger discount.

I was with Direct Line for about 12 years, then they hiked the premium and wanted £150 more than the previous year. They reduced the price when i phoned to say i wont be renewing. But the following year they would not budge on it.

Last time i checked they wanted almost £1000 when i actually paid £350.

Your the one that said you dont want to keep changing.