Bank details for transfer from "random stranger"

colsten

ffacoffipawb wrote: »

For motor insurance they do need to know.

well they did not for me. I just looked back over my file, and the same advice came from the vehicle manufacturer.

Obviously, if you want to make any claim on your insurance, or if the 3rd party want to, or might, claim from your insurance, you need to tell them. However, if there is no question who the guilty party is (as appears the case with the OP), you do not need to inform your insurance company.

EDIT: The accident management company I used is Auxillis. Their fees were settled by the insurance company of the guilty driver.

ffacoffipawb

colsten wrote: »

well they did not for me. I just looked back over my file, and the same advice came from the vehicle manufacturer

They are wrong. You do need to tell your insurer even if you dont claim from them.

If another insurer paid you out then your insurer will eventually find out and you risk getting insurance cancelled. Which is not a good thing to have on your record.

Have a look at the questions asked when taking out insurance. It asks if you have been involved in an accident even if you didnt claim. It doesnt ask if you have made a claim.

If you have an accident, even if not your fault, you are statistically more likely to have another. This is why it is a rating factor in calculating insurance premiums and why insurers ask for this information.

Why is this being discussed on the bank accounts forum

EDIT: Someone more knowledgeable like SonOf may be able to confirm that I am not talking out of my derriere here.

zagfles

colsten wrote: »

You do not have to tell your insurance unless you want to make a claim on your insurance.

I have just gone through a 3-rd party damage claim myself, and my claim was managed by a reputable Accident Management company, which I used upon recommendation by my vehicle manufacturer. They were adamant that my insurance did not need to know.

Look at any car insurance policy, and it will tell you that you need to declare all accidents, regardless of fault, and if you don't it could invalidate your insurance.

I've had two non-fault incidents in the last 10 years, in both cases I pursued it directly with the third party & their insurers, I just informed my insurers and they noted it, but it didn't seem to make any difference to my renewal quotes, either from them or from my usual annual comparison site check.

davidwatts

ffacoffipawb wrote: »

Have a look at the questions asked when taking out insurance. It asks if you have been involved in an accident even if you didnt claim. It doesnt ask if you have made a claim.

The questions asked when taking out a policy are not strictly relevant to what needs to be disclosed to your current insurer, that is determined by the precise terms and conditions of each insurer's individual policy. What you need to disclose at renewal will be specified when renewal is invited. It's not so black and white that you can say the same thing does and doesn't need to be declared to every insurer.

The OP scenario (someone paying you for replacing a wing mirror they knocked off, with no insurers involved) falls into the "you'd have to be barking to tell your insurers about it" category. It's like telling your contents insurer you smashed a plate while doing the washing up.

ffacoffipawb

davidwatts wrote: »

The questions asked when taking out a policy are not strictly relevant to what needs to be disclosed to your current insurer, that is determined by the precise terms and conditions of each insurer's individual policy. What you need to disclose at renewal will be specified when renewal is invited. It's not so black and white that you can say the same thing does and doesn't need to be declared to every insurer.

The OP scenario (someone paying you for replacing a wing mirror they knocked off, with no insurers involved) falls into the "you'd have to be barking to tell your insurers about it" category. It's like telling your contents insurer you smashed a plate while doing the washing up.

Colsten's scenario involved another insurer and a claims management company. You would have to be barking not to advise your own insurer here.

zagfles

colsten wrote: »

You are not thinking like a scammer. Which clearly speaks for you. It doesn't mean there are no scammers about

All banks' T&Cs include that they can take money out of your account in case of disputes, without your agreement. Scammers have tried to exploit this, some with success.

I do like to think like a scammer, so I can spot scams, but I'm really struggling with this one.

Are you suggesting the scammer deliberately broke the wing mirror so he could obtain the OPs bank details? What would he then do with them? Other than the easily reversible DD prank played on JC?

Or maybe it was an accident, but the perp it trying to scam his way out of it. He wants the bank details so he can pretend to pay but then reverse the payment, somehow, even though the FP website says this can't be done. Why would he do that? If he didn't want to pay, why pay in the first place?

colsten

ffacoffipawb wrote: »

They are wrong.

I am satisfied that they are not wrong as they are experts in Accident Management, authorised by the FCA, too. Your credentials?

zagfles

davidwatts wrote: »

The questions asked when taking out a policy are not strictly relevant to what needs to be disclosed to your current insurer, that is determined by the precise terms and conditions of each insurer's individual policy. What you need to disclose at renewal will be specified when renewal is invited. It's not so black and white that you can say the same thing does and doesn't need to be declared to every insurer.

The OP scenario (someone paying you for replacing a wing mirror they knocked off, with no insurers involved) falls into the "you'd have to be barking to tell your insurers about it" category. It's like telling your contents insurer you smashed a plate while doing the washing up.

No, it isn't. There is a third party making a payment. Presumably there's a garage that is going to fix it (unless OP is doing it themselves), and the garage will likely keep records. If you then need to make a claim, this evidence could come to light. Also from the car itself, it can probably be seen that it's had a new wing mirror.

If OP then needs to make a real, substantial claim, eg in the hundreds of thousands for seriously injuring someone, you can be sure the insurance company will trawl all the evidence and look for an excuse not to pay out. Such as evidence of undeclared accidents.

It probably won't happen of course, but I'm certainly not comfortable taking the risk of losing my house because I didn't declare a no-fault accident which IME makes virtually no difference to the renewal anyway.

zagfles

colsten wrote: »

I am satisfied that they are not wrong as they are experts in Accident Management, authorised by the FCA, too. Your credentials?

You have this in writing from them, presumably? A quick google will shows you loads of insurers, comparison sites and consumer information sites all of which say you need to inform your insurer of no fault accidents. Read the T&Cs of your current insurance. You will definitely need to declare it on renewal.

xlnc99

This is the most ridiculous thing i have ever heard in my life. If someone smashes a wing mirror and the third party pays for it - you DO NOT have to tell your insurance company and as others have said you would be barking mad to tell them and increase your premiums.

The less you involve your insurance for any accident the better. If you have any sort of accident that isnt your fault and the other party pays for it to be fixed it is ALWAYS better to go down that route and fix it yourself.