Do I need to declare on car insurance???

Pkman

Did my opening post come across feeling like I was going to lie??? Lol

The reason was just I didn't have the experience, and the insurance company never sent me anything hence the question

I didn't go that far on the 'by miles' application to see what they asked for. Just a quick quote.

I will give my current insurance a call, to see how much was the claim (compare the market asked for the amount claimed)

Also to see if they will give back some money since I haven't drive that many mileage this year (not hopful but if u don't ask you dont get )

williamgriffin

Sandtree said:

williamgriffin said:

How will the statistics reflect a one off or a regularly visited carpark? They don't ask about that. 

They wouldnt be able to differentiate and therefore price it differently but the fact that 30% are one offs so dont repeat and 70% are regular car parks which do periodically repeat will be reflected by the blended rate they see and therefore charge. 

You would need something truly exceptional to happen to you for the volume of similar incidents to be too small for a statistically relevant price adjustment.

Insurers could ask if they wanted but with the level of honesty people have when dealing with insurers its almost certainly a pointless exercise. Several years ago we looked at thefts from the home address and hit parked & unattended vehicles claims where the insured had declared they kept the car in their garage overnight... of those cases circa 20% didnt even have a garage and a further 15% it'd be a real stretch to call their lean to /car port a garage. 

So what you're saying is they penalise you without any evidence it will happen again. 

AdrianC

williamgriffin said:

So what you're saying is they penalise you without any evidence it will happen again. 

Do you expect insurers to be psychic?
They'd be a damn sight more profitable if they were.

williamgriffin

AdrianC said:

williamgriffin said:

So what you're saying is they penalise you without any evidence it will happen again. 

Do you expect insurers to be psychic?
They'd be a damn sight more profitable if they were.

No, but I don't think their way of thinking you're an increased risk after a claim is fair. 

Pkman

My insurance (with the same company) only went up by £40 after the claim, which is pretty much the same for all the year I been with them except one year. 

From 2014 onward, £414, £425, £430, £470, £378(Tesco), £320(claim), £363

So it doesn't feel like they are punishing me for the claim. (That's another reason why I thought maybe it is not even on record- I would have thought after the claim, it would increase by A LOT)

But it is what it is, when I do do the full application and I will choose whoever is the cheapest. If by declaring on new application means it's sky high, then I will renew with my current one assume it is not on their record

AdrianC

williamgriffin said:

AdrianC said:

williamgriffin said:

So what you're saying is they penalise you without any evidence it will happen again. 

Do you expect insurers to be psychic?
They'd be a damn sight more profitable if they were.

No, but I don't think their way of thinking you're an increased risk after a claim is fair. 

What else do you expect them to base their assessment of your risk on, other than your record-to-date?

mgfvvc

williamgriffin said:

No, but I don't think their way of thinking you're an increased risk after a claim is fair. 

They have to cover the cost of both one off accidents and those reflecting a pattern. The alternatives are that they put up everybody's premium to cover them or put up the premiums of those people that have had incidents. If they put premiums up for those that have had accidents, that cost will go away after a while, if it is a genuine one off. If they spread the cost across everybody's premium you will be paying forever for the risks of those for whom it is a pattern.