Car Insurance costs following Car accident

sup4m · 25 August 2023 at 12:28PM

Hello,

I was recently involved in a car accident earlier this month, resulting in a total loss. My insurance was approximately £1200 per year, taking into account my one-year NCD (No Claims Discount).

Before this, I experienced another total loss accident last year.

After this recent incident, insurance quotes for a similar vehicle are now averaging around £4000 + per year. While I anticipated an increase, I'm wondering if this level of rise is typical?

Additionally, could the costs potentially decrease if I wait a few months before obtaining another vehicle and applying for insurance?

DullGreyGuy · 25 August 2023 at 1:23PM

Were they fault or non-fault claims (fault by an insurers definition is if they have a net outlay at the end of the claim, nothing to do with if you are to blame or not)?

Certainly aggregating factors like claims have a compounding impact so the impact of the 2nd accident in a 2nd year will have much more impact than the first one did.

sup4m · 25 August 2023 at 1:40PM

DullGreyGuy said:

Were they fault or non-fault claims (fault by an insurers definition is if they have a net outlay at the end of the claim, nothing to do with if you are to blame or not)?

Certainly aggregating factors like claims have a compounding impact so the impact of the 2nd accident in a 2nd year will have much more impact than the first one did.

Hello thank you for your response.

From what I understand last year was a fault, my car aquaplaned on the motor way there was no other vehicle involved.

The second accident is not yet resolved.

prettyandfluffy · 25 August 2023 at 5:08PM

At present, insurers require you to declare accidents for the previous 5 years so waiting a few months won't make any difference. You are either very unlucky or a poor driver, maybe you should consider doing some additional/advanced driver training that might improve your driving and possibly your premiums?