Insurance claim

silsdendad

Hi, new member so please bare with me,
we were broken into recently and two motorbikes stolen. My son had a high excess due to his age and trying to get the policy cost down. We’re now in the position of deciding whether to claim or not - a quick Google on price comparison sites suggest that if he buys another bike his policy will double if he claims. We are struggling with the valuation and offer part. If he decides to claim then rejects the claim as being too low and decides not to go through with it has he effectively ‘made a claim’ and have to tell future insurers. His current insurers have been really unhelpful in all aspects.

DullGreyGuy

In principle he has had an "incident" now and that is declarable for the next 3-5 years. In reality most people "forget" to mention incidents and get away with the fraud but sometimes they become unstuck when it turns out someone else reported the matter etc. 

A withdrawn claim is still a claim, depending on if it's withdrawn before or after the insurer has incurred any costs may determine if its closed as "fault" or non-fault.  Unlike the above there is now an official record and so very high risk to "forget" to mention it. 

BJV

Firstly so sorry, but thank fully you nd your son are ok. 

I wish the idiots who break into houses would realise the implications of what they do.

Ok, so you have to declare the thefts no matter if you claim or not.

I know that it is going to affect the renewal, but if you don't and then heaven forbid you need to make a claim, and it is discovered it could invalidate your policy. Insurance companies do share information from time to time, and I know it is easy for me to say as I am not paying it, but do you really want your son be looking over your shoulder for the next 5 years ????

Good luck

silsdendad

Thankyou both, insightful comments and food for thought. I’d not thought through the admin costs incurred. We’ve both informed our respective insurance providers of the theft and thinking back it was a definite yes/no question as to whether or not I wanted to proceed with a claim. That will be the point of no return I guess. My son has yet to answer that question!