Hit a parked car

vl2588

I hit a parked car and am wondering about claiming versus paying in cash. I have protected no claims bonus. How can I decide if I should go through insurance or pay in cash?

sammyjammy

Its against the T&C of your insurance not to declare it, what does the owner of the parked car say?

vl2588

They don't care either way. I'm happy to report it, just pondering the financial implications out of interest.

maman

sammyjammy said:

Its against the T&C of your insurance not to declare it, what does the owner of the parked car say?

That's true. I declared that a car hit me in a car park. There was no cost to the insurer but I have to declare it for IIRC the next 5 years. 

cw8825

One thing to consider 
the costs of decent vehicle repairs usually cost more than you realise. 

Bigphil1474

Your protected no claims bonus doesn't mean your premium won't go up, it's a deduction on the full price based on your risk factors. Expect a price increase. For example, if your premium would be £500 before the accident and you get 50% off, you pay £250. If after the accident the premium would be £800 (as you've now had an accident), and you still get 50% off, you pay £400. 

The big question is what is the cost of the repairs. If it's close to your excess, I wouldn't bother with the insurers. The extra cost on your premium will last a few years, usually 5, so you need to add that up against the cost of the repairs. If the repairs are in the £thousands, then it could well be cheaper to do it via insurance. 

Ganga

Bigphil1474 said:

Your protected no claims bonus doesn't mean your premium won't go up, it's a deduction on the full price based on your risk factors. Expect a price increase. For example, if your premium would be £500 before the accident and you get 50% off, you pay £250. If after the accident the premium would be £800 (as you've now had an accident), and you still get 50% off, you pay £400. 

The big question is what is the cost of the repairs. If it's close to your excess, I wouldn't bother with the insurers. The extra cost on your premium will last a few years, usually 5, so you need to add that up against the cost of the repairs. If the repairs are in the £thousands, then it could well be cheaper to do it via insurance. 

The only problem is if the insurance company find out you had an accident and did not declare it you are screwed for years.